Uniswap is very close to release their Uniswap V3 Network as they have spoiled on Twitter just yesterday. That means that the value of Uniswap will become much higher after they solve the high gas fee problem by releasing Uniswap version 3. I will accumulate some more UNI before that update, so I will show you guys how to buy Uniswap in this step-by-step instructional. I also show you exactly where to buy UNI tokens in the most cost-efficient way.
Table of Contents
- What is Uniswap?
- How to buy UNI using Binance
- Where to store UNI Tokens?
- How to store UNI on a Ledger
- The Best Way to stay Up-to-Date with my Content
What is Uniswap?
Uniswap is one of the leading decentralized cryptocurrency exchanges out there. While most of the more established coins can be found on Binance or Coinbase, most of the smaller Altcoins (true potential gems), can be found on Uniswap. A lot of low market cap coins are promising potential enormous returns.
The problem with this is, it was very hard to invest in those smaller altcoins so far because of the high Ethereum fees involved. You could invest 200$ into an altcoin and you would need to pay 100$ Ethereum gas fees. It didn’t make any sense unless you would have dropped major $.
Now, Uniswap V3 is trying to solve this problem, which makes Uniswap way more attractive even for the average investor. I am very much looking forward to Uniswap exploding after the version 3 update has been released.
How to buy UNI using Binance
To be able to buy Uniswap, we first need to know where to buy UNI. UNI is the token that represents Uniswap. We are in luck, because our favorite exchange, Binance, has Uniswap listed. That means we can go ahead and simply buy Uniswap on Binance.
We are going to buy some USDT and then we are going to buy UNI for USDT.
This makes things a lot easier for us, as the process is very simple. I will take you through each step anyway, so if you want to learn how to buy UNI, follow the steps below.
Step 1 – Sign up for Binance
The first step is as easy as it gets, signing up for Binance. As I said, Binance is my favorite exchange due to its proven record of security and ease of use. I’ve been using Binance sind 2016.
If you use my link to sign up for Binance, you’ll get Discounts on your Trades. On top of that, you help out my blog.
You might be required to verify yourself during the sign-up process by entering your date of birth, legal name, and address. Also, make sure to enable 2-Factor Authentication for security! I like to use Google Authenticator. SMS verification is not as secure.
Step 2 – Deposit USD to your Binance account
Once you are signed up and verified, we can now go ahead and deposit some USD to get some USDT. We use USDT, which is a stable-coin, due to the low fees we are going to pay. Also, USDT is not subject to market volatility like Bitcoin or Ethereum.
You could buy 500$ worth of Bitcoin right now and it would only be worth 450$ within half an hour – we don’t want that. USDT holds the value of the US Dollar.
Make sure you are logged in to Binance and click on Buy Crypto -> Debit / Credit Card from the top navigation bar. Alternatively choose Bank Deposit if you prefer.
Now follow the sub-steps below to deposit USD for USDT on Binance:
1 – Change the Coin from BTC to USDT
2 – OPTIONAL: Change the currency you want to deposit from
3 – Enter the amount you want to deposit
4 – Check how much USDT you will get (Minus a tiny fee)
5 – Click on buy USDT to buy USDT
6 – Enter your Credit Card Details and confirm any prompts
Well done, you have bought some USDT!
Step 3 – Buy Uniswap on Binance
Now we are ready to buy UNI token on Binance!
Select Trade -> Classic from the top navigation bar. Now don’t be alarmed by what you see, I got you.
Once you are there, click on the search bar on the right and enter UNI. Select the UNI/USDT trading pair.
Now find the trading window below, indicated by the green “Buy UNI” button.
First select Market to buy at the current market price, then enter an amount of USDT you want to spend for your UNI, and finally hit Buy UNI to seal the purchase.
And that is it. You have now successfully purchased some UNI token.
Where to store UNI Tokens?
When it comes to the question on where to store UNI tokens, there are two good options in my opinion.
You can use MetaMask to store Uniswap tokens. MetaMask is a browser extension that doubles as a fully functional wallet. Just install the browser extension, create an account and move your UNI tokens over to MetaMask.
Ledger Nano S
My preferred way of storing UNI tokens is a Ledger Nano S or any other Ledger device. A hardware wallet is always superior to any software wallet. So, if you want to choose the safest way to store your UNI tokens, a Ledger is the way to go.
You can always check if a cryptocurrency is supported by Ledger by visiting their website.
How to store UNI on a Ledger
Let me quickly show you how easy it is to store Uniswap on a Ledger.
Make sure your Ledger is connected to your computer and that you have Ledger Live installed. Unlock your Ledger by entering your PIN.
Next, open Ledger Live and click on Accounts.
Click on + Add account next.
Next, choose Uniswap (UNI) from the list of supported coins. Click on Add Ethereum account.
Click on Open Manager when getting asked to Install the Ethereum App. Follow the onscreen instructions and confirm the step on your Ledger.
In case you run out of space, you can go ahead and temporarily uninstall another app. Don’t worry, this won’t affect your crypto assets that are stored on the Ledger. You can re-install the app again any time and your funds won’t be affected.
If you are all fine on the space, go ahead and click on Install next to Ethereum (ETH).
The Ethereum App is now going to be installed so you will be able to store UNI tokens on a Ledger.
Once the installation is finished, click on Add account.
Once again, type Uniswap (UNI) into the search bar, click on Receive.
Select Ethereum 1 (legacy), or whatever you have your Ethereum account named and click Continue.
Confirm on your Ledger to open the Ethereum App.
Now you see the address where you can send your UNI tokens to.
Transfer UNI from Binance to Ledger
Now you can head over to Binance and select Wallet -> Fiat and Spot from the top navigation bar.
Type UNISWAP in the search bar and click on Withdraw next to UNI.
Once there, enter your Ledger UNI Address as the Recipient’s UNI Address, select Ethereum (ETH) ERC20 as the transport protocol, enter the Amount of UNI you want to transfer, and click on Submit.
Please take the high ETH fees into consideration. This problem is likely going to be solved once ETH2 is being released. This is how to store UNI on a Ledger.
This is how easy it is to buy Uniswap as of today. I hope this guide was helpful to you. I believe that Uniswap is a very promising project to keep an eye out for.