Tag: Reviews

NAGA: Social Investing Platform Allows You to Copy the Strategies Of Popular Traders

by Blockonomi

Today, with the boom of cryptocurrencies in the finance industry, more and more people want to invest their funds online as well want to learn how to start trading with other traders.

One of the innovative fintech companies launched is NAGA which is developing a socially enhanced trading platform aiming which allows you to trade Crypto, Stocks, Commodities, Forex & ETFs.

The evolving crypto sector has been constantly developing and introducing new projects that bring traders alternative investment opportunities.

RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What Is NAGA?

NAGA is a Hamburg-based social investing platform offering access to professional trading tools for everyone around the world. Its community has reached more than 1 million worldwide users.

The platform provides the technology, resources, and assistance that are necessary for every trader to make their trading decisions. NAGA developed a lot of unique technology including its best well-known Autocopy feature which allows traders to copy each other.

Therefore, NAGA has created a unique social trading environment bringing a lot of benefits for the users.

Currently, more than 1500 assets are available on the platform for users to trade at 0% fees on crypto trading and real stock trading from 1€. In addition, the platform has designed web trader and mobile applications for both iOS and Android devices.

These also come along with professional support from a personal account manager.

Its name “Naga” means “Cobra Snake” in Sanskrit as well as it is the name of the hottest chili in the world.

Why NAGA Works in the Crypto Space

NAGA is designed to be the SUPER APP for Investing, Crypto, and Payments in the finance industry. Similar to a banking app, one NAGA account is able to be used for Investing, Crypto, and Payments.

NAGA app combines a full multi-asset trading platform including more than 1,500 assets available along with 600 real stocks for €0.99 per trade. In addition to being a mobile banking platform, NAGA is also a native cryptocurrency wallet and exchange.

In short, users can imagine that they can find any feature they need under one platform, one KYC, and one account. The NAGA platform is the combination of Crypto Exchange, Wallet, and Trading Platform for every trader.

NAGA Features

NAGA packs some great features into its platform. Here is a rundown of what NAGA clients can take advantage of.

NAGA Autocopy

As mentioned before, Autocopy is the best-known feature of NAGA. Autocopy tool was developed over 4 years and is the core feature of the platform as a unique way for traders to connect influencers and followers.

This is an easy-to-use tool that allows a new entrant to learn how to trade by spying on other professional investors, copying the strategies, or mirroring the actions of the best traders in the crypto space in real time. In addition, the tool also guarantees price execution without slippage and delays.

Everything that has the word “social” in it is blooming their popularity and user base growth. Therefore, more and more influencers or top traders turn to take advantage of the common social platforms such as Facebook, Youtube, Instagram to monetize their trading audience.

Realizing this trend, NAGA has focused on the creator economy. Creators are able to create content, execute transactions and run community accounts on which they are paid based on activity. Copiers pay €1 for each copied trade and around 35% is shared with the content creators.

The platform has tools such as a copy analytics dashboard that supports content creators to understand more their audience as well as creators can optimize their trading style.

NAGA Coin (NGC)

NAGA Coin (NGC) is added to the NAGA trading platform as a utility coin to reduce the copy trading fees on the platform. The trading Platform also requires more coverage on the main features and offering it provides.

$NGC is the platform native cryptocurrency that aims to become the chosen coin for social finance. It powers the system including NAGA Trader, NAGA DeFi, and NAGA Social Betting, where users can copy trading by creating smart contracts at decreased fees, and much more.

The project allows content creators and traders to earn money from their trading strategies with NAGA. The coin will be paid instantly into their wallets by gaining copiers on their positions.

As such, it can open more room for adoption and popularization of the NAGA Coin and can create a new wave of newcomers to the DeFi trading space. NGC is a coin for social trading. NAGA users can take advantage of the investing network to send $NGC to over one million traders worldwide at ultra-low fees.

All NAGA global users can trade $NGC as CFD and also as real crypto with the NAGA Crypto wallet. $NGC will be tradeable without leverage (1:1) and the option of shorting it.

Audiences can also save 50% on all copy fees when copying other traders on NAGA. They were previously charged $1 per copied trade, but now they can only pay ~1.1 NGC, which with the current real-time NGC/USD rate amounts to $0,50.

NAGA Coin was developed in partnership with NAGA Group AG, a German-based FinTech company that is the main partner for the project.

NAGA Pay

NAGA Pay includes a VISA debit card, an IBAN account, a brokerage account, a copy trading feature, and crypto-wallets. NAGA Pay app not only supports payments in the EEA and the UK but also is accepted by over 140 million merchants across the world because of the global recognition of VISA debit cards.

NAGA Pay is a single money app available in both IOS and Android devices allowing users to make bank transfers and send funds to friends for free within the app network. In addition, users can invest in stocks, ETFs, and crypto as well as copy the trades of other top investors with one tap.

NAGA Popular Investor

With this program, any trader will be able to share their trading strategies and portfolios with a global network of traders. When other traders copy the content of creators on the NAGA platform, the creators can get paid up to $100,000 monthly from the Popular Investors’ Fund.

NAGA Trader

This is the app that combines all the NAGA features including NAGA social neo-broker, NAGA crypto, NAGA neo-bank.

NAGA social neo-broker consists of over 1000 tradable assets, copy trading tools, self-learning personal feed, and web and mobile apps supported in 14 languages, among others.

NAGA neo-bank is a mobile banking app that is integrated into the social trading network, crypto and exchange wallet as well as IBAN and VISA debit card issuance.

NAGA crypto has launched a new NFT platform, therefore NAGA users can create and trade their works of art, music, and digital content. The wallet available on NAGA crypto will be used to make payments and store the NFTs on the Ethereum blockchain.

In addition to the existing projects that have been introduced, others such as NAGA DeFi and Social Betting are coming to introduce a social element to betting and on-chain trading.

Conclusion

Totally different from its competitors, the NAGA social investing platform is designed with newer, better, and cheaper offerings. It is an all-in-one platform for trading, crypto, payments, and social trading that allows crypto investors to seek more growth potential in making trades with cheap, and low fees.

To learn more about how to use NAGA, just click here!

Important Note: There have been reports of scammers approaching companies via Telegram, LinkedIn and Other Social platforms purporting to represent Blockonomi and offer advertising offers. We will never approach anyone directly. Please always make contact with us via our contact page here.

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Solflare Review: The Only Wallet You Need For Solana

by Blockonomi

For people who may not be familiar with Solflare, it is a multiplatform wallet that can play an important role in the Solana ecosystem.

Solflare is a user-friendly non-custodial wallet that supports users on both Serum and Solana Beach. It is one of the safest and easiest places to store funds on Solana, as well as a fully-featured wallet users need to do anything on Solana.

The crypto space is one of the most modern markets and a growing global economic force. Solflare has become the gateway for new users in the Solana Ecosystem which is blossoming in the coming months and years.

It was one of the first building blocks for Solana and has set the high standard for what users can expect to see as blockchain apps.

If you want to learn more about how to enter the Solana blockchain, or are looking for a new wallet, check out Solflare!

