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1Inch Exchange Review 2024

Autor

Alejandro Borja

Revisor

Xavier Tarrasó

Last update: 6 months ago

Our veredict

1inch Exchange is a decentralized exchange aggregator that streamlines the crypto trading process by finding the best prices across multiple DEXs. It offers users an efficient and cost-effective trading experience by aggregating liquidity and ensuring lower slippage through its Pathfinder algorithm, which can split orders across exchanges to secure the best rates . This makes it highly suitable for those looking to optimize their trading strategies and save on fees.

However, there are a few caveats. The platform does not support fiat currencies, which means newcomers to crypto cannot buy cryptocurrency directly with traditional money like USD; they must first own crypto to use the platform. Additionally, the interface and overall experience can be quite complex for beginners. Despite its sophisticated technology, the lack of intuitive processes and the requirement to manage gas fees and transactions independently may pose a challenge for less experienced users . Hence, while 1inch is excellent for experienced traders looking for efficiency and lower costs, it might be overwhelming for new entrants into the cryptocurrency space.

Pros

Cons

4,5

Threenvest Score

Network

12 (Ethereum, BSC and Polygon...)

Fees

fluctuates

With the confidence of Threenvest

Year Founded: Established in 2019, 1inch Exchange has quickly risen to prominence, showcasing its robust platform and gaining trust within the crypto community .

Trading Volume and Liquidity: By aggregating liquidity from over 188 sources, 1inch ensures high liquidity and competitive trading volumes, enabling users to execute large trades with minimal slippage .

Number of Users: The platform supports over 1.6 million users, demonstrating its widespread adoption and reliability among cryptocurrency traders .

Reputation and Reviews: The platform has received positive reviews for its innovative approach to decentralized trading, with particular praise for its efficient order routing algorithm and user-friendly interface .

Security Methods: 1inch utilizes advanced security protocols, including smart contract auditing and non-custodial trading, ensuring users retain full control over their funds while benefiting from secure transactions .

Best Crypto Decentralized Exchange

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About 1inch Exchange

1inch Exchange is a decentralized exchange (DEX) aggregator that aims to provide the best rates for cryptocurrency trades by splitting orders across multiple DEXs and private liquidity providers. This innovative platform supports over 188 liquidity sources across seven blockchains and serves more than 1.6 million users. By leveraging advanced algorithms and smart contracts, 1inch ensures that users receive the most favorable exchange rates with minimal slippage and gas fees.

What is 1inch Exchange?

1inch Exchange is designed to streamline the trading process for users by aggregating liquidity from various DEXs into a single interface. This allows users to trade cryptocurrencies at the best possible rates without needing to manually check multiple exchanges. The platform supports a wide range of tokens, primarily ERC-20 tokens, and operates across multiple blockchain networks, including Ethereum, Binance Smart Chain, Polygon, and others.

Background and History

1inch was founded by Sergej Kunz and Anton Bukov during the ETHGlobal hackathon in 2019. The project quickly gained traction, securing $2.8 million in seed funding from Binance Labs in August 2020 and later raising $12 million from Pantera Capital and other investors in December 2020. By December 2021, 1inch had raised a total of $175 million, with its valuation reaching $2.25 billion . Initially, 1inch developed a yield farming platform called Mooniswap, which was eventually deprecated in favor of the 1inch Liquidity Protocol. This new protocol combines the functionalities of a DEX and a liquidity pool aggregator, offering users better rates by drawing liquidity from multiple sources .

Founders

Sergej Kunz, the CEO of 1inch, and Anton Bukov, the CTO, are the driving forces behind the platform. Both founders have extensive backgrounds in smart contract auditing and development, which have been crucial in building the robust and secure infrastructure of 1inch. Their combined expertise has propelled 1inch to become one of the leading DEX aggregators in the crypto space .

Fun Facts and Headlines

Multi-Chain Support: 1inch operates across multiple blockchains, including Ethereum, Binance Smart Chain, and Polygon, providing users with a wide range of trading options.
Innovative Algorithms: The platform uses a proprietary algorithm called Pathfinder to find the best routes for token swaps, often splitting transactions across multiple exchanges to optimize rates and minimize fees.
Rapid Growth: Since its inception, 1inch has quickly grown to support over 1.6 million users and a trading volume exceeding $134 million, showcasing its popularity and effectiveness in the DeFi space .

