The crypto market has grown significantly in value over the last few years. Now valued at just over $2 trillion, crypto markets have shown to be very profitable for traders who invested early. One less expensive coin that has seen huge growth recently is 1inch. With the current price of the crypto at £1.22, this might be a good time to buy the 1inch token.
If you don’t want to miss out on the explosive growth of the crypto market, then now could be a great time to buy 1inch token. In this article, we will cover how and where to buy 1inch, its price, and a price prediction.
How to Buy 1inch — Quick Summary
Where to Buy 1inch Token
With so many options, it can be pretty daunting to find the right wallet for you. To save you the hassle of researching, we have selected our top places to buy 1inch crypto.
1. Crypto.com — Popular Crypto Exchange to Buy 1inch With Crypto Staking and Loans
Crypto.com was established in 2016 and has expanded to an impressive 10 million users. It’s a solid option for new investors because of its user-friendly interface. However, those looking to do more in-depth technical analysis might find Crypto.com falls short in that area. The platform offers over 250 cryptocurrencies, which is beneficial for users wanting to create well-diversified portfolios. It’s also accessible on both iOS and Android.
Crypto.com also has many state-of-the-art blockchain security protocols built into its wallets. This is great for added security levels. Each time users log in, they will have to validate their login on a separate device (multifactor authentication). This is great as it protects accounts from being hacked or subject to fraudulent activity. In the US, the platform is covered by the FDIC program, which provides up to $250,000 in insurance to protect against loss of funds.
In terms of fees, Crypto.com is also a great option. Each fee is based on transaction size, and hence, they vary with each trade. If users are trading less than $25k monthly, then they should expect to pay around 0.4% in fees. As trade volume rises, the fees fall, which is a great point to consider if you are planning on trading high volumes of crypto each month.
A feature worth mentioning about Crypto.com is the fact that users can gain access to a physical Crypto.com Visa card. This card can then be used at selected retailers to purchase items. The best part about this is that when purchases are made with the card, users can earn cashback which will be paid directly into their Crypto.com account in the form of crypto.
To set up a Crypto.com account, simply visit the website or smartphone app. From here, follow the instructions onscreen and enter some personal information. You can then buy 1inch token for your portfolio.
Pros Cons
2. Coinbase — Trusted Cryptocurrency Exchange to invest in 1inch With a User-Friendly Interface
Another broker to pick to buy crypto with is Coinbase. It is one of the biggest crypto exchanges in the world, boasting over 70 million users. It is also widely accessible on both IOS and Android, which is a great point to consider. The platform itself has a pretty simple interface, so it’s great for beginner investors to use.
It is worth noting that the app is cryptocurrency-insured, so your funds will be protected in the event of any hacking or fraudulent activity. In addition to this, the minimum amount that users can trade is just $2, which is a great point to consider if you want to drip-feed small funds into your portfolio.
The fees of Coinbase vary per transaction. It charges a flat spread of 0.5% on either side of a trade in addition to the commission charged for each trade. Transactions of $10 or less can expect a $0.99 fee, whilst transactions of over $50 can expect a $2.99 fee. In addition to these costs, there are also significant deposit costs. For example, if a debit card is used, there is a 3.99% fee. US bank accounts are charged slightly less at 1.49%. Considering these fees, Coinbase comes in as one of the more expensive brokers to invest in 1inch with.
Whilst the layout of Coinbase is simple, investors can pay extra to access the Coinbase Pro feature. This allows for more technical analysis of charts which can be great for predicting future price moves and comparing crypto pairs. Another cool feature Coinbase offers is Coinbase Earn. This ‘earn while you learn’ model allows users to earn crypto by watching and completing online videos and tests.
To get started with a Coinbase account, visit the website and follow the onscreen instructions.
Pros Cons
3. Binance — Top-Rated Crypto Exchange with High Liquidity Levels
Binance is the biggest and among the top crypto exchanges and has over 500 crypto pairs for investors to choose from. A differentiating factor between Binance is that it allows investors to switch between simple and advanced modes. The simple layout is great for users who just want to check the progress of their portfolio without any additional features. The advanced layout allows users to delve deeper into their portfolio metrics and perform more technical analysis. This can be great for more advanced users.
Another great point about Binance is that it gives investors access to a host of educational videos. These can be great for teaching beginner investors the basics of markets and how to invest for growth. If you are a beginner investor using Binance then it could be a great idea to take a look through these videos prior to investing real capital.
Binance has also recently opened an NFT marketplace. Users can use BNB coins to purchase NFTs and add them to their accounts. The NFT market has grown extremely fast since 2020, and hence, this could be a great way to add extra income to your portfolio. This really sets Binance apart from other brokers.
