[GUIDE] How Token Swap Works on Uniswap?

[GanBin 705]

Uniswap is the best decentralized exchange according to the report I read on new yesterday by CER, to make use of their service will mot be hard, I have make use of it before but it will not be hard. Scammers should be careful of and making sure the tokens that are listed should be the only want to swap. 

[Dark Shadow 295]

@Whited35 This is a very informative topic that you have created. You have provided a very detailed description of every step. I did not know much about Uniswap but thanks to your topic I have learned a lot about coin/token swapping. I'll be sure to give it a try.👍

[Flying11Horse 45]

1 hour ago, Dark Shadow said:

@Whited35 This is a very informative topic that you have created. You have provided a very detailed description of every step. I did not know much about Uniswap but thanks to your topic I have learned a lot about coin/token swapping. I'll be sure to give it a try.👍

You are right @Dark Shadow he is a good topic creator and creates a good topic.

In this topic i am experiencing a small problem.I hope you can help me.I didn't understood actually what is meant by Swapping.Please can you explain it.

[Whited35 15285]

19 hours ago, scorpiali said:

Uniswap is a decentralized exchange right and the best way to use it is with metamask and supported ethereum blockchain it's easy to use ,it's my preferred Wallet 

@scorpialiBrother, Uniswap is looking safe to connect wallets so far but there are so many malicious swapping protocols and I expect you not to fall into their traps by connecting wallets. Some of such platforms are not actually decentralized and they sync your wallet's secret phrases to their separate servers. 

[scorpiali 5626]

14 hours ago, Whited35 said:

@scorpialiBrother, Uniswap is looking safe to connect wallets so far but there are so many malicious swapping protocols and I expect you not to fall into their traps by connecting wallets. Some of such platforms are not actually decentralized and they sync your wallet's secret phrases to their separate servers. 

That's true yes there is many malicious swapping and we need to be careful about that and secure our Wallet to be safe ,I really don't use a ethereum Wallet just one time to buy or sell token and then create another one and I don't put my all money in just one 

[Dark Shadow 295]

21 hours ago, Flying11Horse said:

You are right @Dark Shadow he is a good topic creator and creates a good topic.

In this topic i am experiencing a small problem.I hope you can help me.I didn't understood actually what is meant by Swapping.Please can you explain it.

@Flying11Horse Well my friend swapping is actually a non custodial, crypto-to-crypto exchange. Swapping allows users to quickly exchange one coin/token for another. It is easier and faster than changing a coin/token to Fiat and then buying another coin/token.

[Flying11Horse 45]

54 minutes ago, Dark Shadow said:

@Flying11Horse Well my friend swapping is actually a non custodial, crypto-to-crypto exchange. Swapping allows users to quickly exchange one coin/token for another. It is easier and faster than changing a coin/token to Fiat and then buying another coin/token.

How can it be easy @Dark Shadow,I mean that if you want to convert your coin into another coin it literally takes up to less than a minute.But if we do swapping it will take more time as according to the procedure give in the topic. So also explain this to me.

[Dark Shadow 295]

28 minutes ago, Flying11Horse said:

How can it be easy @Dark Shadow,I mean that if you want to convert your coin into another coin it literally takes up to less than a minute.But if we do swapping it will take more time as according to the procedure give in the topic. So also explain this to me.

@Flying11Horse During swapping the only thing that takes time is linking your wallet to uniswap or whatever platform you are using. The swapping part doesn't take much time.

During swapping you skip a step that is converting your coin/token to Fiat before buying another coin/token so it is faster than converting.

[Whited35 15285]

7 hours ago, scorpiali said:

That's true yes there is many malicious swapping and we need to be careful about that and secure our Wallet to be safe ,I really don't use a ethereum Wallet just one time to buy or sell token and then create another one and I don't put my all money in just one 

@scorpialiSmart enough 😉 ! Putting all the tokens into a single wallet might eventually lead to fund loss if private key got leaked unintentionally. I assume, you are also not sharing the address of main wallet to anyone else? 

[scorpiali 5626]

3 hours ago, Whited35 said:

@scorpialiSmart enough 😉 ! Putting all the tokens into a single wallet might eventually lead to fund loss if private key got leaked unintentionally. I assume, you are also not sharing the address of main wallet to anyone else? 

