Using Uniswap can be confusing and best, and may leave you broke (due to high fees) at worst if you don't know what you are doing. In this short tutorial, I show you how to buy on Uniswap & how to provide liquidity on Uniswap for passive income. While I have tried to make this topic as simple and straightforward for beginners, fully understanding this popular decentralized exchange is still fairly complicated.
I talk about:
- Pitfalls & mistakes you want to avoid
- How to find coins NOT on the list
- How to monitor the fees you are paying
A few people have pointed out that I don't show you how to remove your coins or convert them back into their native tokens. This is as simple as hitting the “Claim” button on your Uniswap.org account page.
If you are a fan of the Sandbox game this is also a great tutorial for you to learn how to buy SAND and then get in on the liquidity pool. The only step you would skip here would be the last one where you actually provide the LP tokens to the pool. You want to do this directly on staking.sandbox.game
I hope you liked this tutorial, and if you have any questions about Uniswap, don't hesitate to reach out to me.
Until next time…
‘Stache That Crypto Friends!