Below is a comprehensive 1inch review with everything you need to know about the decentralized exchange aggregator.
- Operating Since 2020
- Currencies Supported 250+ cryptocurrencies
- Fees Varies
- Deposit Methods Bank cards, Apple Pay, Google Pay
- Fiat Currencies No
- Verification Methods 2FA
- Margin Trading No
- Futures Trading No
Whether you are a cryptocurrency guru or just starting, exploring exchanges isn’t always an easy task. Cryptocurrency exchanges and DEX aggregators are constantly evolving with the digital market. Although this provides new opportunities, it can make it more challenging for new investors and beginners to navigate the newfound digital industry.
1inch Exchange is a DEX aggregator that combines impressive pricing with high liquidity access. Before going more in-depth with the 1inch review, it is essential to know the basics of the relatively new and innovative platform. If you have worked with Automated Market Makers (AMMs) in the past, you are familiar with adding liquidity. The 1inch pools are no different.
As a decentralized crypto exchange, 1inch network is a part of the Ethereum blockchain network and offers a unique governance token. Users appreciate the platform’s unique variety in tokens and trading features.
1inch founders Anton Bukov and Sergej Kunz developed the trading platform to solve the decentralized exchange liquidity problem. Traders can use a series of innovative tools ranging from digital wallets to dApps to boost their trading strategies.
The good news is that 1inch makes it easy for new traders to start using the platform. From a reputable security history to a reliable customer support team, 1inch is making its mark in the world of crypto exchange platforms. Splitting orders between multiple exchanges when necessary 1inch eliminates slippage which can lead to much higher transaction costs.
Sergej Kunz and Anton Bukov established their first decentralised exchange (DEX) in 2020. They took their experience from Binance Smart Chain Labs and Pantera Capital to create the innovative cryptocurrency platform. However, 1inch was not their first crypto venture. 1inch Exchange integrates seamlessly with many well-known decentralized exchanges (DEXs) such as Mooniswap, Oasis, Uniswap, Kyber Network, and more.
Instead of operating as a crypto exchange itself, 1inch splits orders between private liquidity providers or liquidity sources and different DEXes to find the best possible exchange rates.
Before 1inch, there was Mooniswap. At first, Mooniswap relied on the liquidity of Uniswap and Sushiswap. However, once the platform had its own liquidity, it excelled further than Uniswap.
Mooniswap became the superior platform primarily because it had the same offerings as Uniswap but at more competitive rates. In addition, it aggregated its liquidity from both private providers and decentralized exchanges, giving it complete liquidity control.
Fast forward to the present, and 1inch Exchange makes it easy for traders to exchange their ERC-20 tokens. With over 250 supported digital currencies, 1inch continues to impress crypto investors by creating a streamlined platform with impressive rates.
It is important to know that 1inch does not execute or oversee trades, as it is an aggregator. Instead, it allows you to explore various exchange offers by combining resources. Users can think of the platform as a one-stop-shop for comparable exchange offers.
1inch displays each exchange’s price and liquidity clearly so that investors can make intelligent and informed decisions. Not only does this simplify the crypto exchanges process, but it allows you to compare multiple exchanges at once, giving you a better idea of where you want your investment to go.
Platform Trading Features
1inch allows investors to trade crypto nearly any ERC-20 token possible on the Ethereum network by supporting over 400 tokens. Not only do you have incredible ERC-20 token trading opportunities, but you can also manually add a token if the platform does not currently support it.
The platform gives you access to some of the best rates possible by using API technology. In addition, 1inch utilizes a wide array of trading features to provide crypto investors with a unique advantage.
ETH Blockchain Network
Although the Ethereum network blockchain has a vast list of tradable cryptocurrencies, it lacks two major names: Bitcoin (BTC) and Binance. However, you can engage in a workaround by dealing pegged tokens that mimic the actions of non-ETH ecosystem altcoins.
No 1inch review is complete without discussing the 1inch token.