What Is Solflare?

As the first wallet ever built on the Solana platform, over 24% of the entire circulating supply of Solana is currently staked via the Solflare platform.

As a result, Solflare has established itself not only as a powerful and easy-to-use web wallet but also as the safest and most secure place to stake Sol in the Solana ecosystem.

It allows Solrise, an established brand among the Solana community, to store its funds by using either a mnemonic phrase or a ledger device.

In addition to swapping from token to token, store and view NFTs with full metadata, users can also stake their Solana, or do whatever they need to do within the Solana ecosystem. Most recently, it has been launched a major re-release called Solflare X.

Its vision is to assist new users of the Solana ecosystem to hit the running and get active on the chain as fast as possible, Solflare makers have created a suite of services that offer mass-appeal to users coming to Solana.

By allowing users to pool their investments behind talented fund managers will also enable non-traders to access some of the best returns in DeFi as well as professionals to access a new source of fund capital.

As a part of the Solrise ecosystem of products, Solrise’s token, $SLRS is set to use more in the strategic plans.

Key Features

Solflare is a multiplatform wallet, it is available as a web wallet on both desktop and mobile, as well as a browser extension for both Chrome and Firefox.

The platform is designed to be as easy to use as possible. A Solflare Academy knowledge base is there for newcomers to Solana to learn about everything in the Solana ecosystem.

Besides, 24-word mnemonic phrases, ledger integration, and more safety features are also coming soon which will make Solflare a safer place to store funds rather than other wallets in the space.

Solflare features an integrated swap which is available on all versions of the wallet allowing users to trade between tokens with no need to leave the wallet.

In addition to owning a support team 24/7 for help and advice on interacting with the Solana ecosystem in general, Solflare also has deep support for NFTs through comprehensive coverage of metadata and the ability to view all sorts of NFTs including audio, video, and VR within the wallet.

Signup for your free wallet here.

Solflare X

Solflare X is the biggest update in Solflare’s history that has been overhauled the UX in response to user feedback to bring every aspect of using the web wallet much easier, mainly focusing on staking.

An addition of deep NFT support with audio/video playback features among the support for NFT metadata can offer users a full NFT experience on Solana for the first time.

Who Will Love Solflare?

With the safety and accessibility-focused design, Solflare targets two types of users, including holders who want to manage significant amounts of crypto, and users who are new to DeFi and want an easy-to-use wallet that they can trust completely.

By releasing a Solflare Academy knowledge base and further safety features, the team plans to expand its service and attract more new users dramatically.

The Team Backing Up Solflare

The team was co-founded by Vidor, Matt, and Filip who have high experience in the industry, who are also responsible for Solana Beach and Solrise Finance alongside Solrise Pulse.

This group has been building together in crypto for over half a decade by impressing with the level of developer support available for blockchain and cryptocurrency space, that was how they ended up releasing the original version of Solflare and continued their roadmap.

The Solflare maker team also was one of the first teams to get heavily involved in Solana.

Vidor bought his first BTC in 2011 and started building in crypto in 2016. Vidor met the other co-founders of Solflare, Matt when he was hired by Matt to serve as a contractor back in the day to build a credentials-tracking blockchain for the NHS which was on behalf of a medical startup in the UK.

A few months later, Vidor met Filip when he had participated in another project to structure their token metrics.

In the past, the team participated in a lot of early development on Ethereum and started to realize how huge the impact of good on-chain dev work could be.

Doing a lot of enterprise blockchain work after that gave the team co-founders a real understanding of how to design and execute on blockchain architecture to build on brand-new networks including Cosmos/Tendermint, Polkadot, NEAR, and a bunch of others.

The team chose to back Solana since it is a very comfortable place to build due to Solana’s incredibly friendly, and supportive ecosystem.

Realizing that they had ended up with $2B in AUM on an app that was built to get familiar with Solana, that was a point to encourage the team to drop everything and go completely all-in on this chain.

Currently, the team has developed various block and transaction synchronization algorithms following the blockchain at the speed which moves and supports them with the possibility to request on-demand synchronization if the users access older data.

Why Should I Use Solflare?

Solflare is a multiplatform wallet that owns a fully-function that users can do whatever they need to do within Solana.

It allows users to easily swap from token to token and stake tokens. It is also the safest place for users to store funds and view NFTs with full metadata in the Solana ecosystem.

At an ecosystem level, its effort to build guides and supporting materials for new entrants bringing the UX and overall experience super slick while also providing a clear fiat on-ramp.

In addition to providing its traditional web wallet feature, Solflare has recently expanded to include a browser extension available on both Firefox and Chrome.

Users can get quick and easy access to their wallets from a browser extension that can be accessed from any website.

On another hand, the Solflare Mobile app is hitting the markets soon which is expected to make it even easier to use Solflare from wherever.

According to the Solflare wallet stats, it had achieved 20% of all circulating SOL being staked on the App. The Solrise testnet trading competition, DAWN, had reached 60K signups with verified Twitter accounts and wallets.

Clearly, this is a wallet that offers a lot, and has found a growing user base.

For more information about Solflare – please click here!

Important Note: There have been reports of scammers approaching companies via Telegram, LinkedIn and Other Social platforms purporting to represent Blockonomi and offer advertising offers. We will never approach anyone directly. Please always make contact with us via our contact page here.

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Crypto Millions Lotto Review: A Breakdown of The World’s Largest Bitcoin Lottery Site

by Blockonomi

Crypto Millions Lotto is a global digital lottery platform where you can play lotteries using bitcoin. The company is fully operational in over 180 countries and is licensed by the Government of Curaçao. Crypto Millions Lotto is the official online lottery partner of the Serie A club, Atalanta B.C. Its parent company, Wilmington Holdings Plc, also manages Lucky Gift Cards, another similar model to Crypto Millions Lotto.

The company chose bitcoin over other digital currencies, such as Ethereum, because of its ease of use and popularity, making it easier for virtually anybody in the world to play lotteries without worrying about huge gas fees. Plus, the platform aims to reduce the amount of taxes encountered in fiat-based online lotteries, whereby after winning draws, you may end up losing a lot to taxes.

In the US alone, billions of dollars’ worth of lotteries remain unclaimed every year due to reasons like the loss of lottery tickets and all that. With Crypto Millions Lotto, you can track and monitor your earnings using the platform’s unique “Check Results” option and get paid the same day you win.

Crypto Millions Lotto boasts as the world’s most popular digital lottery site. However, this article will take a total breakdown into the features offered by the company, giving you room to decide if it is worth playing lotteries with your bitcoin on this site.

Crypto Millions Lotto Offering

Crypto Millions Lotto offers large jackpots ranging from $10 million to over $200 million in cashouts. You sign up using your email and a password and fill in the necessary information about yourself. You must be 18 years and above to join. After signing up, you get to make a deposit, but instead of cash, you deposit bitcoin and enter draws or play available games.

