To begin using this exchange and trading on this exchange, you first need to make sure that you are having ETH or any other ERC-20 tokens. The best place from where you can get your hands on one of these tokens is through the “MetaMask” which is basically a browser extension. Now, the question is why you should give preference to choosing MetaMask despite other available wallets. Well, the answer is pretty straightforward; the MetaMask wallet allows us to have an easy interaction with the dApps. With that known, let us now move ahead with learning how to get started with using Uniswap exchange:
Step 1- Buy Ethereum
Since you can trade via Ethereum blockchain on Uniswap exchange, therefore it is a must that you should already make a purchase for ETH or any ERC-20 token of your choice.
Step 2- Send the purchases tokens to a trusted wallet
Now, your next step would be to choose a wallet service where you can send your purchased crypto tokens to. After selecting a compatible wallet service, you need to make sure that you send all your ETHs to this wallet.
Step 3- Now connect your wallet to the Uniswap exchange
At this stage, you should be connecting your wallet to Uniswap so that you can use its services. To do so, you need to begin with downloading and opening the Uniswap app on your device. After this, you simply have to click on the option connect your wallet and this option is available at the top-right corner. From the page that opens, choose your wallet and log in to it.
Step 4- You can now begin trading
To begin trading on this exchange, we have given the complete details in the next section.How to trade on Uniswap.org?
Make sure you have followed the correct steps from the section above that too in the correct sequence before initiating the procedure given below. Once you are sure you have completed each step, follow through the listed steps:
* At first, go to the official website or Uniswap- https://uniswap.org/
* Otherwise, launch the Uniswap application on your device
* Next up, navigate to the “Swap” section available on the main screen
* Choose one of the available ERC-20 tokens in the “From” and “To” fields
* Review and customize the settings by tapping on the “Settings” icon at the top
* After this, you simply need to click on the “Swap” option
* Now, review the complete order and confirm it
* Follow through the remaining prompts one by one to complete the process
How to use the “Liquidity feature” on Uniswap?
Well, one of the biggest advantages of using Uniswap exchange is that you can put your money into a liquidity pool. Doing this ensures that your identity is completely anonymous from the trader at the other end. So, let us now learn how to use the liquidity pool of Uniswap to earn great benefits:
To begin the procedure, begin by going to the “Pool” tab
Now, select the option to “Add Liquidity”
After this, you have to choose the option that you’d like to add liquidity to
After selecting the tokens, select the number of tokens you want to add
Review the details and click “Add liquidity”
Adjust the gas fee and other settings and then click the option to add it
Confirm the transaction by taking the necessary steps
Now that you have added your funds to the liquidity pool, you might be interested to know how to withdraw your funds from the liquidity pool. If that is the case with you, here is what you can do.