In summary, 1inch Exchange stands out as a highly efficient and user-friendly DEX aggregator, offering the best rates for cryptocurrency trades by leveraging liquidity from multiple sources and utilizing advanced routing algorithms. Its founders’ expertise and the platform’s innovative features have made it a go-to choice for many traders in the decentralized finance ecosystem.

Why Choose 1inch exchange?

1inch Exchange stands out as a premier decentralized exchange aggregator that offers significant advantages for both novice and experienced cryptocurrency traders. The platform’s ability to aggregate liquidity from multiple decentralized exchanges ensures users get the best possible rates for their trades. This is particularly beneficial in the volatile cryptocurrency market, where price discrepancies between exchanges can be substantial.

One of the strongest points of 1inch Exchange is its advanced routing algorithm, Pathfinder, which splits trades across multiple sources to minimize slippage and reduce transaction fees. This feature is invaluable for users who are looking to maximize their returns and minimize costs. Additionally, the platform supports a wide array of tokens and operates on several blockchain networks, including Ethereum, Binance Smart Chain, and Polygon, offering users flexibility and a broad range of trading options.

Security and transparency are also top priorities for 1inch. The platform employs rigorous smart contract audits and non-custodial trading, which means users retain control over their funds at all times. This approach significantly reduces the risks associated with centralized exchanges, where users’ funds are held by the exchange. Moreover, the growing user base of over 1.6 million users attests to the trust and reliability 1inch has built within the crypto community. In conclusion, 1inch Exchange is a robust and user-friendly platform that combines advanced technology, high security, and broad liquidity to offer an optimal trading experience.

Where it falls short

1. High Gas Fees: One of the major drawbacks of 1inch Exchange is the high gas fees associated with transactions on the Ethereum network. These fees can be especially prohibitive during periods of high network congestion, sometimes reaching as high as $30 or more per transaction. This can deter users, particularly those making smaller trades, from using the platform effectively.

Improvement Suggestion: To address this issue, 1inch can further promote and optimize the use of their CHI Gas Token, which allows users to pay lower gas fees. Additionally, expanding the support for other blockchain networks with lower transaction costs, such as Binance Smart Chain or Polygon, can provide users with more cost-effective alternatives .

2. Not Beginner-Friendly: 1inch Exchange is often criticized for not being very user-friendly for beginners. The platform requires a good understanding of how cryptocurrency markets and decentralized exchanges work. The user interface, while powerful, can be overwhelming for new users, and the need to understand concepts like liquidity pools and gas tokens adds to the complexity.

Improvement Suggestion: To make 1inch more accessible to beginners, the platform could introduce a simplified interface option with guided tutorials and tooltips that explain complex concepts in layman’s terms. Additionally, providing comprehensive educational resources, such as step-by-step guides and video tutorials, can help new users become more comfortable with the platform .

Features	Explanation
Minimum Trade	Trades can be as small as the network allows, but gas fees may make very small transactions impractical. Ideal for moderate and large trades.
Trading and Transaction Fees	Offers competitive fees by aggregating different DEXs to minimize slippage and transaction costs, making it cost-effective.
Number of Cryptocurrencies	Supports a vast array of cryptocurrencies by connecting with multiple DEXs, providing access to a wide variety of tokens.
Crypto-to-Crypto Trading Pairs	Extensive range of trading pairs available due to its aggregator model, allowing users to trade across different liquidity pools.
Website Transparency	The website provides detailed information on how trades are routed for best prices, though some users may find the depth of data overwhelming.
Credit/Debit Card	Supports multiple networks including Ethereum, Binance Smart Chain, Polygon, among others, enhancing its accessibility and utility.
Storage Offering	Does not provide custodial storage services; users must have their own wallets, which is secure but may be a barrier for new users.
Staking and Rewards	Offers governance token staking with voting rights and potential rewards, although the specifics and profitability can vary.
Mobile App and Desktop	The website is well-designed with comprehensive details on operations and services, though it can be complex for beginners.
Customer Service	Customer support is available, but responses can be slow during high traffic times. More resources for immediate support are needed.
Deposit and Withdraw	As a non-custodial platform, deposits and withdrawals are managed through users’ wallets, offering high security but less convenience for some.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert in the field, I highly recommend 1inch Exchange for traders looking for efficient and cost-effective crypto trading solutions. Its ability to aggregate multiple decentralized exchanges ensures users not only get the best prices but also benefit from reduced slippage. While it may appear daunting for beginners, the security and cost savings it offers make it a valuable tool for seasoned traders aiming to optimize their trading strategies across various networks.