You can see the cost of various entries in the “Play Now” section. Results are the same as the outcomes of the ones displayed on the dashboard as in Euromillions, LottoMax, 6aus49, UK National Lottery, and more. You can participate in instant wins, slots, and scratchcards, assuming you want to give it a try. Crypto Millions Lotto claims to insure all jackpots, and it pays out winnings the same day using bitcoin. Jackpots can take up to a month to payout with winners needing to provide ID and proof of residence.

You can also play games and casinos on Crypto Millions Lotto using microbitcoins. A microbitcoin (μBTC) amounts to 0.000001 BTC. The platform also allows users to play some cool games using μBTC. Some of its games are poker cards, such as Triple Edge Poker Cards, Black Jack, Caribbean Poker, Super Reno, etc. You may also explore its games such as Ali Baba, 777Heist, Bonnie & Clyde, and over 30 others.

But needless to say, Crypto Millions Lotto focuses more on digital lotteries than on games and casinos and has fewer game options compared to other competitors in the same industry.

Welcome Bonuses

It’s almost customary to say that online lottery platforms always offer welcome bonuses to new members. Crypto Millions Lotto isn’t left out on this one. When you sign up, the platform allows you to play 6 lotteries for free. That’s one free entry on each of its six international lotteries:

  • Oz Lotto

  • SuperEnalotto

  • Mega Sena

  • UK National Lottery

  • 6aus49

  • LottoMax

The cool stuff about this is that you don’t have to make an initial deposit to access the free lottery slots.

Regular Promotions and Loyalty Programs

Crypto Millions Lotto offers promotional programs and bonuses. Through its refer a friend and affiliate programs, you earn bitcoin when you promote the company. According to Crypto Millions Lotto, the affiliate program has a minimum withdrawal of 0.0003BTC, making it easier for affiliates to cash out without hassles. There is also no restriction on withdrawal periods for affiliate earnings.

For emphasis, you only earn bitcoin from the refer a friend or affiliate program when your friends or anyone joins the platform using your link (and not necessarily word of mouth). It doesn’t stop at joining; the referee must make deposits and enter draws too.

Once you enroll in the affiliate program, you get to monitor your earnings on a real-time basis. As an affiliate, you earn up to 15% of top line sales gross revenue when your referee buys a ticket and 5% cashback of any jackpot your referee wins. Affiliates whose referees play Crypto Millions Lotto casino games can enjoy 25% – 35% share of the monthly net revenue.

The affiliate program is very active, and you can join by completing a form. Once fully registered, the system assigns an affiliate account manager to you. You can proceed to promote the company using dedicated banners, on social media, through videos, and through your review websites or blogs.

To do that, toggle to “My Account” and get your unique referral link. You can track earnings and use them to play games and lotteries that are available on the platform.

Payment Method

As stated earlier, bitcoin is the only currency Crypto Millions Lotto allows. If you’ve got your money in any other currency (crypto or fiat), you’d have to first convert it to bitcoin before you can use this platform.

The minimum deposit amount it allows is $12.50 worth of bitcoin. As of July 23rd, 1BTC is $32,216. That means $12.50 is equivalent to 0.000388BTC. If you input any amount of BTC less than the minimum amount, the system will return an error message. Due to the volatile nature of cryptocurrency generally, it’s advised you aim for a deposit amount that is above the $12.50 mark.

To deposit bitcoin to your account and enter draws or play games, you must have a digital wallet with a unique wallet address. After signing up and setting up your account, you can toggle to “My Account” and select “Add Funds.”

Crypto Millions Lotto gives each user a unique BTC address that you will have to copy to your bitcoin wallet to transfer the adequate funds into your Crypto Millions Lotto account. Click on “Get Wallet Address” to get your unique address. You can start entering different numbers of draws after you have funded your account.

The method applied to using bitcoin to play games on Crypto Millions Lotto is the same as that of a casino where you buy plastic chips with money or credit cards, and after winning games, you earn the same plastic chips which you can sell back to the cashier or keep for next time. Since Crypto Millions Lottery is entirely digital, you get to play directly using bitcoin as both your digital chip and money.

Although the minimum deposit is $12.50, you can play any game or lottery on the platform with as small as a microbitcoin (0.000001 BTC). Since there is no definite regulation for the amount to use for an entry, you can use as much bitcoin as possible and have as many entries as possible. Remember, the higher the value of the bitcoin you use for an entry, the more money you are likely to earn.

You get credited once the live draw goes in your favor and even more when it is a jackpot. This is unlike ordinary or traditional lotteries where you may have to wait or visit lottery centers to claim lotteries, plus cases of missing tickets may occur, and taxes may apply. In Crypto Millions Lotto, you not only get rewarded and withdraw your earnings the same day; you are free from paying taxes on them too.

Mobile Offering

While Crypto Millions Lotto does not have a mobile application or desktop software, it operates as a website, meaning you can only visit their official website, www.cryptomillionslotto.com, to play. The website is mobile-compatible, with features still in place as though on a desktop. Its website is enough to give you all the experience you may be looking out for in an app and is supported by all browsers.

Due to its lack of a mobile application, the platform doesn’t have any special offers for mobile users.

Usability

Crypto Millions Lotto has the look and feel of the contemporary lottery site, with lots of offers here and there. Yet, it’s simple, easy to access and navigate. We can say that the simplicity of the site and the color choice makes it pretty welcoming and user-friendly.

Prior to signing up, you can see all the lottery and gaming options available to give you an idea of what you are yet to experience when you sign in. There are so many features and a wide range of options available on the website.

You can check out lottery prices in your country’s currency and translate the site to your country’s language to better understand the platform. You do not need to be an online gaming nerd to get started with Crypto Millions Lotto. By just looking at the platform, you may probably get a complete scope of what it offers and how to find your way around.

Thumbs-up for the placement of the static Crypto Millions Lotto logo at the top left-hand corner of the site. It’s at a conspicuous area, allowing you to easily find your way back to the “genesis” if you get lost in the site. For a first-time user, you may also appreciate the static menu on the site’s header.

The menu features: Getting Started, All Lotteries, Casino, Check Results, and Refer A Friend. This menu leads to arguably 80% of all the important stuff on the site. And on the right-hand side, you get to log out, access your account info, and also see your balance staring you in the face.

Once more, the perk here is accessibility. However, the width of the header looks relatively large, especially when viewed from a mobile device.

Privacy and Security

Your information and payment details are kept private and anonymous. With blockchain technology being adopted by the platform, you are even safer because payment details are secure and encrypted. What this means is that although they are permissionless and visible to the public, your status and personal information remain unknown to the public.

Crypto Millions Lotto also claims to offer a secure system and approach to validating and processing your transactions. Due to its use of blockchain technology, the site’s activities and mode of operation are straightforward and transparent. Your payment information is not stored in their database; rather, it is recorded on the bitcoin blockchain network.

Its privacy and security cover only information regarding your status and payment details. Other cases, such as someone accessing your account without your notice, may not be covered in its security system and require you to be very careful on how and where you access or reveal your login information in public.

Also, losses are another security not covered in their “terms of service” because the outcomes of lotteries are not associated with Crypto Millions Lotto but with the respective live draws, which are always open. You are solely responsible for the entries you make and the games you play, and Crypto Millions Lotto has no direct control over your results.

