1inch is a decentralized exchange (DEX) aggregator, which means it scours the cryptocurrency market to find the best rates and lowest fees for your trades. Unfortunately, it is not licensed to operate in the U.S. Read our full 1inch review to find out if its advanced features and wide range of cryptocurrencies might help you up your crypto trading game.
This cryptocurrency exchange is a good fit for: Non-U.S. residents who are confident using cryptocurrencies and want more.
1inch is a non-custodial exchange, which means you'll need a third-party wallet to use its cryptocurrency services. Wallets are places you can store the keys (codes that let you control your crypto) to your coins.
1inch shops around various exchanges to find the best rates for whatever swap you want to make. Depending on what currency pair you are trading, it may give 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 deal.
Plus, if you aren't happy with the prices you see, you can set a limit order. This lets you input the price you want to pay, and the trade will only go through if the currency reaches that rate.
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 pay fees to withdraw or deposit your crypto.
Once you've connected your wallet, you can sometimes earn interest by putting your coins into something called a "liquidity pool." These are essentially a way to ensure there's enough currency available when people want to 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 to more than you will earn in interest. If you aren't used to cryptocurrencies, it may be more cost-effective to investigate interest-earning options elsewhere.
It is simple to use 1inch's exchange. All you do is connect your wallet, and let it do the rest. Depending on what browser you use, 1inch works with the following wallets:
You can trade all ERC-20 tokens -- currencies that run on the Ethereum network -- on 1inch.
If the ERC-20 token you want to buy isn't on the list, you can add it. Just be sure to get the details correct, otherwise you could lose 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.