How to Buy and Withdraw from Uniswap? (2024)

The surge of crypto fever, marked by the rising prices of various coins and tokens, has occurred multiple times, enticing a growing number of individuals to venture into purchasing cryptocurrencies like Bitcoin, Ethereum, and other assets.

Consequently, many are inquiring about accessible methods to buy crypto without navigating through cumbersome procedures.

In this blog, I'll delve into what Uniswap entails and elucidate how you can seamlessly purchase crypto with its assistance, even if you're new to the industry.

What is Uniswap?

When considering purchasing crypto, there are various avenues available. One option is peer-to-peer (P2P) transactions, where you transfer fiat currency to another individual's account—whether it's in GEL, USD, or EUR—and receive Bitcoin, Litecoin, or any desired cryptocurrency in return.

Crypto exchanges serve as digital platforms connecting traders and buyers, facilitating the safe exchange of cryptocurrencies and fiat assets. These exchanges offer the convenience of direct purchases at fixed prices, with the bought crypto securely stored in the exchange's centralized wallet until further action, such as selling or withdrawal.

An example of such a platform is Cryptal, a Georgian crypto exchange featuring a diverse range of cryptocurrencies for spot exchange and conversion.

In addition, decentralized exchanges (DEXs) provide an alternative method for purchasing crypto. Unlike centralized exchanges, DEXs don't require users to undergo verification processes. Instead, you simply create an account on the platform and link it to your crypto wallet.

Using a DEX mirrors the procedures of centralized exchanges—you submit a purchase request for the desired cryptocurrency and specify the desired amount. The transaction is then completed by connecting with another user on the exchange looking to sell the crypto. Subsequently, the purchased cryptocurrency, whether Bitcoin or otherwise, is transferred to an external crypto wallet linked to your account.

Uniswap stands as a prominent example of a decentralized crypto exchange, widely embraced in Georgia for its user-friendly interface and verification-free transactions. Notably, Uniswap primarily supports cryptocurrencies based on the Ethereum blockchain and ERC-20 tokens.

Uniswap as a Cryptocurrency

Uniswap, the platform, has its own native cryptocurrency called UNI, which users can earn by exchanging various cryptocurrencies stored on the Uniswap platform.

UNI serves as a governance token, granting its holders a stake in decision-making processes proportional to their ownership.

With a total supply capped at 1 billion tokens, nearly 600 million UNI tokens are already in circulation, boasting a collective market value of $4.1 billion.

How to Buy, Sell, and Withdraw using Uniswap?

To engage in buying and selling crypto on Uniswap, you'll first need to register for an account on the platform, a process that's straightforward and user-friendly.

It's essential to have a crypto wallet to leverage Uniswap fully, with the platform accommodating various wallet types. Among the most popular options are Uniswap Wallet, MetaMask, and Coinbase Wallet.

These wallets are accessible both as desktop applications and mobile apps, providing flexibility and convenience for users.

Once you've selected the crypto wallet that aligns with your preferences, you're ready to commence buying and selling crypto on Uniswap.

Also, it's important to know, that on All Decentralized Crypto Exchanges, including Uniswap, You will not be able to Buy Cryptocurrency using Fiat Assets. This also includes Selling & Cashing out Crypto. You can only exchange one Asset for another.

Buying Crypto using Uniswap:

1. Enter Uniswap:
   After accessing the platform, a user has 3 options:
   a. Swap – To exchange One Cryptocurrency for another.
   b. Buy – With Fiat (USD) Acquire Cryptocurrency.
   c. Send – Send Cryptocurrency to another address.
   But for now, let’s aim to purchase Crypto, so we will be focusing on Swap or Buy options.
2. Swap and Buy:
   When you possess cryptocurrency in your wallet and seek to exchange it for another, Uniswap offers the Swap function to facilitate such transactions seamlessly. Through this feature, you can select the specific tokens you wish to exchange and specify the desired amount. For instance, suppose you aim to exchange 1 Ethereum for the equivalent amount of DAI.

   

   Upon confirmation, the Swap function initiates the transfer of Ethereum from your linked wallet to the Uniswap platform, where it undergoes conversion into the corresponding amount of DAI. Subsequently, the newly acquired cryptocurrency is deposited into your wallet.

   Alternatively, if you lack cryptocurrency and wish to make a purchase, the Buy function is at your disposal. In this scenario, you'll enlist the assistance of MoonPay, acting as an intermediary with Uniswap.
   To proceed, ensure you have a USD balance within the connected wallet on Uniswap, whether it's MetaMask or Coinbase Wallet. Then, you'll utilize MoonPay to exchange the USD balance into cryptocurrency, effectively purchasing crypto with fiat currency.

Withdrawing Crypto using Uniswap – Cryptal:

Cryptal supports numerous popular cryptocurrencies, each assigned unique wallet addresses upon your registration. These addresses facilitate the seamless transfer of cryptocurrencies from Uniswap or external wallets to Cryptal, where you can promptly sell them on the exchange or through the conversion feature.

Once the sale is completed, you can effortlessly transfer the received fiat currency—whether it's in GEL, USD, or EUR—to your bank card. Notably, Cryptal accommodates cards from Georgia and TBC Bank, facilitating both cash-out and depositing procedures.

It's worth noting that Cryptal stands out as the premier choice for crypto monetization in the market, offering low fees and streamlined procedures for users.

Sending Crypto using Uniswap:

Suppose you're making an online purchase where cryptocurrency is the sole accepted payment method. In such cases, Uniswap's Send function proves invaluable.

You'll begin by selecting the cryptocurrency you intend to transfer from your wallet and specifying the destination address.

What are the advantages of using Uniswap?

Given that Uniswap operates as a decentralized cryptocurrency platform, it offers a host of advantages for both buyers and sellers, streamlining the process of exchanging coins with simplicity and efficiency:

• Decentralization:
  Uniswap operates on a decentralized network, reducing the risk of centralized control and single points of failure.
• No KYC:
  Anyone with an Ethereum wallet can trade on Uniswap without the need for account creation or KYC (Know Your Customer) procedures.
• Rewards:
  Users can become liquidity providers by depositing assets into a pool and earning fees from trades that happen in their pool.
• Transparency:
  All transactions are recorded on the blockchain, ensuring transparency and the ability to audit smart contracts.