Generally, compared to fiat-based lottery sites, crypto lottery platforms such as Crypto Millions Lotto raises fewer trust issues, especially because you have no fear of having your credit card information abused or exploited. Moreover, there hasn’t been any news of data breaches on Crypto Millions Lotto since it began operation in 2020.

Customer support

No matter how awesome a platform may claim to be, you’ll eventually run into glitches or hiccups someday. That’s why you should focus on joining only lottery platforms with active customer support services.

Crypto Millions Lotto has a commendable customer support system, which it claims has a maximum of 48-hour response time. But before you reach out to them, you may want to check if your query is already answered on the “FAQ” page.

FAQs are on every page of the Crypto Millions Lotto website. There is an FAQ for virtually every question you need to get you going. FAQs are updated regularly; always check them out. Its blogging section has tons of resourceful information to get you up and going in your digital lottery journey on the platform.

If the FAQ doesn’t do justice to your query, you should explore any of the site’s available support options. You can find its Live Chat support on your screen as a floating blue icon with a “help?” tag. Alternatively, you may reach its customer service through email at  support@cryptomillionslotto.zendesk.com or info@cryptomillionslotto.com.

They’ve also got an active phone line (+44 207 117 2455) that promises a quick response. The last option at users’ disposal is to contact the company via mail, sendable to:

Ofertas365 (Curaçao) N.V.

PO Box 6248

Kaya Richard J. Beaujon Z/N

Curaçao

Or

Wilmington Holdings PLC

7 Bell Yard

London WC2A 2JR

UK

All these customer support options are relatively enough to fix most of the issues you may have. However, we appreciate the transparent posture of Crypto Millions Lotto to realize that these options are not always enough. In several instances, users of lottery platforms have seen tangible reasons to escalate complaints beyond the management of the concerned platforms.

You may opt for a lawsuit or a formal complaint to the regulatory body where the platform is registered. In the case of Crypto Millions Lotto, the company, on its “Complaints” page, advised users to file official complaints to either the Department of Legal and Judicial Affairs of Curaçao or Curaçao Internet Gaming Association. These organizations may advise if there is a need to pursue legal actions.

Pros and Cons

Crypto MillionS Lotto has a fair share of good sides, as well as bad sides. Here’s a breakdown of the pros and cons of using Crypto Millions Lotto.

The pros include:

  • The adoption of bitcoin as the only traditional means of making and processing transactions on Crypto Millions Lotto makes it easy and secure to use the platform.

  • It has excellent and responsive customer service.

  • The website is easy to navigate and user-friendly.

  • Your information is protected and kept anonymous.

  • You can have multiple entries on Crypto MillionS Lotto.

  • You get paid the same day you win draws and can have multiple withdrawals.

  • You do not pay taxes on wins.

  • Crypto Millions Lotto has a worldwide presence in over 180 countries.

The cons, however, include:

  • Speed can be an issue in countries with slow uptimes and not-so-fast ISPs.

  • Winning is not guaranteed on any lottery site.

  • Only one digital currency is accepted.

  • Crypto Millions Lotto focuses more on Lottery than its online games and therefore has limited game options, although this increases by the week.

  • No mobile application

Conclusion

Crypto Millions Lotto claims to be the largest bitcoin lottery site and offers great features befitting an excellent digital lottery site. With bitcoin, you have the freedom and flexibility to enter draws and play e-games and stand the chance of winning on the big stage.

You just need to have bitcoin to get started. The concept employed in normal online lotteries is virtually the same in Crypto Millions Lotto but with better features. Crypto Millions Lotto is licensed by the Government of Curaçao and acts in accordance with the international lottery laws with licenses from the government of the states and countries they operate in.

Crypto Millions Lotto is secure and values your privacy. The fact that bitcoin is the only medium of transaction makes it easier for the company to handle payment fast and securely.

Unrestricted entries are another great feature offered by Crypto Millions Lotto. You can enter as many entries as possible. You can as well start with as little as a microBTC (0.000001) and choose numbers that would possibly be the outcomes during the National Lottery live draws. Crypto Millions Lotto pays you instantly, no matter how big your jackpot may be. Your payments are private, anonymous, and properly insured by the world’s leading prize indemnity insurer.

Suppose you have any reason to file a complaint against the platform. In that case, you may use any of its customer support media or contact the Department of Legal and Judicial Affairs of Curaçao and/or Curaçao Internet Gaming Association.

Important Note: There have been reports of scammers approaching companies via Telegram, LinkedIn and Other Social platforms purporting to represent Blockonomi and offer advertising offers. We will never approach anyone directly. Please always make contact with us via our contact page here.

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CryptoTaxCalculator Review: Simplify Your Cryptocurrency Taxes

by Blockonomi

With the continued growth of the cryptocurrency ecosystem, millions of people around the world have started investing in the crypto market to take advantage of the unique opportunities it provides to generate income in different ways.

CryptoTaxCalculator was created to help crypto investors in the United States, Canada, New Zealand, United Kingdom, and Australia, identify which taxes they are subject to when it comes to crypto investments easily and automatically.

You can ensure that you don’t incur the IRS’s, or your local tax agency’s wrath in the future.

As crypto investment grew, so did the oversight of governments around the world who started not only regulating access to cryptocurrency buying services but also decided to tax crypto holders as they would with other types of property.

One of such countries was the United States, with the internal Revenue Service (IRS) classifying cryptocurrencies as property, making those investors who sold, traded, or used crypto as a payment method at some point subject to capital gain taxes.

CryptoTaxCalculator: Making Crypto Investment Easier

The taxing process is one of the most complex bureaucratic procedures in any country, requiring millions of people each year to go through a painstaking process to calculate how much taxes they have to pay, with cryptocurrencies being one of the most unknown areas when it comes to calculating.

While multiple solutions have been created to facilitate the calculation of how much should be paid in taxes each year there are a lot of doubts and a low number of platforms that have integrated such features when it comes to cryptocurrencies.

What is CryptoTaxCalculator?

Created back in 2018 soon after the Initial Coin Offering (ICO) boom of 2017, CryptoTaxCalculator was created as a solution to traditional tax assistance software to deal with the calculation of complex crypto transactions efficiently.

Shane Brunette, a software engineer with a Master’s in Artificial Intelligence and a double degree in Psychology/Economics, shared his proof of concept on Reddit and used the feedback to create the prototype of what would become CryptoTaxCalculator.

Version 2 of the product was launched in 2020, supporting over 100 crypto exchanges without requiring its users to run complex calculations or procedures.

Generate your tax reports


Generate your tax reports

Normally, crypto investors will have to invest days of bookkeeping and manual calculations when dealing with taxes. If a user has been investing in Decentralized Finance (DeFi) protocols, the process could take even longer and be significantly more difficult.

CryptoTaxCalculator will automate the process of tax calculation by directly connecting to the user’s exchange information, categorizing transaction history, and processing the information to generate tax reports depending on the assessment.

How Does CryptoTaxCalculator Work?

