How to use Uniswap (2021): A Simple Guide

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How to use Uniswap (2021): A Simple Guide

Uniswap is a decentralized exchange in the form of two smart contracts hosted on the Ethereum blockchain. It is a 100% on-chain market maker that enables the exchange of ERC20 tokens, as well as ETH to ERC20, and vice versa.

Traders can trade Ethereum tokens on Uniswap without having to trust anyone with their funds. At the same time, anyone can lend their cryptocurrencies to special reserves called liquidity pools. In exchange for providing money to these pools, they earn commissions.

Uniswap is an open-source protocol, which means that anyone can create their own frontend application for it. However, the most widely used is https://app.uniswap.org.

The first thing we are going to need to start trading on Uniswap is MetaMask or any other ERC20 compatible wallet. For this tutorial, we will use MetaMask since it is the easiest to obtain and the most compatible with most dApps.

Step 1:

Go to https://app.uniswap.org

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Step 2:

Here we will click on the Connect Wallet button , whichever you prefer.

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Step 3:

Now a popup will be activated, asking us to select a compatible wallet.

In this case we will go with MetaMask .

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Step 4:

A notification will appear in MetaMask asking us to confirm that we want to connect with Uniswap, we will click on next (« next «), and connect.

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Step 5:

That’s all. Now we are connected to Uniswap and we can exchange tokens or Ethereum. To do this, we just have to click on the ticker to select the tokens that appear officially in Uniswap.

..or add the address of the contract of the token that we want to exchange.

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For this example, let’s say we have some PLT (an imported token) and we want to change it to ETH. The corresponding price, fees and other details are listed below.

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Step 6:

Once we have the details ready, we will click on the Swap button , and then on Confirm swap .

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Step 7:

A notification from MetaMask will appear asking us to confirm the transaction , the gas used to complete the transaction will be displayed here. Once you’re ready, click confirm and the system will work its magic.

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Within a few minutes you should have the tokens you purchased directly in your wallet.

The more tech-savvy might try to mess with other settings like Slippage and Gas output, but for beginners, this guide will teach you how to easily trade ERC20 and Ethereum tokens.

Checkout similar guides on cryptocurrency

A Brief Introduction To Ethereum

A Brief Guide to Ethereum Classic (ETC): The Ethereum Fork

Top 10 Cryptocurrency Exchanges in 2021

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