Fees

1inch Exchange is a decentralized exchange (DEX) aggregator that prides itself on offering a fee-free trading experience for its users. Unlike many traditional exchanges, 1inch does not impose its own fees on trades, deposits, or withdrawals. Instead, the only costs users incur are the network gas fees associated with executing transactions on the underlying blockchains such as Ethereum, Binance Smart Chain, or Polygon. These gas fees vary based on network congestion and can be reduced significantly by using the platform’s CHI Gas Tokens, which can lower transaction costs by up to 42%. The absence of additional fees is one of the standout features of 1inch. This means that users are only responsible for the fees charged by the decentralized exchanges that 1inch uses to execute trades. For instance, if a swap is routed through Uniswap, the user pays Uniswap’s fees, but no extra charges from 1inch itself. This model allows 1inch to provide highly competitive rates by aggregating liquidity and optimizing trading paths across multiple exchanges.

Furthermore, 1inch generates revenue through a portion of the fees collected by its liquidity providers and from positive slippage on trades. This revenue model supports the platform’s operations without directly charging its users, making it an attractive option for cost-conscious traders seeking the best available rates across the decentralized finance ecosystem.

Pros

No Additional Fees 1inch does not charge any extra fees for using its platform, which means users only need to pay the standard fees associated with the decentralized exchanges it aggregates. This approach ensures cost-effectiveness for traders who utilize 1inch for their transactions.
No Withdrawal or Deposit Fees Since 1inch is a non-custodial exchange, there are no fees for withdrawing or depositing funds. This is beneficial for users as they retain full control over their assets without incurring additional costs for these transactions.
Lower Gas Fees with CHI Token By utilizing the CHI Gas Token, 1inch users can significantly reduce their gas fees. The CHI token is pegged to the Ethereum network’s gas price and can be used to save on transaction costs, often reducing fees by up to 42%.

Cons

Dependent on External DEX Fees The overall cost for transactions on 1inch is heavily dependent on the fees of the decentralized exchanges it aggregates. If a transaction is routed through multiple exchanges, users may incur cumulative fees from each of these platforms.
High Gas Fees During Network Congestion Despite the benefits of the CHI token, users still face high gas fees during periods of Ethereum network congestion. These fees can be substantial and affect the cost-effectiveness of transactions, especially for smaller trades.

Comprehensive Analysis of 1inch Exchange Fees

1inch Exchange is renowned for its user-friendly, cost-efficient trading environment, with a unique fee structure that benefits a wide range of traders, from novices to experienced crypto enthusiasts. Here’s an in-depth look at the various fees and how they impact users:

No Trading, Deposit, or Withdrawal Fees

One of the standout features of 1inch Exchange is the absence of platform-specific fees. This means that users are not charged any additional trading fees, deposit fees, or withdrawal fees by 1inch itself. Instead, the costs incurred are purely network fees, which are standard charges required to process transactions on the underlying blockchain networks such as Ethereum, Binance Smart Chain, or Polygon.

Network Fees and CHI Gas Tokens

The primary cost users face on 1inch Exchange is the network gas fees associated with executing transactions on the respective blockchains. These fees can vary significantly depending on network congestion. However, 1inch offers a solution to mitigate these costs through the use of CHI Gas Tokens. These tokens can reduce gas fees by up to 42%, making transactions more affordable.

Trading Fee Impact Based on DEX Usage

As a decentralized exchange (DEX) aggregator, 1inch sources liquidity from multiple DEXs, which means the trading fees users pay are those charged by the DEXs that execute the trades. For example, if a trade is routed through Uniswap, the user will pay Uniswap’s fees, which are typically around 0.3%. If the trade involves multiple DEXs, the fees will be a combination of those applicable on each platform. This model ensures that users always get the best rates without additional charges from 1inch itself.

Revenue Model and CHI Gas Tokens

1inch generates revenue through mechanisms like the CHI Gas Token and liquidity provider fees. The CHI Gas Token, specifically designed to reduce Ethereum gas costs, is a significant innovation. Users can purchase these tokens when gas prices are low and utilize them to cut transaction costs when prices spike, thereby optimizing their trading expenses.