1inch tokens act as governance and utility tokens that run on the Ethereum blockchain. Currently, there is a total supply of 1.5 billion 1inch tokens on the exchange platform. The native 1INCH token serves as a utility token, but also acts as governance for the platform. Fees and rewards on 1inch are now entirely dependent on DAO voting and proposals.
They do this by staking their 1inch tokens on the ground, essentially putting their money where it is needed. Sometimes price prediction is important when staking so keep that in mind.
No matter how much the 1INCH token is worth, holders can vote on the parameters of the 1inch protocol. These parameters include the governance reward and the swap now fee for liquidity protocol. These parameters can be found under the DAO tab on the 1inch Exchange website. You can also vote for current proposals by going here
How to Buy 1inch Tokens
1inch platform users must meet at least one of the conditions listed below to be eligible for 1inch tokens:
- Trades must have a total value of at least $20
- You executed at least one trade before September 15, 2020
- You have completed a minimum of four trades
If you satisfy at least one of the above conditions, you are eligible to acquire a 1inch token from your platform-connected wallet. To see available tokens, check “Your 1inch breakdown” in your digital wallet.
CHI Gas Tokens
As one of the most popular exchange platforms, Ethereum’s gas fees are reaching an all-time high at more than $20 per transaction. To reduce the gas price and create a more manageable trading experience, 1inch utilizes CHI gas tokens.
Trading networks calculate gas by measuring the computational efforts of DEX trade executions. Essentially, more complicated operations will require more gas.
To reduce 1inch transaction fees, a CHI gas token value mimics the action of the ETH network’s gas price. For example, the CHI gas token value increases when the gas price increases.
The CHI gas token is an ERC-20 token that offers platform users discounts of up to 42%. In addition, CHI gas tokens cover transaction fees.
Users should be aware of the discount differences when buying or selling CHI gas tokens. For example, selling CHI can save you 10% in fees when comparing prices to the Ethereum (ETH) GasToken. Buying CHI, on the other hand, can save you 1% in comparison to ETH GasTokens.
The 1inch Wallet
You do not have to register for an account on 1inch to start trading on the platform. Instead, all you have to do is connect your digital wallet and have some available ERC-20 tokens.
Users have various wallet options to choose from when swapping tokens, including MetaMask, TrustWallet, MEW, WalletConnect, and Ledger. Since no third parties are involved, you can enjoy complete anonymity on the exchange platform.
Additionally, you can easily add new tokens to the platform or apply for new listings with the system’s advanced routing algorithm technology.
Exchange Rates for 1inch
One of the many benefits of using the 1inch exchange platform is avoiding commission and service fees. The goal of 1inch is to create a platform that has the best price for users, hence the lack of withdrawal fees, deposit fees, and trading fees. Although gas fees still apply, you can take advantage of CHI gas tokens for a discount.
It is essential to remember that since 1inch is a DEX aggregator, exchange fees will vary depending on which DEX you utilize for an order. Always check the fee structure of a platform before trading.
The Uniswap Exchange charges 0.3% flat for orders and Balancer charges a variable amount depending on the pool you are entering. Nearly all DEXs offer fee-free trades.
As for most DeFi solutions – safety is the primary concern for all traders.
1inch is very safe as it is a decentralized exchange. This means that it doesn’t hold funds from users directly and everything is done through smart contracts.
OpenZeppelin and Consensys diligence have audited the 1inch smart contracts. All audits are available on 1inch’s Github.
As for most decentralized finance (DeFi) solutions, security is the main concern for all crypto traders. Since 1inch is a non-custodial DEX aggregator, it does not store your assets or have access to your cryptocurrencies. As a result, you have complete responsibility for your wallet security.
One of the exchange platform’s steps for optimum security is two-factor authentication. Essentially, this requires you to confirm your identity through an extra login step before accessing the platform.
In addition, 1inch has yet to see a breach of security. The company’s history lacks hacks and threats, giving platform users better trading confidence. Since you don’t provide any personal information, you can rest easy knowing that there is no need to worry about a data breach.
