What is Uniswap? 🦄
Uniswap is the biggest decentralized exchange or “DEX” on the Ethereum blockchain, allowing users to trustlessly swap and exchange Ethereum and Ethereum ERC-20 tokens.
Does Uniswap Require AML/KYC Documents? 🤔
No. Uniswap is a decentralized exchange, hence you don’t need to submit AML/KYC documents.
Heck, with DEXs like Uniswap, you don’t even need to go through an account registration process to be able to swap tokens! All you need is a good Ethereum wallet such as MetaMask, some ETH for the gas fees, and you’re already free to trade!
What are the fees on Uniswap? 💸
A token swap on Uniswap will cost you 0.3% for the platform fees, and Ethereum gas fees which can cost as low as $3 and can cost as high as upwards of $80 per swap.
Ethereum gas fees will mostly depend on how congested the blockchain is. (mostly when the markets are extra volatile, and when a big NFT drop is taking place.)
“The fees are too expensive!” 😤
Since the swaps are on-chain, they can really be expensive. Unfortunately, this is the price to pay for using smart contracts on the Ethereum main chain.
If you want low fees, unfortunately, your choice is to use a reputable centralized exchange with low exchange fees like FTX instead.
Final Thoughts 🗒
Trading or investing in tokens using centralized or decentralized exchanges is great and all that, but always make sure your funds are secure. We always recommend using a nice hardware wallet like a Ledger to achieve this.
