A Beginner's Guide on How To Use Uniswap

by Coinstop Hardware

The vast majority of crypto trading takes place on centralised exchanges such as Coinbase and Binance. These platforms are governed by a single authority (the company that operates the exchange), requiring users to place funds under their control. This goes against the idea that cryptocurrencies can stand on their own as completely decentralised ecosystems outside of the hands of regulators and governments.

Uniswap offers a solution to this problem. As the world’s largest decentralised exchange, Uniswap allows users to swap Ethereum based crypto tokens without having to rely on an intermediary. If you’d like to learn more about what Uniswap is, you can read here. In this blog post, we’ll be walking you through a beginner’s guide on how to use Uni-Swap. 

HOW DO I USE UNISWAP?

There are a number of ways to use Uniswap to buy and sell cryptocurrency. Let’s walk through them below. 

HOW TO USE UNISWAP WITH METAMASK

  1. Download the Metamask wallet from metamask.io. New users will be prompted to add the extension to their browser
  2. Upon doing so, you will have to create a new wallet. Be sure to store down their Secret Recovery Phrase in a safe secure place, such as the Billfodl. Do NOT take a photo or a screenshot of your recovery phrase, and do not share it with anyone online.
  3. Next, head over to uniswap.org and click on the pink “Launch App” button on the top-right-hand corner. 
  4. Connect the Metamask wallet to Uniswap.
  5. Select the desired token for swapping, as well as the token in possession to swap against.
  6. Input the amount, and click “Swap”.
  7. Once the swap has been confirmed, the app might prompt users to add the swapped token to the Metamask wallet. This is because Metamask does not automatically show the balance of tokens that have been added. Users are required to add these tokens manually. 
  8. To secure your funds further, look to move your funds onto a hardware wallet. To learn about connecting your hardware wallet to MetaMask, read here.

HOW TO USE UNISWAP WITH COINBASE

  1. Create a Coinbase account. Download the Coinbase app and start the signup process.
  2. Link your preferred payment option to the account (like a debit card)
  3. Deposit an ERC-20 token into your wallet.
  4. In the bottom-left-hand corner, the same four squares from the Uniswap app will be visible, representing the DApps explorer.
  5. In the DApps explorer, users can search for the Uniswap protocol. Clicking on the protocol will present the user with the swap page.
  6. From the swap page, users can search for their desired coin. If it’s not a popular token, users will have to import it. 
  7. Once the desired amount is selected, users can swap for the desired token.

HOW TO USE UNISWAP WITH TRUST WALLET

  1. After downloading Trust Wallet from the mobile app store, complete the setup process.
  2. As with the Coinbase wallet, users will have to deposit an ERC-20 token into their wallet.
  3. In the bottom-left-hand corner, the same four squares from the Uniswap app will be visible, representing the DApps explorer.
  4. In the DApps explorer, users can search for the Uniswap protocol. Clicking on the protocol will present the user with the swap page.
  5. From the swap page, users can search for their desired coin. If it’s not a popular token, users will have to import it.
  6. Once the desired amount is selected, users can swap for the desired token.

If you would like further one-on-one support in setting up your Uniswap account, setting up a hardware wallet device, or anything else cryptocurrency related, we offer in-depth remote consultations. You can book here.

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