1inch is non-custodial DEX platform. This makes it secure. They do not have access to your private keys or coins. At 1inch, you can trade your cryptocurrencies on centralized exchanges, but they require that you deposit them. Your coins will always be in your wallet and in your control.
1inch Customer Support
Aside from security and ease of use, most users want a platform that offers high-end customer support. While other platforms fail to provide sought-after customer service, 1inch strives to be there for users. You can reach 1inch customer support through various means, such as email, live chat, a Telegram group, the exchange help center, and the exchange support group.
You can also connect with the 1inch customer support team through their social networking accounts on Twitter and YouTube if you have any concerns about KYC.
Pros and Cons
It is crucial to consider various pros and cons when exploring exchange platforms. Below are the main advantages and drawbacks of the 1inch exchange platform.
- Reputable platform with a proven track record
- You can set limit orders
- No history of security threats or hacks
- No service fees
- CHI gas tokens
- High trading volume
- Support NFTs
- Native token has a relatively high market cap
- Relatively low fees
- User-friendly interface
- You can swap tokens, and also place limit orders for a broad variety of crypto
- It helps you get high liquidity pools
- 1inch Exchange provides high liquidity and rates through the aggregation of DEX order books. It also limits transaction fees
- Supports swaps on multiple chains Polygon, Binance, and Ethereum
- The addition of the 1inch Liquidity Protocol enables yield farming.
- Network fees
- Lack of payment methods including direct bank transfer, credit card and debit card
- It can be challenging for new users
- Not accessible if you do not own cryptocurrencies
Frequently Asked Questions (FAQs)
What Are the Supported Cryptocurrencies of 1inch?
Ethereum (ETH), Binance Coin (BNB), Tether (USDT), Synthetix (SNX), Yearn.finance (YFI), Cosmos (ATOM), PancakeSwap Token (CAKE), Wrapped Bitcoin (WBTC), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC).
How Do I Trade 1inch Tokens?
Before you can start trading 1inch tokens, you will need to sign in on an exchange with 1inch tokens. Then you will need to find a preferred pairing and offer, place a selling order and choose how many tokens you want to sell. Once you complete the transaction, you will see a prompt to confirm your trade and close the sale.
Can You Get 1inch Tokens Through Coinbase?
Yes, you can acquire 1inch tokens through Coinbase. You can also find other tokens such as Enjin Coin (ENJ), Origin Token (OGN), Aave (AAVE), and NKN listed on Coinbase.
You can purchase tokens through the Coinbase mobile app for iOS or Android or go to Coinbase.com.
How Do I Connect a Crypto Wallet to the Platform?
1inch makes it easy to connect your preferred wallet (both digital and hardware wallets) to the platform.
First, go to the “Connect Wallet” tab on the platform. Then, agree to the Terms of Service and click on the wallet button. Doing so will open the wallet application, where you can confirm your connection to your preferred digital wallet.
Upon a successful connection, you will see your Ethereum address at the top of the screen, where you can access transaction records and perform various other functions.
The 1inch platform allows you to use various types of digital wallets, including:
- Binance Chain Wallet
1inch Crypto Exchange Review for Australia
1inch is a DEX aggregator. This means that it searches the cryptocurrency market for the best rates and the lowest fees to trade on your account. It is not authorized to operate in the United States.
1inch is not a custodial exchange. This means that you will need a third party wallet to access its cryptocurrency services. You can store your keys (codes that allow you to control your crypto) in wallets.
1inch compares rates across different exchanges in order to find the best rate for any swap you wish to make. It may offer better rates than most major exchanges depending on the currency pair you trade. If you are able to get a better deal, it may split the swap between multiple exchanges.
You can also set a limit if you’re not happy with the prices. You can enter the price you wish to pay and the trade will only proceed if the currency rate reaches that level.
You’ll be charged the exchange fees and transaction costs, as well as any gas fees, when you trade with 1inch. 1inch does not charge additional fees.
1inch does not keep your assets on its servers so you won’t have to pay any fees to withdraw your crypto or deposit it.
