In world of cryptocurrency user can have multiple way to trade, buy, sell and hold user investment. since 2020, Decentralized Exchange i.e., DEX gaining huge market volume, as recently it touches $1 billion total market volume. Uniswap is one of the most popular and most used decentralized exchange that used by millions of peoples. As DEX popularity increases because it provides non-custodial and governance environment. in simple words every investment will be in the custody of investor and with DAO model token holder have right to vote in most of decision of DEX Platform.
Now, we know many people may be not familiar with uniswap or other DEX, as they have traded Centralized exchange like Binance, Coinbase, Kucoin or gate. So below we will guide you how to trade on DEX using Metamask. as we suggest to use metamask because it is one of the most used and secured Crypto Wallet available at free of cost.
How to Trade on Uniswap?
- First install metamask on your ios or android phone and if you using pc, laptop then you need to install chrome browser then add Metamask extension. (you can use TrustWallet or MyEtherWallet also)
- Once you create account your wallet will display Ethereum network-based Wallet where you can send any ERC20 network token like ETH, USDT and other.
- Send ETH or other to Uniswap Wallet from your CEX or other trading platform (Note: make secure you have selected Ethereum network i.e.,ERC-20 Token)
- Now go to uniswap.org and then open its official App i.e., Uniswap V2.
- Then Press Connect Wallet button then popup will be initiate then you need to press connect button.
- Once you connect Metamask to Uniswap you eligible to trade on Uniswap.
- Now select from which token you have and in next column you need to select which token want to trade.
- Then enter amount and you will get approx. token you will receive above Swap button.
- Once you verify details then press swap button and after that again popup will come to complete transaction.
- In order to complete transaction you need to pay gas fees aka transaction fees for you must hold ETH on your Metamask Wallet.
- Open Popup then you have selected processing transaction modes that include slow, moderate and fast and then press on confirm button.
- Once you confirm transaction your transaction will be submitted on Ethereum network.
- Once It is approved on etherscan your transaction or trade will be completed.
- To Display Obtained Token Balance you need to Add Custom on Metamask Wallet or You can check under drop down menu of Select token.
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However, user can watch their transaction details on Etherscan where they can get all details including wallet address, expected time to complete transaction and average gas fees at the moment and more.
Sometimes scammer can add fake token on uniswap, so in order to add token you can copy contract address from official website or coinmarketcap.com or coingecko crypto reporting platform. we recommend you to use Uniswap for trading and metamask for storing your token.