CryptoTaxCalculator works by connecting to a user’s exchange data by using an Application Programming Interface (API) or Comma Separated Values (CSV) files, a process that is simpler than it sounds from the acronyms, or to their public wallet address.

Once it connects to the data source(s), the tool will automatically import the information to process it and generate a tax report based on the specific obligations of the user, automating all of the processes.

With CryptoTaxCalculator, users can connect to more than 100 exchanges and platforms to automatically import their data.

Support for every exchange


Support for every exchange

It operates with the most popular platforms such as Binance, Binance.US, BitFinex, BlockFi, Coinbase, Bybit, Coinbase, Crypto.com, Kraken, Huobi, Ledger Wallets, Uniswap, Yoroi, and many more.

If the exchange or platform you are using is not in the list of compatible platforms, you can contact CryptoTaxCalculator’s support team to get assistance on how to import the data to get your tax reports as fast and easy as possible.

Something else you should keep in mind is that CryptoTaxCalculator also offers support for Non-Fungible Tokens (NFT), which are a developing niche in the crypto ecosystem not supported by similar tools.

How Much Does CryptoTaxCalculator Cost?

CryptoTaxCalculator works with an annual subscription model which you can use to generate reports for all previous tax years, instead of paying for a single annual report.

This means that if you need to amend a report due to forgetting to add a waller or similar incident, you won’t need to pay extra.

There are 4 tiers to choose from, with all of them including a 30-day money-back guarantee that you can take advantage of if you are not satisfied with how the platform works.

Pricing Options


Pricing Options

At this time. these tiers start at $49 a year and can go up to $299, with the difference being the number of transactions supported.

The “Rookie”, ”Hobbyist”, and “Investor” tiers offer the same features but different transaction limits of 100, 2500, and 1000 transactions respectively. The features included on these tiers are:

  • Unlimited Exchanges

  • Exchange API Sync

  • CSV File ImportFIFO, LIFO, & Specific ID

  • Capital Gains Tax Report

  • Income Tax Report

  • Inventory Report

  • Online Chat Support

  • Covers all tax years from 2013-2021

The “Trader” tier is the most expensive of the fourth but supports 100k transactions and includes all of the other plan’s features plus support for trading as a business and comparing taxing strategies.

The Team Behind CryptoTaxCalculator

CryptoTaxCalculator was founded by Shane Brunette as the result of his own experience when doing his taxes during 2017 as Australia was one of the first countries to create legislation around cryptocurrency Taxation.

He is a software engineer with a Masters’s in Artificial intelligence, a double degree in psychology and economics, and years of experience in the cryptocurrency market at the time of developing the platform’s prototype.

While Shane is the Founder and Chief Executive Officer (CEO) of the company, his brother Tim Brunnete acts as the Chief Technology Officer (CTO).

Tim worked as a software engineer for Accenture for many years and also holds a Master in Artificial Intelligence, with the addition of an undergraduate degree in Space Engineering

In addition to the brothers, the company works with multiple accountants and software engineers to constantly improve the platform based on users’ feedback. while also providing top-notch customer service.

Who Needs CryptoTaxCalculator?

CryptoTaxCalculator is designed to help accountants and cryptocurrency investors of all levels who live in a country with strict tax regulations that require them to pay taxes for their cryptocurrency transactions and/or holdings.

DeFi users, Day Traders, and Crypto Investors who are not familiar with tax laws or want to automate the process to ensure their tax reports are correct can make use of the tool to free themselves from the trouble and worries that tax season brings, especially at a time when crypto regulations continue to change around the world.

At this time, the platform supports English-speaking countries like United States, Canada, New Zealand, United Kingdom, and Australia, but support for other countries could be added in the future.

Take a Look at CryptoTaxCalculator

No matter how much experience someone has paid taxes, tax season will always be one of the most important and stressing seasons in any given fiscal year.

With the crypto industry being young and governments still getting familiar with it, crypto investors have an added reason to worry about it.

Automation tools like CryptoTaxCalculator are an easy way for investors to ensure they are correctly paying their taxes to prevent any issues in the long-term which could be costlier than the taxes themselves.

While there are other tools available for crypto investors, it is important to ensure you choose one that offers good customer support, supports your country, and is up-to-date when it comes to types of digital assets, exchanges, and platforms.

Making use of such a tool can not only prevent issues for you but also save you money when paying taxes as in certain situations you might see a reduction in the amount you need to pay as a result of your crypto investments.

It doesn’t matter if you are looking for security, simplicity, detailed reports, or just to have more time to invest in a hobby (or crypto), CryptoTaxCalculator is one of the best ways to achieve that.

993

Source

Tagged : /

1inch Exchange Review: A Leading DEX Aggregator

by Blockonomi

DEX ‘aggregators’ are one of the latest developments in the thriving digital currency market. Such providers allow you to tap into high liquidity while at the same time – benefit from better pricing.

1inch Exchange is a non-custodial DEX aggregator that rolls these advantages into a single platform.

In this review, we take a close look at the ins and outs of what 1inch Exchange offers.

Visit 1inch Exchange

What is 1inch Exchange?

While 2020 left the larger share of the financial sector in disarray, the decentralized finance (Defi) market has had a propitious year. Traders from across the globe ventured into this alternative financial industry – in hopes of benefiting from ever-increasing market volatility.

Not only have we seen an increase in fund inflow, but a range of new and exciting trading innovations have since entered the space. One such example is that of DEX aggregators.

At the forefront of this is 1inch Exchange. The platform sources liquidity from various exchanges and uses smart contract technology to enable the optimization of trades.

1inch Exchange


1inch Exchange

The platform was established in 2019 by two Russian developers – Sergej Kunz and Anton Bukov. 1inch Exchange integrates seamlessly with many popular DEX’s such as the Balancer, Kyber Network, Uniswap, Oasis, Moonswip, and more.

In other words, you will find it easy to swap any kind of ERC-20 token at the click of a button. At the moment, the exchange currently supports over 250+ digital currencies.

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.

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.

This eliminates the need for you to check multiple exchanges simultaneously to verify whether you are getting the best rate. All in all, 1inch Exchange makes the process much easier and time-efficient.

How Does 1inch Exchange Work?

1inch Exchange uses its API technology to locate the best possible routes for a token swap, subsequently dividing a trade across several exchanges.

As 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.

In effect, 1inch Exchange intends to address the drawbacks of the wider DEX marketplace. That is to say, expensive transaction cancellations and high slippage that results from thin order books.

How to Start Using 1inch Exchange

The most notable feature of 1inch Exchange is that you do not have to create an account to begin trading. Instead, you link your ETH wallet, and can begin swaping currencies straight away.

1inch Exchange offers integration with numerous cryptocurrency wallets that will store your digital coins. This means that 1inch Exchange does not have access to your token.

In other words – you are in complete control over your crypto-assets. This is crucial from a safety perspective.

How to Swap on 1inch Exchange

Here is a step-by-step walkthrough on how you can start swapping coins on 1inch Exchange:

Step 1: Connect your ETH Wallet

You have the option to connect your ETH wallet right from the homepage.

