uniswap - NEVER USE IT WITH SMALL TRANSACTIONS

[ChuckBuck]

Hello everyone! I have a big question and I think I need your help - treasures trove of knowledge in this forum.

Has anyone of you ever used uniswap.org? Story here: I have an altcoin that is at good value, and I am looking to sell it. But after consulting its market price on Coinmarketcap, the only place I can trade it is Uniswap, which I have never heard of or used before. But since its transaction volume is quite large, I think it's safe, isn't it?

Now, let's get to the main point   I don't know how to use this exchange. After tinkering for a bit, I knew I needed to connect it to my wallet. I usually use MEW(myetherwallet.com) to access my ETH wallet. And this means I need to connect it to MEW. But, the truth is there is no option for MEW here (I will leave it in the image below). So, the question I need is answered here: How do I connect it to MEW? Or, can I use another option to access my ETH wallet?

I think I need quick answers from you guys. If I wait too long, the value of the altcoin I am looking for can drop rapidly. Nobody wants to lose a lucrative money, right? Waiting for the response from everyone and thanks for your time here  

NO MEW OPTION

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[TryNinja]

MEW isn't supported on most (if not all) dapps. You will have to use MetaMask or any other wallet shown on the popup. Just download their extension and import your wallet there.

[ChuckBuck]

MEW isn't supported on most (if not all) dapps. You will have to use MetaMask or any other wallet shown on the popup. Just download their extension and import your wallet there.

Does this mean that all the options there are safe to use, right? Probably out of habit, I use MEW from its early days until now, and I have not used any other. Maybe I should try using MetaMask as your suggestion  Have you used this exchange yet? I don't really know how it works yet, I don't know how I get money from it, lol 

[TryNinja]

Does this mean that all the options there are safe to use, right? Probably out of habit, I use MEW from its early days until now, and I have not used any other. Maybe I should try using MetaMask as your suggestion   Have you used this exchange yet? I don't really know how it works yet, I don't know how I get money from it, lol  

Yes, MetaMask is very safe assuming you download it from the right place.

Just be aware that ETH fees are through the roof and Uniswap is VERY expensive to be used. Expect at least $20~40 for a single token swap (even higher if the network is congested). Using it is easy, just select the two tokens you want to swape and confirm.

[logfiles]

I have personally used the exchange before. Metamask should be OK.

I also found the wallet connect feature very awesome especially if you have your funds in a mobile wallet and need to connect to Uniswap on PC. All you have to do is scan the QR code using a walletconnect supported wallet in order to connect your account to Uniswap.

Transactions will be executed remotely. Everything is OK with the exchange except the currently high Ethereum gas fees.

[ChuckBuck]

Just be aware that ETH fees are through the roof and Uniswap is VERY expensive to be used. Expect at least $20~40 for a single token swap (even higher if the network is congested). Using it is easy, just select the two tokens you want to swape and confirm.

Transactions will be executed remotely. Everything is OK with the exchange except the currently high Ethereum gas fees.

Ya, sounds great to use, aside from transaction fees, lol  I had a transaction of buying some ETH yesterday, I only bought nearly $ 10 (as a transaction fee of my exchange), and I have to incur an extra $ 4 for the fee to buy that amount  This is crazy  But as both of you say, it seems 10$ is not enough for exchange fee, it started to get worse 

Anyway, I will try to experience it now, I may need more of your help in the future  Thank you both!

[ChuckBuck]

Hey guys, I hope you can help me more   I used MetaMask and connected this wallet to Uniswap, everything went very smoothly until I started the exchange. I chose 2 currencies to exchange, checked the contract and everything is correct. But I cannot swap. "Approve ESS" button pops up, but I can't click it. I clicked it many times but nothing happened, and the "Swap" button didn't show up, I guess I had to get through the first step, but I couldn't. What should I do now?

