How To Buy Uniswap (UNI)?

Uniswap 500x286 1 - How To Buy Uniswap

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:

1

 Binance

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 Coinbase

Create Coinbase Account - How To Buy Uniswap

Fees (Maker/Taker)             1.49%*-3.99%*

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Available for Trade                              150
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Available in
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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.

How to create a Binance account

Create Binance Account

Show Detailed Instructions

Step 1: Go to the Binance website.

Step 2: On the registration page, enter your email address, and create a password for your account.
Then, read and agree to the Terms of Service and click “Create Account”.

How To Create a Binance Account Step 2

Note: Your password must be a combination of numbers and letters.
It should contain at least 8 characters, one UPPER CASE letter, and one number.

Step 3: Complete the Security Verification.

How To Create a Binance Account Step 3

Step 4:
The system will send a verification code to your email. The verification code is valid for 30 minutes. If you can’t find the email in your inbox, check your other mail folders as well, or click “Resend Email” to resend.
How To Create a Binance Account Step 4
Congratulations, you have successfully registered on Binance.

How to complete KYC (ID Verification) on Binance

Step 1: Log in to your Binance account and click “User Center” and then “Identification”.
 

How To Complete KYC ID Verification on Binance Step 1 - How To Buy Uniswap

Step 2: click “Start Now” to verify your account.

How To Complete KYC (ID Verification) on Binance Step 2

Step 3: Select your country of residence.
Ensure that your country of residence is consistent with your ID documents.

How To Complete KYC ID Verification on Binance Step 3 - How To Buy Uniswap

You will then see the list of verification requirements for your specific country/region. Click “Continue”.
How To Complete KYC (ID Verification) on Binance Step 4

Step 5: Enter your personal information and click “Continue.”

Make sure that all the information entered is consistent with your ID documents.
You won’t be able to change it once confirmed.
How To Complete KYC ID Verification on Binance Step 5 - How To Buy Uniswap
Step 6: Next, you will need to upload pictures of your ID documents. Choose the type of ID and the country your documents were issued. Most users can choose to verify with a passport, ID card, or driver’s license.
Refer to the respective options offered for your country.
How To Complete KYC (ID Verification) on Binance Step 6

Step 7: Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.

For example, if you are using an ID card, you have to take photos of the front and back of your ID card.
How To Complete KYC (ID Verification) on Binance Step 7
Step 8: After uploading the document photos, the system will ask for a selfie. Click “Upload File” to upload an existing photo from your computer.
How To Complete KYC ID Verification on Binance Step 8 - How To Buy Uniswap
Step 9: After that, the system will ask you to complete face verification. Click “Continue” to finish face verification on your computer. Alternatively, you can move your mouse to the QR code on the bottom right to complete the verification on your phone instead. Scan the QR code via your phone’s camera to finish the face verification process.
Do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.
How To Complete KYC ID Verification on Binance Step 9 - How To Buy Uniswap
After completing the process, please wait patiently.
Once your application has been verified, you will receive an email notification.

How to buy cryptocurrency on Binance

Step 1: Log in to your Binance account and click “Buy Crypto” and then “Credit/Debit Card”. 

How To Buy Cryptocurrency on Binance Step 1

Step 2: Here you can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. When you have selected the amount you wish to spend then press “Continue”.

Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.

How To Buy Cryptocurrency on Binance Step 2 - How To Buy Uniswap

Step 3: Click “Add New Card”. Then enter your credit card details and your billing address.

How To Buy Cryptocurrency on Binance Step 3 - How To Buy Uniswap

Step 4: Check the payment details and confirm your order within 1 minute. After 1 minute, the price and the amount of crypto you will get will be recalculated. You can click “Refresh” to see the latest market price. You will then be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment.

How To Buy Cryptocurrency on Binance Step 4

How to Conduct Spot Trading on Binance

Step 1: Log in to your Binance account.
Click on “Classic” under “Trade” on the top navigation bar.

How to Conduct Spot Trading on Binance Step 1

Step 2: Search and enter the cryptocurrency you want to trade.