1inch Exchange currently supports the following cryptocurrency wallets:

  • Web3

  • WalletConnect

  • WalletLink

  • Ledger

  • Portis

  • MEW

  • Torus

  • Fortmatic

  • Authereum

  • Bitski

Once you have accepted the terms and conditions, you can simply scan the QR code to connect the platform with your wallet.

Connect Your Wallet


Connect Your Wallet

Step 2: Select the Token

With your wallet linked, you can choose which digital tokens you want to exchange. 1inch Exchange will show you a comparison chart with exchange rates from different DEX’s.

You will also be able to compare individual rates to the best rate available.  To give you a clearer picture, 1inch Exchange also includes a few centralized exchanges and their respective rates.

Note: If you are not able to find your required token from the menu, it is because the asset has not been whitelisted yet. In this case, you can apply for the coin to be whitelisted or add it as a custom token by entering the respective address.

Select which tokens to swap


Select which tokens to swap

Step 3: Swap Tokens

When you are ready, you can proceed by clicking ‘Swap Now.’

1inch Exchange will once again present you with all the required details so that you can verify and confirm the transaction.

You can approve the corresponding transaction in your wallet, and the trade will be executed on the blockchain.

And that’s it! – You have just placed your first trade on 1inch Exchange at the best rates possible.

Swap Token


Swap Token

Note: 1inch Exchange also allows you to enter your swap position at a price favorable to you via a limit order. You simply have to place the limit order at your target entry price and it will be filled by whichever DEX meets that price. The only thing to remember is that the limit order feature only works with ER20 standard tokens.

As 1inch Exchange is non-custodial, it will constantly need to interact with your cryptocurrency wallets. If you’re looking for a handy shortcut, you can simply enable the ‘infinity unlock‘ gesture.

Once selected, all trading activities will be executed without interacting with the app – essentially reducing your gas fees.

1inch Exchange Features

As a DEX aggregator, 1inch Exchange seems to be performing well – delivering on all its promises. That said, the platform has much more in stock for cryptocurrency traders.

Take a look at what 1inch Exchange offers other than its core aggregator service.

1inch Exchange Token

The 1inch Exchange token is one of the latest endeavors of the platform. It can serve as both a utility token and a governance token.

The token runs on the Ethereum blockchain and will be distributed across wallets that have previously interacted with the 1inch Exchange platform – under certain conditions.

1inch Governance Token


1inch Governance Token

At the moment, there is a total supply of 1.5 million 1inch Exchange tokens. As of 26th December 2020, 6% of the total supply is in circulation. The next 30% will be distributed within the next four years, and the remainder at various intervals.

As a trader, you are eligible for a 1inch Exchange token if you meet one of the three conditions set by the platform.

  • You should have executed at least one trade before 15th September 2020

  • You should have completed at least four trades in total

  • These trades should be worth a total of at least $20.

If you fulfill the above requirements, you can redeem the token directly from your cryptocurrency wallet that is connected to the 1inch Exchange platform.

Any tokens available for you to claim will be displayed under ‘your 1INCH breakdown’ from the wallet.

1inch tokens


1inch tokens

1inch Exchange CHI Gas Token

When sending and receiving Ethereum, ‘gas’ is the fee charged by ETH blockchain platforms. In simple words, you can compare gas to a transaction fee.

Gas is calculated based on the computational effort it takes to execute a trade on the DEX. The more complex the operation, the more gas it will require. As such, it is impracticable to predict specifically what gas fee you will pay.

The CHI Gas Token, otherwise known as “CHI,” is an ERC20 token that will help you reduce this transaction fee on 1inch Exchange.

The value of CHI is pegged to the gas price set by the ETH network. Meaning – when the ETH gas price declines, as will the value of CHI (and vice versa).

But, there is one key difference that will help you save money when using CHI. When you are buying CHI, you get to save 1% in fees compared to GST2 (ETH GasToken).

And, if you are selling (burning) CHI, you can save 10% in comparison to GST2.

You can mint or buy CHI Gas Token directly on the 1inch Exchange platform. Once you have the token available in your wallet, you can activate it to reduce the gas cost of future transactions.

1inch Exchange Mooniswap

Mooniswap is 1inch Exchange’s answer to the popular Automated Market Maker (AMM)- Uniswap.

These are smart contracts that are responsible for the liquidity pool of ERC20 tokens. In simple terms, this can effectively prevent slippage, allowing you more control over how you enter cryptocurrency trades.

1inch Exchange Fees

1inch Exchange, as an exchange platform, does not charge you any fees or commission to use its services. However, as we mentioned, you are liable to pay for the gas cost of your transactions.

That said, if you activate CHI Gas Tokens, it is likely that your gas fee will be considerably reduced.

Note: 1inch Exchange is a DEX aggregator, so your trading fees will largely depend on which DEX you use to fill your order. It is best to refer to the fee structure of these individual platforms before executing your trades.

According to 1inch Exchange, their main aim is to ensure the best swap rates for its users. As such, adding any additional charges on top of the DEX fee will not serve that goal.

1inch Exchange Deposit and Withdrawal fees

Apart from trading fees, 1inch Exchange also relieves its customers from paying any deposit or withdrawal fee.

This means that you only have to concern yourself with the charges that come with your wallet and the respective DEX platform(s).

Moreover, we should note that 1inch Exchange has no relationship with fiat currency. As such, novice crypto-investors with limited crypto-assets will find the platform somewhat restrictive.

In other words, you will first have to acquire cryptocurrency and deposit the coins in one of the platform’s integrated wallets. Only then can you take advantage of the swap rates offered by 1inch Exchange.

1inch Exchange Security

As for most DeFi solutions – safety is the primary concern for all traders.

At the risk of repetition, 1inch Exchange is a non-custodial DEX aggregator so it does not have access to your cryptocurrencies. This means that your assets are not held on the platform – unlike other centralized exchanges where you have to deposit funds for trading.

In addition, you will be pleased to hear that 1inch Exchange so far has a reputation of not suffering from security threats or hacks. As you are not providing any personal information, you need not worry about data breaches.

1inch Exchange Customer Support

The exchange platform has made sure that you can reach the customer support team through multiple channels. If in need of support, you can try one of the following:

  • Email support

  • 1inch Exchange Help Center

  • Live Chat

  • 1inch Exchange support group

  • Telegram group

Furthermore, the platform is also active on social media channels such as Twitter and YouTube.

1inch Exchange Exchange Pros & Cons

To help your decision-making process, we have created a list of pros and cons based on our user experience.

Pros

  • 1inch Exchange maintains a good track record of no security breaches or hacking incidents.

  • The interface of the platform is clear and easy to navigate.

  • There are no additional fees involved in using the service – you only have to pay the network fee.

  • As a DEX aggregator, 1inch Exchange ensures high liquidity on your cryptocurrency trades while limiting the exchanges to a single transaction.

  • The CHI Gas Tokens are beneficial if you want to reduce your transaction costs further.

  • The novel AMM Mooniswap allows you to avoid slippage and subsequently take control of your entry price.

