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TL;DR: Before getting started, you’ll need a wallet. Download Zengo wallet and follow instructions below on how to use Uniswap.
In this how-to use Uniswap guide, we will take you through the steps of connecting your wallet to Uniswap, and to trade on Uniswap platform.
Uniswap is a decentralized exchange (DEX) built on the Ethereum blockchain that allows users to trade various Ethereum-based tokens without the need for an intermediary or a centralized exchange.
In traditional centralized exchanges, buyers and sellers must create accounts, provide identification, and deposit their assets in order to trade. In contrast, Uniswap operates on a decentralized system that eliminates the need for intermediaries or custodians. Instead, Uniswap uses smart contracts on the Ethereum blockchain to execute trades.
The key innovation of Uniswap is its use of an automated market maker (AMM) system, which allows trades to be executed without the need for a traditional order book. Instead of matching buyers and sellers, Uniswap uses a mathematical formula to determine the price of a token based on its supply and demand. This formula ensures that the price of a token is always balanced by the market forces of supply and demand, which means that traders can buy and sell without worrying about the price fluctuations that can occur on centralized exchanges.
Uniswap also allows users to earn fees by providing liquidity to the platform. Users can contribute their assets to Uniswap’s liquidity pools, which are used to facilitate trades. In return for providing liquidity, users receive a portion of the trading fees generated by the pool.
Overall, Uniswap is a powerful tool for traders and investors who want to participate in the decentralized finance (DeFi) ecosystem. By providing a fast, secure, and decentralized way to trade Ethereum-based tokens, Uniswap has become a popular platform for traders and investors looking to enter the world of decentralized finance.
Here is how Uniswap works:
Automated Market Maker (AMM) System: Uniswap uses an Automated Market Maker (AMM) system, which is a type of decentralized exchange that does not rely on traditional order books to determine the price of assets. Instead, Uniswap uses a mathematical formula to determine the price of a token based on its supply and demand.
Liquidity Pools: Uniswap operates on a liquidity pool model. Liquidity pools are pools of tokens that are locked in smart contracts on the blockchain. Each liquidity pool contains two tokens, such as ETH and DAI, and users can add or remove tokens from the pool at any time. Users can also earn a portion of the trading fees generated by the pool by contributing their tokens to the pool.
Token Swaps: Users can swap one token for another on Uniswap by simply selecting the tokens they wish to trade and entering the amount they want to exchange. Uniswap automatically calculates the exchange rate based on the available liquidity in the liquidity pool and the amount of tokens being traded.
Trading Fees: Uniswap charges a 0.3% trading fee on all trades, which is used to reward liquidity providers. This fee is deducted automatically from the amount of tokens being traded, and is paid out to liquidity providers based on their share of the pool.
No Order Books: Uniswap does not rely on order books, which means that users do not have to worry about order matching or order cancellation. Instead, Uniswap automatically executes trades based on the available liquidity in the liquidity pools.
Gas Fees: Like all Ethereum-based transactions, Uniswap transactions require gas fees to be paid in order to be processed on the blockchain. Gas fees can be high during periods of network congestion, so users should factor these fees into their trading decisions.
Overall, Uniswap offers a simple and efficient way for users to trade Ethereum-based tokens without the need for a centralized exchange. By using an Automated Market Maker system and liquidity pools, Uniswap provides a decentralized and trustless platform for trading that is accessible to anyone with an Ethereum wallet.
Zengo is the best place to store both your crypto and NFTs as it is a non-custodial Web3 gateway wallet, enabling you to buy, store, and trade digital assets all from the palm of your hand via the Zengo app.
Zengo is one of the safest and most secure crypto wallets available to retail users today. The wallet app utilizes state-of-the-art MPC technology, three-factor authentication with biometric login and transaction confirmation for an extra layer of security. With Zengo, you don’t need to remember any difficult seed phrases as your face is used to generate a truly unique and secure seed to access your digital assets!
With Zengo’s non-custodial wallet, you are in complete control of your own private keys without having to worry about security or losing access to your funds. Furthermore, our fiat on-ramp service allows you to easily diversify and grow your crypto portfolio by purchasing your crypto of choice with fiat currency. Aside from that, you can also take part in our savings program.
If you ever need any assistance with your Zengo wallet, you can contact our real human customer support staff at any time, even on weekends and holidays. Alternatively, you can check out our Help page to see if your question has already been answered.
It’s easy to send crypto to external wallets with the Web3-ready Zengo wallet app. In order to get started, log into the app, tap on the ‘Actions’ located in the main menu, and then tap ‘Send.’ Choose the cryptocurrency that you want to send from the drop-down menu, enter the amount, paste the recipient’s address, and verify the transaction using Zengo’s facial recognition.
Alternatively, if you wish to convert your crypto to fiat instead, tap the ‘Actions’ button, and then press the ‘Sell’ button. In this step, you’ll have the option to sell your crypto of choice for fiat (GBP, USD, or EUR). Choose the fiat currency you prefer and confirm the transaction. Now all that’s left to do is wait for the funds to reach your bank account.
Still got questions? We’ve put together a list of the most commonly asked questions on how to withdraw money from Binance.
Binance is a cryptocurrency exchange founded in 2017 by Changpeng Zhao where users can trade more than 600 cryptocurrencies, NFTs, and participate in staking and yield farming services. Binance has its own native token called BNB and BEP-20 blockchain, on which many cryptocurrency projects are built.
The main difference between Binance and Zengo is that Zengo is a next-gen non-custodial wallet that uses biometric facial recognition to secure your private keys, whilst Binance is primarily a cryptocurrency exchange that also provides custodial wallet services to its users.
Another key difference is that Zengo is a Web3 gateway app that allows users to buy crypto with fiat, play Metaverse games, store crypto, and trade NFTs, all from the same platform.
Binance charges withdrawal fees on a per-coin basis, which means that the withdrawal fees you end up paying depend on the cryptocurrency withdrawn. Apart from Binance’s withdrawal fees, standard miner fees apply. Fiat withdrawals are subject to withdrawal fees of 1,90%.
Users who passed Binance’s basic account verification can withdraw up to 0,06 BTC per day, while users that have gone through Binance’s complete identity verification process can withdraw up to 100 BTC per day. These withdrawal limits refresh on a 24-hour rolling basis.
In most cases, Binance withdrawal requests are processed within 5 minutes. However, some tokens and transactions can take up to 24 hours to process. Fiat withdrawals to bank accounts can take anywhere from 1 to 5 business days.
Although Binance is the world’s largest cryptocurrency exchange by trading volume and user count, there are some problems that can occur when trying to withdraw both fiat and cryptocurrencies.
For instance, your bank may decline deposits from Binance as it is an unregulated financial institution. As for cryptocurrency withdrawals, you may accidentally enter the wrong receiving address.
To withdraw crypto to fiat on Binance, you have to make use of the Binance Cash Gateway. Here you can convert BTC and other cryptocurrencies to USD, EUR, and other supported fiat currencies. Additionally, you can withdraw crypto to fiat on Binance via its P2P Trading platform.
You can also move your funds to Zengo’s non-custodial wallet and withdraw your crypto when you feel the time is right.
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