1inch Exchange Review – 2024

Introduction 

When booking a hotel room, you might typically explore a myriad of different hotel websites or use booking platforms like Booking.com or Expedia to find available rooms. However, using a hotel aggregator service such as Trivago or Kayak, you can compare prices from various booking platforms and individual hotel websites all in one place.  This way, you get to see a range of options and prices for the same hotel and date, allowing you to select the best deal available for your stay.  Similarly, a DEX aggregator in the crypto world collects information from various decentralized exchanges, presenting users with different rates for cryptocurrencies, enabling them to choose the most favorable terms for their trades. Let’s understand more about such aggregator – 1inch exchange.

What is 1inch Exchange?

Nowadays in the crypto market, tons of decentralized apps are popping up. And it’s hard to figure out which offers the best deals, which is trustable.

The 1inch exchange is a decentralized exchange, or DEX, aggregator. Rather than working as an exchange itself, it splits orders between other DEXs and private liquidity providers to find the best possible exchange rates.

For traders, it’s challenging to keep up with every platform’s exchange rates and fees. However, 1inch solves this problem. If you’re into crypto trading, 1inch could be your go-to platform. In this review, we’ll discuss why 1inch might be the top choice for traders.

How does 1inch Exchange work?  

Unlike other platforms, 1inch doesn’t only use one platform to trade your digital money. It checks many different platforms to suggest the smartest ways to trade your tokens. It’s part of a group of tools that lets people suggest and vote on ways to make this digital money world better for everyone.  

1inch is unique because it breaks down your trades and uses special tools to find the best ways to swap your tokens. It’s like having a map that shows the best routes for your trades, so you get the best deals.

To do this safely and quickly, 1inch uses different protocols, like:

1inch Fusion Mode

This protocol lets users do swaps without paying extra fees for gas and without worrying about bad actors trying to mess things up. It’s a simple and hassle-free way for users to do their swaps securely and without spending too much money.

Spot Price Aggregator

The 1inch spot price aggregator is like a smart tool that gathers the latest prices of digital tokens from different places on the blockchain. It’s perfect for users who want to know the real-time value of their crypto. This tool helps them make smart decisions in decentralized exchanges, keeping things simple and straightforward.

Limit Order Protocol V3

1inch limit order protocol is a set of smart contracts that work on any supported EVM based blockchains. With this, users can do some really cool things with their limit orders in decentralized finance (DeFi). It’s all about bringing new and flexible opportunities for users to swap their crypto.

Aggregation Protocol V5

This protocol makes swaps easy and affordable. It also helps swap digital assets across different places easily and without spending too much money. This new version is even better, giving users a smoother and more cost-effective way to do secure transactions.

Why should you use 1inch? 

User-Friendly Onboarding:

The 1inch Wallet simplifies the crypto journey by integrating fiat-on ramp providers. Users can buy coins with fiat directly in the wallet, skipping the hassle of exchange registrations.

Perfect for Traders:

Access to over 250 liquidity sources ensures the best swap rates for users. Zero additional transaction fees, except for gas costs, making swaps cost-efficient. Gas customization options allow users to control fee sizes and transaction speed.

Top-Level Security:

The 1inch Wallet takes your safety seriously. If you use an iPhone, the Secure Enclave technology protects your info from hackers. Blue Frost Security checks keep your important data safe, and regular smart contract audits make sure your transactions are secure. With Flashbot transactions, the wallet also stops bad guys from trying to cheat on decentralized exchanges.

Multichain Integration:

The 1inch Wallet supports leading blockchains like Ethereum, BNB Chain, Polygon, etc. It provides users with a variety of choices. Users can easily add and swap custom tokens.

Fully DeFi-Connected App:

A built-in Web3 browser provides seamless access to leading decentralized applications (dApps). The wallet serves as a one-stop-shop with a news digest feature for the latest DeFi and NFT updates.

Pros & Cons of 1inch

Pros:

No Extra Charges: 

1inch keeps it simple – no extra fees on their end, just the regular charges from the places you trade.

Always gives the Best Rates: 

With clever technology, 1inch makes sure you never overpay. Your trades get the best rates, thanks to smart swaps and bots.

Extensive Wallet supports: 

You can use 1inch with lots of different wallets, making it easy to get started with what you already have.

Cons:

Not for Newbies: 

If you’re new to crypto, 1inch might be a bit tricky. It’s designed more for people who know their way around.

Network Fees Can Add Up: 

While 1inch itself won’t charge you, the Ethereum network it uses can have high fees. So, even though your trade is cheap, the overall cost might still be a bit much.

Limited Fiat support: 

If you want to buy tokens with your regular money, it can be pricy because of some extra fees.

Not Allowed in the U.S.: 

1inch doesn’t have the green light to operate in the U.S. This is because it’s not set up to follow U.S. rules, and using it from there might have some risks.

1inch supported wallets

Trading with 1inch is super easy – just connect your wallet, and you’re good to go. 

Whether you use the 1inch Wallet, MetaMask, WalletConnect, Ledger, Portis, MEW, Torus, Fortmatic, Bitski, Authereum, Binance Chain Wallet, or Arkane, 1inch makes it simple. 

No complicated steps – just connect and let 1inch take care of everything for a smooth and safe trading experience.

Conclusion

So if you want to take your crypto trading experience to the next level, then 1inch exchange is the right option. 1inch is not your average DeFi platform. It does special with automatically finding you the best prices for your trades. 

If 1inch keeps coming up with new ideas and makes things easy for new traders, its future looks bright. It’s all about staying creative and friendly for everyone who wants to get into trading.