Is 1inch Network Scam Or Not?

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Mrcoin

Bforum Member


1inch is a decentralized exchange (DEX) aggregator that aims to find the best rates and lowest fees for your trades. Could it be scam or not? Read our full 1inch review to find out the answer that might help you up your crypto trading game.

What is 1inch and 1inch token?​

1inch is an aggregator for decentralized exchanges (DEX) on the Ethereum blockchain. It compares DEXs like Uniswap and Sushiswap so that you can find the most profitable trading option for your trading pair across all platforms.

Like Aave and other DeFi platforms, 1inch has a governance token that gives its holders voting rights for proposed changes to the protocol. The token was launched on the 25th of December, 2020. Its distribution was inspired by Uniswap and the UNI token, and it was distributed to early users of 1inch.

The 1inch token has a total supply of 1.5 billion. Of the remaining supply, 30% was allocated to community incentives, and they will be released to everyone who participates in the governance of the protocol over the next few years.

Is 1inch token a good investment?​



1. 1inch is not regulated in U.S

1inch is not licensed to operate in the United States because its service is anonymous. Most U.S. cryptocurrency exchanges need to collect personal information from their customers to comply with anti-money laundering laws.

While 1inch has been operating for several years and seems to be a legitimate website, you still need to understand the risks. If you use an exchange that is not licensed to operate in your country, you can't seek help from the authorities if it turns out to be a scam or you somehow lose your money. In addition, the service may close down your account if authorities crack down on unauthorized exchanges. You are breaking its terms of service by using it from the U.S.

2. Is 1inch network safe to use?

While 1inch hasn't been hacked, the site has been cloned. There have been instances of people connecting their wallets to fake 1inch sites. Look for stray letters in the url (such as an 'L' instead of an 'I'). It's also worth bookmarking the correct website and avoiding promo links you see online.

3. 1inch network's feedbacks

The 1inch network has an extremely high score on Trustpilot which is 4.4 / 5. There are 13% in total 30 comments of users showing their disappointed about the project.

Most customer complaints about gas fees issue of 1inch networks that require you to pay fees for every action you take from adding liquidity to trading your crypto.



What do you think about 1inch network? Do you stand for positive or negative views? We are looking forward to hear from your thoughts
 

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