1inch Review – The Pros And Cons Of This DEX

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By Austin DeNoce

Last Updated

1inch Review

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1inch Review

  • Trading
  • Liquidity Pools
  • Farming
  • Blog
  • Fees
  • Customer Support
4.4

Summary

1inch is a decentralized exchange (DEX) designed to facilitate cost-efficient and secure atomic transactions. This DEX is built on the Ethereum blockchain and acts as a DeFi aggregator with access to deep liquidity and top token swap rates. 1inch offers a variety of tools and features including access to a large variety of crypto trading assets, pools, two trading interfaces, farming, and a mobile app.

Pros

  • Trading interface with charts
  • Low fees for a DEX
  • Mobile app (wallet)

Cons

  • Certain territories restricted from farming
  • High fees relative to centralized exchanges
  • No crypto loans or derivatives

About 1inch

1inch is a decentralized exchange (DEX) built on the Ethereum blockchain that facilitates cost-efficient and secure atomic transactions by utilizing a wide range of protocols. 1inch acts as a DeFi aggregator, offering access to the deepest liquidity and the best token swap rates on various DEXes. With its unique features, including partial fill and the ability to find the best swap paths across multiple liquidity sources, 1inch works to get the best prices across all of DeFi. User can also choose between a number of base chains to mange their gas fees or other DeFi needs.

1inch Trading

Like most DEXes, 1inch has just about every crypto asset under the sun. 

All you need to do is connect a wallet, make sure you have the relevant coins to support gas fees, and you will be able to trade anything and everything.

1inch has two trading interfaces: a simple mode and a classic mode. The simple mode is similar to what you would find in most DEXes with a straightforward order panel where you can choose the assets you are swapping from and to. One of the cool features of their simple mode is the ability to choose which DEX you want to facilitate the swap. 1inch will provide various options when applicable and show you the costs associated with each so you can choose the swap with the cheapest transaction costs.

1inch Trading Simple Trading Mode

Their classic trading mode is where 1inch begins to standout relative to other DEXes because it includes charts, a panel to view your active and past orders, along with the order panel that are all extremely aesthetic and reminiscent of centralized exchanges that emphasize actual trading.

1inch Trading Classic Trading Mode

Pools

If you’re interested in yield, you can join one of 1inch’s liquidity pools. The process is quite simple and they have over 250 pools to choose from.

1inch Pools

Additionally, if you don’t like any of their 250 pools, you can even make your own. Yields will vary depending the asset pair you decide to pool, but APYs can range from a few basis points all the way up to 200%.

1inch Pools Make Your Own

Farming

In addition to liquidity pools, 1inch also offers farming. There are various farming programs that are ran periodically with different farming APYs, however, there are certain restricted territories, including the United States, where the 1inch dApp is not available, and you can’t escape those restrictions with a VPN. That said, the process is fairly simple and makes it easy deposit, withdraw, claim rewards, and exit entirely, but your options are a bit limited and you may be one of the unlucky who can’t access their farming services, which is a bit unusual for a ‘permissionless’ DEX.

1inch Farming

1inch Mobile App (Wallet)

Unlike most DEXes, 1inch actually has a mobile app. The app is advertised as a wallet, but you can stake, swap, and trade from the app just like the desktop, however, you won’t be able to see any charts. The app isn’t the most user-friendly out there, but it is still fairly easy to use and looks very professional. The fact they have an app at all as a DEX is a major advantage.

1inch Mobile App

1inch Fees

One of the interesting things about 1inch is, because it is a DeFi aggregator searching across DEXes to find the best prices, the fees will depend on what DEX it is using for a particular transaction. 1inch does’t charge any on-top fees and simply links you to whatever DEX offers the best fees for the specific transaction you are trying to make. For that reason, the fees will vary, but they will generally, if not always, beat or match other DEXes and their gas fees.

Blog

1inch has an amazing blog that will keep you up-to-date on everything new to the 1inch protocol. The blog also includes tons of helpful leaning material on DeFi, the various services 1inch offers, how to make the most out of those services, and plenty more. Each article is beautifully organized and has its own unique graphic or animation that makes the blog look incredibly professional.

1inch Blog

1inch User Support

If you’re looking for a little assistance, 1inch has an excellent help center with articles and guides carefully outlining just about everything you’ll need with pictures and step-by-step instructions. Their help center is actually very impressive, especially considering it is a decentralized protocol.

1inch Help Center

In addition to their help center, 1inch has an operator bot accessible via a pop-up on the bottom left of the help center page. The pop-up is essentially the same thing as the help center, although the AI can help direct you with pre-defined questions and make the process a little more streamlined.

1inch User Support Operator Pop-Up

Conclusion: 1inch Review 

If you are one of those traders or crypto enthusiasts who is adamant on using a DEX, 1inch is probably one of the best out there. The fact that they have charts for trading already sets them apart from many DEXes and when you add the DeFi aggregator element of their protocol that searches for the best fees and liquidity across DeFi, 1inch is an incredibly compelling option. It’s not going to beat the fees of certain centralized exchanges so, if that’s your primary focus, you will probably want to look elsewhere. They also don’t have the best farming services, but with every asset under the sun, extensive liquidity pools, and a mobile app, 1inch will still outcompete most of its DEX competitors.

The interface is beautiful, but this is true of a lot of DEXes, so always do your homework to decide for yourself which one suits your preferences. If your focus is on trading, I would almost certainly choose 1inch over other DEXes, but if you are more interested in various crypto services, especially loans which 1inch doesn’t even offer, you should look to other exchanges, decentralized or otherwise. Same would be true if you are interested in leverage or derivatives. Notwithstanding those caveats, 1inch is a DEX that should be near the top of your list and is absolutely worth your consideration.

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Austin DeNoce

Austin DeNoce is a writer, personal investor, and entrepreneur who is focused on trading and investing education for macro, crypto, equities, derivatives, and foreign exchange traders. He graduated from the University of California, Santa Barbara with a bachelor’s in philosophy and carries a deep passion for a first-principles approach to investing and education therein. Austin specializes in topics related to cryptocurrencies and blockchain technology.

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