A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of 1inch.Exchange consists of four parts: general info, fees, deposit methods and security.
1inch.Exchange is an aggregator of decentralized exchanges. You can swap tokens here, and also place limit orders for a wide variety of tokens. The orders you place are not only placed against the platform's own order book. Rather, it is placed against a number of other DEXs order books (dependent upon your settings). This is what makes it an "aggregator". Seeing as a dozen different order books are available, you can also swap, purchase or sell a very large amount of different cryptocurrencies here.
General Information on DEXs
DEXs are becoming increasingly more popular, mostly due to the following factors:
- They do not require a third party to store your funds, instead, you are always directly in control of your coins and you transact directly with whoever wants to buy or sell your coins.
- They normally do not require you to give out personal info. This makes it possible to create an account and right away be able to start trading.
- Their servers spread out across the globe leading to a lower risk of server downtime.
- They are essentially immune to hacker attacks.
However, DEXs normally have an order book with lower liquidity than their centralized counterparts and if you lose your password, it is probably lost forever.
1inch.Exchange Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. This is a picture of the interface at 1inch.Exchange where you can swop cryptos for each other:
As is evident from the above picture, you can choose which different DEXs that you want to place your swap offer on. This is a very interesting feature that gives access to a much bigger order book than what would otherwise had been available.
If you instead of placing a swap order would like to place a limit order, the limit order interface looks like this:
Both the swap interface and limit order interface are also available in "night mode", which is a darker theme.The above is "day mode".
1inch.Exchange Trading fees
This exchange stipulates in its terms and conditions that it does not charge any fees for use of Services. The T&Cs further stipulate that:
"However, in connection with your use of the Services, you agree to bear all costs necessary to conduct a transaction, such as gas cost. We attempt to provide accurate costs information, but this information is highly volatile and can change quickly without Users necessarily being aware of these changes."
Seeing as this platform is a DEX aggregator, the trading fees you pay should to some extent also depend upon which DEX or DEXs you have used to fill your order. To find the trading fees on the various DEXs, just visit our reviews of them instead. If you look at Uniswap for instance, they charge a flat fee of 0.30% per trade. This is slightly above the global industry average (arguably 0.25%).
1inch.Exchange Withdrawal fees
1inch.Exchange does not charge any withdrawal fees for withdrawing cryptos, except for the network fee. The network fee is not charged by the exchange per se, so the platform is not enriched by this fee. It should be noted though that there are exchanges that – as a favour to its customers – themselves assume the network fee so that the withdrawal for the customers in fact is 0.
To conclude, the withdrawal fees here are competitive indeed.
This exchange does not accept any other deposit method than cryptos, so new crypto investors are restricted from trading here. If you are a new crypto investor and you wish to start trading at this exchange, you will have to purchase cryptos from another exchange first and then – as a second step – deposit them here. Don’t worry though, you can find a so called “entry-level exchange” simply by using our Exchange Finder tool.
The servers of DEXs spread out all across the globe. This is different from centralized exchanges that normally have their servers more concentrated. This spread-out of servers leads to a lower risk of server downtime and also means that DEXs are virtually immune to attacks. This is because if you take out one of the servers, it has little to no impact on the full network of servers. However, if you manage to get into a server at a centralized exchange, you can do a lot more harm.
Also, if you make a trade at a DEX, the exchange itself never touches your assets. Accordingly, even if a hacker would somehow be able to hack the exchange (in spite of the above), the hacker can not access your assets. If you make a trade at a centralized exchange, however, you normally hold assets at that exchange until you withdraw them to your private wallet. A centralized exchange can therefore be hacked and your funds held at such exchange can be stolen. This is not the case with DEXs.