Because I already have this problem with ethereum Wallet like myetherwallet and I have many tokens and eth stolen from it that's why I do that, the ethereum Wallet is very low in security and any one can discover your private key 

[Flying11Horse 45]

On 10/30/2020 at 6:48 PM, Dark Shadow said:

@Flying11Horse During swapping the only thing that takes time is linking your wallet to uniswap or whatever platform you are using. The swapping part doesn't take much time.

During swapping you skip a step that is converting your coin/token to Fiat before buying another coin/token so it is faster than converting.

Thanks @Dark Shadow for explaining all this to me.I think today i am going to try this new swapping.I am getting a lot of positive reviews regarding it,hope it is as the way you all are saying.The last question that I am going to ask is how much is the cost of swapping a coin?

[Dark Shadow 295]

15 hours ago, Flying11Horse said:

The last question that I am going to ask is how much is the cost of swapping a coin?

The fee that is charged is called "Liquidity Provider Fee" and it is only 0.30% of the total trade amount so it is a pretty small fee. This is the fee on Uniswap so you will have to do your research before you do coin/token swapping on any other platforem

[Whited35 15285]

On 10/30/2020 at 11:14 PM, scorpiali said:

Because I already have this problem with ethereum Wallet like myetherwallet and I have many tokens and eth stolen from it that's why I do that, the ethereum Wallet is very low in security and any one can discover your private key 

@scorpiali Generally, MEW wallet is the safest wallet brother, I am surprised how did you lost the tokens from that wallet? Maybe, you connected wallet to the malicious sites when you were beginner in the crypto world, am I right brother ? 

[scorpiali 5626]

@Whited35 exactly brother there is many malicious website that you need to be attention when you connect your Wallet there,or some fishing website it's same like NEW and you forgot to check the URLs and your private key is discovered, and when you put a big amount in your Wallet your coins will stolen because they know your private key 

[Whited35 15285]

13 hours ago, scorpiali said:

@Whited35 exactly brother there is many malicious website that you need to be attention when you connect your Wallet there,or some fishing website it's same like NEW and you forgot to check the URLs and your private key is discovered, and when you put a big amount in your Wallet your coins will stolen because they know your private key 

@scorpialiSorry to hear about that terrible incident but at least you have learnt the lessons from the previous mistakes which is itself the good thing. Now, I believe you are using hardware wallet to prevent attackers from stealing your money. So many users are still committing blunders by connecting their wallets to the random swapping protocols but actually malicious DEXes are even more dangerous than we believe so far. 

[tienda 8776]

On 10/29/2020 at 8:18 AM, GanBin said:

Uniswap is the best decentralized exchange according to the report I read on new yesterday by CER, to make use of their service will mot be hard, I have make use of it before but it will not be hard. Scammers should be careful of and making sure the tokens that are listed should be the only want to swap. 

Yes @GanBin according to many comments about Uniswap it seems as the best decentralized exchange. But days ago and right now I see there are a lot of offers in Telegram through bots ...etc my concern is, those offers are for really promoting it or are created by scammers!... 

[Whited35 15285]

29 minutes ago, tienda said:

Yes @GanBin according to many comments about Uniswap it seems as the best decentralized exchange. But days ago and right now I see there are a lot of offers in Telegram through bots ...etc my concern is, those offers are for really promoting it or are created by scammers!... 

@tienda They are created by the scammers by noticing the success of Uniswap and its governance token UNI. It is also ridiculous to see, some cheaters are trying to scam people by telling like they have fork of UNI but actually UNI is token 😂 !

[GanBin 705]

2 hours ago, tienda said:

Yes @GanBin according to many comments about Uniswap it seems as the best decentralized exchange. But days ago and right now I see there are a lot of offers in Telegram through bots ...etc my concern is, those offers are for really promoting it or are created by scammers!... 

You are right, the offers are from scammers, we should neglect offers so not to be scammed. There are many airdrops and free giveaway, that lead to only scam, these are what to be avoided and us not to be greedy not to fall for scam.  

[scorpiali 5626]

9 hours ago, Whited35 said:

@scorpialiSorry to hear about that terrible incident but at least you have learnt the lessons from the previous mistakes which is itself the good thing. Now, I believe you are using hardware wallet to prevent attackers from stealing your money. So many users are still committing blunders by connecting their wallets to the random swapping protocols but actually malicious DEXes are even more dangerous than we believe so far. 