No Hidden Fees

Transparency is a key advantage of 1inch Exchange. Users are only responsible for the explicit network fees and any liquidity provider fees from the DEXs involved in their trades. There are no hidden fees, making it easier for users to predict and manage their trading costs effectively.

Governance and Fee Adjustments

The 1inch ecosystem is governed by a decentralized autonomous organization (DAO), which allows for community-driven decision-making regarding fees and other platform features. Holders of the 1INCH token can participate in governance votes, influencing fee structures and other operational aspects. This democratic approach ensures that the platform evolves in a way that benefits its user base while maintaining competitive fee structures.

Conclusion

1inch Exchange offers a highly competitive fee structure that appeals to a broad spectrum of cryptocurrency traders. With no additional trading, deposit, or withdrawal fees, and innovative solutions like CHI Gas Tokens to reduce network costs, 1inch stands out as a cost-effective and transparent option for trading a wide variety of cryptocurrencies. The platform’s reliance on network fees and decentralized governance further underscores its commitment to user-centric, low-cost trading.

Product selection

1inch Exchange offers a robust range of services and products designed to cater to a wide variety of cryptocurrency traders and investors. As a decentralized exchange (DEX) aggregator, 1inch combines the liquidity from multiple decentralized exchanges, providing users with the best possible rates for their trades across different blockchain networks, including Ethereum, Binance Smart Chain, and Polygon. This approach minimizes slippage and ensures efficient trade execution. Additionally, 1inch supports a vast array of tokens, including over 400 ERC-20 standard tokens, making it a versatile platform for trading and liquidity provision. The platform also features a user-friendly interface and various innovative tools such as the Pathfinder algorithm, which identifies the best trading paths across multiple markets. This algorithm optimizes trade execution by splitting orders across different exchanges and market depths to ensure the best rates and lower gas fees. Furthermore, 1inch has introduced CHI Gas Tokens, which users can mint when gas prices are low and use later to reduce transaction costs by up to 42%, enhancing cost efficiency.

In addition to its core trading services, 1inch provides yield farming and staking opportunities through its Liquidity Protocol. Users can supply liquidity to pools and earn rewards in the form of 1INCH tokens. The platform also supports limit orders, allowing users to set specific conditions for their trades, and offers a non-custodial wallet for secure storage and management of digital assets. Overall, 1inch’s comprehensive suite of services and products makes it a compelling choice for those looking to maximize their trading efficiency and returns in the decentralized finance ecosystem.

Pros

Wide Range of Tokens: 1inch supports a large variety of ERC-20 tokens, making it a versatile platform for trading a wide array of cryptocurrencies.
CHI Gas Token: Users can reduce their transaction costs significantly by using the CHI Gas Token, which can lower gas fees by up to 42%.
No Platform Fees: There are no additional trading, deposit, or withdrawal fees imposed by 1inch itself, which helps in minimizing the overall cost of trading.

Cons

Read more about product selection in 1inch exchange

1inch Exchange provides a comprehensive suite of services and products that cater to a broad range of cryptocurrency traders and investors. The platform’s primary function as a decentralized exchange (DEX) aggregator allows users to access the best trading rates by sourcing liquidity from multiple decentralized exchanges. This ensures optimal trade execution with minimal slippage and competitive pricing.

Key Services and Products Offered by 1inch Exchange:

Cross-Chain Trading: 1inch supports trading across multiple blockchain networks, including Ethereum, Binance Smart Chain, Polygon, Avalanche, and others. This cross-chain functionality enhances trading flexibility and accessibility for users .
Liquidity Aggregation: The platform aggregates liquidity from numerous DEXs, providing a wide range of options for executing trades. This aggregation minimizes slippage and ensures users receive the best possible rates for their transactions .
CHI Gas Tokens: To address high transaction costs on networks like Ethereum, 1inch offers CHI Gas Tokens. These tokens can significantly reduce gas fees, making transactions more affordable, especially during periods of high network congestion .
1inch Wallet: A non-custodial wallet that supports storage, sending, receiving, and trading of crypto assets. The wallet integrates directly with the DEX aggregator, providing a seamless trading experience across multiple blockchains .
Pathfinder Algorithm: This proprietary API finds the most efficient trading paths, splitting orders across different exchanges and market depths to optimize trade execution and minimize costs .
Yield Farming and Staking: Users can earn rewards by providing liquidity to 1inch liquidity pools or staking 1INCH tokens. These features offer additional income opportunities for users participating in the platform’s ecosystem .
Limit Orders: 1inch supports limit orders, allowing users to specify conditions for their trades, similar to centralized exchanges. This feature provides greater control over trade execution .
Security and Audits: The platform undergoes regular security audits by reputable firms, ensuring the integrity and safety of user transactions. 1inch’s non-custodial nature also means that users retain control over their funds at all times .

