1inch is a decentralized exchange that allows you to trade cryptocurrencies without paying high fees. Here are a few tips on how to trade on 1inch and reduce high fees:
- Use the liquidity pools: 1inch uses liquidity pools to aggregate the best prices from different decentralized exchanges, this will allow you to access the best prices without paying high fees.
- Use the slippage tolerance feature: When placing an order, you can set a slippage tolerance. This will allow you to specify how much deviation from the desired price you are willing to accept. If the price is more than the slippage tolerance, the order will not be executed.
- Use the “Split” feature: 1inch offers a “Split” feature which allows you to split your order across multiple liquidity pools to take advantage of the best prices and avoid paying high fees.
- Use the “Swap” feature: 1inch also offers a “Swap” feature which allows you to swap one cryptocurrency for another without paying high fees.
- Use 1inch referral program: 1inch also offers a referral program where you can earn rewards by referring friends to the platform. This will allow you to earn extra rewards and reduce your trading fees.
By using these tips and features, you can trade on 1inch without paying high fees. It’s important to note that trading on any decentralized exchange still carries some risks and it’s important to be aware of them, and to always do your own research before making any trade.
It’s also important to note that the fees on decentralized exchanges are dynamic and can change based on the current demand and supply.
By following these tips, you can reduce your trading fees and enjoy the benefits of trading on a decentralized exchange like 1inch.