Cons

  • The platform is not accessible for traders who do not own cryptocurrencies.

  • Though there are numerous tutorials, beginner traders might still find the platform somewhat challenging.

  • While being a non-custodial platform, some traders might find the lack of fiat deposit methods discouraging.

  • The “Infinity Unlock” might turn out to be a potential point of attack in the future. Unlocking each transaction separately could be both time-consuming and expensive – but it is more secure in comparison.

Why Should You Choose 1inch Exchange?

Overall, we find that the innovative tools and features offered by 1inch Exchange certainly outweigh the drawbacks. The platform has done an excellent job in tackling some of the pressing issues that are currently downgrading the growth of the Defi ecosystem.

For one, it makes way for more liquidity, as this is something that the DEX space has suffered from in recent times. This lack of liquidity is largely a result of a fragmented DEX arena.

As such, large-volume trades suffer from significant slippage – resulting in high costs for trade execution.

1inch Exchange solves this by splitting the orders across multiple exchanges – yet keeping the trade to one transaction.

But above all, it gives you an easy solution to compare the rates offered across different decentralized exchanges. You can review the price and liquidity on each platform, along with the respective gas fee.

For a seasoned trader, this can save a significant amount of time wasted by assessing multiple exchanges and their order books.

1inch Exchange Exchange: The Verdict?

As we have discussed in this review, liquidity continues to be a significant concern on decentralized exchanges. 1inch Exchange has done an excellent job in solving this issue.

Additional endeavors, such as the CHI Gas Token and the Mooniswap tool, are also notable.

That said, the platform is more suited for traders with a bit of experience in the DEX scene.

Ultimately, if the platform adapts itself to investors across all levels, THEN 1inch Exchange could emerge as one of the leading trading platforms for the rapidly evolving DEX ecosystem.

Visit 1inch Exchange

1inch Exchange

1inch Exchange Review

Ease of Use


9.0/10

Reputation


9.0/10

Fees


9.0/10

Customer Support


8.0/10

Payment Methods


9.0/10

Pros

  • No Security Breaches or Hacksa

  • Excellent Interface

  • No Fees apart from Network Fees

  • Good Liquidity

  • CHI Gas Token to Save on Transaction Costs

Cons

  • No Fiat Options

  • Beginners Might Find Hard to Use


1,028

Source

Tagged : / / / / / / /

1inch Exchange Review: A Leading DEX Aggregator

by Blockonomi

DEX ‘aggregators’ are one of the latest developments in the thriving digital currency market. Such providers allow you to tap into high liquidity while at the same time – benefit from better pricing.

1inch Exchange is a non-custodial DEX aggregator that rolls these advantages into a single platform.

In this review, we take a close look at the ins and outs of what 1inch Exchange offers.

Visit 1inch Exchange

What is 1inch Exchange?

While 2020 left the larger share of the financial sector in disarray, the decentralized finance (Defi) market has had a propitious year. Traders from across the globe ventured into this alternative financial industry – in hopes of benefiting from ever-increasing market volatility.

Not only have we seen an increase in fund inflow, but a range of new and exciting trading innovations have since entered the space. One such example is that of DEX aggregators.

At the forefront of this is 1inch Exchange. The platform sources liquidity from various exchanges and uses smart contract technology to enable the optimization of trades.

1inch Exchange


1inch Exchange

The platform was established in 2019 by two Russian developers – Sergej Kunz and Anton Bukov. 1inch Exchange integrates seamlessly with many popular DEX’s such as the Balancer, Kyber Network, Uniswap, Oasis, Moonswip, and more.

In other words, you will find it easy to swap any kind of ERC-20 token at the click of a button. At the moment, the exchange currently supports over 250+ digital currencies.

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.

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.

This eliminates the need for you to check multiple exchanges simultaneously to verify whether you are getting the best rate. All in all, 1inch Exchange makes the process much easier and time-efficient.

How Does 1inch Exchange Work?

1inch Exchange uses its API technology to locate the best possible routes for a token swap, subsequently dividing a trade across several exchanges.

As 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.

In effect, 1inch Exchange intends to address the drawbacks of the wider DEX marketplace. That is to say, expensive transaction cancellations and high slippage that results from thin order books.

How to Start Using 1inch Exchange

The most notable feature of 1inch Exchange is that you do not have to create an account to begin trading. Instead, you link your ETH wallet, and can begin swaping currencies straight away.

1inch Exchange offers integration with numerous cryptocurrency wallets that will store your digital coins. This means that 1inch Exchange does not have access to your token.

In other words – you are in complete control over your crypto-assets. This is crucial from a safety perspective.

How to Swap on 1inch Exchange

Here is a step-by-step walkthrough on how you can start swapping coins on 1inch Exchange:

Step 1: Connect your ETH Wallet

You have the option to connect your ETH wallet right from the homepage.

1inch Exchange currently supports the following cryptocurrency wallets:

  • Web3

  • WalletConnect

  • WalletLink

  • Ledger

  • Portis

  • MEW

  • Torus

  • Fortmatic

  • Authereum

  • Bitski

Once you have accepted the terms and conditions, you can simply scan the QR code to connect the platform with your wallet.

Connect Your Wallet


Connect Your Wallet

Step 2: Select the Token

With your wallet linked, you can choose which digital tokens you want to exchange. 1inch Exchange will show you a comparison chart with exchange rates from different DEX’s.

You will also be able to compare individual rates to the best rate available.  To give you a clearer picture, 1inch Exchange also includes a few centralized exchanges and their respective rates.

Note: If you are not able to find your required token from the menu, it is because the asset has not been whitelisted yet. In this case, you can apply for the coin to be whitelisted or add it as a custom token by entering the respective address.

Select which tokens to swap


Select which tokens to swap

Step 3: Swap Tokens

When you are ready, you can proceed by clicking ‘Swap Now.’

1inch Exchange will once again present you with all the required details so that you can verify and confirm the transaction.

You can approve the corresponding transaction in your wallet, and the trade will be executed on the blockchain.

And that’s it! – You have just placed your first trade on 1inch Exchange at the best rates possible.

Swap Token


Swap Token

Note: 1inch Exchange also allows you to enter your swap position at a price favorable to you via a limit order. You simply have to place the limit order at your target entry price and it will be filled by whichever DEX meets that price. The only thing to remember is that the limit order feature only works with ER20 standard tokens.

As 1inch Exchange is non-custodial, it will constantly need to interact with your cryptocurrency wallets. If you’re looking for a handy shortcut, you can simply enable the ‘infinity unlock‘ gesture.

Once selected, all trading activities will be executed without interacting with the app – essentially reducing your gas fees.

1inch Exchange Features

As a DEX aggregator, 1inch Exchange seems to be performing well – delivering on all its promises. That said, the platform has much more in stock for cryptocurrency traders.

Take a look at what 1inch Exchange offers other than its core aggregator service.

1inch Exchange Token

The 1inch Exchange token is one of the latest endeavors of the platform. It can serve as both a utility token and a governance token.

The token runs on the Ethereum blockchain and will be distributed across wallets that have previously interacted with the 1inch Exchange platform – under certain conditions.

