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Using Uniswap with your MetaMask wallet is one of the easiest ways to “trade” your favorite Ethereum-based tokens in a matter of minutes. Here’s how to do it on your iPhone or Android phone.
What is Uniswap?
Uniswap is known as a decentralized exchange (DEX). Exchanges like Coinbase or Gemini are known as centralized exchanges. The centralized exchange operates for profit and makes money by charging fees on transactions. Also, they do not list some cryptocurrencies that people are looking for.
DEXs use code known as smart contracts to facilitate trades. There is no business behind them. The most important thing is that they are mainly used to buy and buy tokens; especially those not listed on centralized exchanges.
To trade DEXs you need a cryptocurrency wallet. Before the MetaMask mobile app, it was a bit difficult to do this type of transaction. Now users can buy and sell tokens without even opening another app.
Note: To be clear, this is not investment advice. How-To Geek does not encourage you to buy cryptocurrencies. However, if you are interested and want to do it, we will show you how.
Uniswap uses ETH
To get started, make sure you have some ETH in your MetaMask wallet. If not go to the “Buy” button within the MetaMask app.
After pressing this button, you will be redirected to buy ETH in one of three ways. Select the option that is best for you. If you’ve never done this before, you may need to connect a debit or credit card. Once you’ve connected a card, you can specify how much ETH you want to buy and then proceed.
start trading
Now that your wallet has some ETH, you can head over to the browser built into the MetaMask app.
Tap the menu icon in the top left corner.
From here, you’ll want to select the “Browser” option.
Once the browser opens, type “Uniswap” in the search bar.
You will be taken to the page that looks like something like Google. Browse through the returned results and select the link that says “Uniswap Interface”.
You will now be redirected to the Uniswap platform. From here you can exchange your ETH for any token.
Press the “Select a token” button.
A window should appear with a list of tokens available for purchase. You can search by name, paste an address, or scroll through the list to find the desired token.
When you have selected the token, it will take you back to the original page to finalize the transaction. In this example, ETH is “exchanged” for Chainlink (LINK). Your screen should resemble the following.
If everything looks good, press the “Change” button. Then press “Confirm exchange”. Press “Confirm” one last time. Your transaction will be completed in a few minutes at most. You should see a screen like the one below while the transaction is being confirmed.
Once the transaction is complete, you can add your newly purchased token to your MetaMask wallet. Press the “Add to Metamask” button. And then press “Add Token”.
Now you can go back to your wallet. In your wallet, you should see the amount and value of your newly purchased token.
If you wish, you can exchange your token back for ETH or any other token on the Ethereum blockchain by following the same steps as above.
Good luck trading!
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