Looking to buy Uniswap (UNI) in Canada? This guide covers how to buy and sell UNI, plus the top crypto exchanges that offer it.
Uniswap is the largest decentralized crypto trading platform in the world, and its native token, UNI, has seen significant growth in price within the last year.
With the growing usage of Uniswap to build DeFi apps, swap tokens, and earn interest through staking, there’s a chance that UNI will continue to do well.
Read on to learn how Uniswap works, whether it is legit in Canada, and how to buy it.
Where To Buy Uniswap in Canada
The best crypto exchanges to buy Uniswap in Canada include:
1. CoinSmart (now Bitbuy)
CoinSmart is a top Canadian crypto exchange that is publicly traded on the NEO Exchange under the ticker symbol SMRT.
You can use the platform to buy and sell Uniswap (UNI) and several other coins, including Polkadot, Cardano, Bitcoin, Ethereum, USD Coin, and more.
Funding: Interac e-Transfer, credit card, bank draft, bank wire, and debit card. CoinSmart is also available in several European countries, and it supports funding via SEPA, bank wire, bank draft, credit and debit cards in these markets.
Fees: The trading fee is up to 2% when you buy crypto using Canadian dollars.
Promotion: Get a $50 bonus after depositing at least $250 in your account.
CoinSmart Crypto Exchange (now Bitbuy)
Top crypto exchange in Canada (now Bitbuy)
Great for new & advanced traders
Competitive trading fees
Get a $50 bonus when you deposit $250
2. Bitbuy
Bitbuy is a top Canadian crypto platform for Uniswap and crypto trading in general.
It was founded in 2016 and supports Uniswap and several other coins (BTC, XLM, EOS, UNI, LINK, DOGE, SOL, LTC, MANA, and many more – over 45).
Funding: You can fund your Bitbuy account using Interac e-Transfer, bank wire, and crypto deposits.
Fees: The trading fee is up to 2% and fiat deposits are free.
Promotion: Get a $50 bonus when your initial deposit is $250 or more.
3. Newton
Newton is a top crypto brokerage for beginners. It supports 70+ coins, including Uniswap and less common tokens like Chromia, Kyber Network, Balancer, OMG Network, and Axie Infinity.
Funding: Easily fund your account using Interac e-Transfer, wire transfer, and crypto transfers from external wallets.
Fees: Trading fees are embedded in the prices you pay and can be up to 2%. Fiat deposits and withdrawals are free.
Promotion: Get a $25 bonus when you trade at least $100 worth of crypto in your new account. Learn more here.
4. Wealthsimple Crypto
Wealthsimple Crypto is another beginner-focused cryptocurrency brokerage that supports Uniswap.
This platform keeps your coins with Gemini, a regulated crypto custodian with $200 million in cold storage insurance coverage.
Wealthsimple Crypto offers 50+ coins, including UNI, BTC, ETH, LTC, FIL, DOGE, SOL, MATIC, COMP, etc.
Funding: Add Canadian fiat using an electronic fund transfer or debit card.
Fees: The trading fee is 2% and is embedded in the price you pay.
How To Buy UNI in Canada
You will need a cryptocurrency account at an exchange that supports Uniswap.
To get started:
- Open a crypto account and fund it using fiat or crypto from an external wallet.
- Place a “buy” trade for Uniswap. You can find the token on the exchange by searching for “Uniswap” or “UNI.”
- Store your UNI on a hardware wallet that holds ERC20 tokens, such as Ledger Nano S and Ledger Nano X. You can also choose to leave UNI tokens in your exchange account wallet.
How To Sell Uniswap
To sell Uniswap, follow these steps:
- Visit your crypto account and place a “sell” order for the amount of UNI you want to sell.
- When the order has been executed, fiat is added to your balance or in the case of a UNI-crypto pair, the crypto is added to your account.
How Does Uniswap (UNI) Work?
Uniswap is the largest, open-source, decentralized crypto exchange platform built on top of the Ethereum blockchain.
It uses Automated Market Makers (AAMs) to eliminate middlemen or central administration in trading by allowing users to swap ERC-20 tokens through liquidity pools.
The Uniswap exchange was developed by Hayden Adam, a former engineer at Siemens, and was launched in November 2018.
Uniswaps aims to solve issues faced by centralized exchanges like Coinbase, including liquidity challenges, arbitrary fees, and the risk of hacking and mismanagement.
To achieve that, Uniswap employs smart contracts to deploy a new trading model called the automated liquidity protocol.
Instead of the order book system that matches buy and sell orders in centralized exchanges, users pool their crypto assets into liquidity pools built into each token’s smart contract for a share of the gas fees.
These liquidity pools are then used to fill trades on the platform without waiting for buyers or sellers to appear on the other side.
Uniswap’s governance token, UNI, is used to secure the network as well as staking to provide liquidity.
Is Uniswap Legal in Canada?
Cryptocurrencies like Uniswaps are not legal tender in Canada.
That said, it is legal to trade (buy and sell) UNI in Canada using any of the crypto exchanges that operate in the country.
The Uniswap decentralized exchange can also be used by Canadians to buy and sell cryptocurrencies.
Is Uniswap a Good Investment?
Uniswap has grown rapidly in the last year and is the largest decentralized exchange (DEX) in the world.
If the DeFi and DEX trading market continues to grow, the UNI token could ride on that wave and rebound in price over time.
Related:
- Best Ethereum Wallets
- Is Binance Legal in Canada?
- Kraken Review
- How To Buy MANA in Canada
- How To Buy Fantom in Canada
Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.
