Buy Uniswap in Canada
Uniswap made simple
Everything you need to know about Uniswap and how to start investing in it.
-$0.08 (-1.21%) past 24 hours
Think of your favourite cryptocurrency exchange. There’s a good chance that it’s run just like a company: staffed with hundreds of people wearing the same t-shirt and marching to the drum of their managers.
An exchange called Uniswap presents an alternative: instead of running a cryptocurrency exchange through a company, Uniswap offers a protocol that runs on code on the Ethereum blockchain, and anyone can propose how it’s run.
Uniswap is a popular example of what is known as a decentralized exchange—a non-custodial cryptocurrency exchange that’s run by its community. The token, which is known as UNI, is the currency the community uses to vote on decisions.
Uniswap operates a little differently to most cryptocurrency exchanges: Instead of trading directly with other users on an orderbook, you swap in and out of huge piles of tokens, known as liquidity pools. (The technical term for this kind of exchange is an automatic market maker).
Uniswap works according to a bonding curve—a mathematical concept that tracks the relationship between the supply of an asset and its price— to keep these pools balanced, so that it’s always efficient to trade on the exchange.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
- Sign up in minutes right from your phone or laptop
- Start trading crypto with as little as $1
- No account minimums
- No clunky dashboards — just one super simple app
- Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Uniswap?
UNI is what is known as a governance token—a cryptocurrency token that’s used to vote on how the protocol is run. You’ll need a lot of tokens (think tens of millions of dollars worth of UNI) to influence a vote, or even just propose one. Regardless, you can join in on the governance process to vote in favour of your preferred decision with just a single UNI token.
You can also earn UNI through liquidity mining—this is where liquidity providers, the people who pledge tokens to the pools in and out of which Uniswap’s customers trade, earn extra UNI tokens on top of the fees they already earn.
Since UNI is a token based on the Ethereum blockchain, you can plug it into any decentralized finance protocol that runs on the same blockchain. Lots of these protocols reward you generously for giving them tokens, but they’re very risky and often untested.
Is Uniswap a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Uniswap or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Uniswap safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Uniswap prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Uniswap to your Wealthsimple account in just a few taps.
Other cryptos to explore
- 1 inch (1INCH)
- Celo (CELO)
More info about Uniswap
Want to take a deeper dive? Check out these articles about Uniswap and the world of crypto.
What is Cryptocurrency?
Cryptocurrencies are a type of digital asset that run on blockchain technology. Here’s everything you need to know.
Top Cryptocurrencies and Crypto Exchanges
Here’s how to buy and sell cryptocurrencies on crypto exchanges and other trading platforms.
What is Blockchain? The Ultimate Guide
A quick primer on the building blocks needed to understand the basics of blockchain
Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Uniswap with just $1. It’s that simple.
UNI is the governance token of Uniswap, the most popular decentralized exchange on Ethereum. Decentralized exchanges are protocols that let you trade cryptocurrencies without any intermediary(like a bank or a company), and without submitting any form of identification.
There’s 611 million UNI tokens in circulation as of the end of October 2021, out of a total 1 billion. The tokens will be distributed for the next four years. When they’re all distributed, Uniswap will increase the token supply by 2% each year until the end of time. The token launched in autumn 2020.
You can’t really use UNI like regular money; it’s a cryptocurrency token designed to support the Uniswap protocol. You can, however, stake it in other decentralized finance contracts, use it to vote on governance matters within the Uniswap protocol, or trade it for speculative purposes.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any Uniswap transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Uniswap’s current market cap is 6,827,067,000.
The current price for Uniswap in Canadian dollars is $6.76.
Buying Uniswap with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Uniswap 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying Uniswap. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.