Want to Trade with Uniswap? Read This First!
As soon as you visit Uniswap’s website, you are urged to “Swap, Earn and Build” your cryptocurrency holdings. The website looks professional and they seem to know what they are talking about. You may have seen recommendations from people who call themselves crypto experts. Uniswap seems like a typical decentralized crypto trading protocol.
However, there is also reason to wonder if people really know what they are getting into when they sign up for services like UniSwap. “Decentralized” more often than not means unregulated. We often take regulations for granted, even as many criticize them for getting in the way. If something happens to your bank account, you’ll still get your money back. Why? Because regular banks are expected to have deposit insurance.
The same isn’t true of unregulated crypto exchanges. We have seen stories lately of many of these exchanges, like Celsius, freezing client funds because of “crypto market instability.” Others have proven to be insolvent, which is bad news for clients who trusted the brave new world of unregulated digital assets.
Is Uniswap a Scam or Legitimate?
So are UniSwap and other decentralized crypto exchanges scams? The problem with the word “scam” is that, from the outset, it implies bad intentions. Crypto services may be well intentioned, but they are subject to the volatility and uncertainty of a new industry. Since this new industry isn’t regulated and there aren’t safeguards in place, there is no guarantee that they will give your funds back if something goes wrong.
There are some regulated crypto trading services and exchanges. We recommend that you stick to these and avoid any that don’t have proper oversight.
What You Should Do If You Have Lost Money on the UniSwap Exchange?
If your money is frozen on this exchange, contact CryptoCoinTrace experts. We consult with clients, advise them on claims and have the tools and methods to track down your funds. The sooner talk to us, the greater the chances of a successful claim!
