The decentralized exchange 1Inch, founded in 2020 by Sergej Kunz and Anton Bukov, has gained popularity among cryptocurrency traders for its ability to swap and convert tokens efficiently. When weighing if 1Inch is safe to use, factors like its security audits, governance structure, and track record should be considered. The 1Inch exchange relies on liquidity from several DEXs, some of which include…
The decentralized exchange 1Inch, founded in 2020 by Sergej Kunz and Anton Bukov, has gained popularity among cryptocurrency traders for its ability to swap and convert tokens efficiently. When weighing if 1Inch is safe to use, factors like its security audits, governance structure, and track record should be considered.
The 1Inch exchange relies on liquidity from several DEXs, some of which include Uniswap, Balancer and Kyber Network. Each of these pools offer competitive prices for traders. The 1inch network uses advanced algorithms to execute trades as efficiently and quickly as possible.
Want to Know What 1inch Is?
Check out This Quick, Detailed 1inch Review
More than just an exchange, the 1Inch platform is also, itself, a liquidity pool. Users can provide liquidity to earn transaction fees or token rewards, and the site relies on an integrated wallet.
What is 1Inch?
1Inch is a 2020 DEX designed for liquidity, which is aggregated from multiple other DEXs. Aside from aggregating crypto, 1Inch is a trading algorithm that executes orders in real time. For those who want to spot trade prices, this exchange offers enough bandwidth for swift entries and exits.
What makes it unique among exchanges is that it’s a liquidity protocol, which we cover later.
The 1Inch crypto exchange has grown enormously in a few years. Many attribute this spurt to its ease of use, speed of execution and competitive fees. The platform hosts a wide choice of crypto, including BTC, ETH, USDT and DAI. Its altcoins include LINK, QNT, AAVE and CHZ.
Overall, 1Inch offers liquidity pools that, by pooling your money into one, allow you to earn interest over a 12 month period. This interest is collected from transaction fees from networks you invest in. 1Inch also uses an integrated wallet to store and manage your cryptocurrencies.
Being fully decentralized, the platform gives you full control over your funds and executes transactions transparently. Based on its own blockchain, the provided coding ensures the immutability of your transactions and a significant resistance to censorship.
Which Crypto Does 1Inch Have?
Based on our 1inch review, the 1Inch exchange has plenty of tokens—some well-known while others are alternative but promising. Among your top choices, you’ll find these crypto assets:
The DEX aggregation protocol of 1inch provides users with liquidity. The platform aggregates liquidity from multiple DEXs, including Uniswap, Balancer and Kyber Network, to offer competitive prices. Its DEX aggregation reduces the risks of insufficient liquidity.
The 1Inch exchange uses a unique trading algorithm, which is designed to optimize the execution of trades. The algorithm can assess prices and trade volume to find the best opportunities in real time. This feature is essential for fast and efficient executions.
Pooling is how you provide liquidity in order to earn transaction fees and token rewards. You will have the choice of providing liquidity to existing pools or creating your own pool.
Staking is how 1Inch provides standard liquidity for its transactions and of those on other exchanges. You can lock your 1INCH tokens in at any time to earn rewards in the form of interests. The network’s staking allows you to actively contribute to the stability of its platform.
This network is also powered by farming protocols. You can provide liquidity to farming pools to earn 1INCH tokens from. Farming programs are essential for earning passive rewards. Within farming, however, you don’t earn voting rights or are investing into transaction validation.
The 1Inch wallet
The platform’s integrated wallet will store and manage your cryptocurrencies from its 1Inch app. Although this mobility is now common, it is, nonetheless, essential to maintaining total control of your funds while enjoying a fluid and intuitive experience.
On 1Inch, you can also integrate third-party wallets to buy and sell crypto. You can connect your third-party wallets, such as MetaMask wallet or Trust Wallet to 1Inch to use crypto funds. Even through multiple integrations, it was found that 1Inch is relatively safe.