It was impossible to buy crypto with fiat money (such U.S. dollars). Dollars) up until recently. You can now buy Ethereum with a debit or credit card through a third-party (MoonPay). But there’s a catch. There are high processing costs and the rate may be lower.
While 1 inch is great for this purpose, it might be better to purchase your digital asset via an exchange that accepts fiat at lower prices
After you have connected your wallet, you may be able to earn interest by placing your coins in a liquidity pool. These liquidity pools are basically a way to make sure there is enough currency for people who want to trade. The liquidity pool will pay you a small amount for each person who uses it. In some cases, interest can also be earned.
Keep in mind that gas fees will be charged when money is put into a liquidity pool. These fees are not more than the interest you earn. It may be cheaper to look into other interest-earning opportunities if you’re not familiar with cryptocurrencies.
It’s easy to use 1inch’s exchange. It is as easy as connecting your wallet and letting it do all the work. Depending on the browser you use 1inch will work with Arkane and Binance Chain Wallets, Bitski, Fortmatics, Torus, MEW, MyEthereum Wallets, Portis, Ledgers, WalletConnects, MetaMasks, and of course 1inch Wallet.
All ERC-20 tokens, currencies that run on Ethereum’s network, can be traded on 1 inch.
You can also add the ERC-20 token that you are interested in buying to the list if it isn’t already. You could lose your money if you don’t get all the details right.
There were approximately 400 tokens on the 1inch platform, but many popular tokens are not available for purchase. You can’t buy tokens that aren’t compatible with Ethereum if you use the Ethereum network.
If you’re a non-U.S. citizen and are looking for the best cryptocurrency exchange rates, 1inch is the right choice. You already have a wallet but want to make more use of it. You’re confident with crypto assets and want the best crypto experience.
1inch Crypto Exchange Review for Canada
1inch (decentralized exchange) is an aggregator that searches the cryptocurrency markets to find the best rates for you and the lowest fees. It is not licensed to be operated in the U.S.
1inch is a noncustodial cryptocurrency exchange. You will need to have a third-party wallet in order to use its crypto services. Wallets allow you to store the keys (codes that give you control over your crypto) to your coins.
1inch does a comparison of different exchanges to find you the best rates for your swap. It could offer you better rates depending on which currency pair you are crypto trading. If it offers a better deal for you, it might also split the swap among multiple exchanges.
If you don’t like the prices displayed, you can create a limit order. This allows you to input the price that you would like to pay. The trade will only be completed if the currency has reached this rate.
If you make a trade on 1inch, you will pay the fees of the exchange and any transaction costs (gas charges). 1inch doesn’t add any additional charges.
1inch doesn’t store your assets on their servers. This means that you don’t need to pay any fees for withdrawing or depositing your crypto.
You could not buy crypto with fiat currency (such as U.S. The only way to purchase crypto was with fiat money (such as U.S. Dollars). Now, you can buy Ethereum using either a debit card (MoonPay) or a credit card (MoonPay). However, there are some restrictions. The rate and processing fees can be higher.
Even though 1inch is a great size, you may be better off buying your cryptocurrency on an exchange that allows fiat payments at a lower price.
Once your wallet is connected, you can earn interest by depositing your coins into a “liquidity pool”. These are essentially a way for you to ensure that there’s enough currency to trade. Each time someone uses the liquidity pool, you’ll get a small amount and, in certain cases, interest.
When you deposit money into a liquidity fund, you will need to pay gas costs. Make sure that these fees don’t exceed the amount you’ll earn in interest. If you don’t have a familiarity with cryptocurrency, it might be more cost-effective for you to explore interest-earning alternatives elsewhere.
It is easy to use 1inch’s currency exchange. Simply connect your wallet to the exchange and it will take care of the rest. Depending on your browser, 1inch can be used with Arkane or Binance Chain Wallet. It also works with Bitski and Fortmatic.
You can trade all ERC-20 coins — currencies that run over the Ethereum network — with 1inch.
