How to Trade Uniswap (UNI) on Cove Markets
Uniswap (UNI), a Top 10 cryptocurrency, as ranked by market cap, is up by more than 800% since its airdrop in September 2020. Because of its popularity, UNI is now available for trading on Cove Markets, both on our desktop and mobile platforms.
What is Uniswap?
Uniswap, founded by Hayden Adams in 2018, is a decentralized exchange where users can swap cryptocurrencies directly with other traders. The Uniswap protocol allows for automated transactions between various cryptocurrency tokens on the Ethereum blockchain through the use of smart contracts.
Uniswap, the world's most popular DEX, became the first to process over $100 billion in volume.
Over the last few years, there has been a lot of interest in the area of decentralized finance (DeFi). DeFi means that financial instruments are available on a public blockchain where anyone can interact with them without having to deal with an intermediary such as a bank, brokerage, or financial institution.
The ethos of Uniswap is to empower developers, investors, and liquidity providers to participate in a financial marketplace that prides itself on accessibility, openness, and transparency.
How to Trade Uniswap (UNI)
Funded Exchange Account: Before you can begin trading through our platform, you will need to have a funded account at one or more of our supported exchanges (e.g., Coinbase Pro, Kraken, Binance, Bitstamp, and Bitfinex).
Link Exchange API Key(s): To complete the process of being able to trade through our platform, you will need to add at least one supported exchange key. It’s a very simple process that will only take a few minutes. You can find details for adding specific exchange keys on our support page or by clicking the exchange name in your Cove Markets profile and following the instructions.
Trade Uniswap: UNI-USD and UNI-USDT pairs can be traded both on our desktop platform as well as on mobile.
On our desktop platform, customers can navigate to the order entry widget and select UNI-USD or UNI-USDT from the instrument drop down (as shown in the order entry image above). Once the order ticket is filled out, customers can click Buy or Sell to submit their order.
For customers trading through mobile, customers can select the trading widget at the bottom (2nd tab from the right). And then follow the same steps as outlined above for the desktop version.
Note: Cove Markets does not charge any additional trading fees. The only trading fees customers pay are those charged directly by the exchange on which the order is executed.