Are you looking for an honest 1inch Review? Search no more because, in this article, we will be reviewing 1inch honestly, we will also explain how it works, Its pros and cons, and everything you need to know about the platform.
What is 1inch | 1inch Review
1inch is a DEX aggregator that offers the best rates by discovering the most efficient swapping routes across all leading DEXes.
What is 1inch Token
The 1inch token is a cryptocurrency on the 1inch system, the token was launched on the 25th day of December 2020.
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1INCH token. It’s a “governance token,” meaning that you can use it to vote on the way that the 1inch platform is run. 1inch called this “instant governance”. decrypt.co explains.
1/ Delighted to announce that 1INCH Token is LIVE! ?
Learn more about the governance/utility token and the token architecture: https://t.co/6POyBLHmKO
⬇️
— 1inch Network (@1inch) December 25, 2020
How to buy 1INCH token
Just like every other cryptocurrencies and token, 1inch token can be bought from any of the cryptocurrency exchanges or even on the 1inch exchange platform.
Below are some of the platforms that support 1inch
- Binance,
- KuCoin,
- Huobi Global,
- FTX and
- OKEx
To buy 1inch token on Binance, follow the steps below.
- Load up your wallet with any coin that 1inch is paired with
- Now, use the trading pair page to exchange it for 1INCH.
How 1inch Works
1inch works in such a way that its algorithm searches for the cheapest way to place a trade with different exchanges and liquidity protocols that will still aid the trade.
Let’s set an example that you want to buy a Wrapped Bitcoin using Ethereum, you would go to different protocols of swapping and also swap the Ethereum around different currencies before it can finally get to the Wrapped Bitcoin.
How to Use 1inch
using 1inch is simple, just follow the steps below.
- Visit 1inch official website with your preferred browser
- Connect Your browser-based Ethereum wallet ( for the article, we will use MetaMask, and we will be trading Ethereum for Wrapped Bitcoin )
- In the pay box, select ETH and WBTC in the “receive” box.
- Enter the amount and click on Swap
- Finally, click on Confirm
Congratulations, you have successfully Swap your ETH to WBTC.
You can also watch the video below to understand better.
Who is the Owner of 1inch?
The owner of the 1inch company is known on the internet which is a good indication of the legitimacy of the website.
Because one of the conditions for a legit website is that it must contain the owner’s information so that someone can be held responsible if anything goes wrong.
However, 1inch was founded by Sergej Kunz, who is still the CEO of 1inch, and Anton Bukov, its CTO.
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1inch Exchange Pros & Cons
1inch has some pros and cons which are listed below
1inch Pros
- 1inch Exchange have not experienced any security breaches or hacks
- The user interface is very user-friendly.
- The platform does not charge any fee for trading, deposit, or withdrawal.
- It also ensures high liquidity and excellent rates by aggregating DEX order books, while also limiting the number of transaction fees.
- CHI Gas Tokens can lower transaction costs.
- The addition of the 1inch Liquidity Protocol allows for yield farming.
1inch Cons
- 1inch does not support the use of fiat currencies.
- Beginners may not really understand how to use the platform even when it is user-friendly.
- The “Infinity Unlock” feature could potentially be a point of attack in the future. While it does save on transaction fees and time, unlocking each transaction separately is more secure.
1inch Contact Information
Just in case you have any need to contact 1inch, you can do that by clicking on the chat button on their homepage in other to chat with a customer representative.
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