How to buy 1inch token online
This page explains everything you need to know about 1inch and 1INCH tokens. Scroll down to gain the knowledge you will need to successfully invest in 1INCH tokens.
Compare where to buy 1inch tokens, and open an account
If 1inch is a business you are already aware of, and you are ready to buy 1INCH tokens now, click one of the links in the table below and sign up to one of our recommended brokers. However, if you’d like to know more about 1inch before investing, keep scrolling down this page.
What is 1inch?
1inch is a decentralised exchange (DEX) aggregator: it compares the prices of cryptocurrencies across several exchanges and helps its users find the best price. Think of it as a price comparison website for crypto that can conduct intelligent procedures to achieve the best prices for its users. This could involve swapping your tokens between multiple exchanges and different currencies to achieve the best end result. The 1INCH token is the platform’s native token; it runs on Ethereum and holders of it can vote on governance decisions.
The platform also has its own liquidity protocol similar to Uniswap and SushiSwap, and this is called Mooniswap. This protocol is an automatic market maker and allows the 1inch Exchange to work efficiently without the need for a centralised regulatory body. As of November 2020, when a major update to the platform called 1inch V2 launched, swaps were split between a total of 21 different decentralised exchanges, and this number is likely to increase in the future.
The aggregator is a relatively new business, being founded by Sergej Kunz and Anton Bukov in 2019. It has grown quickly, raising a total of around $15 million in funding from major firms like Binance Labs, Galaxy Digital, and Pantera Capital. DEXs remain at an early stage in their development, but 1inch has positioned itself as a necessary tool with a first-mover advantage should they continue to grow in popularity.
How does 1inch work?
1inch works by using adaptive procedures, which are tailored to each individual transaction, to funnel the funds of users through different decentralised exchanges and currencies to achieve the best exchange rates. Think of it as a sat nav that reacts to market conditions to reroute its users so they can reach their final destination more affordably. Users have to pay network fees to access the 1inch service but don’t have to pay any withdrawal fees.
Each transaction on Ethereum requires some gas: the fee paid to Ethereum miners (like Bitcoin miners) who validate transactions. Because there can sometimes be multiple transactions when using the 1inch exchange, there needs to be a mechanism in place to reduce fees. 1inch burns CHI tokens to almost half the gas fees of transactions, and CHI can be minted on the 1inch exchange.
The native token of 1inch, the 1INCH token, is issued to liquidity providers: individuals who lend to Mooniswap and facilitate market activity. Holders of 1INCH tokens can vote on how the platform is run, and tokens can be freely traded on any exchange that supports them.
The entire service is customisable, so if users have a particular exchange they would like to avoid, they can simply toggle it off in their 1inch preferences. By compiling a much larger list of exchange options, 1inch opens up a larger order book to consumers who previously had to deal with individual exchanges.
How to buy 1inch online – a step-by-step guide
Step 1. Find an exchange to purchase 1inch
As far as where to buy 1INCH tokens, your best options is a reliable cryptocurrency exchange. We have reviewed most of the top crypto exchanges, and have listed the two best exchanges to buy 1INCH tokens below:
- BitMEX: BitMEX is an increasingly popular crypto exchange that can be used to buy 1INCH tokens. The platform features a clear, user-friendly interface and continues to support more coins. Join BitMex and invest in 1INCH tokens now >
- Binance: A renowned crypto exchange, Binance is a market leader that can be used to buy 1INCH tokens. If you are looking for a reliable and popular exchange with great features, check out Binance and buy some 1INCH tokens today >
Step 2. Sign up and fund your account
Start the process of buying 1inch by creating an account with an exchange. Many exchanges will require you to pass a photo identity verification check, so keep a copy on hand.
One your account is set up, you can fund it in a variety of ways. Some crypto exchanges will accept funds in the form of fiat currency like GBP and USD, whereas others will require you to use cryptocurrencies. If the latter is the case, buy Bitcoin from a Bitcoin exchange and use it to fund your account.
Step 3. Buy 1INCH
When your account is set up and funded, you are free to exchange the funds in your account for 1inch tokens. If your account is loaded with a fiat currency like GBP, look for the 1INCH/GBP pair, whereas if your account is funded with Bitcoin, look for the 1INCH/BTC pair.
Step 4. (Optional) Get a suitable wallet
Wallets can provide an added layer of security for your 1INCH tokens, but you should only seriously consider opening a crypto wallet if you plan on holding your 1INCH tokens to speculate on long-term price increases. There are plenty of crypto wallets on the market, but not all of them support 1INCH. Below are two of the best 1INCH wallets:
- CoolWallet: CoolWallet is more than a conventional hardware wallet by virtue of its mobile app; use it to access your keys remotely via Bluetooth. If you are ready to buy and store 1INCH tokens for the long term, open a CoolWallet now >
- KeepKey: KeepKey is an increasingly popular hardware wallet solution that supports 1inch. If you want to store your 1INCH tokens securely and conveniently, get a KeepKey wallet today >
How to trade 1inch – a step-by-step guide
Step 1. Find a broker
If you plan on trading 1INCH tokens, you need to open and close positions quickly based on short-term market fluctuations, and online brokers provide this service conveniently.