1inch Governance Token


1inch Governance Token

At the moment, there is a total supply of 1.5 million 1inch Exchange tokens. As of 26th December 2020, 6% of the total supply is in circulation. The next 30% will be distributed within the next four years, and the remainder at various intervals.

As a trader, you are eligible for a 1inch Exchange token if you meet one of the three conditions set by the platform.

  • You should have executed at least one trade before 15th September 2020

  • You should have completed at least four trades in total

  • These trades should be worth a total of at least $20.

If you fulfill the above requirements, you can redeem the token directly from your cryptocurrency wallet that is connected to the 1inch Exchange platform.

Any tokens available for you to claim will be displayed under ‘your 1INCH breakdown’ from the wallet.

1inch tokens


1inch tokens

1inch Exchange CHI Gas Token

When sending and receiving Ethereum, ‘gas’ is the fee charged by ETH blockchain platforms. In simple words, you can compare gas to a transaction fee.

Gas is calculated based on the computational effort it takes to execute a trade on the DEX. The more complex the operation, the more gas it will require. As such, it is impracticable to predict specifically what gas fee you will pay.

The CHI Gas Token, otherwise known as “CHI,” is an ERC20 token that will help you reduce this transaction fee on 1inch Exchange.

The value of CHI is pegged to the gas price set by the ETH network. Meaning – when the ETH gas price declines, as will the value of CHI (and vice versa).

But, there is one key difference that will help you save money when using CHI. When you are buying CHI, you get to save 1% in fees compared to GST2 (ETH GasToken).

And, if you are selling (burning) CHI, you can save 10% in comparison to GST2.

You can mint or buy CHI Gas Token directly on the 1inch Exchange platform. Once you have the token available in your wallet, you can activate it to reduce the gas cost of future transactions.

1inch Exchange Mooniswap

Mooniswap is 1inch Exchange’s answer to the popular Automated Market Maker (AMM)- Uniswap.

These are smart contracts that are responsible for the liquidity pool of ERC20 tokens. In simple terms, this can effectively prevent slippage, allowing you more control over how you enter cryptocurrency trades.

1inch Exchange Fees

1inch Exchange, as an exchange platform, does not charge you any fees or commission to use its services. However, as we mentioned, you are liable to pay for the gas cost of your transactions.

That said, if you activate CHI Gas Tokens, it is likely that your gas fee will be considerably reduced.

Note: 1inch Exchange is a DEX aggregator, so your trading fees will largely depend on which DEX you use to fill your order. It is best to refer to the fee structure of these individual platforms before executing your trades.

According to 1inch Exchange, their main aim is to ensure the best swap rates for its users. As such, adding any additional charges on top of the DEX fee will not serve that goal.

1inch Exchange Deposit and Withdrawal fees

Apart from trading fees, 1inch Exchange also relieves its customers from paying any deposit or withdrawal fee.

This means that you only have to concern yourself with the charges that come with your wallet and the respective DEX platform(s).

Moreover, we should note that 1inch Exchange has no relationship with fiat currency. As such, novice crypto-investors with limited crypto-assets will find the platform somewhat restrictive.

In other words, you will first have to acquire cryptocurrency and deposit the coins in one of the platform’s integrated wallets. Only then can you take advantage of the swap rates offered by 1inch Exchange.

1inch Exchange Security

As for most DeFi solutions – safety is the primary concern for all traders.

At the risk of repetition, 1inch Exchange is a non-custodial DEX aggregator so it does not have access to your cryptocurrencies. This means that your assets are not held on the platform – unlike other centralized exchanges where you have to deposit funds for trading.

In addition, you will be pleased to hear that 1inch Exchange so far has a reputation of not suffering from security threats or hacks. As you are not providing any personal information, you need not worry about data breaches.

1inch Exchange Customer Support

The exchange platform has made sure that you can reach the customer support team through multiple channels. If in need of support, you can try one of the following:

  • Email support

  • 1inch Exchange Help Center

  • Live Chat

  • 1inch Exchange support group

  • Telegram group

Furthermore, the platform is also active on social media channels such as Twitter and YouTube.

1inch Exchange Exchange Pros & Cons

To help your decision-making process, we have created a list of pros and cons based on our user experience.

Pros

  • 1inch Exchange maintains a good track record of no security breaches or hacking incidents.

  • The interface of the platform is clear and easy to navigate.

  • There are no additional fees involved in using the service – you only have to pay the network fee.

  • As a DEX aggregator, 1inch Exchange ensures high liquidity on your cryptocurrency trades while limiting the exchanges to a single transaction.

  • The CHI Gas Tokens are beneficial if you want to reduce your transaction costs further.

  • The novel AMM Mooniswap allows you to avoid slippage and subsequently take control of your entry price.

Cons

  • The platform is not accessible for traders who do not own cryptocurrencies.

  • Though there are numerous tutorials, beginner traders might still find the platform somewhat challenging.

  • While being a non-custodial platform, some traders might find the lack of fiat deposit methods discouraging.

  • The “Infinity Unlock” might turn out to be a potential point of attack in the future. Unlocking each transaction separately could be both time-consuming and expensive – but it is more secure in comparison.

Why Should You Choose 1inch Exchange?

Overall, we find that the innovative tools and features offered by 1inch Exchange certainly outweigh the drawbacks. The platform has done an excellent job in tackling some of the pressing issues that are currently downgrading the growth of the Defi ecosystem.

For one, it makes way for more liquidity, as this is something that the DEX space has suffered from in recent times. This lack of liquidity is largely a result of a fragmented DEX arena.

As such, large-volume trades suffer from significant slippage – resulting in high costs for trade execution.

1inch Exchange solves this by splitting the orders across multiple exchanges – yet keeping the trade to one transaction.

But above all, it gives you an easy solution to compare the rates offered across different decentralized exchanges. You can review the price and liquidity on each platform, along with the respective gas fee.

For a seasoned trader, this can save a significant amount of time wasted by assessing multiple exchanges and their order books.

1inch Exchange Exchange: The Verdict?

As we have discussed in this review, liquidity continues to be a significant concern on decentralized exchanges. 1inch Exchange has done an excellent job in solving this issue.

Additional endeavors, such as the CHI Gas Token and the Mooniswap tool, are also notable.

That said, the platform is more suited for traders with a bit of experience in the DEX scene.

Ultimately, if the platform adapts itself to investors across all levels, THEN 1inch Exchange could emerge as one of the leading trading platforms for the rapidly evolving DEX ecosystem.

Visit 1inch Exchange

1inch Exchange

1inch Exchange Review

Ease of Use


9.0/10

Reputation


9.0/10

Fees


9.0/10

Customer Support


8.0/10

Payment Methods


9.0/10

Pros

  • No Security Breaches or Hacksa

  • Excellent Interface

  • No Fees apart from Network Fees

  • Good Liquidity

  • CHI Gas Token to Save on Transaction Costs

Cons

  • No Fiat Options

  • Beginners Might Find Hard to Use


993

Source

Tagged : / / / / / / /
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