Your guide: How to do a Limit Order on Uniswap?
Are you a crypto enthusiast? Do you like to navigate from blockchain to blockchain and see what the latest new thing in the crypto space is? If so, you’ve probably heard about something called Uniswap. Don’t worry if you haven’t, because we’ll cover all the basics here.
If you have, you’ve probably encountered something called a limit order. Today, we’ll answer the question, “How to do Limit Order on Uniswap?” and cover all the important steps. This way, you can keep on being the crypto fanatic you are and keep on rocking.
Keep reading to find out more.
What is a limit order?
First, let’s explore exactly what a limit order is, so that we’re all on the same page. A limit order is basically a buy limit. So, if you want to buy or sell stock, you can set it so it has a buy limit or a sell limit. For example, if an order is completed, you will know that it will be sold at a specific price or better.
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What is Uniswap?
First, let’s cover the basics. We’re going to break this down into as simple terms as possible so that you can fully comprehend it. So, what is Uniswap, you ask?
Uniswap is a platform that allows people to access different digital assets. They do this by leveraging what’s called a blockchain-based smart contract to execute the trade. Basically, you’ll have two assets that are swapped out and the automated smart contracts help to rebalance after every trade.
Can you trade on Uniswap?
Yes, of course, you can trade on Uniswap. There are definitely a few things to know, though. For instance, to trade, you will need to have some sort of ETH or another type of ERC-20 standard token.
Don’t worry if you’re not currently participating on the Ethereum network, though. You override this by simply using the MetaMask wallet, as it allows you to use it as an actual Ethereum wallet without being active on their platform.
What is the Uniswap limit order for gas?
Next, let’s talk fees. There are a couple of things to notice. First, traditionally, all transactions have some sort of fee involved. If that’s the case, you can do your best to try to lower the gas fees. For example, if you can figure out a way to trade during lower network congestion, you can probably save on gas fees.
However, there’s been a recent update. According to Foresight News, Uniswap has recently announced that their new limited order feature comes with a zero gas cost. How incredible is that?
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How do I limit orders on Uniswap?
When it comes to performing a limit order on Uniswap, it’s a fairly easy process. First, you want to ensure you connect a wallet. Again, you want to make sure it’s compatible. You can use things like Trust Wallet or Metamask.
Then you want to get crystal clear about the type of pair you’d like to trade. Once you select this, you’ll need to either use Uniswap’s new limit order option or use a third-party platform to execute. Then, you’d move on to set your order limits, review, and confirm. Just like that, your order is now live and ready for completion. Pretty easy, right?
Conclusion
In conclusion, now that you understand how to do a limit order on Uniswap, the world is your oyster. By reviewing our easy-to-follow guide and understanding the basics of a limit order, you can totally keep creating the crypto future of your dreams. Now, your trading life can get to the next level easily. Happy trading!