1inch is not the most mainstream cryptocurrency platform, so not every broker will support 1INCH tokens. In light of this, we advise you to check out two of the largest crypto brokers in eToro and Plus500 because these are the two of the most likely brokers to support 1INCH. For more options, check the table at the top of this page.
Step 2. Deposit money
You can fund your broker account with fiat currencies (like GBP, USD, and EUR) and then use these funds to trade crypto. However, before you execute any transaction, check that you are content with the trading fee.
Step 3. Decide how you’d like to trade
This step is integral to your 1inch trading success. Work out exactly how you want to trade 1inch and stick to a clear strategy based on technical indicators. Check out the Invezz website for detailed advice on how to form a strong technical trading methodology, including how to carry out thorough analysis to inform your trading plays.
Step 4. Start trading
Your account is now ready to trade, but you need ask yourself if you are. Before you trade with real capital, we strong advise you to consider a demo account you can learn the ropes and refine your trading techniques. Moreover, when you do start trading with real money, steer clear of leverage until you have some experience. Leverage allows investors to gain exposure to more of an asset without having to own more outright, but it equally increases your exposure to potential downsides.
We also recommend that you think about whether you want to go long or short. If you go long on a 1INCH position, this means you expect the token to rise in value, whereas if you go short, it means the opposite. Both tactics can be profitable provided your decisions are backed up by evidence.
When you get to a stage where you are comfortable with 1inch as an investment class and you understand yourself as an investor, you should be ready to implement your strategy and start trading 1INCH tokens. One last sentence of advice: never invest with funds that you can’t afford to lose.
1inch and 1INCH tokens are complex, and you may need some time to digest the swathe of information you’ve just been confronted with. To help clarify your thinking, below is a concise list of the pros and cons of 1inch.
- No fees for users other than network fees
- Reduced transaction costs by burning CHI tokens
- Mooniswap minimises slippage: the difference between what a users expects to pay and what they end up paying
- 1inch has never been breached or hacked
- Only individuals who own crypto can access 1inch
- Lack of deposit methods
- Challenging interface and methodology for beginners
If you still remain on the fence about investing in 1INCH, check out 3 important questions below along with some important considerations.
1.) Is now a good time to buy 1INCH?
The answer depends in the current price of 1INCH and your own investment goals. If you are buying into the long-term vision of exchange aggregation that 1inch is working towards, buying some 1INCH tokens and holding them for the long term could see them increase in price.
If you are after short-term gains, find a reliable broker and use technical indicators to predict the trajectory of 1INCH’s price. If you can buy low and sell high, this can prove to be a lucrative practice without the need for substantial fundamental analysis of 1inch’s destiny as a cryptocurrency player.
Either way, you need to stay informed. The Invezz website features the latest and most important analyses of 1inch, its investment potential, and the outlook for 1INCH tokens. Click one of the links below to read some detailed analysis:
2.) What problem does 1inch solve, and what are 1inch’s investment prospects?
1inch makes crypto exchanges more competitive and helps find the best rates for its users. No longer do users need to trawl through each individual exchange in search of the best solution for their own financial needs; 1inch uses its own intelligence to find the best outcome for users quickly, conveniently, and reliably with minimal slippage.
If 1inch can increase the number of deposit methods it supports and refine its platform to make it more user-friendly, it could cement its position as a valuable tool within the decentralised finance (DeFi) sector. If it can achieve this, expect the price of 1INCH tokens to rise proportionately.
If you want to stay up to date with the latest news concerning 1inch and its growth, check out one of the news pieces below:
Is 1inch a good buy at the moment?
3.) Do you want to hold 1INCH for the long term?
As previously mentioned, you can buy 1INCH through an exchange and hold onto hoping for long-term price accretion, or you can trade 1INCH through a broker in the pursuit of rapid rewards. Both options can work but both require different focusses.
Considerations for a long term investment strategy
If the long-term value of 1inch is your targeted reward, look at the business fundamentals of 1inch and predict how you expect the platform to grow. Get in early by picking a 1INCH exchange and buying tokens, and also think about storing them in a wallet for an added layer of protection.
Considerations for a short term trading strategy
To achieve good short-term trading results, choose a broker with low trading fees that supports 1INCH and can execute your trades immediately. In the meantime, familarise yourself with all the different technical indicators that can help you make good trading decisions.