Uniswap is a decentralized exchange that processes exchanges automatically on the ERC-20 blockchain. Uniswap is not the first decentralized exchange, but it is the biggest decentralized exchange to exist today.
The Uniswap exchange doesn’t require KYC and also doesn’t require registration, exchanges are made directly on the blockchain and don’t have any buy orders like our traditional cryptocurrency exchange.
How to buy Uniswap immediately
Follow these steps to buy Uniswap:
- Create a Binance account
- Fund your account with fiat currency or Bitcoin
- Purchase Uniswap
- Get a Uniswap address
- Withdraw your Uniswap
If Binance.com doesn’t work in your country you can use a VPN or create an account with other alternative mentioned below:
What is Uniswap?
The Uniswap exchange was created in November 2018 by Hayden Adams, when the Uniswap exchange was launched it had low liquidity, Low liquidity can easily influence the fee of small purchases, giving users a bad experience.
The Uniswap exchange is a decentralized application (Dapp), the application is created within the Ethereum blockchain and functions on the Ethereum blockchain.
Uniswap liquidity providers: The liquidity providers provide liquidity or tokens for users to trade. The liquidity providers earns a percentage of the fee: The fee Uniswap charges are %0.3, %0.3 percent are split into half, %0.15 goes to the Uniswap team while the liquidity providers get 0.15.
Rewards are paid based on how frequently the exchange is made on Uniswap, a recent study showed that a liquidity provider at Uniswap earned about %6 in 2.5 months, which is not bad but also risky because cryptocurrency value is very unstable.
All Uniswap versions and improvements
Uniswap v1: The Uniswap version one came limited with fewer features, on the Uniswap V1 it was only allowed to swap ETH for any ERC-20, low liquidity, and a high buy rate.
Uniswap V2: The Uniswap v2 brought features that made the User experience of using Uniswap better. The update had lower fees and also higher liquidity making it better for user experience. Liquidity providers also earned more as the Uniswap exchange started growing rapidly.
Uniswap V3: At the time of publication the Uniswap v3, is not yet out but here’s what we know:
The current Uniswap version is a glitchy and would likely receive an improvement in the community Uniswap V3.
The Uniswap v3 would have a better amount of Liquidity than the preview version 2.
Follow these steps to buy Uniswap immediately
Step 1 – Get a Uniswap wallet
Uniswap hardware wallet
The hardware wallet is the best way to store Uniswap tokens in long term, the cryptocurrency hardware wallet listed below comes with high-level security, malware, or hacking prevention:
More than 100,000 cryptocurrency traders own a hardware wallet because of high-level security. The hardware wallet can be connected to a computer or a mobile phone. All hardware wallet mentioned above supports multiple cryptocurrencies.
Uniswap mobile wallet
MetaMask mobile wallet: There is currently no official Uniswap wallet to store Uniswap, but the MetaMask wallet is a well know cryptocurrency wallet, it is well known for storing Uniswap.
Trust wallet mobile wallet: The mobile wallet supports the Uniswap token, you can search for the UNI token and receive Uniswap from exchanges using this wallet. The Trust wallet is available on Play Store and App Store.
Atomic wallet: The Atomic wallet support Uniswap and other major cryptocurrencies. Staking, exchange, purchase of cryptocurrency is supported.
Uniswap desktop wallet
MetaMask chrome extension: The MetaMask chrome extension is a popular Ethereum wallet. The MetaMask wallet supports Uniswap token and also Dapps.
Exodus desktop wallet: The Exodus desktop wallet is a popular cryptocurrency wallet. It supports multiple cryptocurrencies and has the Uniswap token wallet included. To get a Uniswap address on Exodus wallet you will have to store your 12-word recovery phrase, storing your recovery will allow you to log in later.
Atomic desktop wallet: Atomic desktop wallet is very popular and is a well-known cryptocurrency wallet. The wallet supports multiple coins and Uniswap is one of them. staking, exchange and buying of cryptocurrency is included.
Step 2 – Find your Uniswap wallet address
To receive Uniswap from an exchange or someone you would have to find your Uniswap wallet. If a Uniswap wallet is installed on a device you can quickly search for United address.
The Uniswap wallet address looks like this:
Step 3 – Find a Uniswap exchange
Some of the exchanges mentioned below may only accept deposits with Bitcoin, if you don’t have Bitcoin you cab purchase Bitcoin on Localbitcoins.com.
Cex.io: The Cex.io trading platform supports United States traders, unfortunately, it doesn’t support New York. Cex.io support multiple cryptocurrency and is so far one of the best exchange that works in the United States.
Huobi.com: If you want an exchange with features and low exchange fees then Huobi may just be the best. Huobi supports over 300 cryptocurrencies and support fiat deposits. Traders can also use margin trading to maximize their profits.
Okex.com: Okex is well-known cryptocurrency exchange, they don’t support United States citizens, over 100 cryptocurrencies is supported and traders can buy Uniswap instantly.
Changenow.io: if you don’t want to fill in your registration email and want a quick exchange then Changenow.io might be the best exchange for you. The Changenow.io instant swap exchange supports over 200 cryptocurrencies, to buy the Uniswap token on Changenow.io you will need a Uniswap wallet address to carry out your transaction.
Step 4 – Withdraw your Uniswap tokens
Exchanges are safe, but you would have to withdraw your Uniswap tokens to be safer. If your Uniswap is on an exchange and it gets closed you may lose your Uniswap.
Theirs a list of Uniswap wallet addresses above.
How do Uniswap works?
Uniswap exchange works in a decentralized manner, the tokens stored on the liquidity pool are owned by the liquidity providers and not Uniswap. Liquidity providers provide tokens for traders to buy and make money from the fees.
For a trader to use Uniswap he/she must install a Uniswap supported chrome extension: MetaMask and Trustwallet can be used to make a swap on Uniswap exchange, Uniswap is Dapp that runs on the Ethereum blockchain and in the future we could see other blockchain based swap.
Conclusion – Uniswap a good investment?
Yes, Uniswap is the most popular decentralized exchange in the world but not the best in terms of features. They are other exchange like Sushiswap that supports the Binance Smartchain which is a better and cheaper alternative to the ERC-20 also known as the Ethereum network. The Sushiswap exchange support staking, liquidity providing and more.
If you are interested in buying Sushiswap the Uniswap competitor read this guide.