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1Inch is a DEX (Decentralized Exchange) aggregator, which implies it cleans the digital currency market to look for the best rate and lowest fees for your trades. Unfortunately, it does not have a license to operate in the U.S. Read our complete 1Inch exchange review to find out if the wide range of digital currencies and advanced features of this crypto exchange might be of any help in your crypto trading game.
1Inch Exchange Review: An Overview
This is a digital currency exchange which is a good fit for non-US residents who are confident in using digital currencies and want more services than just crypto savings. 1Inch is among the best crypto exchanges presently in the crypto space. Let us quickly look at the pros and cons of this exchange that will help us to carry our review ahead.
Pros
- This exchange finds the best rates
- No 1inch fees
- No deposit fees or withdrawal
- Works with varied wallets
- The user can set limit orders
- Huge range of digital currencies
Cons
- Not permitted in the U.S.
- Gas fees can be high
- Not okay to new investors
- Limited fiat options
How Does This Exchange Operate?
1Inch is quite simple and straightforward. The user connects their wallet, chooses the currencies they wish to trade, and it will offer the best rate. It is a DEX aggregator, which implies that it partners with varied exchanges to get the cheapest deal. It also factors in gas and fees costs.
As stated above that this is not a custodial exchange, which means that the user will require their own wallet to use its services. Ensure that your wallet is compatible with this exchange before you start to use it. But when you go deeper into this exchange, it starts to become a bit complicated. The user may require to do more research if they want to use features like adding liquidity and earning interests. For better use, the user can use the 1Inch exchange app for storing, receiving, and sending crypto.
Fees Overview Of 1Inch Exchange
The only 1Inch exchange fees that the user will require to pay on this digital currency exchange are the gas fees and the exchange fees for the transactions that are made by the users. These fees depend on every trade. 1Inch will not charge the user for trade nor will the user be required to pay for withdrawal or deposit.
Selection Of Cryptocurrency
1inch exchange offers a huge range of digital currencies. It provides nearly 400 ERC-20 standard tokens, which are cryptos that are hosted on the Ethereum platform. If the token with ERC-20 is not available here, the user can add it.
However, the user will not find popular digital currencies that do not operate on the Ethereum platform like BNB (Binance Coin) or Bitcoin (BTC). There are duplicate versions of these coins which keep a track of the prices but it is not mandatory that both will have the same utility.
The other thing that is worth mentioning in this 1inch exchange review is that many of the enhanced features of this website require the user to own 1Inch’s native token. The 1inch crypto is 1INCH.
Conclusion: Is 1Inch Exchange Safe?
After this 1Inch exchange review, it can be concluded that since none of your digital currency is stored in 1Inch so there is no risk of your cryptos getting stolen. The crucial thing is to ensure that your wallet is protected and secured with 2FA (2 Factor Authentication) and also a good password security.
While this exchange has not been hacked till now, it has been cloned. There have been scenarios of people connecting their wallets to fake this website. It is essential to bookmark the correct website and avoid visiting any website from the promo links that you get online.
Finally, if you wish to invest in small digital currencies, it is important that you do your research. Smaller coins have more risks than the established coins. So try looking into the management team, potential, and purpose of the coin before you invest.
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