Overall, 1inch Exchange’s extensive range of services and products, combined with its innovative approach to fee reduction and liquidity aggregation, make it a versatile and attractive platform for crypto traders looking to maximize efficiency and returns in the decentralized finance ecosystem .

Account opening

Opening an account on 1inch Exchange is straightforward and quick, thanks to its decentralized nature. Users do not need to create a traditional account or go through a Know Your Customer (KYC) process. Instead, they simply connect a Web3-compatible wallet such as MetaMask, Trust Wallet, or Ledger. This process involves visiting the 1inch Exchange website, selecting the “Connect Wallet” option, and choosing the appropriate wallet. Once the wallet is connected and authenticated, users can immediately start trading and accessing the platform’s features. This streamlined approach ensures privacy and convenience for users, making it an appealing choice for those who prioritize ease of use and security in their crypto trading experience.

Pros

No KYC Required: Users can start trading without needing to complete a Know Your Customer (KYC) verification process, ensuring a quick and privacy-focused experience.
Easy Wallet Integration: The platform supports a wide range of Web3 wallets, including MetaMask, Trust Wallet, and Ledger, making it easy to connect and start trading.
Quick Setup: The account setup is almost instant as it only requires connecting a wallet, allowing users to start trading immediately.

Cons

Read more about account opening in 1inch exchange

How to Open an Account on 1inch Exchange

1inch Exchange streamlines the account opening process by eliminating the need for traditional account registration and KYC (Know Your Customer) verification. Here’s a detailed breakdown of the steps involved:

How to Sign Up on 1inch Exchange

Visit the Website: Go to the 1inch Exchange platform via their official website.
Connect Your Wallet:
- Supported Wallets: 1inch supports a variety of Web3-compatible wallets, including MetaMask, Trust Wallet, Ledger, WalletConnect, and more.
- Process:
  - Click on the “Connect Wallet” button usually located at the top right corner of the homepage.
  - Choose the network you want to connect to (e.g., Ethereum, Binance Smart Chain, Polygon).
  - Select your preferred wallet from the list of supported wallets.
  - Confirm the connection through your wallet interface.
Accept Terms and Conditions: During the wallet connection process, you will be prompted to accept the Terms of Service and Privacy Policy of 1inch.
Ready to Trade: Once your wallet is connected, you can immediately start trading. You can select the tokens you wish to swap, review the transaction details, and confirm the swap. No further registration or verification is needed.

Opening an Account and Making Your First Trade

Select Tokens to Trade:
- Choose the “From” and “To” tokens from the available list.
- Enter the amount you want to swap.
Review Transaction Details:
- Review the exchange rate, total cost, and gas fees.
- Confirm the transaction in your connected wallet.
Complete the Swap:
- After confirming the transaction in your wallet, it will be processed on the blockchain.
- The swapped tokens will be transferred to your connected wallet.

Account Types and How to Use 1inch

Types of Accounts: 1inch does not differentiate between account types as it operates on a non-custodial model where users interact directly with their wallets.
How to Use 1inch:
- Trading: Utilize the platform’s aggregation features to find the best rates for token swaps.
- Providing Liquidity: Users can add liquidity to pools and earn rewards.
- Staking: Stake 1INCH tokens to participate in governance and earn additional rewards.
Registration and KYC: There is no need for KYC or detailed registration. This approach prioritizes user privacy and ease of access.

Conclusion

The account opening process on 1inch Exchange is designed to be quick and user-friendly, allowing immediate access to trading by simply connecting a supported wallet. This decentralized approach ensures high privacy and security for users, making it a preferred choice for many crypto traders.

Security

1inch Exchange prioritizes the security of its users by leveraging advanced protocols and a non-custodial framework. Being non-custodial means that 1inch does not hold users’ funds; instead, users trade directly from their own wallets. This reduces the risk of hacks and loss of funds associated with centralized exchanges. Additionally, 1inch employs rigorous smart contract auditing and integrates with trusted wallet providers like MetaMask and Trust Wallet to ensure secure transactions. The platform also supports the CHI Gas Token, which helps in reducing gas fees and enhancing transaction efficiency.

