The 1INCH token is the native governance and utility token of the 1inch Network, operating primarily on the Ethereum blockchain. It is also available on other networks like Binance Smart Chain (BSC). This guide explains how and where you can buy 1INCH securely and efficiently.
Where to Buy 1INCH Token
You can purchase 1INCH on both centralized and decentralized cryptocurrency exchanges. Centralized platforms often provide a user-friendly entry point for beginners, while decentralized exchanges offer more control over your assets.
Centralized Exchanges
Many well-known centralized exchanges support 1INCH trading. These platforms allow you to trade traditional fiat currencies or other cryptocurrencies for 1INCH tokens.
Decentralized Exchanges
If you prefer a non-custodial approach, decentralized exchanges (DEXs) enable you to trade directly from your personal crypto wallet. Popular DEXs supporting 1INCH include Uniswap and the 1inch Exchange itself.
How to Buy 1INCH on Centralized Exchanges
Purchasing 1INCH on a centralized exchange involves creating an account, depositing funds, and executing a trade.
Step-by-Step Purchase Process
- Create and Verify an Account: Sign up on a supported exchange and complete any required identity verification.
- Deposit Funds: Add fiat currency (like USD or EUR) or cryptocurrency to your exchange account.
- Navigate to the Trading Interface: Find the spot trading section on the exchange.
- Select a Trading Pair: Search for 1INCH and choose a trading pair, such as 1INCH/USDT or 1INCH/BTC.
- Place an Order: Enter the amount of 1INCH you wish to buy and confirm the order.
Using the spot market is generally recommended for better exchange rates compared to instant buy options or peer-to-peer (P2P) trading.
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How to Buy 1INCH on Decentralized Exchanges
For those who already hold cryptocurrency in a self-custody wallet, buying on a DEX is a straightforward process.
Buying on Uniswap
- Connect Your Wallet: Visit the Uniswap application and connect a compatible Web3 wallet like MetaMask, Trust Wallet, or Coinbase Wallet.
- Select Tokens: Choose the token you want to swap from (e.g., ETH, USDC) and select 1INCH as the token you want to receive.
- Review and Swap: Enter the amount, review the transaction details including gas fees, and confirm the swap through your wallet.
Buying on 1inch Exchange
- Connect Your Wallet: Go to the 1inch Exchange website and connect your crypto wallet.
- Initiate a Swap: Select the token you wish to exchange and choose 1INCH as your output token.
- Complete the Transaction: Approve the token swap if necessary and confirm the transaction in your wallet.
Buying BEP-20 1INCH on Binance Smart Chain
If you want to buy the BSC-based version of 1INCH (BEP-20), you can do so on PancakeSwap.
- Configure Your Wallet: Ensure your wallet (e.g., MetaMask) is configured to use the Binance Smart Chain network.
- Visit PancakeSwap: Go to the PancakeSwap exchange and connect your wallet.
- Swap for 1INCH: Select a BSC-based token to swap from and complete the trade for 1INCH.
Frequently Asked Questions
What is the 1INCH token used for?
The 1INCH token serves dual purposes within the 1inch Network ecosystem. It is used for governance, allowing holders to vote on protocol decisions, and it provides utility by offering benefits like fee discounts and liquidity incentives to users.
What is the difference between ERC-20 and BEP-20 1INCH?
The ERC-20 version of 1INCH exists on the Ethereum blockchain, while the BEP-20 version exists on the Binance Smart Chain. They represent the same asset but on different networks. Always ensure you are sending tokens to a wallet address that supports the correct network to avoid loss of funds.
Do I need a wallet to buy 1INCH on a decentralized exchange?
Yes, you must have a self-custody cryptocurrency wallet that is compatible with Web3 applications, such as MetaMask or Trust Wallet, to interact with and trade on any decentralized exchange.
Is it safe to store my 1INCH on an exchange?
While convenient for trading, leaving tokens on a centralized exchange carries custodial risk. For long-term holding, it is widely considered safer to transfer your 1INCH to a private, non-custodial wallet where you control the private keys.
Can I use a credit card to buy 1INCH directly?
Some centralized exchanges offer a direct purchase option using a credit or debit card. However, this method often incurs higher fees. A more cost-effective approach is to deposit fiat currency into your exchange account and then use the spot market to buy 1INCH.
Why would I use the 1inch Exchange over another DEX?
The 1inch Exchange is an aggregator that scans multiple DEXs to find you the best possible exchange rate for your trade, often resulting in lower slippage and better prices than using a single DEX alone.