How to Buy 1inch (1INCH) in 3 Simple Steps
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.
3 Steps to Buy 1inch
1. Choose a broker or exchange
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 platform.
2. Create and fund your account
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.
3. Buy 1inch
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.
Why trade 1inch with a broker?
Fast and simple.
Trades are instant and easy to execute.
Pay your way.
Brokers accept a range of payment options including credit/debit cards and even PayPal.
No wallet needed.
No need to set up and maintain a wallet—you can manage your crypto directly from your account.
Where to Buy 1inch: Compare the Top Platforms
You have a number of options when it comes to places to buy 1inch. Not all platforms are the same, however. You will find that the features offered and fees charged vary between platforms. We’ve shortlisted a couple of the best platforms that offer 1INCH below to help you get started.
What Is 1inch?
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.
Ways to Invest in 1inch
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.
Buy and hold 1inch
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.
Best 1inch wallets
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.
Should I Buy 1inch Now?
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.
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Frequently Asked Questions
Go to the 1inch Liquidity Protocol, connect your wallet, and select a liquidity pool. Enter how much liquidity you want to provide, click “Unlock”, and sign a transaction in your wallet. Then click “Provide Liquidity” and you will receive LP tokens representing your share of the pool.
In the farming tab of the 1inch Liquidity Protocol, find the pool that you are providing liquidity to and deposit your LP tokens. Click “Unlock Token” and confirm the transaction in your wallet.
In the 1inch Wallet, tap the growing flower icon at the bottom, unlock the amount of tokens you wish to stake, and click “Approve”. Tap “Stake 1INCH Token”, then “Confirm Stake”. Some other wallets and exchanges will also enable you to stake 1INCH—just navigate to the staking section and follow the onscreen instructions.
You may need to import the tokens by manually pasting the contract address into the wallet. The contract address for a token can be found near the top of its CoinMarketCap page.
No. As 1inch provides decentralised, peer-to-peer services, there is no requirement to complete a KYC process. All you need is to connect a supported wallet.