Directly from its platform, 1Inch offers a wide variety of third-party dApps, which is a must for easy access and more functional features!
1Inch has its own ERC-20 token called 1INCH, which investors can use to pay their transaction fees and earn rewards from liquidity pools. By staking 1INCH, you also get the right to vote on platform governance and have the opportunity to participate in the 1Inch ecosystem.
The network has a community forum for all of its users. There you can discuss anything related to the platform and share your ideas or comments with the community.
Transactions Fees From Our 1Inch Review
The 1Inch exchange charges fees based on the volume of your transaction and the liquidity available in its pools. Trading fees vary depending on the crypto being used. 1Inch-trading fees are identical to many of its other platform transaction services, which often charge 0.30%.
1Inch charges swap fees, which are instant, and each swap costs roughly 0.30%. Swap fees still vary depending on available liquidity.
The 1Inch crypto platform charges a withdrawal fee on each withdrawal. These vary depending on the volume and crypto withdrawn. They will be indicated at the time of withdrawal, and you will also receive the fee as a specific dollar amount—not a percentage.
Deposits made by bank transfers or via external wallets on 1Inch are free. Deposits made by bank card are chargeable, but these are transacted almost instantly. You might also be charged network fees, gas fees and fees for third-party services you’re integrating with.
The 1Inch application is available for both mobile and desktop computers. It was designed to offer a simple, convenient trading experience for mobile users specifically. It’s a free download from the App Store or Google Play, which makes it compatible with iOS and Android.
You can transact instant trades in just a few clicks on the 1inch app. The app platform is still tied to liquidity aggregators, which finds the best rates from a number of exchanges. Included with the app is a mobile crypto wallet that allows you to easily store and manage your assets.
In seconds, you can send or receive funds via third-party wallets like MetaMask, WalletConnect or Ledger. 1Inch is also one of the only crypto apps that transact using QR codes. You can generate a code from the app, and then share it with a user of your choice to fill a transaction.
Notifications: Through the app, there are real-time notifications, keeping you informed of market developments and your recent transactions. On the 1Inch app, you can, additionally, personalize notifications based on exchange rates and price movements.
Based on our 1Inch review, the network is surprisingly secure for its age. No hacks have been successful thus far, but scammers have tried to clone the site and then pose as the original. One of the network’s primary focuses include the safety of its users’ funds and transactions.
The platform offers permissionless technology, which allows you to transact without providing personal information or creating an account. Transactions are decentral, so they aren’t stored on a central server. Here are some safety measures in place within the 1inch architecture:
1Inch is a decentralized trading platform that ensures the security of its users’ funds and transactions through various measures. Cold storage of crypto is one such measure.
Permissionless technology lets you transact without providing sensitive, personal information. This technology, used by more and more platforms, protects the privacy of users and guarantees the confidentiality of their transactions.
On 1Inch, transactions are carried out on a decentralized blockchain. Distributed ledger technology (DLT), which is blockchain, has proven to be a highly secure computer system. With bitcoin as the world’s example, that blockchain, over 14 years, hasn’t been corrupted yet.
The Secure Socket Layer or SSL protection makes the 1inch network secure against hacks.
Typical SSL technology guarantees the security of transactions and protects user information, which includes passwords and recovery phrases.
*Regulations and licenses
Though fully decentral, 1Inch complies with U.S. regulations, ensuring user safety and its legality. To properly use this platform, refer to your state laws and regulations. The platform’s compliance tools monitor suspicious activity and cooperate with authorities accordingly.
Along with its current filings, 1Inch regularly updates its web and social networks. These updates are usually focused on speed, efficiency and, above all else, security.
Here, you’ll learn how to access the platform, create or link a wallet, add funds and make your first purchase. Start with the simple steps listed below:
Step 1—Open an account
First open an account by visiting the official 1Inch website, and then, click on the “Launch dApp” button at the top right. Now click on “Connect a wallet” and accept the conditions of use and privacy policies. Click on your external wallet choice and follow the instructions to authorize it. You can create a new wallet by downloading the 1inch app and following its account creation steps.
