1inch is an important project in the fast-developing sector of decentralised finance (DeFi). It brings together various decentralised protocols to make DeFi operations faster, safer, and more lucrative.
This guide will take you through how to buy 1INCH and delve into what the project brings to the world of DeFi.
The easiest way to buy 1inch is to purchase it online from a crypto exchange. Exchanges make it easy to buy and sell 1inch and other cryptocurrencies directly from your smartphone, tablet or computer. Check out our recommended platforms below and follow the steps to safely buy 1inch.
Start by finding a platform that offers 1INCH. There is a range of crypto brokers and exchanges available, but it is wise to look into their security and regulatory status before depositing any money with them. If you’re raring to go, however, you can get started straight away with our top recommended platforms.
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Go to the create account page on your selected platform and fill in the registration form. This will require you to provide some personal information, and you may also need to supply a photo ID and proof of address to verify your identity. After that, you can make a deposit through any payment method supported by your platform.
Now navigate to the trading pair for 1INCH and your local currency. You can enter how much you want to buy in 1INCH or fiat. If you want to buy 1INCH immediately, make it a market order. A limit order allows you to specify the price at which you want to buy 1INCH and will execute automatically if and when that price is reached.
1inch is a DeFi tool that collates prices and information from lots of different decentralised exchanges (DEXs). This enables 1inch to find the fastest and cheapest way to swap any two tokens. 1inch, therefore, saves users time and effort as finding the best swapping route yourself would mean checking all the DEXs manually.
As well as this DEX-aggregating tool, 1inch has also launched other products to help users make the most out of DeFi. These include a tool that makes limit orders more flexible and a way for people to earn a passive income by providing liquidity.
1INCH is the protocol’s utility and governance token. It is available on both Ethererum and the Binance Smart Chain, and is used to vote on the future of the project. It is also used to provide liquidity in the 1inch Liquidity Protocol, where providers are rewarded with extra 1INCH tokens.
1INCH can be bought for the short term or the long term. Both approaches are used by different investors and both have the potential to be profitable. Which you opt for will depend on your experience and aims as each has different requirements in terms of time and skill.
This is the simplest strategy there is. The beauty of it is that anyone can execute it—all you have to do is buy 1INCH and hold onto it. No particular skills are required and it doesn’t take up much of your time.
One of the benefits of buying and holding 1INCH is that while holding it you can stake it. This helps secure the 1inch Network and provides you with a passive income.
Long-term 1INCH holders may prefer to transfer their tokens to a private wallet. This can give you true ownership over your tokens and provide a bit more security. The most popular wallets are either hardware or software.
Hardware wallets are often USB devices and are provided by brands such as Trezor, BitBox, and Ledger. They are the most secure type of wallet but you will have to pay for them. Software wallets are a free, user-friendly alternative, and the proprietary 1inch wallet lets you store, transfer, and swap tokens from your smartphone.
If you don’t want to invest in 1INCH for the long term, you can also take advantage of its price volatility by trading it. This involves buying and selling on much shorter timeframes to generate more regular returns. It does, however, require more time and skill.
As traders need to access their tokens more frequently, private wallets can be inconvenient as regular token transfers can cost time and money. A web wallet, such as the one provided for free by your trading platform, may therefore be a better option.
Only you can make this decision for yourself, but it helps to be well informed first. As the 1INCH token is required to participate in protocol governance and earn staking rewards, there could be strong demand for it, which could potentially drive up the price.
The price of 1INCH will likely correlate with the popularity of the project. The time, effort, and money that the DEX aggregator saves have already seen it attract many users, which has been reflected in the growth of 1INCH price.
Following the success of the DEX aggregator, 1inch has launched two more protocols, attracting yet more users and capital. If 1inch continues to innovate and offer useful, efficient services for its users, it stands to capitalise on the growing popularity of crypto trading and DeFi.