1inch exchange and token reviews 2022 Is it legit?

New decentralized finance (DeFi) projects are emerging daily, making it increasingly difficult to track them all, let alone use them. 1inch offers a very efficient solution, so its internal mechanism searches them all to give you the best possible option for the trade you want to do, all without having to leave their platform.

In this article, I will tell you what 1 INCH is, what products it offers and how they can help you, and what its native 1 INCH token is for and what you can expect from it.

What is 1 INCH?

1inch is a exchange decentralized(DEX) which unifies dozens of decentralized protocols so that the union of all results in a platform with enhanced functionality.

Thus, the exchange 1 INCH is able to research different blockchain projects to the research lowest commissions or fastest transactions, even splitting the commands in half and moving them to different exchanges if it comes up with the best deal for the users.

Additionally, limit orders can also be placed, an action that benefits users who have their 1INCH tokens in staking and contribute to the liquidity of the platform's pools.

Origin of the project

The origin of 1inch dates back to 2019, more precisely to the ETHGlobal hackathon, a project conference based on the Ethereum network. This event was the trigger for Sergej Kunz (CEO of 1inch) and Anton Bukov (CTO of 1inch) to get to work on the project.

By August of the following year, they had already managed to raise $2,8 million on Binance Labs, and by the end of the same year, they managed to close a $12 million funding round with Pantera Capital. .

Their goal is the same from the beginning, become the meeting place for all exchanges decentralized, or as they say: the “Leading DEX Aggregator”.

In early versions of the exchange 1inch, there were 2 platforms; the well-known 1inch, and Mooniswap, a specific portal for agriculture. However, in December 2020, 1inch launched its liquidity pools protocol, so this portal was discontinued.

This way the 1inch development team is adding more and more integrations with other exchanges, thus improving the quality of its services.

Currently, and despite its short lifespan, 1 INCH already has integrations with the Ethereum network, Polygon, and the Binance Smart Chain.

How to register for 1inch? It's certain?

You don't need to create an account to start using 1inch, just access its exchange and connect your cryptocurrency wallet. Currently, wallets allowed are:

• Wallet Connect
• Web3
• Coinbase Wallet
• Registre
• Trezor
• Doors
• MEOW
• Fortmatic
• Authentic
• Torus
• Bitsky
• Binance Chain Wallet
• Arkane
• Funfair wallet

However, you should be aware that not all cryptocurrency wallets can be used with all networks. So if you want to use the network Polygon, you will only be able to connect with Web3 or Arkane.

Regarding security, you should know that 1inch is a exchange decentralized non-custodial, i.e. they will never have your cryptocurrencies in possession. This way the cryptocurrencies always stay in your external wallet, safe from hackers.

Also, you don't need to provide any personal data to use 1 INCH, so they can't steal any personal data that can identify you.

For the entire time 1 INCH has been running there have never been any issues and no one has reported any incidents, so all indications are that you can rest easy.

Products

1inch is an ever-evolving platform, so they offer quite an interesting variety of financial products. These are the main ones:

Exchange

THE exchange 1 INCH is most likely the flagship of the platform. It can be accessed from the 1inch website itself, by clicking on “Launch dApp”.

A little later I will tell you how you can use this exchange to invest in cryptocurrencies and save tens of dollars in commissions. But for now, what you should stick with is that this is where trading between cryptocurrencies takes place and where you can select which blockchain to use for investing.

1 inch

1inch has its own native token which I will discuss later, 1INCH. The total supply of 1INCH tokens has been set at 1,5 billion, and the development team has concluded that 30% will go to the 1inch community.

These 30% of tokens (450 million), will be distributed over a period of 4 years through airdrops, which if we extrapolate to Spanish, we could call it “fallen from the sky”. The reason? It consists of giving tokens to a community of interested investors.

In this way, in the first airdrop of 2020, 90 million 1INCH tokens were distributed among users who had operated with the platform.

Therefore, it is important to know when the 1 INCH airdrops will begin to ensure that you qualify to be one of the lucky ones to receive these tokens for free. Personally, I recommend that you follow them on social networks, since it is surely one of the first places where they advertise it.

Token staking

As I said, 1inch has its own native token (1INCH), but What is its function? The first and most important is governance. In other words, having 1INCH tokens in possession gives you the right to participate in the decisions made by the creators of the platform.

However, you can also earn returns in the form of more 1INCH tokens by staking. Staking 1INCH tokens is pretty easy. To do this, all you have to do is access the DAO tab of the 1 INCH platform and use the dialog box that appears on the right side of the screen.

This way you have to connect a cryptocurrency wallet in which you have 1INCH tokens, select how many tokens you want to stake et confirm the operation.

When you want to stop stake out your tokens, you just need to access this same tab and select the opt-out option.

Wallets

1inch has its own cryptocurrency wallet, which like the platform supports Ethereum networks, Binance Smart Chain and Polygon. This wallet has direct integrations with the platform, so it has some very cool features.

This 1 INCH wallet is developed in collaboration with Wallet Connect, so it has many features of this prestigious cryptocurrency wallet. At the moment, the only problem is that the app is only available for iOS.

