You can swap on 1inch and get the lowest available prices in the market. However, the entire process of swapping can be a bit complicated for beginners. Hence, in this article, we will focus on the steps to swap crypto on 1inch.
Table of Contents
What is 1inch?
1inch is a decentralized exchange that provides the most protected, fast, and lucrative crypto 1inch is a decentralized platform that provides the best prices by connecting to other decentralized exchanges. This way, 1inch reroutes to other decentralized exchanges while users enjoy the best price route. As a result, the platform provides the most protected, fast, and lucrative crypto transactions. In addition, the platform offers remarkable aggregation, liquidity, and limit order protocols that are helpful to the users. To know more, read our 1inch review.
Below is the step-by-step guide to swap crypto on 1inch.
The first step is to head over to the 1inch official swap web page, and you will see a description box for swap displayed on the web page.
Choose the crypto you wish to swap on 1inch
The next step is to choose the coin you want to swap and a token that you wish to have through this process of swapping your coin. Here for the purpose of this how-to guide, we have taken the coin to be Ethereum(ETH) and the token base to be UNI. So that is from Ethereum to UNI. As you can see in the image given below.
Note that we are using the 1inch DEX aggregator. However, the platform does offer other DeFi exchanges like SushiSwap and OTC. Moreover, the platform has a 1inch wallet of its own.
How much do you want to swap on 1inch?
Enter the amount. Now, while entering the amount, you will notice the platform displays an auto 1 Ethereum and estimated token received below (from-to). Do not get confused between the amount mentioned below 1; that is the fiat amount. The amount written beside your token is the estimated amount received. The platform offers a pre-calculated amount for 1 Ethereum. However, you must enter your amount and check the estimated, calculated amount of your token. You will have a clear value within seconds.
Here for the purpose of illustration, we have taken 100 Ethereum. Have a look at the image given above.
1inch transaction settings
Before we go onto the fourth step, remember a few things or terms beforehand:
- Slippage Tolerance: This is an unfavourable change in the quoted price and executed price. Note that you can also frontrun your transaction by mentioning your expected changes in terms of percentage. The platform offers 0.1, 0.5, 1, and 3% of slippage tolerance.
Note that 1% is an auto feature. You may change as per your wish. Settings that is analysed in slippage tolerance are as follows:
- Partial fill: Partial fill comes into the application when the route has several main route parts; this helps execute the transaction when the price changes unfavourably and the market comes at the worst state.
- Compatibility mode: This setting helps with tokens that may charge internal commissions on swaps or transfers.
- Use legacy transaction type: This setting is for traders whose wallet is not compatible with the protocol EIP-1559, and for this, you may pay higher fees.
- Sign permit: Here, the auto feature is that the platform will seek permission type for every swap with a token that does not have allowance with the platform. You can change this setting to “for each swap” or “for multiple swaps.”
The charges are called the “gas price.” Traders may look for either the basic or advanced setting for setting up the gas price. The traders can choose high, medium, or low from the primary setting depending on the time interval. Now the price is auto in case of basic. While in advanced settings, the traders can decide their max priority fees and max fees. The base fees is fixed and provided. Remember, the charges are charged in the unit of Ethereum that is Gwei.
Mode of Trade
In 1inch Trade users get two trading modes, that is a simple mode and a classic mode. The simple mode is the most user-friendly mode, beginners who have just begin their trading journey must try. However, the classic mode has tools that can get overwhelming for beginners. Note that here in this guide, we have used the simple mode.
Connect your wallet
The fourth step is to connect your wallet, and you can also do this at the beginning by following the page’s header. However, here in this tutorial, we will be doing it now. So first, we will be connecting our Metamask wallet.
Give your password and unlock Metamask. Remember to connect to the correct network. Here we are connected to Ethereum Mainnet, the Ethereum network.
Swap on 1inch
Once connected, you will see the “SWAP” icon active to get clicked. Click on it, and you will have it swapped. Confirm the details, and you will have your tokens in your wallet.
Frequently Asked Questions
What is the 1inch swap?
1inch swap is a DeFi aggregator that is a decentralized exchange that runs without any involvement of a third party. They help in providing the best prices to its users. It is nothing but a blockchain network that helps in the swapping and transferring of coins.
Is 1inch exchange safe?
1inch is a non-profit organization that never has access to traders’ keys and coins, making it safe.
Is 1inch cheaper than Uniswap?
The charges highly depend upon the coin the trader is swapping, the gas fees and base fees. Therefore, you must compare before transacting. Traders can see the uniswap’s charges by placing the cursor on the “i” button on the swapping description box. While for 1inch, you must look at the basic and advanced settings.
Does 1inch take a fee?
No, the platform does not charge any hidden or platform fees for the transaction taking place. Instead, there is gas fees, which includes the network and base fees.