Despite its robust security measures, users must still be cautious of high gas fees on the Ethereum network, particularly during peak times. This can lead to increased transaction costs, which, while not a direct security risk, can affect the overall user experience. However, 1inch’s commitment to continuous improvement and the integration of various blockchain networks like Binance Smart Chain and Polygon help mitigate some of these concerns by offering lower-cost alternatives. Overall, 1inch Exchange is considered secure, with a strong emphasis on user control and advanced security protocols.

Pros

Non-Custodial Platform: 1inch operates as a decentralized exchange (DEX) aggregator, meaning it does not hold user funds directly. This reduces the risk of centralized attacks and enhances security since users retain control over their assets at all times.
No Security Breaches: To date, 1inch has not experienced any security breaches or hacks, underscoring its robust security measures and protocols.
Extensive Audits: The smart contracts used by 1inch have undergone rigorous security audits by several reputable firms, including OpenZeppelin, ConsenSys Diligence, SlowMist, and Certik. This ensures the integrity and security of the platform.

Cons

Potential for Phishing Attacks: Users must be cautious about phishing attacks, especially clones of the 1inch website. It’s crucial to verify the URL and ensure it’s the official site to avoid connecting wallets to fraudulent sites.
User Responsibility for Wallet Security: As a non-custodial platform, the security of user funds largely depends on the security measures of individual wallets. Users must ensure their wallets are secure with strong passwords and two-factor authentication.

Read more about security in 1inch exchange

Security of 1inch Exchange

Is 1inch Legit? Yes, 1inch Exchange is legitimate and highly regarded in the crypto community. As a decentralized exchange (DEX) aggregator, it does not hold user funds directly, which significantly enhances security. All transactions are executed via smart contracts, ensuring users retain control over their assets.

Regulation and Licensing 1inch operates in a decentralized manner, which places it outside the realm of traditional financial regulations. This means it does not require the same level of regulatory compliance as centralized exchanges. Users are not required to complete Know Your Customer (KYC) procedures, preserving their anonymity and privacy. However, this also means that 1inch might not be available in jurisdictions with strict cryptocurrency regulations.

Is 1inch Safe? 1inch is extremely safe due to its decentralized, non-custodial nature. Here are some key factors contributing to its safety:

Smart Contract Audits: 1inch’s smart contracts have been audited by reputable security firms such as OpenZeppelin, ConsenSys Diligence, SlowMist, and Certik. These audits ensure that the smart contracts are free from vulnerabilities and function as intended.
No Security Breaches: To date, 1inch has not experienced any security breaches or hacking incidents. The platform’s commitment to security is further evidenced by its regular audits and proactive measures to protect user funds.
Non-Custodial Platform: Users maintain control of their funds in their own wallets. This non-custodial approach means that even if 1inch were compromised, user funds would remain secure since they are not stored on the platform.

Security Methods 1inch employs various security methods to protect its users:

Smart Contract Audits: Regular audits by leading security firms to ensure the integrity of the platform.
Non-Custodial Model: Users maintain control of their funds in their own wallets, reducing the risk of centralized attacks.
CHI Gas Tokens: These tokens help reduce gas fees and ensure efficient transactions.
Pathfinder Algorithm: Optimizes trades for the best rates and lowest gas fees.
Decentralized Autonomous Organization (DAO): Governance by 1INCH token holders, allowing for community-driven decisions and improvements.

Conclusion

1inch Exchange is a highly secure and legitimate platform for cryptocurrency trading. Its decentralized, non-custodial nature, combined with regular security audits and a strong track record of no security breaches, makes it a trustworthy choice for traders. Users should always ensure their personal wallets are secured with strong passwords and two-factor authentication to further protect their assets.

Customer service

1inch Exchange excels in providing comprehensive customer support through various channels, ensuring that users can find assistance when needed. The primary support resources include the 1inch Exchange Help Center, which houses an extensive FAQ section covering a wide range of topics from getting started to advanced trading strategies. Users can also reach out for direct support via email at support@1inch.exchange, and the platform maintains active communities on social media platforms like Twitter, Telegram, and Discord. These channels allow users to get real-time support from both community members and the 1inch team, fostering a collaborative and helpful environment.