In terms of fees, Binance charges 0.5% in commissions per trade. Investors should also be aware that a 4.5% charge will be incurred if investors use a credit card to deposit funds. Binance has also come under fire from regulatory authorities regarding its safety. As a consequence, it isn’t available worldwide.
To set up a Binance account, visit the website or smartphone app, then follow the onscreen instructions. Once you have set up an account, Binance will give you a security key that must be remembered if you ever need to switch devices. In addition to this, users must pass an identity check each time they log in, which entails passing a simple puzzle. This helps protect against fraudulent activity.
Pros Cons
What Is 1inch?
1inch is the Ethereum token that powers the 1inch system. 1inch is a decentralized exchange that aims to boost user experience by finding the most efficient swapping routes across leading decentralized exchanges. The idea behind this is that it will save users money by finding the best prices and quickest transaction speeds. It also enables users to transact coins without an intermediary, with all transactions being stored on the Ethereum blockchain.
There are three protocols that are used in order to achieve fast and secure operations by 1inch. The Aggregation protocol uses the V3 Smart Contract in order to source liquidity from various exchanges to source the cheapest and best rates. The Liquidity protocol uses previously existing liquidity pools and acts as an automated market maker to use these pools to execute transactions. Finally, the Limit Order protocol acts as a flexible limit order, stop loss, and auction manager. It features no fees, and bases prices on demand and supply conditions.
Is 1inch a Good Investment?
Stake in DeFi Crypto Space
The decentralized finance space and the wider cryptocurrency market are both growing at a very quick rate. The wider institutional and business use of cryptocurrencies are starting to be realised, and the early investors into this space are likely to be rewarded in the long run. An investment into 1inch acts as gaining a direct stake into this sector and hence it could prove a profitable investment.
Holder Benefits
By holding a 1inch token, you gain access to a number of perks. Firstly, holders can take part in governance votes and gain rewards for doing so. There are also various incentivisation activities that users can participate in which allow them to generate more of the token. Therefore, by holding a 1inch token, you actually provide yourself with the opportunity to generate more crypto for your portfolio.
Expansion
The 1inch platform has a number of expansion plans which are very exciting. For example, it has just completed a Series B funding round in which it raised $175 million. The originally planned amount was $70 million, but the target was raised after increased investor confidence in the project. The aim of this fundraising is to expand the products to serve institutional customers, for example, hedge funds and banks. It also plans to become licensed in the UK and Europe. This is a huge move from the developers and one which could lead to the 1inch price skyrocketing if all goes as planned.
1inch Price
The current price of 1inch is £1.22, which is up over 3% for the week. However, it is down by 54% over 12 months, in line with the broader crypto market slump. While this may seem like a negative, it could actually be a great time to load up on some cheap tokens before they skyrocket again.
1inch Price Prediction
As mentioned, with the current price of 1inch down by over 54% in 12 months, now could be a great time to buy 1inch. When considering the real-world utility that the coin yields, it seems logical to conclude a bullish outlook for 1inch.
The coin’s all-time high was $8.65, reached in October 2021. This was during a time when the wider crypto markets were booming, and hence, altcoins such as 1inch were hitting all-time highs. When the crypto market enters its next bull run, the price of 1inch might surpass the all-time high, especially considering the developers’ new expansion plans.
Ways of Buying 1inch
Before you buy 1inch token, you must deposit funds into your account. All of the exchanges we reviewed accept numerous payment methods, which is a great point to consider. Two of the most popular ways of adding funds are with an e-wallet such as PayPal, or by a credit/debit card. Let’s take a quick look at how to buy 1inch token with each.
Buy 1inch With PayPal
In order to use PayPal, users will have to set up a PayPal account and either add funds to it or connect it to their bank accounts. Once users have completed this step, they can simply select the PayPal payment option when adding funds to their broker account and they will be taken via PayPal.
Buy 1inch With Credit Card or Debit Card
Using a credit/debit card is arguably easier than a PayPal account as it is more direct and doesn’t require setting up/linking any other accounts. To buy 1inch with this method, simply connect your bank account to your broker. Investors should be aware that there are sometimes higher fees for credit card deposits with some brokers.
Best 1inch Wallet
Users must have a wallet in order to buy and sell their crypto. It also acts as a place where their crypto can be securely stored and protected against fraudulent activity.
Conclusion
The crypto market and DeFi space are growing at a tremendous rate. 1inch token is placed at the forefront of this market trajectory, and hence it could be a great investment for long-term growth.