Buying cryptocurrency using UNISWAP may seem a little intimidating, at first!
I understand. The first time I tried, it seemed like a daunting task to accomplish my first crypto purchase. After doing it once or twice, you’ll get the hang of it. Now, I can buy crypto using this method in less than a minute. If you can follow these simple steps, you’ll be a pro in no time!
*NOTE: Mobile & Web Version appearance may vary slightly. Please use this as a general guide!
1.Navigate to https://uniswap.org/ in your web browser, or find UNISWAP in the dApps of your DeFi wallet. Select Launch App.
2. On the upper right hand side select Connect Wallet.
3. You will be given a few options. If your wallet doesn’t appear as a choice in those initial selections, choose the option that reads Wallet Connect, and you will see a menu with several options to choose from. Select your desired wallet from there.
**Once your wallet is connected, you will notice that your ETHEREUM balance will appear on the top of the two trading bars, be sure that you have enough Ethereum in your wallet, to cover both your purchase AND associated gas fees that you will pay. Don’t forget your gas fees needed to “sell” later, as well!
Yes! There are gas fees in addition to your crypto purchase for both buying & selling tokens through Uniswap. Unfortunately, Ethereum gas fees are among the highest of those in crypto. However, the Ethereum Blockchain is among the best and most secure in existence: a price for security, if you will. More good news? There’s a solution in the works that should help with this, in the future!
4. Paste the contract address of the token you are trying to purchase in the bottom bar that reads select a token. It is important to verify you have the correct contract address, before transacting!
5. Next, select the amount of Ethereum that you want to convert into your selected crypto.
(This amount will not yet include/cover any gas fees.)
6. Once your selection is complete, select the option that reads Swap.
7. Then select the option that reads Confirm Swap.
8. You will next be prompted to open “in your wallet.” Go ahead and click on it.
9. Your page will swipe to your wallet that will read, “Uniswap Interface wants to connect to your wallet” hit the connect button. You will then swipe back to Uniswap, to once again confirm your swap.
10. If your token doesn’t automatically appear in your wallet, don’t panic. All you have to do is click in the upper right corner of your wallet. Click on the option to “Add Custom Token.” Again, paste the contract address of the crypto token you have purchased. Make sure you swipe it “on” and go back to your wallet assets, and your crypto should be there with all your crypto assets.
Buying crypto on decentralized exchanges can be very rewarding, due to the ability to buy crypto in its infancy. In other words, by buying on a decentralized exchange, like Uniswap, you have access to purchase the token before it may go up in price drastically, allowing the possibility for making significant gains. On the flip side, it can also be very risky. You may be more at risk for rug pulls, or unable to know with certainty if your choice of crypto will perform as well as you think it will. I strongly suggest that you research a crypto asset thoroughly before you make a purchase. Do not go into it completely blind folded! Feel free to look at articles on how to do your own research (DYOR), and strengthen your knowledge. Know how to research a cryptocurrency before you buy it, not after!
Although CryptoAllStarz DO NOT offer financial advice, we do offer some knowledgeable information on how to research projects. We strongly encourage the exercise of “DYOR,” before you buy. As previously stated, this is not financial advice, and we will not make investment suggestions for you: ultimately the choice is yours! Please trade responsibly, and remember: do not invest any money that you cannot afford to lose!