How to buy Uniswap in Australia
A Beginner’s Guide to Buying Uniswap Cryptocurrency in Australia
If you’re based in Australia and looking to buy Uniswap – the process is very simple. All you need to do is find a regulated exchange, deposit some funds into your account, and decide how many UNI tokens you want to buy.
Uniswap V2 is a decentralized protocol that is based on the Ethereum network. The Uniswap exchange has its native token known as UNI. UNI is a governance token that allows holders to have voting rights to determine how the exchange is governed. Governance tokens also allow holders to table proposals that will create change on the Uniswap platform.
What is this guide?
This guide focuses on educating beginners about Uniswap and how one can buy or sell the token. The guide has been well detailed to ensure that even the freshest minds in the crypto space can understand what the token is and derive value from it.
Before reading this guide, you need to understand that cryptocurrencies are very risky and volatile. This means that you can lose some of your investment in cryptocurrencies. On the other hand, investing in crypto can also be very lucrative. The best way for you to understand this market as a beginner is to consult with a professional and follow renowned investors to gain trading insights.
- QUICK GUIDE: HOW TO BUY UNISWAP IN AUSTRALIA
- A step-by-step guide to buying Uniswap in Australia
- How to sell UNI tokens
- Which wallets can I use to hold UNI tokens?
- How does Uniswap work?
- Key things to consider Before buying UNI tokens in Australia
QUICK GUIDE: HOW TO BUY UNISWAP IN AUSTRALIA
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Uniswap.
- Enter how many Uniswap UNI tokens you want to buy.
- Check the details and confirm your purchase.
A step-by-step guide to buying Uniswap in Australia
Buying Uniswap is a very easy process that will only take you a few minutes. Uniswap is only offered on select exchanges to research to know some of the exchanges in Australia that support the token. Once you have found your ideal exchange, there are two ways that you can buy Uniswap:
Buying Uniswap with other cryptocurrencies
You can exchange UNI tokens for other well-performing cryptos such as Bitcoin and Ethereum.
Most exchanges in Australia offer Bitcoin and Ethereum. For example, if you have Bitcoin tokens in your wallet, you can deposit them back to the exchange and select the pair you want to trade for. A pair can be written as UNI/BTC or UNI/ETH.
Buying Uniswap with fiat currency
This is the most common way to buy cryptocurrencies, especially if you are a beginner. You need to ensure the exchange can support AUD and then deposit the amount you want to use to trade. The below guide will take you through the process of buying Uniswap from a crypto exchange.
Step 1: Open an account on a crypto exchange
You can only buy UNI tokens if you have an account on a crypto exchange. Opening an account is an easy process. All you need to provide is your name and contact information. However, for exchanges to comply with the set regulations, you will also be asked to verify your identity. The exchange can ask for your government-issued ID, proof of address, or both.
You also need to follow safe internet practices when opening your exchange account. This involves setting a two-factor authentication process that will protect your account and prevent chances of someone else impersonating you.
Step 2: fund your exchange account
After setting up your account, you will need to add funds to it. You can use either your debit card or credit card to fund your account. You can add any amount of funds to your account and buy your tokens depending on UNI’s market value.
Step 3: Buy Uniswap
Once your exchange has funds, you can buy UNI tokens. The number of UNI tokens that you buy will be displayed on your exchange account.
As soon as you have bought your crypto tokens, you can either hold them in the exchange or transfer them to another wallet.
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How to Sell Uniswap tokens
Selling Uniswap UNI tokens is also quite easy. All you have to do is go to your exchange and select the number of tokens you want to sell. You do not have to sell all your tokens at once. You can select a proportion of the tokens and have some left for further speculation.
Besides, you also do not have to sell your tokens for fiat currencies. You can sell them to receive Bitcoin or other digital currencies in return. Most time, people sell cryptocurrencies to receive returns. However, one may incur losses if they sold their crypto at a lower value than the one they purchased because of market volatility.
Which wallets can I use to hold UNI tokens?
There are two broad categories of crypto wallets, cold wallets, and hot wallets. Institutional investors who buy large amounts of UNI tokens mostly use a cold wallet. The ideal feature of a cold wallet is that it stores your cryptocurrencies offline, and they are hence less susceptible to loss and hacking.
The other category of wallets is a hot wallet. A hot wallet is like the one where you hold our crypto at an exchange. With a hot wallet, your UNI tokens will be stored online. However, hot wallets are not recommended if you hold large amounts of crypto for a long time. They are suitable for regular trading.
How does Uniswap work?
Uniswap is a decentralized exchange. It is different from other exchanges because a single entity does not control it. The Uniswap exchange was launched in 2018 on the Ethereum blockchain.
UNI tokens were launched in 2020. They allow holders to have governance rights that enable them to be part of the decision-making process for the company. At the time of creation, Uniswap developed 1 billion UNI tokens.
The UNI tokens are different from the normal currencies. The tokens are decentralized as central banks and governments do not monitor them. They are also convenient because foreign exchange rates do not disrupt them. UNI tokens can be easily be exchanged for any cryptocurrency.
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Key things to consider Before buying UNI tokens in Australia
Some factors that you need to consider before buying UNI tokens include the following:
You also need to check the volatility of the UNI token before making a purchase decision. While volatility is unavoidable in the crypto sector, you can use the token’s price history to find its lowest values, highest values, and price fluctuations.
You also need to assess whether UNI tokens are usable. You can gauge usability by checking whether the token can be used in developing DeFi projects and not just be used for speculation.
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Virtual currencies are highly volatile. Your capital is at risk.
Where can I buy Uniswap?
You can buy Uniswap from a crypto exchange. There are several crypto exchanges in Australia, so look for the ones that support UNI tokens.
Can I buy Uniswap using a credit card?
Yes, it is possible to buy UNI tokens using a credit card. Just link your credit card details to your exchange account.
Is investing in Uniswap risky?
Just like with other cryptocurrencies, investing in Uniswap is highly risky because of price volatility.