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Uniswap exchange- The most trusted protocol for swapping ERC-20 tokens

As we can easily witness the growing trend of cryptocurrency trading, a lot of platforms are coming with their own unique services making crypto trading easy for traders. Since all crypto exchanges take place over the blockchain network, therefore choosing an exchange that uses a highly secured protocol is extremely important.

And, here comes Uniswap exchange into picture giving a safe and delightful experience to the users. This exchange uses a decentralized protocol so that users can trade on the crypto network without having to worry about losing their funds.

When we talk about Uniswap, we get to know that it is one of the most unique, original, and highly renowned exchanges available in the marketplace. On this exchange, swapping a compatible asset can be done in a few clicks that too without having to set up an account.

Moreover, Uniswap exchange also allows users to trade with crypto without undergoing any kind of identity verification process. Although you may consider it to be compromising with your security, it is proving to be a good point for those who do not want to undergo a strict security verification process.

So, below we will get to know a little more about this exchange so that you can decide if you should choose this exchange or not.

Why Uniswap exchange could be a great choice?

Since this exchange runs on a decentralized network, therefore you can easily trust it with your crypto tokens. Swapping any ETH compatible asset can be easily completed without having to undergo an extremely complicated process.

As we have already discussed, you can swap tokens on this platform without signing up for an account, therefore it could prove to be a great option for those users who do not want to share their personal or financial details over the internet.

Since its working protocol is the same as Ethereum, therefore it is probable that it also has a similar security standard which means your safety on this exchange is never compromised. Although some exchanges do not allow users from the United States to use them, this is not the case with Uniswap.

Is it safe to use Uniswap exchange?

Now, a lot of users must be wondering if it is safe to use Uniswap exchange or not? Well, the answer to this question is extremely simple. As we know, this exchange works as a decentralized exchange, therefore, users do not have to worry about losing their funds even if the network gets hacked.

This exchange shares the same security protocol as the Ethereum network so that users can trade with peace of mind. As soon as you provide your funds to the liquidity pool, nobody else can remove it from your account but only you. Even if someone tries to hack into your account, your funds would not be compromised until he has your account information.

This means, you as a user, also have a shared responsibility to safeguard your account by not sharing your Uniswap exchange account with someone else. With that known, let us now shed some light on how to connect your existing wallet with Uniswap.

Learning to connect Uniswap with your wallet

If you want to use the most intricate features of Uniswap exchange, then you need to understand the way to connect Uniswap with your wallet, and here is how it works like:

1. Begin by going to the official Uniswap website

2. For this, type the “app.uniswap.org” URL in your browser's search bar

3. On the page that appears, select the option labeled as “Connect to a wallet”

4. Next up, you need to select the wallet of your choice from the given options

5. If prompted, you have to sign in to your wallet account

6. You will not be asked for the same if you are already signed in

7. Followed by this, you need to give the approval to connect your wallet with Uniswap

8. After the completion of the verification process, you can start using the Uniswap exchange

Assets available for purchase on Uniswap

Since one can easily buy all the tokens that are compatible with ERC-20, therefore, there is a long list of tokens that can be easily purchased from the Uniswap exchange. Here is a list of the same:

• Ethereum (ETH)

• Chainlink (LINK)

• Enjin Coin (ENJ)

• Tether (USDT)

• Synthetix (SNX)

• finance (YFI)

• Wrapped Ether (WETH)

• USD Coin (USDC)

• Dai (DAI)

• Synthetix (SNX)

• Wrapped Bitcoin (WBTC)

• Basic Attention Token (BAT)

• Uniswap (UNI)

Now that we know what assets we can buy on this exchange, let us now have a look at the fee structure it operates on.

Fee structure of Uniswap exchange

This exchange charges users a very nominal fee for swapping compatible assets. Yes, the fee it charges on its exchange is 0.3%. However, Uniswap does not keep the fee to itself but the amount charged to the users is given to the liquidity providers. This ultimately works as the incentive for these providers

Apart from this, their charges for the completion of a transaction depend on how busy their network is. Since the exchange does not have any control over this fee, therefore it could not provide you with a proper fee structure that it may charge a user which turns out to be one of its downsides.

Conclusion:

If you are someone who is interested in swapping different ERC-20 tokens, then Uniswap exchange could prove to be a great option for you. In case, you are going to deal with this exchange for the first time, then you must know some important details about going around with it. Therefore, through this post, we have tried to cover a lot of topics that would ultimately help you deal with this exchange in a better way.