How To Buy Uniswap (UNI)?
A common question you often see on social media from crypto beginners is “Where can I buy Uniswap?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy Uniswap on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.
Step 1: Create an account on an exchange that supports Uniswap (UNI)
First, you will need to open an account on a cryptocurrency exchange that supports Uniswap (UNI).
We recommend the following based on functionality, reputation, security, support and fees:
Fees (Maker/Taker) 0.075%*-0.1%*
Available for Trade 500+
10% reduced trading fees*
Europe, Asia, Oceania, Africa
Fees (Maker/Taker) 1.49%*-3.99%*
Available for Trade 75+
$10 sign-up bonus*
North America, South America, Europe, Asia, Oceania, Africa
In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Uniswap (UNI) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Uniswap (UNI)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Uniswap (UNI) or Uniswap (UNI) trading pairs. Look for the section that will allow you to buy Uniswap (UNI), and enter the amount of the cryptocurrency that you want to spend for Uniswap (UNI) or the amount of fiat currency that you want to spend towards buying Uniswap (UNI). The exchange will then calculate the equivalent amount of Uniswap (UNI) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Uniswap (UNI) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is Uniswap (UNI)?
Traders can exchange Ethereum tokens on Uniswap without having to trust anyone with their funds. Meanwhile, anyone can lend their crypto to special reserves called liquidity pools. In exchange for providing money to these pools, they earn fees.
How do these magical unicorns convert one token to the other? What do you need to use Uniswap? Let’s read on.
Since the Uniswap protocol is decentralized, there is no listing process. Essentially any ERC-20 token can be launched as long as there is a liquidity pool available for traders. As a result, Uniswap doesn’t charge any listing fees, either. In a sense, the Uniswap protocol acts as a kind of public good.
The Uniswap protocol was created by Hayden Adams in 2018. But the underlying technology that inspired its implementation was first described by Ethereum co-founder, Vitalik Buterin.
How does Uniswap work?
Uniswap leaves behind the traditional architecture of digital exchange in that it has no order book. It works with a design called Constant Product Market Maker, which is a variant of a model called Automated Market Maker (AMM).
x * y = k
So, what happens when someone wants to make a trade?
The Uniswap (UNI) token
UNI is the native token of the Uniswap protocol, and it entitles its holders to governance rights. This just means that UNI holders can vote on changes to the protocol. We’ve discussed earlier how the protocol has already been acting as a sort of public good. The UNI token solidifies this idea.
1 billion UNI tokens have been minted at genesis. 60% of those are distributed to existing Uniswap community members, while 40% will be made available to team members, investors and advisors over the course of four years.
Part of the community distribution happens through liquidity mining. This means that UNI will be distributed to those who provide liquidity to the following Uniswap pools:
Official website: https://uniswap.org/