What is 1inch exchange? beginner's guide


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1inch is a decentralized exchange (DEX) aggregator, which means it scours the cryptocurrency market to find the best rates & lowest fees for your trades. Unfortunately, it is not licensed lớn operate in the U.S. Read our full 1inch nhận xét to find out if its advanced features & wide range of cryptocurrencies might help you up your crypto trading game.

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Bottom Line

The lack of U.S. regulation weighs on our rating, even though the exchange is well-regarded & offers the opportunity to lớn secure low fees.

This cryptocurrency exchange is a good fit for: Non-U.S. residents who are confident using cryptocurrencies & want more.

Pros1inch finds the best ratesNo 1inch feesNo withdrawal or deposit feesWorks with various walletsYou can set limit ordersWorks with various walletsHuge range of cryptocurrencies

Top perks

1inch is a non-custodial exchange, which means you'll need a third-buổi tiệc nhỏ wallet to lớn use its cryptocurrency services. Wallets are places you can store the keys (codes that let you control your crypto) to lớn your coins.

1inch finds the best rates

1inch shops around various exchanges lớn find the best rates for whatever swap you want khổng lồ make. Depending on what currency pair you are trading, it may give sầu you better rates than many of the major exchanges. It may also split the swap across more than one exchange if that gives you a better giảm giá.

Plus, if you aren't happy with the prices you see, you can set a limit order. This lets you input đầu vào the price you want to pay, and the trade will only go through if the currency reaches that rate.

No 1inch fees

When you make a trade with 1inch, you'll pay the fees for the exchange it uses and any transaction costs (gas fees). However, 1inch itself does not add any additional charges.

Since 1inch doesn't keep your assets on its servers, you'll never need to lớn pay fees khổng lồ withdraw or deposit your cryplớn.

You can put your crypto khổng lồ work

Once you've connected your wallet, you can sometimes earn interest by putting your coins into lớn something called a "liquidity pool." These are essentially a way lớn ensure there's enough currency available when people want to lớn trade. You'll earn a small amount each time someone uses that liquidity pool, and in some cases, you can also earn interest.

Bear in mind that you'll need to pay gas fees when you put money into a liquidity pool, so make sure these don't come khổng lồ more than you will earn in interest. If you aren't used to cryptocurrencies, it may be more cost-effective khổng lồ investigate interest-earning options elsewhere.

It works with various wallets

It is simple khổng lồ use 1inch's exchange. All you bởi vì is connect your wallet, và let it vày the rest. Depending on what browser you use, 1inch works with the following wallets:

1inch WalletMetaMask (You can use this to lớn connect to lớn big hardware wallets lượt thích Ledger and Trezor)WalletConnectLedgerPortisMEW (MyEthereum Wallet)TorusFortmaticBitskiAuthereumBinance Chain WalletArkane

Range of cryptocurrencies

You can trade all ERC-20 tokens -- currencies that run on the Ethereum network -- on 1inch.

If the ERC-đôi mươi token you want khổng lồ buy isn't on the menu, you can add it. Just be sure to lớn get the details correct, otherwise you could đại bại your money.

We counted around 400 tokens available on the 1inch exchange, but there are several popular tokens you can't buy. If you are using the Ethereum network, you can only buy synthetic versions of tokens (including Bitcoin) that don't run on Ethereum. As we'll discuss in more detail below, you need a good understanding of how cryptocurrency platforms work to make full use of 1inch.

What could be improved

Not regulated in the U.S.

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1inch is not licensed lớn operate in the United States. This is most likely because its service is anonymous. Most U.S. cryptocurrency exchanges need khổng lồ collect personal information from their customers khổng lồ comply with anti-money laundering laws.

While 1inch has been operating for several years & seems to be a legitimate trang web, you still need to understvà the risks. If you use an exchange that is not licensed khổng lồ operate in your country, you can't seek help from the authorities if it turns out to lớn be a scam or you somehow thua kém your money. In addition, the service may close down your tài khoản if authorities crachồng down on unauthorized exchanges. You are breaking its terms of service by using it from the U.S.

If you are a U.S. resident, there are a number of excellent licensed cryptocurrency exchanges and it makes sense to lớn use one of these.

Gas fees

1inch does not charge its own fees, but it is not không tính tiền. You need to pay fees for every action you take -- from adding liquidity lớn trading your crypkhổng lồ.

1inch runs on the Ethereum, Binance Smart Chain, and Polygon networks. Each one charges transaction fees -- called gas fees -- to cover the costs involved in processing transactions. That fee changes depending on how busy the network is. If lots of people are trying khổng lồ use the platsize, fees will be much higher.

In recent months, Ethereum gas fees have sầu been particularly high because the network is congested. Earlier this year, gas fees for a single Ethereum transaction were pushing the $30 mark. That's why it could be useful to lớn explore Binance Smart Chain or Polygon. However, you need khổng lồ be confident moving money from one place khổng lồ another to lớn make this work effectively.

You can also reduce gas fees by opting lớn pay them in the Chi Gastoken (CHI), 1inch's own Ethereum-based token designed to cut transaction costs.

Not igiảm giá for new investors

If you are new lớn cryptocurrencies, the platkhung is not straightforward. For example, although you can buy a wide range of coins, you might not find the currencies you'd expect. I wanted to lớn swap some Ethereum for Binance coin (BNB), but the only options I had were iBNB or sBNB. Without going into too much detail, these are synthetic coins that are pegged to the price of BNB, but they aren't BNB tokens. This is because it only lists tokens that run on the Ethereum network, which BNB does not.

Trying lớn put coins into a liquidity pool is also not for the fainthearted. You need to lớn know what you are doing. And given that you have to pay gas fees each time you perform an action on the site, the cost of experimenting can add up.

Limited fiat options

Until recently, you couldn't buy crypkhổng lồ using traditional (fiat) money lượt thích U.S. dollars on the 1inch site. However, you can now buy Ethereum with a debit or credit card through a third buổi tiệc ngọt (MoonPay). There's a catch though: The processing fees are steep and the rate could be better.

It is great that 1inch offers this option, but you're probably better off buying your cryptocurrency through an exchange that is mix up khổng lồ handle fiat at a lower cost.

If you are buying cryptocurrency for the first time. Coinbase is a great option for anyone who's new to lớn cryptocurrencies. It is a popular exchange with a large range of cryptocurrencies và plenty of educational resources. Be aware that the fees can be slightly higher than you'll find with other exchanges.

If you want a low-fee exchange that's regulated in the U.S.

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Gemini has an excellent reputation và competitive rates. It has a reputation for security & takes regulation extremely seriously. It was one of the first exchanges to get New York's BitLicense, which many think will be the basis for future crypkhổng lồ regulation in the U.S.