1BCH Decentralized Exchange Review

1BCH is a DEX platform with high trading volumes offering lower transaction fees than the Bitcoin or Ethereum networks. It was launched on November 29, 2021, but we don’t have much information on the developers behind this system. We don’t know where the company is based and the vendor has not shared any contact information.

1BCH overview

Let’s look at the key features of this platform:

• Cryptocurrencies supported

Through this exchange, you can conduct token swaps in an instant. Some of the supported crypto coins include BCH, DAO, FLEX, LABO, TANGO, and WBCH.

• Native token

There are two native tokens for this platform, namely 1BCH and rBCH. These two function as the governance and rewards tokens, respectively. By holding 1BCH, you can take part in governance. rBCH is used for incentivizing liquidity providers.

• Funding methods

To conduct trades, you must have enough coins in your wallet. For example, if you are converting BCH to another token, you need to hold enough BCH coins. 

• Wallets supported

You must connect your wallet to the exchange before you can conduct swaps. Some of the supported wallets include Metamask, WalletConnect, and Trust Wallet.

How does 1BCH work?

On this exchange, you can do the following:

1. Swap tokens

You can instantly swap crypto tokens without registering or creating an account. The DEX does not hold your funds when you trade. You can take full ownership of your own assets.

2. Add liquidity

By staking your tokens in liquidity pools, you can earn a portion of the trading fees as well as liquidity provider (LP) tokens. 

3. Earn tokens on Yield Farms

By staking your LP tokens in Yield Farms, you can earn rBCH tokens. While this exposes you to market fluctuations, you can offset the risk by earning a higher APR.

4. Earn tokens with Sprinklers

This exchange has a Reward Sprinklers system where you can stake rBCH to earn free tokens. By holding rBCH, you can win millions of USD worth of free tokens every week from big projects. There are new projects being introduced every day, so there is the opportunity to earn long-term profits.

What can you buy on 1BCH?

This DEX platform runs on the SmartBCH blockchain. It is a sidechain of the Bitcoin Cash network providing excellent throughput for decentralized apps while being fast and secure. Some of the most popular tokens on this platform include BCH, ARG, BWB, CATS, DAO, LAMBO, KONRA, sBUSD, WRS, and sWabbit. 

Is 1BCH safe?

This platform has been built on open-source software. As such, anyone can view the smart contracts. The company is transparent about its code and the contracts are verified by SmartScan.com. For all contracts, the system uses multisig. The contracts have time-locks, which means the users have time to adjust to any changes before they are implemented. BCHPad conducted a private doxx audit on the smart contracts where no major issues were found. 

User reviews

We were unable to find any user reviews for this exchange on third-party websites. This tells us that not many people are currently using this platform for trading in crypto coins.

1BCH fees, compatible wallets, and transactions

For each swap, the exchange charges a 0.25% trading fee. Out of this, 0.17% goes to the liquidity providers, 0.03% goes to the Treasury, and the rest is used for buying back and burning rBCH tokens. The wallets supported by this DEX include Coin98, SafePal, Binance Chain, TokenPocket, MathWallet, Trust Wallet, WalletConnect, and Metamask.

What are the ways to trade on 1BCH?

To conduct trades, you need to navigate to the Trade section. Here, you need to select the token you wish to swap and the one you wish to receive. You can select the transaction speed, the slippage tolerance, and the transaction deadline. For enabling high slippage trades and bypassing confirmation modals, you can switch on Expert Mode. You can also disable Multihops to restrict swaps to direct pairs.

Customer support

There is no official contact address for the support team. The DEX has an official Telegram channel where you can seek assistance for your issues.

Should you trade with 1BCH?