How to Conduct Spot Trading on Binance Step 2 - How To Buy Uniswap

Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.

(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)

How to Conduct Spot Trading on Binance Step 3 - How To Buy Uniswap

Step 4: If you don’t want to set a manual price, you can place a “Market Order” to set the buying/selling price automatically.

How to Conduct Spot Trading on Binance Step 4

Hide Detailed Instructions

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)?

Uniswap is a set of computer programs that run on the Ethereum blockchain and allow for decentralized token swaps. It works with the help of unicorns (as illustrated by their logo).

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.

Uniswap is a decentralized exchange protocol built on Ethereum. To be more precise, it is an automated liquidity protocol. There is no order book or any centralized party required to make trades. Uniswap allows users to trade without intermediaries, with a high degree of decentralization and censorship-resistance.
Uniswap is open-source software. You can check it out yourself on the Uniswap GitHub.
Ok, but how do trades happen without an order book? Well, Uniswap works with a model that involves liquidity providers creating liquidity pools. This system provides a decentralized pricing mechanism that essentially smooths out order book depth. We’ll get into how it works in more detail. For now, just note that users can seamlessly swap between ERC-20 tokens without the need for an order book.

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. As such, the Uniswap platform was built on top of the Ethereum blockchain, making it compatible with all ERC-20 tokens and infrastructure like MetaMask and MyEtherWallet.

Uniswap is also completely open source, which means that anyone can copy the code and use it to build their own decentralized exchanges. It even allows users to list tokens for free on the exchange. Normal centralized exchanges are profit-driven and charge exorbitant fees to list new coins, so this distinction stands out. Because Uniswap is a decentralized exchange (DEX), users have complete control over their funds at all times, unlike a centralized exchange, which requires traders to give up control of their private keys so that orders can be logged on an internal database rather than executed on a blockchain, which is more time consuming and expensive. It eliminates the risk of losing assets if the exchange is ever hacked by retaining control of private keys.

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).

Instead of an order book system where the price of each asset is determined by the highest buyer and lowest seller, Uniswap uses this automated market maker system. This alternative method for adjusting an asset’s price based on supply and demand employs a long-standing mathematical equation. It works by increasing and decreasing the price of a coin based on the number of coins in the respective pool.
It is important to note that when someone adds a new ERC-20 token to Uniswap, that person must add a certain amount of the chosen ERC-20 token as well as an equal amount of another ERC-20 token to begin the liquidity pool.

Automated market makers are smart contracts that hold liquidity reserves (or liquidity pools) that traders can trade against. These reserves are funded by liquidity providers. Anyone can be a liquidity provider who deposits an equivalent value of two tokens in the pool. In return, traders pay a fee to the pool that is then distributed to liquidity providers according to their share of the pool. Let’s dive into how this works in more detail.
Liquidity providers create a market by depositing an equivalent value of two tokens. These can either be ETH and an ERC-20 token or two ERC-20 tokens. These pools are commonly made up of stablecoins such as DAI, USDC, or USDT, but this isn’t a requirement. In return, liquidity providers get “liquidity tokens,” which represent their share of the entire liquidity pool. These liquidity tokens can be redeemed for the share they represent in the pool.
So, let’s consider the ETH/USDT liquidity pool. We’ll call the ETH portion of the pool x and the USDT portion y. Uniswap takes these two quantities and multiplies them to calculate the total liquidity in the pool. Let’s call this k. The core idea behind Uniswap is that k must remain constant, meaning the total liquidity in the pool is constant. So, the formula for total liquidity in the pool is:
x * y = k

How is token price determined on a decentralized exchange such as Uniswap?

Let’s say Alice buys 1 ETH for 300 USDT using the ETH/USDT liquidity pool. By doing that, she increases the USDT portion of the pool and decreases the ETH portion of the pool. This effectively means that the price of ETH goes up. Why? There is less ETH in the pool after the transaction, and we know that the total liquidity (k) must remain constant. This mechanism is what determines the pricing. Ultimately, the price paid for this ETH is based on how much a given trade shifts the ratio between x and y.
It’s worth noting that this model does not scale linearly. In effect, the larger the order is, the more it shifts the balance between x and y. This means that larger orders become exponentially more expensive compared to smaller orders, leading to larger and larger amounts of slippage. It also means that the larger a liquidity pool is, the easier it is to process large orders. Why? In that case, the shift between x and y is smaller.

