Uniswap Beginner’s Tutorial: Teach you step by step how to play with decentralized exchanges, this is what old leeks do!
Want to try a decentralized exchange? This Uniswap tutorial uses the most down-to-earth words to teach you how to connect your wallet to liquidity mining, making it easy for novices to get started. Build a foundation first with top CEXs such as Binance and OKX, and use our exclusive discount codes to save on fees!
Uniswap tutorial: a decentralized exchange that can be easily used by novices
Hey, I am an old friend of CoinRebate, an old leek who has been in the currency circle for many years. Today we won’t talk about the fictitious stuff, but will go straight to the real stuff – let’s talk about the decentralized exchange (DEX) Uniswap that everyone in the currency circle knows. Newbies who have just joined the industry are used to playing with centralized exchanges (CEX). Do you always want to try a more "fundamental" DEX? Don’t panic, this tutorial will use vernacular to take you through Uniswap step by step, ensuring that you will understand it as if you were chatting with a friend.
About Uniswap: Simplicity is power
The interface of Uniswap can be described in one word as "simple". There are no fancy pop-ups and ads, all functions are clear at a glance, and it is especially friendly to novices. Now it is V3 version, but the simple and bright style has never been lost.
Its biggest highlight is multi-chain support. You can not only use it on the Ethereum mainnet, but also on popular public chains such as BSC (Binance Smart Chain), Arbitrum, and Polygon. This means that you can flexibly choose which chain to trade on based on network congestion and gas fees (handling fees). The cost is lower, the speed is faster, and you don’t have to worry about moving bricks.
Old Leek Reminder: You have to take care of yourself when playing DEX, and the safety of your assets is entirely in your hands. Be sure to access it from official channels, and keep your wallet mnemonic phrase safe so you don’t lose it! At the same time, before trading, I strongly recommend that you first complete the legal currency deposit and basic currency exchange on top centralized exchanges such as Binance and OKX. The operation is simple and the funds are more stable. Use our exclusive link to register and get a permanent discount on handling fees, and the money you save is money earned in vain!
Detailed steps for using Uniswap (taking wallet connection as an example)
Let’s take common operations as an example to explain how to exchange tokens and provide liquidity on Uniswap. Note, you must first have an encryption wallet with ETH or other corresponding chain mainnet tokens (such as BNB, MATIC) installed, such as MetaMask and TokenPocket.
Step 1: Connect your wallet
- Visit Uniswap official website (Be sure to check the URL to prevent phishing!).
- Click the "Connect Wallet" button in the upper right corner of the page.
- Select the wallet you use (such as MetaMask) in the pop-up list.
- Authorize the connection request in your wallet plugin or app, and done!
Step 2: Token exchange (Swap)
This is the most commonly used function. To put it bluntly, it is to exchange one currency for another.
- Select Tokens: In the exchange interface, click on the two token selection boxes respectively. You can enter the name of the token to search, but the most accurate and safe way is to paste the contract address of the token. This will prevent you from buying altcoins or counterfeit coins with similar names. Don’t be fooled!
- Enter the quantity: Enter the number of tokens you want to sell in the "You Pay" box, and the system will automatically calculate the amount you will receive.
- View Details: After clicking the "Redeem" button, the transaction details will pop up. You have to keep an eye on two things here:
- Exchange Rate: Confirm whether the exchange ratio is reasonable and don’t be led astray by the market.
- Network Fee (Gas Fee): This is the handling fee for blockchain miners/validators. Gas fees fluctuate in real time. The more congested the network, the higher the price. Sometimes you have to rush for speed when inserting the market.
- Adjust Gas Fee and Confirm: If you want the transaction to be completed as soon as possible, you can click "Settings" (usually a gear icon) and select a higher Gas fee level (such as "Fast"). After confirming that all the information is correct, click "Confirm" in your wallet and pay, and wait for the transaction to be completed!
Step 3: Explore other features
In addition to exchange, the Uniswap bottom or top menu has several useful functions:
- Tokens: Take a look at the balance and valuation of various tokens in your wallet to have an idea.
- NFTs: On some supported chains (such as Polygon), you can also trade NFTs and play new tricks.
- Pool: This is the essence of Uniswap - providing liquidity, want to earn some handling fees? Look down!
Step 4: Provide liquidity to earn handling fees (advanced gameplay)
If you have two related tokens (such as ETH/USDT), you can deposit them into a "fund pool" in proportion and act as a liquidity provider (LP). The handling fees generated by all users when trading in this pool will be distributed to you in proportion, which can be regarded as passive income.
Operation process:
- Click on the "Fund Pool" page.
- Click "New Position" or "Add Liquidity".
- Select the two token pairs you want to provide, enter the amount of one, and the other will be filled in automatically.
- The system will give you a "Liquidity Token (LP Token)" as a voucher, which you can use to retrieve assets and the commission income you earn in the future.
Important Risk Warning: Providing liquidity is not a guaranteed profit, and you may encounter "impermanent losses". Simply put, if the price ratio of the two tokens in the pool changes, you may make less than simply holding these two tokens, or even lose money. It is recommended to have a thorough understanding before jumping on the bus, and don’t blindly buy the bottom!
Ultimate advice for newbies
- Start with CEX: For most novices, I strongly recommend starting with top centralized exchanges such as Binance, OKX, Bybit. They have a friendly interface, support legal currency deposits, complete customer service, and assets are managed by the platform (risky, but top-tier exchanges are relatively safe), making them more suitable for getting started and accumulating experience.
- Bybit: Use the referral code ODXBWMN Register to enjoy a 20% handling fee discount.
- Bitget: Use the referral code lu8888 Register to enjoy a 20% handling fee discount.
- Safety first: Regardless of whether you use DEX or CEX, you must access it from official or trusted channels. For CEX, you can register through the secure link provided by our CoinRebate. Make sure it is the official website entrance to eliminate the risk of phishing. Don’t lose the big for the small!
- Gate.io: Use the referral code UQJBUVo Register to enjoy a 30% handling fee discount.
- Make good use of tools to reduce costs: Transaction fees are long-term costs, don’t underestimate them. Use our exclusive referral code to register for any of the above exchanges, and you can get a permanent trading fee discount. If you save a little bit each time and make frequent transactions, you can save the cost of a mobile phone in a year, which is nothing but waste!
To summarize: Uniswap is a powerful tool for exploring the DeFi world, simple and efficient. But for novices, please first lay a solid foundation in a guaranteed centralized exchange and accumulate enough knowledge and capital. Remember, choosing a formal, licensed, top-level trading platform is the first and most important line of defense to protect the safety of your assets, stay away from pheasants!
I wish everyone smooth trading in the currency circle and make a lot of money! If you have questions about exchange registration or discounts, feel free to come to CoinRebate for tutorials and let’s make progress together.