The post 1inch Exchange Review: An Innovative Solution for Decentralized Trading appeared first on Coinpedia Fintech News
Introduction
DEX aggregators are the latest trend in the digital currency market. DEX aggregators provide higher liquidity and better pricing. In that case, 1Inch is a popular decentralized exchange for your trading requirements. In this exchange review, we will take a complete look at what makes 1inch Exchange so special, including its features, security measures, and ease of use. We’ll also discuss the benefits of using a decentralized exchange and what sets 1inch apart from other exchanges in the market.
Overview
| Official Website | https://1inch.io/ |
| Founding Year | 2019 |
| Head Quarters | Grand Cayman |
| Trading Volume | $24 Million |
| Trading Options | Swapping Tokens |
| Gas fees | No trading Fees |
| Total listed Coins | 50+ |
| Trading Pairs | 60+ |
| Supported fiat currencies | No fiat currencies supported |
| Withdraw options | ERC, TRC, BEP 2, BEP 20 supported |
| Bank withdrawal Supported | No |
| Withdraw fees | Depends on cryptocurrencies |
| Deposit methods | Fiat currency is not supported |
| Restricted countries | 10+ |
| Native Token | 1INCH |
| Mobile app | No Mobile App |
| Support Channel | https://help.1inch.io/en/articles/4585084-where-to-get-customer-support |
| Coinpedia rating | 8/10 |
| Security rating | 8/10 |
| User Interface | Need a learning curve |
| Ease to set up | Somewhat difficult for a beginner |
| App store Rating | No official Mobile App |
| Play store Rating | No official Mobile App |
| Security | Secured |
| Hacking attempts/Hacks | Never been hacked |
| KYC verification duration | No KYC required as it is a DeFi |
| Regulation & Compliance | Compliant |
| Liquidity | Moderately liquid |
| Proof Of Reserve | Not required as it is a DeFi |
What is 1Inch?
1inch is a decentralized exchange (DEX) that combines multiple decentralized exchanges into one network. It provides you with the best price for your trades. It helps you can connect multiple blockchain networks, including Ethereum, BNB Chain, Avalanche, Polygon, and others, to trade cryptocurrency assets. In just two years of its launch, 1Inch reached 1 million users.
It was created by two Russian developers, Sergei Kunz and Anton Bukov, who have experience auditing smart contracts. When you trade with 1inch, you can use multiple exchanges at the same time to minimize slippage and get the best price for your trade. All trades are done directly from your Ethereum wallet and without any intermediaries and it is this feature that makes 1Inch a secure exchange.
The native token of 1Inch
1inch Exchange’s native token is called 1INCH. The token serves as a governance token that gives users a voice in the decision-making process of the exchange, such as protocol upgrades, new features, and token listings. The benefits of using 1INCH tokens include reduced trading fees and increased rewards for liquidity providers.
Features
1inch Exchange offers a wide range of features that make it a top choice for cryptocurrency traders and investors. Some of the most notable features include
- Cross-Chain Trading: 1inch allows you to trade across multiple blockchains, making it easy to find the best price for your trades.
- Liquidity Aggregation: 1inch aggregates the liquidity from multiple decentralized exchanges, providing users with a wide range of options for their trades.
- Fast and Secure Transactions: 1inch utilizes a unique swapping mechanism that ensures fast and secure transactions for all users.
- Easy-to-Use Interface: The 1inch user interface is intuitive and user-friendly, making it easy for even novice traders to use.
- Low Fees: 1inch offers some of the lowest fees in the market, making it an affordable option for both large and small trades.
- Regular Audits: 1inch regularly undergoes security audits to ensure that all systems and processes are secure.
- Hardware Wallet: 1Inch has entered the hardware wallet market by providing its own hardware wallet with unique security features. the 1inch hardware wallet is a compact, lightweight device that features a light/dark e-ink touch display, a stainless-steel frame, and a waterproof surface. The device supports wireless charging and has a battery that lasts for about two weeks. The device comes in five colors.
What is so special about the latest upgrade from 1Inch?