How to trade in 1 INCH

Thinking of using 1 INCH for your cryptocurrency transactions? Then you just have to follow these steps:

1. Access the platform trading. To do this, you need to click on the “Launch dApp” button on the 1 INCH website.
2. Select the cryptocurrency network you want to use for the exchange and connect a compatible wallet to it. Both settings can be made from two buttons that you will find in the upper right corner.
3. Once 1inch recognizes your portfolio, you need to select the tokens you want to trade. If the token you want to trade with has not yet been listed in 1 INCH , you can add it from the small button with the “+” sign that appears at the top of the dialog box. When you click, a text field will open for you to paste in the contract address.
4. Change the order settings to suit your preferences; market order, limit order, maximum return, lowest possible commissions…
5. When you have set all the parameters, you will need to unlock the tokens so that the exchange can perform the operation. Right now you have 2 options; « unlock » and " unlock to infinity”. The second option gives the exchange infinite permission to operate, reducing costs and commissions. However, this creates vulnerability to hackers, so it is better to pay a little more for each transaction but be careful.
6. Confirm the operation.

If you notice, just below the chart of the cryptocurrency pair you are trading, there are 2 sections:

• routing: this is the path that 1 INCH will take to carry out your transaction. In some cases this swap is direct, but in other cases it makes 2 or even 3 intermediate stops.
• Trades: These are the offers offered by some of the exchanges who are offering this cryptocurrency pair and how different they are from the deal that 1 INCH got you.

Commissions and fees

One of the great value propositions of 1 INCH is that it allows you to operate very economically. Simply put, 1 INCH does not add any fees to those required by the blockchain, exchanges third parties involved in the exchange and rewards for liquidity providers.

However, and even if you have to pay these commissions, 1inch is always looking for the best deal for you., and actually on the same platform, you can see how much you save just by operating with them.

What is the 1 INCH token?

The native token of the 1INCH platform is the 1INCH token, and its main role in this exchange is to function as a governance token and serve as a liquidity provider for all exchanges decentralized that make up 1 INCH.

All holder of 1INCH tokens (regardless of the amount he has) can participate in the vote that takes place on the platform, facilitating and democratizing decision-making in 1inch.

How to buy it

1INCH is a token accepted by a large number of exchanges, so you'll probably have no problem finding it. If you want, you can buy it from 1 INCH, although for this you need to have a wallet of cryptocurrency with funds to operate.

If you want to buy 1 INCH per card, I personally recommend using Coinbase. Here are the steps you need to follow:

1. Create an account Coinbase.
2. Look for the 1INCH token. You can do this from the "Exploit" section on the computer, but if you are on the phone, you must: press the blue button with the two arrows > "Buy" > Find the asset.
3. Select the number of tokens you wish to purchase or the amount you wish to spend and enter your card details.

You can also make a bank transfer and buy cryptocurrencies with your euro balance, but you will have to wait for the transfer of funds to take effect.

Medium

One of the issues that yes or yes you have to analyze when looking for a exchange or a platform to buy cryptocurrencies, is the quality of customer service.

Although 1 inch is a exchange decentralized and does not charge very high fees, it has many resources for users who have problems;

1. It has a system of live chat with real people. To start a conversation, all you have to do is click on the blue icon with a magnifying glass that appears in the lower right corner of the screen.
2. If you want to find the solution by yourself, you can access the help center from the “Help” link in the 1 inch app or from the “Help Center” link in the footer of the website. Here you will find dozens of articles with the solution to all the doubts you may have.

Additionally, you can send an e-mail to [email protected] , although I think the fastest alternative to get assistance is to use the live chat system.

Of course, you can also try to contact the 1inch team via their social networks:

1. Discord: https://discord.com/invite/FZADkCZ
   1. To speak directly with the support team and other users.
2. Twitter: https://twitter.com/1inchNetwork
   1. Ideal for keeping up to date with news, offers and news from the platform.
3. Youtube: https://www.youtube.com/channel/UCk0nvK4bHpteQXZKv7lkq5w
   1. To view conferences and updates from 1 inch.
4. Telegram: https://t.me/OneInchNetwork
   1. Have direct contact with other users of the platform.
5. GitHub: https://github.com/1inch
   1. Perfect for developers who want to know the code behind 1 inch.

Can you call by phone?

No, 1inch does not have a public phone number.

Pros and cons

Like all exchanges decentralized, 1inch has its positives, and its negatives. Here are the main advantages of the platform:

Advantages:

• The security of the platform is quite high and so far there have been no incidents related to hacks or thefts.
• The platform has a pretty nice and intuitive interface, so it's easy to learn how to use it, even if you're not an experienced investor.
• 1inch assures that it does not charge any additional commission beyond what is strictly necessary to complete the exchanges. Moreover, it is able to find the best offers among dozens of trades .
• Its 1INCH governance token allows you to participate in decisions made by the platform even if you only hold one token. Additionally, you can make staking and get great feedback.
• It has its own rather interesting cryptocurrency wallet which has many integrations with the platform.
• Customer service is quite good considering the type of exchange it is and how low their costs are.

Drawbacks :

• You must have cryptocurrencies in order to use the platform, so one way or another you must use another exchange to acquire them.
• The platform can be confusing for users accustomed to using exchanges on guard.
• Use the " Infinity Unlock » carries additional risk, and many users may be tempted by the lower commissions involved.

Final Notices

As you have seen, 1inch is a very interesting cryptocurrency investment platform, especially if, like me, you hate paying high commissions. 1inch is presented as a complete solution to this tangle of exchanges decentralized that roams the internet, and if you were to analyze one by one, you would waste hours and hours.

I really liked how easy it is to start investing with this platform and all the options it offers, both in terms of the cryptocurrencies and tokens that can be used, and the factors that can be changed when placing the contract. ordered.

Personally, I think the idea behind 1inch is very good, although it remains to be seen if it's 1inch taking that position in the crypto market, or if it's some other platform. form that has yet to emerge.

More information on website.