How to Buy 1INCH Online in 2023
1INCH is one of the most established crypto tokens in the industry and powers its own crypto exchange platform, with a daily volume exceeding $100 million. The 1INCH Network platform has multiple features like providing liquidity for staking. Before purchasing this cryptocurrency, you need to consider multiple factors like where to buy 1INCH and how to store it safely.
Today, we’ll cover everything you need to know about 1INCH. We’ll also answer some common questions about the coin.
Best Brokers to Buy 1INCH in 2023
1INCH is a popular token, meaning there are plenty of ways to purchase the coin. Below we’ve outlined the best brokers that provide 1INCH on their platform.
1INCH Network has raised an investment of $175 million to improve its service and provide several new features.
The platform is a decentralized exchange that lets users buy cryptocurrency anonymously and is powered by the 1INCH token.
The 1INCH Network is built on the Ethereum blockchain that will have low transfer fees in the future.
Unlike centralized cryptocurrency exchanges, the platform offers multiple low-market cap coins to purchase.
The service is compatible with a wide range of cryptocurrency wallets.
What Is the Difference Between Owning 1INCH VS a Derivative Product
There are two methods to invest in 1INCH - owning it directly and CFDs brokers. Popular exchanges like Binance and KuCoin let you buy cryptocurrency directly that you can withdraw to your crypto wallet. With this method, the coins are yours, and you can transfer them freely between wallets without restrictions.
Furthermore, investors can speculate on the price of 1INCH by purchasing CFDs with a broker. This lets you short or long your position depending on how you think the market is going. However, this method is more for short-term gains, and you won’t own the cryptocurrency.
Different Ways to Buy 1INCH
1INCH is a popular cryptocurrency with multiple purchasing methods. We’ve outlined the top options for buying the coin below.
Centralized Exchanges: The easiest method to purchase 1INCH is to make an account with a centralized exchange. Make sure to use an established exchange because they have the best security and higher trading volumes. The biggest platforms like Binance, Coinbase, and KuCoin have the lowest trading fees, meaning you’ll be able to buy more coins.
Decentralized Exchanges: The 1INCH Network is a decentralized exchange that lets you purchase cryptocurrency without creating an account. You’ll need to connect a wallet like MetaMask to the platform to participate in exchanges. The process is straightforward since all you need to do is choose the crypto pair and click swap.
Brokers: Investors can speculate prices by longing or shorting the crypto on various brokers. Also, you can buy CDFs with a broker like eToro and HODL without needing to open long or short positions. However, with this method, you won’t own the cryptocurrency directly.
Where to Buy 1INCH
Once you have decided that you would like to buy 1INCH, the next step is to choose a platform on which you can carry out your purchase. Navigating all the different options out there can feel overwhelming, so in order to assist you in this process, we have listed and reviewed two top platforms that we recommend when buying 1inch below.
The easiest method to purchase 1INCH is through Binance because of their easy-to-use platform. Clients can buy the crypto through the convert portal, without needing to use the complicated trading interface. However, clients can only buy 1INCH with cryptocurrencies like USDT, ADA, and ETH. Therefore, you’ll need to convert your fiat currency before buying 1INCH.
On the other hand, you can use a broker service like eToro that offers a streamlined process of buying 1INCH. Investors can purchase 1INCH directly with USD, EUR, or GBP without converting their fiat currency first. Also, the platform offers great features like looking at established investors' portfolios.
How to Buy 1INCH Online?
To buy 1INCH online, you’ll need to sign up for a cryptocurrency exchange like Binance. We’ve provided in-depth steps below, from creating an account to purchasing the coin.
Step 1: Register on the Official Binance Website
Step 2: Create a Personal Account
Step 3: Enter Your Email and Password
Step 4: Click the Verification Email
Step 5: Verify Your Phone Number
Step 6: Access Your Dashboard
Step 7: Verify Your Identity
Step 8: Deposit Funds into Your Binance Account
Step 9: Use Your Fiat Currency
Step 10: Go to the Convert Section
Step 11: The Trade Will Execute Now!
How to Trade 1INCH?
Crypto brokers like eToro are easier for beginners because you don’t have to set up a wallet or understand the technical aspects of trading crypto. Additionally, investors can purchase the crypto they want directly with fiat currency without converting them to ETH or stable coins first. Here is a step-by-step guide on purchasing 1INCH with a broker service:
Step 1: Create an Account
Step 2: Deposit Your Fiat Currency
Step 3: Head Over to the Crypto Assets Page
Step 4: Input the Number of Coins You Want to Purchase
Crypto Investment Strategy
Implementing an investment strategy is crucial for beginners to avoid emotional decision-making or impulse buying at all-time high prices. Here are two strategies that work well for inexperienced investors.
