When buying crypto, there are only two ways you can do it: using a centralized exchange or using a decentralized one such as UniSwap. This article is going to show you how to buy coin from Uniswap using Metamask wallet, a decentralized trading platform that supports multiple tokens and coins.
Before we go into the details of the process, let’s discuss what UniSwap is all about.
What is UniSwap?
UniSwap is a marketplace for trading crypto and altcoins. They have been designed to make it as easy as possible for you to get your hands on some coins that are not listed on Coinbase or other major exchanges.
UniSwap is a peer-to-peer exchange that allows users to buy and sell crypto directly with each other. It has no fees, no accounts, and no sign-up requirements.
You can send ETH or ERC 20 tokens to an address in your MetaMask wallet and receive ETH or ERC 20 tokens in return by another address. It's that easy!
Difference between Uniswap and PancakeSwap
UniSwap is an online marketplace where people can buy and sell Bitcoin, BCH, and ETH. Users can trade these coins in a secure, peer-to-peer environment. The reason why Uniswap is different from most other exchanges is that it has no fees for trading. Instead, it offers a platform for swapping to trade cryptocurrencies at a discount.
PancakeSwap is a marketplace for people to swap different coins on a peer-to-peer basis. PancakeSwap allows you to trade different coins with your own money, and it supports 100+ cryptocurrencies.
You may also like: How to buy coins from PancakeSwap using Metamask
UniSwap Supported Wallets
The following Wallets are PancakeSwap supported:
- Trust Wallet Android/iOS
- MetaMask Android/iOS/Desktop
- Coinbase Wallet Android/iOS
- Wallet Connect Wallet (e.g. Argent, Rainbow) Android/iOS
- Binance Smart Chain Wallet
How to Connect to UniSwap Using MetaMask?
Connecting to UniSwap using MetaMask is easy, once you have your own wallet set up.
If you’re new to crypto, search for MetaMask in your browser and sign up. If you don’t have an Ethereum wallet yet, you can create one for free!
Once you have installed MetaMask on your browser and created a wallet, we can begin connecting it to the Uniswap exchange.
Step 1: Go to the Uniswap website to start the process.
Step 2: Click on Connect Wallet in the top right corner of the page.
Step 3: You will then see a pop-up asking you which wallet you want to use. Select MetaMask from the list of options displayed on this page.
Step 4: A pop-up will appear from MetaMask asking you if you would like to allow Uniswap to connect with your wallet. Click connect.
How to trade on UniSwap with MetaMask?
Uniswap only has one type of order: they are instant swaps at a fixed rate, where you always pay less than you receive.
I will show you step by step:
- Click the “Select a token” dropdown.
- Search for the token that you would like to buy, or you can copy-paste the token contract code from a website like Coin Gecko or Coin Market Cap.
- In this example; we’ll be buying MATIC.
- Now, we’ll go to Coin Gecko. In the search bar at the top right of the website, search for MATIC.
- Select MATIC in the drop-down.
- Under MATIC you will see a “Contract” To copy the contract code press the paper icon.
- Now go back to Uniswap and paste the contract code into the “TO” field.
- You’ll see “MATIC” appear. Click the import button to save MATIC so you do not have to copy-paste the MATIC contract code again.
- Read the Uniswap warning and then click “I understand” and then the import button to continue.
- Next, you have to select the amount of ETH you want to convert to MATIC.
- Press the Swap button, and lastly the Confirm button to complete the swap.
Congratulations, you just did your first Uniswap token swap! In this way, you can buy any coin that is built on Ethereum Blockchain.
UniSwap is a great site for purchasing coins or tokens without being compromised. If you used to use Coinbase, OKex, or Binance and wanted to buy some real digital coin, I hope now you know UniSwap.