I thought I'd like UniTrade over UniSwap | Turns out I was wrong

in LeoFinancelast month (edited)

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Until a few weeks ago, UniSwap was new to me

I didn't like the fact that I could not create limit orders, but hey if you want to buy a coin that's only available there, what can you do, right? Apparently, you just go to UniTrade instead. I had no idea. It seemed like the perfect solution for me, especially because I noticed that prices often reach the daily highs when I'm asleep. So when I wanted to sell some coins last week, I checked out UniTrade. I watched a few videos and it seemed quite easy to use, so let's just do it.

UniTrade interface looks simple

There are actually only a few buttons you can click on and everything looked ok at first. I filled in the price I wanted to get per coin, and there was a recommended fee there, which you could adjust a bit if you liked. I didn't change the fee and assumed (because the price was very very close when putting the order in) that my order would be filled that night. In the morning I woke up seeing the price had even gone 2 cents past the price I filled in the order, and there weren't any other sell orders in there either. At this point, I started to have some doubts about it but I decided to give it another day and see if it would go through.

In the meanwhile, I joined their Discord server

As I wanted to ask for some info if this order wouldn't go through in some hours, as I may have done something wrong and would prefer to know rather than waiting. Here's where my annoyance towards UniTrade started growing because until then I just assumed I may have filled in something wrong (which would be weird with the few options you have, and this never happened before, but hey who knows), but at least then I'd know for another time. I didn't want to cancel the order because I expected another round of fees for that. (long live ETH chain lol).

But, when I didn't get an answer from anyone there even the next day, I was sick of it, and decided to just cancel the order or at least try to do so, and see how much fee would be charged.

Fees refunded?

Another 10 bucks out of pocket, but oh well, it could have been worse as I remember only a few weeks ago, I paid 48 bucks fee for another transaction. Within a few minutes, the transaction went through and there were my coins again, in my wallet. Happy! But wait, how's this possible? I saw the amount of ETH was at least 30 bucks higher than before I cancelled the order. I'm assuming they refunded the fees after cancelling the order, which is the only positive thing I can say after this first (and probably last) experience using UniTrade.

I tried to see how much exactly was refunded and clicked on every TXID and info I could access, but the refunding was nowhere to be found besides in my ETH balance. Oh well, at least I didn't lose these fees for this adventure on UniTrade.

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Back to UniSwap

Eventually, I looked at UniSwap again, found the fees were very reasonable at that time (read: lower than on UniTrade) and the price of the coins was as it showed in the markets. I made the swap there and ended up being able to pay for the fees without jumping through hoops because of UniTrade's refund for the fees.

Lesson learned, UniSwap ain't that bad, and UniTrade is not for me. Already moved the funds to a few other altcoins hoping for them to make some moves within the next weeks!

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Uni-Trade = Uni-crap. Plain and simple 😀

Yeah, that was my conclusion as well :) only positive thing was that I thought I lost all the fees and they refunded them .. didn't expect that, so that was nice! :)