Customer feedback for 1inch Exchange is generally positive, with users praising the platform’s ability to provide the best trading rates and high liquidity through its aggregation protocol. However, some users have noted the high gas fees associated with Ethereum transactions, although these can be partially mitigated by using the CHI gas token. The response time for support inquiries is typically quick, especially through social media channels, but the absence of phone support or live chat can be a limitation for those who prefer more direct and immediate assistance. Overall, 1inch Exchange’s customer service is effective and well-regarded, contributing to its reputation as a reliable and user-friendly platform in the decentralized finance space.

Pros

Multiple Support Channels: Users can access support via email, social media, and the Help Center.
Comprehensive FAQ Section: The FAQ section provides detailed information on a wide range of topics.
Active Social Media Presence: The 1inch team is active on social media, offering additional support and engagement.

Cons

Read more about customer service in 1inch exchange

Customer Support

1inch Exchange provides several customer support options to help users navigate their platform and resolve issues. The primary support channel is the 1inch Exchange Help Center, which includes a comprehensive FAQ section. This section covers various topics such as getting started, trading, security, wallet management, and technical troubleshooting . For direct assistance, users can reach out via email at support@1inch.exchange. Additionally, 1inch maintains an active presence on social media platforms including Twitter, Telegram, and Discord, where users can ask questions and get real-time support from the community and 1inch team members .

Reputation and Customer Feedback

1inch Exchange generally receives positive feedback for its innovative features, user-friendly interface, and reliable performance. Users appreciate the platform’s ability to find the best rates across multiple decentralized exchanges (DEXs), which saves time and often results in better trading prices. The high liquidity and competitive rates provided by aggregating order books from various DEXs are frequently highlighted as major benefits . However, some users have noted the steep gas fees associated with transactions on the Ethereum network, although 1inch mitigates this with its CHI gas token. Additionally, the platform’s complexity can be challenging for beginners, who may struggle to fully utilize all the advanced features without prior experience in decentralized finance (DeFi) .

Contact Methods

Users can contact 1inch support through multiple channels:

Email: support@1inch.exchange
Help Center: Comprehensive FAQs and articles
Social Media: Active support on Twitter, Telegram, and Discord

Response Time

The response time for support inquiries varies depending on the method used. Email support typically offers a response within a few hours to a couple of days, while social media channels and Telegram may provide quicker responses due to the active community and team presence. The Help Center and FAQ section offer instant access to a wealth of information, which can resolve many common issues without needing direct support .

Additional Considerations

For users who prefer real-time assistance, the lack of phone support or live chat can be a drawback. While the decentralized nature of 1inch ensures high security and privacy, it also means that support options are less personalized compared to centralized exchanges. Users who are new to DeFi may need to spend extra time familiarizing themselves with the platform through the Help Center and community forums before feeling comfortable with its use .

Is 1inch exchange Right for You?

You’re Seeking the Best Trading Rates: If you’re looking for the best possible trading rates across various decentralized exchanges, 1inch is an excellent choice. Its aggregation protocol scans multiple DEXs to find the most favorable prices, ensuring you get the best deals on your trades. This is particularly beneficial for active traders and those dealing with high-volume transactions, as it can lead to significant savings.
You Value High Liquidity and Competitive Rates: 1inch offers high liquidity by pulling together order books from numerous DEXs, which not only improves trading efficiency but also reduces slippage. This makes it ideal for users who prioritize high liquidity and competitive rates, ensuring that large orders can be executed smoothly without significant price impact.
You Prefer a Non-Custodial Solution with a Strong Community: For users who value control over their funds and prefer a non-custodial trading solution, 1inch is an excellent option. The platform allows you to trade directly from your wallet, eliminating the risk associated with third-party custody. Additionally, the active community support available on platforms like Telegram and Discord means you can quickly get help and advice from other experienced users and the 1inch team.

Threenvest score

4,5

Network

Earn

Yes

Fees

fluctuates

On the exhange website

Threenvest score

4,5

Network

Earn

Yes

Fees

0,30%

Threenvest score

4,4

Network

BSC

Earn

Yes

Fees

0,25%

Available cryptocurrencies and countries available

Available Cryptocurrencies and Countries

1inch Exchange supports a wide variety of cryptocurrencies, boasting over 400 ERC-20 tokens from the Ethereum network. Users can also add their own ERC-20 tokens if they are not already listed on the platform. Some of the notable cryptocurrencies available include Ethereum (ETH), Tether (USDT), Synthetix (SNX), and Wrapped Bitcoin (WBTC). However, you won’t find popular non-ERC-20 tokens like Bitcoin (BTC) and Binance Coin (BNB) directly on the platform; only synthetic versions of these tokens are available .
Regarding country availability, 1inch Exchange is accessible to users in most parts of the world. However, it is not available to residents of certain countries due to regulatory restrictions. Significant countries where 1inch is unavailable include the United States, China, Iran, North Korea, and Venezuela. This restriction is largely due to compliance issues with these countries’ regulations.

