How to Use DeFi Crypto Exchange Uniswap: A Beginner’s Guide

Key Takeaways

  • Uniswap allows you to exchange ETH and ERC-20 tokens in a few easy steps through its streamlined coin swap.
  • You can also deposit crypto to Uniswap pools and earn interest.
  • This tutorial shows you how to do both tasks.

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Uniswap is a decentralized exchange (DEX) built on Ethereum. It offers a simple coin swap interface that allows users to trade ETH for various other ERC-20 tokens or altcoins.

It also allows you to create liquidity pools and earn interest. Here’s how to use it.

Part I: Swapping Tokens

1. Go to Uniswap

Install the Metamask wallet and purchase Ethereum if you haven’t done so already.

Then, visit Uniswap’s home page and click on “Launch App.” Though other Uniswap apps and frontends exist, beginners should first use the Uniswap official website.

2. Enter Swap Details

In the Uniswap app, enter the details of the trade that you want to make.

Enter the amount of cryptocurrency that you want to sell (1), the coin that you want to sell (2), and the coin that you want to buy (3).

Then, click “Swap” (4).

You can also configure other settings. If you set slippage tolerance and transaction deadlines, your transaction will be reversed under certain conditions.

Expert mode allows higher slippage limits.

3. Confirm the Trade on Uniswap

Confirm that the details of the swap are correct.

Next, confirm the details of the swap in your Metamask wallet. Enter a gas price and gas limit (1). Higher values will make your transaction go faster.

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Then, click “Confirm” (2).

When the transaction has been submitted, close the window.

4. Check Your Transaction Status

You do not need to leave this window open for the transaction to continue. You can inspect it again in Metamask’s transaction history on a block explorer like Etherscan.

The fastest way to check your transaction is to click on your address in Uniswap’s toolbar (1) and then click on “View on Etherscan” (2).

5. Check Your Wallet

Once the transaction is…

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