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How To Use Uniswap: An easy guide

Using Uniswap is easy when you know what to do. However you would need to already have ERC-20 ( The most significant Ethereum token known as ERC-20 ).

You would need a wallet that supports ERC-20, such as MetaMask, WalletConnect and Coinbase wallet.

Once you have one of those wallets you need to add ether to it so you can trade on Uniswap and pay for the gas, this is what Ethereum transaction fees are called.

Most ERC-20 compatible wallet services give you three choices to make when making a payment with Ethereum blockchain: slow, medium or fast. Of course the slow is the cheapest of them all, fast is the most expensive and then we have a medium that is in between.

Depending on what you chose determines how quick your transaction is processed on the Ethereum network.

1. Head to uniswap.org

2. Click “Use Uniswap” in the top right-hand corner.

3. Go to “Connect wallet” in the top right-hand corner and select the wallet you have.

4. Log into your wallet and allow it to connect to Uniswap.

5. On the screen it will give you an option to swap tokens directly using the drop-down options next to the “from” and “to” sections.

6. Select which token you’d like to swap, enter the amount and click “swap.”

7. A preview window of the transaction will appear,  and you will need to confirm the transaction on your ERC-20 wallet.

8. Wait for the transaction to be added to the Ethereum blockchain. You can check its progress by copying and pasting the transaction ID into etherscan.io/. The transaction ID will be available in your wallet by finding the transaction in your sent transaction history.

 

Image: mohamed Hassan

*Disclaimer: Fyggex, does not give any guidance, advice or recommendations to neither invest or not in any available cryptocurrency directly or indirectly via any trading platform, exchange or provider. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take. Past performance and position are not a guarantee of risk-free future returns.

Sources

https://uniswap.org/

https://finance.yahoo.com/news/uniswap-complete-beginner-guide-100917816.html?guccounter=1&guce_referrer=

https://www.investopedia.com/news/what-erc20-and-what-does-it-mean-ethereum/

https://coinmarketcap.com/alexandria/article/how-to-use-uniswap