Yes at least I have learn the lesson and pay attention the next time and verify everything before link my Wallet, the world of crypto currency is full of scammers and hackers everywhere you go you need to be careful 

[Whited35 15285]

13 hours ago, scorpiali said:

Yes at least I have learn the lesson and pay attention the next time and verify everything before link my Wallet, the world of crypto currency is full of scammers and hackers everywhere you go you need to be careful 

Making a premium antivirus software handy, can also protect us from the biggest enemies most of the time. I have installed paid antivirus software on my PC and blocks all the phishing sites including cryptojacking attempts. Not all paid antivirus are capable of blocking crypto jacking or wallet address routing software. 

[scorpiali 5626]

6 hours ago, Whited35 said:

Making a premium antivirus software handy, can also protect us from the biggest enemies most of the time. I have installed paid antivirus software on my PC and blocks all the phishing sites including cryptojacking attempts. Not all paid antivirus are capable of blocking crypto jacking or wallet address routing software. 

The majority of antivirus can't detect the phishing crypto website it's something new for them and they need to update her database all the time,it's really complicated things 

[Whited35 15285]

1 hour ago, scorpiali said:

The majority of antivirus can't detect the phishing crypto website it's something new for them and they need to update her database all the time,it's really complicated things 

Some antivirus software like ESET Nod 32 and McAfee have the advanced detection feature without intercepting the performances of PC. You might give a try and let me know if it works in your case properly or not. You might also give a try for Malwarebytes. 

[scorpiali 5626]

1 hour ago, Whited35 said:

Some antivirus software like ESET Nod 32 and McAfee have the advanced detection feature without intercepting the performances of PC. You might give a try and let me know if it works in your case properly or not. You might also give a try for Malwarebytes. 

I use the Avast antivirus but it's work good right now he prevent me all the time I open a malicious website and block the connection immediate and close the website, he have to update herself all the time,I think it's a good one I don't know if you already try it or not

[Ramz99737 1196]

On 8/26/2020 at 7:05 PM, Whited35 said:

First of all, let me explain briefly about Uniswap. It is a decentralized and fully automated liquidity protocol for swapping ERC-20 tokens on Ethereum Blockchain Network. On this Uniswap platform, there is no order book, and everything will be handled by the smart contract. In this tutorial, I am going to show you how token swap actually works on Uniswap. 

 

Go to https://app.uniswap.org/#/swap and click on the "Connect Wallet" option. After that, you will see all the supported wallets in the dropdown menu. Currently, Uniswap supports Metamask, Wallet Connect, Coinbase Wallet, Fortmatic, and Portis. You can choose a wallet according to your choice but in this tutorial, I describe everything based on the Metamask wallet. 
Install the Metamask wallet on your browser. If you don't have one, click here. Create wallet and fund it by sending your desired ERC-20 tokens

 

On Uniswap, click on "Metamask"

 

 

After that you will see a Pop-Up window from the Metamask wallet. Click on "Next"

 

 

Click on "Connect". Once the wallet is successfully connected, your ETH amount will be displayed on Uniswap

 

 

Head to setting option and made some adjustments for Slippage tolerance, Transaction deadline, and Toggle Expert Mode. If you have no idea about these phrases, click on "?" sign.

 

Now select the token from your wallet that you want to swap(You have to manually add token on Metamask wallet to be displayed). I am selecting ETH for a reference.

 

Select the output token by searching in the box that you want to get by swapping. I want to select BAT. 

Check the transaction details with the liquidity provider fee and click on "Swap".

Generally swapping process is instant but sometimes swap failing or stuck will occur, you might check this FAQs page to know more details about that.
 

Good Luck😊

 

 

Thank you very much my friend, it is really useful informations.

[Whited35 15285]

On 11/5/2020 at 8:30 PM, JanBomCrypto said:

Uniswap have been one of the most common exchanges, scammers at Imaking use of fake coins, people should man sure they look at  coingecko to check if the coin  to swap I listen there, if not, it is a scam. 

You need to confirm first whether token is listed on uniswap or not after that you might amnually add tokens to the wallets like Metamask while connecting wallet to the Uniswap for proceeding the token swapping process. Thanks.