[Maus0728]

Approving a token for you to be able to use uniswap comes with a transaction fee as well and perhaps it could be the reason why you are unable to "Approve ESS" token since you have insufficient amount of ETH in your metamask. Unfortunately, though, you need to have gone through expensive tx fees along the process before you can successfully swap your token to ETH. Supposedly, a permission window should appear immediately after you have clicked the "Approve" button.

I am not just certain if that's the issue since uniswap only cost me for about 1-2 USD of ETH before I can get to approve the token. It could be higher now especially that the ETH network is congested.  

Edit: To help you visualize, this video could help
[1] https://www.youtube.com/watch?v=f2jobVTqNg0&t=94s

[TryNinja]

But I cannot swap. "Approve ESS" button pops up, but I can't click it. I clicked it many times but nothing happened, and the "Swap" button didn't show up, I guess I had to get through the first step, but I couldn't. What should I do now?

You have to approve every ERC20 token before being able to swap them, that's just how the smart contracts work (you permit Uniswap to spend your tokens directly on their contract).

Click on the Metamask icon on the top right corner of your browser and see if the transaction is pending (to be sent) there. If it's not, then that's an issue with your browser or the extension. Either reinstall Metamask or try another browser.

[joniboini]

As far as I can remember even if you don't have enough ETH to make any transaction you'll still see the pop-up. Did you try with other web browsers or is there any plug-in that blocks any pop-up etc? Did you try a hard refresh after you connect your MetaMask? I personally use several ad and script blockers but never got this problem.

[ChuckBuck]

Thanks for all! I solved the problem, somehow, MetaMask was not working on my browser. I tried to install MetaMask on my phone. And then, I was able to approve the transaction   But, right now, I lack ETH as a transaction fee. I have some ETH on Binance, but the withdrawal fee is 0.008 ETH, which is quite painful  

Anyway, thanks everyone for the help! I will close this topic here. Hope everyone peace!

[cabron]

Chrome and firefox has metamask extension, you can try either to connect to uniswap. You buy now knew how much the transaction cost for swapping in that platform. some users are trying the 1inch for it's cheaper there. That is if your token was also there.

You have been away for some time, if you have tried uniswap since last year, you could have gotten its Uni token as airdropped.

[ChuckBuck]

Guys, I had to reopen this topic to talk about my bad experience today, it shocked me   I never thought that I would have to pay more than 40$ fee for a transaction.

I have over 16k ESS coin ~ over $140 in ETH (you can see in the image I posted in the post above). In order to sell this ESS, I had to withdraw ETH from Kucoin to my wallet, which costs 0.01 ETH (~$18) as a withdrawal fee. And now, I start to do the transaction, it shows 0.0052 ETH ~ $9 for the network fee (when I approve), after that, it continues to cost almost $40 if I want to swap my ESS to ETH. What the hell is going on? I was really shocked at this fee, d*mn it   Why are there 2 fees for this transaction? I really can't understand. Total cost I have to pay ~ 18 + 9 + 38 = 65  

Unbelievable!!!!!!!!!!!!   I only made $ 140 selling my ESS, and spent $ 65 on expenses, so, I only get 75 $ as the final amount, lol. Transaction fees are killing my money  

This cost can be small for transactions of thousands of dollars, but for those doing small transactions, never use Uniswap, don't use it, bad experience. Maybe I should head towards direct deals in the future  

[TryNinja]

Guys, I had to reopen this topic to talk about my bad experience today, it shocked me  I never thought that I would have to pay more than 40$ fee for a transaction.

Told ya.

Expect at least $20~40 for a single token swap (even higher if the network is congested).

ETH is unusable unless you are dealing with 5 or 6 digits on a regular basis. It's not really an issue with Uniswap, but with the entire network.

[ChuckBuck]

Told ya.

I'm still in shock

ETH is unusable unless you are dealing with 5 or 6 digits on a regular basis. It's not really an issue with Uniswap, but with the entire network.

Ya, it is possible that it is ETH's problem that the network is congested and the price is too high. But comparing Uniswap to any exchange, this platform fee is 0.02 ETH, much higher than any other exchange. Not entirely ETH, my personal opinion. Uniswap is not really suitable for small transactions