Only once your wallet activates does the platform’s features become available.
Step 2—Secure your account
Make sure to secure your wallet passphrase. Keep it in a safe place, away from prying eyes and any risks of being hacked. Two-factor authentication (2FA) is an option you have for an added layer of security. Just be sure to regularly examine your third-party apps and revoke old ones.
Step 3—Make a deposit
Deposits are made directly from your wallet. There’s no need to create a central account. To make a deposit, the assets you want must be present in another wallet. Otherwise, you’ll need to transfer the necessary funds from a different wallet or central exchange.
Step 4—Buy your crypto
Once you have available funds, go to the “Swap” tab. Choose the crypto option and then enter the cash or crypto deposit. Now choose the crypto you want to receive in exchange. Before confirming the transaction, check the exchange rate, transaction fees and estimated amount.
Once everything is in, click “Swap” to initiate the transaction. You’ll then need to confirm the transaction in your wallet. The funds become available in varying times within your wallet.
Who Is This Platform For?
The 1Inch decentralized exchange platform has quickly established itself among the major players in the crypto world thanks to its innovative approach, speed, efficiency and transparency.
But which user profile is this platform best suited for?
The 1Inch exchange is intuitive and relatively easy to get started with. Beginners will still need to familiarize themselves with the functions, transactions and concepts of crypto trading.
Intermediates and professionals
Experienced investors benefit from significant time and efficiency savings and won’t need to visit multiple exchanges. These investors can appreciate the tokens and DeFi projects 1Inch hosts.
Finally, the platform is flexible through its tailored options. Users can customize slippage and transaction fees, and this is possible through the Pathfinder protocol. Professionals also benefit from the 1INCH token as they’ll participate in the life of the platform to receive rewards.
Customer service offered by a decentralized platform is incomparable to that of a traditional centralized platform. This has to do with the fact that people make a CEX exchange central.
However, the 1Inch network does provide documentation about customer service on its official site. The terms are regularly updated and cover a wide range of topics, explaining key concepts of decentralized exchanges and the advanced features of the platform.
The community forum
At 1inch, accounts can communicate with each other through different channels like Telegram, Discord, Twitter and the 1Inch forum. There, you can ask questions, interact with community members and obtain info on the latest developments or updates. Just keep in mind that the exchange team cannot be reached by telephone or email.
Our Final Opinion On 1Inch
After analyzing its features, strengths and weaknesses we found 1Inch exceptional. 1Inch stands out as an innovative solution for crypto enthusiasts. It offers a fluid user experience, is adapted to different profiles and is ideal for novices and professionals alike.
One of its main assets is its liquidity aggregation, which ensures that you get the best possible exchange rates. Here is your competitive edge in optimizing transactions or reducing costs.
Unlike centralized exchanges, you don’t need to create an account on 1Inch. You can simply connect your external wallet to start trading cryptocurrencies.
Is 1Inch a secure platform?
1Inch is a decentralized platform. Users are responsible for managing their wallets and private keys. Although this involves some liability, the decentralized nature of the platform reduces the risks associated with hacks.
What are the transaction fees on 1Inch?
Transaction fees on 1Inch depend on several factors—network congestion, decentralized platforms involved in the exchange, cryptocurrencies traded … etc. You can customize your transaction fees by adjusting your transaction amounts and times.
How do I contact 1Inch customer service?
1Inch does not have customer support, but you can join the official 1Inch communication channels on Telegram, Discord and Twitter. You can also use the network’s forum.
In seeing a digital world explode, Joseph invested his writing in the field of technology over 8 years ago. As a leading-content creator, he believes in clarity, credibility and writing topics people want to read. From blockchain to Web3.0, Joseph sees no shortage of developments as crypto pushes forward. He’s become a voice in technology that people can trust and look forward to hearing more from.