1inch Exchange is a DEX aggregator that combines impressive pricing with high liquidity access. Before going more in-depth with our 1inch review, it’s essential to know the basics of the relatively new and innovative platform.
- 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
As a decentralized crypto exchange, 1inch 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 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.
Below is a comprehensive 1inch review with everything you need to know about the decentralized exchange aggregator.
Sergej Kunz and Anton Bukov established their first DEX in 2020. They took their experience from Binance Labs and Pantera Capital to create the innovative cryptocurrency platform. However, 1inch was not their first crypto venture.
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 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 and Binance. However, you can engage in a workaround by dealing pegged tokens that mimic the actions of non-ETH blockchain 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.
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 technology.
Exchange Fees 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 rates for users, hence the lack of withdrawal, deposit, 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, trading fees will vary depending on which DEX you utilize for an order. Always check the fee structure of a platform before trading.
Security is a primary concern for both the platform and its users. 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 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.
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
- No history of security threats or hacks
- No service fees
- CHI gas tokens
- It helps you get high liquidity
- Network fees
- Lack of fiat deposit features
- It can be challenging for new users
- Not accessible if you do not own cryptocurrencies
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), and NKN listed on Coinbase.
You can purchase tokens through the Coinbase app for iOS or Android or go to Coinbase.com.
How Do I Connect a Wallet to the Platform?
1inch makes it easy to connect your preferred wallet 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
Summing It Up: The 1inch Review
Hopefully, you got a better idea of what the exchange platform offers after reading our 1inch review. 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 fees. 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.