What is 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:

  • ETH/USDT

  • ETH/USDC

  • ETH/DAI

  • ETH/WBTC

How to use Uniswap

How to use Uniswap

To get started with Uniswap, you must first ensure that you have an ERC-20 compatible wallet installed, such as MetaMask, WalletConnect, Coinbase wallet, Portis, or Fortmatic.

Once you have one of those wallets, you need to add ether to it in order to trade on Uniswap and pay for gas – this is what Ethereum transaction fees are called. The cost of gas varies depending on how many people use the network at any given time. When making an Ethereum blockchain payment, most ERC-20 compatible wallet services give you three options: slow, medium, or fast. Slow is the least expensive option, fast is the most expensive, and medium is somewhere in the middle. This determines how quickly Ethereum network miners process your transaction.

 

  • Head to https://uniswap.org
  • Click “Use Uniswap” in the top right-hand corner.
  • Go to “Connect wallet” in the top right-hand corner and select the wallet you have.
  • Log into your wallet and allow it to connect to Uniswap.
  • On the screen it will give you an option to swap tokens directly using the drop-down options next to the “from” and “to” sections.
  • Select which token you’d like to swap, enter the amount and click “swap.”
  • A preview window of the transaction will appear and you will need to confirm the transaction on your ERC-20 wallet.
  • Wait for the transaction to be added to the Ethereum blockchain. You can check its progress by copying and pasting the transaction ID into https://etherscan.io/. The transaction ID will be available in your wallet by finding the transaction in your sent transaction history.

What is Uniswap V2 and V3?

Uniswap was launched in November 2018, but it wasn’t until recently that the protocol gained significant traction.

The release of Uniswap V2 in May 2020 saw a significant upgrade that allowed for direct ERC20 to ERC20 swaps, eliminating Wrapped Ether (WETH) where possible. Uniswap V2 also added support for incompatible ERC20 tokens such as OmiseGo (OMG) and Tether (USDT), as well as a slew of technical enhancements that make it more appealing to users.

As liquidity mining and yield farming platforms grew in popularity in 2020, so did Uniswap, because many DeFi platforms allow Uniswap liquidity providers to earn an additional return on their LP tokens.

This, combined with the 0.3 percent exchange fees distributed to liquidity providers—and the platform’s popularity as a launchpad for popular DeFi project tokens—has propelled Uniswap to the top of the DeFi platform rankings by total value locked (TVL)—a measure of the total value of crypto assets locked up on the platform.

Uniswap V3 was released in May 2021, with the latest iteration of the DEX introducing a number of new features. The first type of liquidity is concentrated liquidity, which allows liquidity providers to allocate liquidity within a specific price range. As a result, traders do not have to risk as much capital to achieve the same results.

V3 also introduces new fee tiers, allowing traders to better determine their risk level when trading volatile assets (which can fluctuate in price between the time a trade is initiated and executed). It also includes “easier and less expensive” oracles, which ensure that the DEX’s price data is always up to date.

Finally (and perhaps most importantly), it generates non-fungible tokens (NFTs) from LP positions, transforming them into “on-chain generated art.”

Official website: https://uniswap.org/

Best cryptocurrency wallet for Uniswap (UNI)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Uniswap (UNI)?

Deciding which type of wallet to use depends on a variety of factors, including:

  • How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
  • What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
  • Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
  • How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
  • What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).

Ledger Hardware Wallet
Trezor Hardware Wallet

Uniswap (UNI) Price & Charts

Find the latest Uniswap (UNI) price charts, trade volume, market cap, historical price performance and other vital information to help you with your cryptocurrency trading and investing on CoinMarketCap.
Here you can see the following:
  • Market Capitalization And Daily Trading Volume
  • Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)
  • Circulating And Total Supply
  • Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).
CoinMarketCap
Last updated Jun 6, 2022

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