The cryptocurrency industry is growing daily, eventually resulting in the introduction of decentralized exchanges. Decentralized exchanges operate without any central authority which eases the process of trading, users have to create their account on any of the wallets they prefer and then connect it with your 1inch exchange platform then you can start trading. This platform combines all the decentralized applications and then looks for the best deals that could be available so you can do your swap at the best price.
In this blog, we will assist all the newbies with its key elements, supported cryptocurrencies, and every necessary information you will need to know before you begin your trade.
Key Elements of 1inch Exchange
If any decentralized exchange wants to stand out in the competition, then it must focus on providing good features for the users to keep them as a permanent customer. The features offered are:
Own 1inch Wallet
It gives the users their own personalized wallet of 1inch which makes it easy for the traders to store, sell, and buy their digital assets and also gives the opportunity to claim the rewards earned by them.
Simpler Interface
The interface was kept simple so that it is easy to navigate the options for everyone. Most of the time because of the complex interface user do not prefer to use that exchange.
No extra fees
The only fees you will have to pay are network fees. Except for these fees you will not be charged for any of the other fees for using the services of the platform.
High Security
From the date of its launch, there is no single complaint that has been raised for security purposes. Therefore, now you can guess that its security system is very good.
Minimum Transaction Cost
A new update was introduced of Chi Gas tokens in which a user does not have to execute their transaction by using ETH, instead of it they can now use Chi Gas tokens. But remember that these tokens take up the storage available on the blockchain and then replace that storage with your transaction which results in optimized processing.
Supported Cryptocurrencies of this Platform
We know that it is a decentralized exchange and the list of cryptocurrencies added to the platform is too long. Roughly there are around 400 ERC standard tokens that are present on the exchange and these are the assets that are also supported by the Ethereum network. It also gives you the opportunity to add your own ERC-20 token if it is not already added.
Final Thoughts
With its unique features, it definitely attracts the attention of traders and is gaining popularity day by day. Because of its security features users are now preferring to use this exchange more as compared to any other. 1inch provides all the functions that a good platform can provide to the users. Therefore, it is advisable for you to give this platform a try.