Uniswap it’s an interesting ETH DEX. It certainly has a great usability compared with past exchanges like Forkdelta or Idex. You have a simple web interface that you can interact with it using MetaMask. For the moment the ETH network has a very high usage making the fees for trading prohibitant for the retail user.
In order to make a trade for the first time you need to accept two transactions. The first will tell the contract you allow the token to be exchanged. Then you make the actual trade.
Some tokens are very new so you can add them manually by their ETH contract address. This posses a certain degree of risk as you can add any token on ETH network and some might be a scam.
The reason Uniswap is booming is the ease of use. Once you did one or two trades everything looks clear. There are a few things you need to consider however.
First always check EthGasStation. You will want to set a manul Gwei price in MetaMask correspoding to the “Very Fast/Trader” value. You need to be very fast when trading in order to execute the transaction at a predictible price.
Even if you don’t see the counter party offers they are still present like a queue. You have to pay a fee “Liquidity Provider Fee” for each trade because you are always a taker.
Recenly Uniswap made a great gift to it’s users offering for free 400 UNI tokens ~ 2500$ at time of writing. In order to qualify you had to trade on the exchange before 1 September 2020. It’s interesting to think you could have made a lot by having multiple ETH accounts, but in practice there was almost no reason for a retail customer to have more that one trading account, making the airdrop quite inovative and ingeneous.
For the moment trading as retail is not desirable as you will probably lost all your profits on fees. Overall Uniswap if offering a great smart contract and is probably a good DEX solution for the future when ETH2 fees should drop down considerably.