Long-term Holding: This strategy is also known as HODL (hold on for dear life). If you prefer not to watch the market every day, invest in coins you believe in and hold them for a few years. A great example of this strategy is those who bought Bitcoin in 2018, where the price fluctuated between $5-8k, and now it reached an all-time high of $69k.
Short-term Holding: This is known as a day or swing trading. If you want to beat the market, you can purchase a coin and wait for it to gain price. After you sell the crypto at a higher price, wait for it to go down again to purchase again. Investors can repeat this process for great profits. However, it’s not recommended to use volatile cryptos in case the price falls too low and doesn’t recover.
How to Store 1INCH?
1INCH is Ethereum-based crypto that uses the ERC-20 chain for transfers. Therefore, you’ll need to use an ERC-20 crypto wallet to store 1INCH. MetaMask and Exodus are compatible options because they offer secure wallets and let you connect to multiple services.
However, if you’re looking to hold long-term, using a cold wallet is better because it offers much better security. Currently, there are multiple options for hard wallets, and they are reliably cheap to buy for the service they provide.
Here are the best options to store your 1INCH tokens:
Ledger Nano S
What Are The Different Ways to Pay For 1INCH?
There are several payment methods to purchase 1INCH. However, keep in mind the availability depends on the exchange or broker you choose. Regardless, the service should offer at least one of these options.
The most common method to buy crypto is with a credit card because it’s a straightforward process. All you need to do is enter your card details and the amount you’d like to deposit. Afterward, you can use the money to purchase 1INCH through the trading interface.
Most exchanges allow debit card transactions to purchase cryptocurrency. Input your information, and you’re good to go. Also, remember that you need to have funds in the account to complete the transfer.
Investors can use the cryptocurrency they already have to purchase 1INCH. Popular exchanges have multiple crypto options for converting into 1INCH. The most common crypto pairs are BTC/1INCH, ETH/1INCH, and USDT/1INCH.
What to Consider When Buying 1INCH?
When buying 1INCH, there are a few considerations you need to make. Here are the top factors that should impact your decision.
Fees: Before purchasing 1INCH, you should consider the fees an exchange applies. Usually, an exchange has a maker and taker fee on every trade. Investors can find this information on the costs page of an exchange. However, if you decide to use a decentralized exchange like 1INCH Network, the highest costs are gas fees.
Volatility: Crypto prices can change drastically within minutes, so you’ll need to consider this before buying 1INCH. The price you buy today can be significantly different the next day. Therefore, you should invest an amount that you can afford to lose.
Regulations: Depending on where you live, the laws regarding crypto are different. You’ll need to comply with specific regulations and make sure it’s legal for you to use the platform. This is why most exchanges have a KYC process to verify your identity.
Investment Strategy: Before buying 1INCH, make sure you have an investment strategy in place. Set specific sell points to take out profits while the price rises to minimize your risk. The best investment strategy is holding good projects like 1INCH long-term and waiting for the price to rise.
Is It Safe To Buy 1INCH Online?
These services have multiple layers of protection to prevent hacks and your funds from getting stolen. Moreover, you can enable 2-step authentication that lets you protect your account further. Also, you can whitelist your crypto addresses, meaning your account can only transfer funds to that wallet.
How to Sell 1INCH?
The method to sell 1INCH is similar to the buying process. You’ll want to open the trading interface of your exchange and select the 1INCH token. Next, input the number of coins you want to exchange and click the sell button. After, look at your wallet to confirm the trade has been successfully executed.
Is It Worth Buying 1INCH Right Now?
1INCH has been performing relatively badly sitting at around $2 compared to its all-time high of $7. The main reason for the bad price action is high Ethereum gas fees. Often users purchase crypto from an exchange and transfer it to their crypto wallets instead of using the 1INCH Network.
However, Ethereum 2.0 is set to launch early in 2022 and reduce gas fees significantly. Therefore, investors will use the 1INCH Network more frequently to stay anonymous. In my opinion, 1INCH is a great investment since it’s one of the most popular decentralized exchanges. Also, with ETH 2.0 releasing soon, the platform will become more accessible to investors with small portfolios, potentially increasing the price of 1INCH.
That concludes our review of the 1INCH Network token. The best method of purchasing 1INCH is through crypto exchanges because it has the lowest fees. The only downside is that you have to complete a KYC process, so you won’t be anonymous.