Uniswap is a swapping exchange where you can directly trade one coin for another. First, you will need some coins in an Ethereum based wallet such as Metamask.
- Click on connect wallet.
- Select your wallet.
- Allow “view the address” of your wallet – it is completely safe.
- Now that you are connected to your wallet, you are ready to see the coins and tokens in your wallet and to swap them for others. If you don’t see a coin that you want to swap for, look it up on Coingecko.com and copy the address. You can add the coin to Uniswap by selecting “Add Coin.”
- Swap the coins.
If you want to move the coins back into your wallet, reverse this process. Click on withdraw and add your wallet address. If you are using Metamask, the coins will automatically appear in your wallet without doing anything.
Like Uniswap, most exchanges including Binance or Binance.us, will allow you to add more coins than those which are listed. However, to avoid risk, always use that particular coin’s address, cut and paste rather than type. Finally, avoid very new wallets. People have lost money adding coins to new wallets due to software glitches, so stick with the largest ones.
Let’s take a closer look at adding a coin on Uniswap in the next module.