Main cryptocurrencies available

Ethereum (ETH)
Tether (USDT)
Synthetix (SNX)
Wrapped Bitcoin (WBTC)
Uniswap (UNI)
Chainlink (LINK)
Aave (AAVE)
Yearn.Finance (YFI)
Compound (COMP)
Maker (MKR)
USD Coin (USDC)
Dai (DAI)
Curve DAO Token (CRV)
SushiSwap (SUSHI)
Balancer (BAL)
Ren (REN)
Basic Attention Token (BAT)
Kyber Network (KNC)
0x (ZRX)
Augur (REP)

Main countries where you can open an account

Canada
United Kingdom
Australia
Germany
France
Japan
South Korea
Brazil
India
South Africa

FAQs

1. What is 1inch Exchange?

1inch Exchange is a decentralized exchange (DEX) aggregator that sources liquidity from various DEXs to provide the best trading rates for its users. It allows traders to access multiple liquidity sources, ensuring they get the most favorable prices for their trades.

2. How do I start trading on 1inch Exchange?

To start trading on 1inch, connect your wallet (such as MetaMask or Trust Wallet) to the platform. Once connected, you can begin swapping tokens directly from your wallet without the need for account registration or personal verification.

3. Are there any fees for using 1inch Exchange?

While 1inch itself does not charge trading fees, users are still subject to network fees (gas fees) on the Ethereum blockchain. These fees vary depending on the network congestion but can be mitigated by using the 1inch CHI gas token to reduce transaction costs.

4. What cryptocurrencies can I trade on 1inch?

1inch supports over 400 ERC-20 tokens from the Ethereum network, including popular tokens like Ethereum (ETH), Tether (USDT), Uniswap (UNI), and Chainlink (LINK). However, it does not directly support non-ERC-20 tokens like Bitcoin (BTC) and Binance Coin (BNB); only synthetic versions of these tokens are available for trading.

5. Is 1inch Exchange safe to use?

Yes, 1inch is a non-custodial platform, meaning you retain control of your funds at all times. Trades are executed directly from your wallet, reducing the risk associated with third-party custody. Additionally, the platform employs various security measures to ensure a secure trading environment.

6. Which countries cannot access 1inch Exchange?

1inch is not available to residents of several countries due to regulatory restrictions. These countries include the United States, China, Iran, North Korea, and Venezuela, among others.

7. How can I contact 1inch customer support?

You can contact 1inch support through the Help Center on their website, via email at support@1inch.exchange, or by engaging with their active communities on social media platforms like Twitter, Telegram, and Discord. Response times vary, but the community and team members are typically quick to assist with any issues or questions.

Final opinion on 1inch exchange

1inch Exchange stands out in the decentralized finance (DeFi) landscape for its innovative approach to aggregating liquidity from various decentralized exchanges. By providing users with the best possible trading rates across multiple platforms, 1inch ensures competitive pricing and high liquidity, which are crucial for both novice and experienced traders. The platform’s non-custodial nature enhances security, as users retain full control over their funds, trading directly from their wallets without relying on third-party custodians. Additionally, 1inch’s integration with the CHI gas token helps mitigate the often high Ethereum network fees, making transactions more cost-effective. These features collectively make 1inch a formidable player in the DeFi space.

However, 1inch is not without its drawbacks. Compared to centralized exchanges, it lacks personalized customer support, such as live chat or phone assistance, which might be a disadvantage for users who prefer direct and immediate help. Furthermore, while 1inch excels in offering a wide range of ERC-20 tokens, it falls short in supporting non-ERC-20 tokens directly, limiting its versatility for users interested in a broader array of cryptocurrencies. Despite these limitations, 1inch’s robust security measures, competitive pricing, and high liquidity make it a strong choice for DeFi enthusiasts.

At Threenvest, we believe that 1inch Exchange is a powerful tool for traders looking to maximize their trading efficiency in a secure and decentralized environment.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.