Uniswap Wallet
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Uniswap is one of the largest decentralized crypto exchanges. It allows you to swap cryptocurrency tokens conveniently, and you don't have to sign up for an account. You can also earn interest on your crypto holdings through Uniswap's liquidity pools. However, it doesn't let you buy and sell cryptocurrency. Read our full Uniswap review to learn about its pros and cons.
Our Rating:
Rating image, 3.50 out of 5 stars.
3.50 stars Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
BOTTOM LINE
With a user-friendly trading platform, Uniswap is a leader among decentralized exchanges. It also has a variety of liquidity pools offering competitive earning rates.
FEES:
0.01% - 1.00%
ACCOUNT MINIMUM:
$0
Full Uniswap review
This cryptocurrency exchange is a good fit for: Investors with a crypto wallet who want to swap tokens or earn interest with liquidity mining.
Pros
Swap ERC-20 tokens
User-friendly design
Earn crypto with liquidity mining
No registration required
Crypto wallet support
Cons
Doesn't accept fiat money
Gas fees
Risk of impermanent loss
No KYC
How Uniswap works
Uniswap is a type of decentralized exchange known as an automated market maker (AMM). A decentralized exchange is one that doesn't have a central authority managing orders. AMMs accomplish this by using smart contracts (programs written on the blockchain) to set prices and execute trades. In doing so, they're able to offer decentralized financial services, or DeFi for short.
LEARN MORE: Defining DeFi (Decentralized Finance)
AMMs like Uniswap can provide crypto trading because of their liquidity pools. A liquidity pool is a pool of crypto funds, contributed by users, locked in a smart contract. Funds from the liquidity pool are used when people want to trade crypto.
Uniswap takes a small fee from every transaction and distributes it among a pool's liquidity providers (the people who have deposited their crypto into the pool). It's a mutually beneficial relationship. Uniswap is able to offer crypto trading because of its liquidity providers. The liquidity providers earn crypto because they receive a cut of the exchange's transaction fees.
How to use Uniswap
To use Uniswap, you connect your crypto wallet. After you do that, here's what you can do on the exchange:
Trade crypto: Choose the "Swap" option, then select the crypto you want to trade and the crypto you want to receive.
Liquidity mining: Choose the "Pool" option. You can open a new position and deposit any two cryptos that have a Uniswap pool already. You can also check out the top pools to see which pairs are popular.
There are plenty of crypto wallets available. Options include hardware wallets that keep your crypto offline in cold storage and free digital wallets available as an app or browser extension. Once you have a wallet, you can transfer your crypto there and start using Uniswap.
RELATED: See The Ascent's guide to the Best Crypto Wallets.
Top perks
Swap Ethereum-based tokens
On Uniswap, you can quickly trade ERC20 tokens, which are any digital assets built on Ethereum (ETH). Since Ethereum is a popular blockchain for launching crypto tokens, there's a massive number of cryptocurrencies you can trade on this exchange.
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