You can approve the corresponding transaction in your wallet, and the trade will be executed on the blockchain.Īnd that’s it! – You have just placed your first trade on 1inch Exchange at the best rates possible. When you are ready, you can proceed by clicking ‘Swap Now.’ġinch Exchange will once again present you with all the required details so that you can verify and confirm the transaction. Select which tokens to swap Step 3: Swap Tokens In this case, you can apply for the coin to be whitelisted or add it as a custom token by entering the respective address. Note: If you are not able to find your required token from the menu, it is because the asset has not been whitelisted yet. To give you a clearer picture, 1inch Exchange also includes a few centralized exchanges and their respective rates. You will also be able to compare individual rates to the best rate available. 1inch Exchange will show you a comparison chart with exchange rates from different DEX’s. With your wallet linked, you can choose which digital tokens you want to exchange. Connect Your Wallet Step 2: Select the Token Once you have accepted the terms and conditions, you can simply scan the QR code to connect the platform with your wallet. You have the option to connect your ETH wallet right from the homepage.ġinch Exchange currently supports the following cryptocurrency wallets: Here is a step-by-step walkthrough on how you can start swapping coins on 1inch Exchange: Step 1: Connect your ETH Wallet This is crucial from a safety perspective. In other words – you are in complete control over your crypto-assets. This means that 1inch Exchange does not have access to your token. Instead, you link your ETH wallet, and can begin swaping currencies straight away.ġinch Exchange offers integration with numerous cryptocurrency wallets that will store your digital coins. The most notable feature of 1inch Exchange is that you do not have to create an account to begin trading. That is to say, expensive transaction cancellations and high slippage that results from thin order books. In effect, 1inch Exchange intends to address the drawbacks of the wider DEX marketplace. How Does 1inch Exchange Work?ġinch Exchange uses its API technology to locate the best possible routes for a token swap, subsequently dividing a trade across several exchanges.Īs a result – the rate you have at your disposal is often much better than what you will get by sticking with a single cryptocurrency exchange. All in all, 1inch Exchange makes the process much easier and time-efficient. This eliminates the need for you to check multiple exchanges simultaneously to verify whether you are getting the best rate. To ensure this, the platform displays the price and liquidity available on each exchange so that you can make an informed decision after comparing what is on the table. The aim of 1inch Exchange is simple and straightforward – to offer the best rates for its users by discovering the most efficient swapping routes from leading DEX providers. At the moment, the exchange currently supports over 250+ digital currencies. In other words, you will find it easy to swap any kind of ERC-20 token at the click of a button. 1inch Exchange integrates seamlessly with many popular DEX’s such as the Balancer, Kyber Network, Uniswap, Oasis, Mooniswap, and more. The platform was established in 2019 by two Russian developers – Sergej Kunz and Anton Bukov. The platform sources liquidity from various exchanges and uses smart contract technology to enable the optimization of trades. One such example is that of DEX aggregators.Īt the forefront of this is 1inch Exchange. Not only have we seen an increase in fund inflow, but a range of new and exciting trading innovations have since entered the space. Traders from across the globe ventured into this alternative financial industry – in hopes of benefiting from ever-increasing market volatility. While 2020 left the larger share of the financial sector in disarray, the decentralized finance (Defi) market has had a propitious year.
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