1Inch launched its upgraded version in December 2022 and named it Fusion. The Fusion mode allows users to choose between three options for their swap: Fast, Fair, and Auction. The Fast option prioritizes quick execution at a slightly less favorable rate, while the Fair option offers a higher starting rate with a possibility of a better rate during execution. The Auction option, best for large trades, offers the most favorable rate after waiting for the maximum expiration time of 10 minutes. The Swap Engine in Fusion mode utilizes 1inch’s Aggregation Protocol and Limit Order Protocol for guaranteed liquidity across multiple networks, with Ethereum, Polygon, and BNB Chain being the initial networks supported.
Cryptocurrencies available on 1Inch
The 1inch Exchange enables trading of over 400 ERC-20 tokens on the Ethereum network but does not support popular cryptocurrencies outside the network such as Bitcoin and Binance Coin. To access advanced features on the platform, users must possess the 1inch (1INCH) native token.
How to Swap Tokens on 1Inch?
To swap tokens on 1inch, follow these steps:
- Connect a web3-enabled wallet to the 1inch Exchange platform, such as MetaMask, Trust Wallet, or WalletConnect.
- Choose the tokens you want to swap by selecting the “From” and “To” tokens from the list of available cryptocurrencies.
- Enter the amount of tokens you want to swap.
- Review the details of your swap, including the exchange rate, total cost, and gas fee, and confirm the transaction.
- Sign the transaction with your connected wallet.
- Wait for the transaction to be processed and confirm the completion of the swap.
- Your tokens will now be transferred to your connected wallet.
It is important to keep in mind that while 1inch Exchange provides access to deep liquidity and competitive exchange rates, the final swap rate and the exact gas fee will depend on the current market conditions and network congestion.
Exchange Fees and Supported Payments
1inch Exchange does not charge any fees for withdrawals as it operates as a decentralized exchange. Instead, users pay for transaction costs in the form of Ethereum network gas fees or in 1inch’s CHI gas token, which offers a discount of 42% on transaction costs.
Mobile App
The 1inch Wallet is a fast and secure non-custodial crypto wallet with a built-in DEX aggregator. You can use the app to store, send, receive, and trade crypto on Ethereum, BNB Chain, Polygon, Optimistic Ethereum (OΞ), Arbitrum, Gnosis Chain, Avalanche, and Fantom in a protected and efficient way. The 1inch Wallet supports hundreds of tokens across all of these networks.
1inch offers users an easy entry into DeFi, providing access to deep liquidity across multiple blockchains and better rates for crypto swaps than any single cryptocurrency exchange. Moreover, 1inch saves users time, as they no longer have to manually check each exchange for the best swap prices.
Customer Support
1inch exchange offers support through its help section, where users can access a wide range of resources, including articles, and FAQs.
If users encounter a problem or have a question that can’t be answered through the help center, they can reach out to the 1inch team through social media, such as Twitter, Telegram, and Discord, for more immediate support.
It has a comprehensive FAQ section on its website, where users can find answers to the most common questions about the platform. The FAQ section covers a wide range of topics, including
- Getting started with 1inch
- Trading and liquidity
- Security and privacy
- Wallet and funds management
- Integrations and API
- 1inch token and CHI gas token
- Technical questions and troubleshooting
Recent Updates
Jan 2023 – 1inch Network has entered the hardware wallet market to support the trend of self-custody.
Dec 2022 – 1Inch releases a major upgrade – Fusion
Conclusion
1Inch is a decentralized exchange that offers a user-friendly and beginner-friendly platform for trading a wide variety of ERC-20 standard tokens. It provides deep liquidity across multiple blockchains, resulting in better swap rates compared to other single exchanges. The platform does not charge any exchange fees, only gas fees for transactions on the Ethereum network.
1Inch offers a non-custodial wallet for users to store, send, receive, and trade their crypto assets securely and efficiently. The platform also provides a comprehensive FAQ section for users to troubleshoot their queries and has a CHI gas token that reduces transaction fees by 42%. Overall, 1Inch is a convenient and cost-effective option for users to trade cryptocurrencies.
FAQs
1inch searches and compares prices on multiple decentralized exchanges to execute a trade on the exchange with the best price. The trade is then settled on the blockchain.
1inch is considered to be a secure platform as it does not hold user funds and the trades are executed on decentralized exchanges, minimizing the risk of a central point of failure.
Yes, 1inch has its own token called 1INCH, which can be used to access premium features and receive discounts on trading fees.
Yes, 1inch allows for anonymous trading as it is a decentralized platform and does not require personal information for use.