If the ERC-20 token which you wish to purchase isn’t on the list you can add it. Be sure to verify all details or you may lose your money.
Although there were around 400 tokens that we could find on the 1inch exchange at present, there are many more popular tokens you cannot buy. The Ethereum network allows you to only purchase synthetic tokens, including Bitcoin.
1inch is for you if your non-U.S. residents are interested in finding the best cryptocurrency exchange rate.
1inch Crypto Exchange Review for UK
1inch, a decentralized exchange (DEX), is an aggregator. It searches the crypto market to find the best rates. It is not allowed to operate in America.
1inch is an uncustodial currency exchange. To use its cryptocurrency services, you will need a third person wallet. Wallets let you store the keys that will allow you to control crypto.
1inch searches various exchanges to find out the best rates on any swap that you are interested in. It might offer rates that are better than some of the major exchanges, depending on what currency pair it is trading. If you get a better deal it might split the swap on more than one exchange.
A limit order can be set to make sure you are not unhappy with the prices. This allows you enter the price you’d like to pay. Trades will only go through if that currency rate is reached.
Trades with 1inch will incur fees. These fees include transaction costs and gas fees. 1inch does not have any additional charges.
1inch does away with any of your assets and you will never have to pay fees to withdraw, deposit or transfer your crypto.
You couldn’t buy crypto using fiat money (such USD and AUD). It was only recently that you could not purchase crypto with fiat money (such U.S. dollars). It is now possible to buy Ethereum via a debit/credit card or through a third party (MoonPay). There is one catch. You will need to pay high processing fees. Also, the rate might be lower.
Although 1inch might be a good size for this, it may be better to buy your cryptocurrency from an exchange that is set up to take fiat at a lower rate.
Once you have connected your wallet you can sometimes earn interest putting your coins in what is called a “liquidity Pool”. These are basically a way of ensuring that enough currency is available for trade. You will earn a small amount every time someone uses this liquidity pool. In some instances, you may also earn interest.
You will have to pay gas fees if you transfer money to a liquidity account. This is a cost that can be more expensive than the interest you’ll get. If you are not comfortable with cryptocurrency, it might be cheaper to find interest-earning possibilities elsewhere.
It is very easy to use 1inch’s Exchange. You just need to connect your wallet and it will do the rest. Depending upon the browser you are using, 1inch works with Arkane. Binance Chain Wallet., Authereum. Bitski. Fortmatic. Torus. MEW (MyEthereum Wallet). Portis. Ledger. WalletConnect. MetaMask. And of course, 1inch Wallet.
All ERC-20 tokens can be traded — currencies that run via the Ethereum network — on 1inch.
If you don’t see the ERC-20 token you want, you can add it. It is important to check all details correctly or you might lose your money.
The 1inch exchange had approximately 400 tokens, but you won’t be able to buy many of the most popular ones. Tokens can only be purchased synthetically on the Ethereum network – this includes Bitcoin.
1inch is right if you are not a U.S. resident and you want to find the best exchange rates for cryptocurrency.
Summing It Up: The 1inch Review
After reading a full 1inch review, hopefully, you have a better idea of what the exchange platform offers. Overall, 1inch is a highly useful platform for crypto investors to take advantage of.
One of the primary concerns of decentralized exchanges is liquidity. 1inch’s unique platform structure has not only overcome this issue but created various other unique advantages for crypto traders.
1inch has the best rates in the market, eliminates traditional service fees, and significantly reduces gas costs. The only fees to concern yourself with on the 1inch platform are the blockchain network fee, liquidity mining fees, and interest for users providing liquidity.
1inch allows users to execute trades at unmatched rates by combining advanced routing protocols with liquidity aggregation. However, the platform may be challenging to navigate if you are a new crypto investor.
To conclude the 1inch review, the platform takes an innovative approach to the decentralized exchange liquidity concern. With no service fees and exceptional customer support, it’s no wonder why so many traders are choosing 1inch as their primary exchange platform.
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