Buy 1inch in Canada
1inch made simple
Everything you need to know about 1inch and how to start investing in it.
+$0.07 (9.57%) past 24 hours
- Market Cap
- Circulating Supply
- 24h low - high range
- 0.672705 - 0.70448
1inch is a decentralized exchange aggregator. That’s a service that rifles through decentralized exchanges—non-custodial cryptocurrency exchanges—to try and secure you the best deal on a trade.
A brief primer: decentralized cryptocurrency exchanges operate in different ways, but generally the main ones maintain huge pools of cryptocurrency tokens that you can trade in and out of. If you want to swap ETH for DAI, you can add some ETH to the ETH/DAI pool and take out some DAI.
However, taking ETH out of the ETH/DAI pool will make the price of ETH in that specific pool slightly more expensive, with DAI becoming slightly cheaper as a result. Thankfully, there are lots of these pools—hundreds, in fact—and it might be possible to get a cheaper deal by trading in and out of a series of specific pools.
This is a pain to do by yourself, and the prices change so quickly that you can’t realistically get the best deal doing it manually. Aggregators like 1inch do all of that work for you.
1INCH is the platform’s governance token. That means that you can vote on proposals to upgrade the network. In addition, it functions as a way to incentivise new users, rewarding anyone who locks up the token, and repaying gas fees in 1INCH tokens over time if you hold enough.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
- Sign up in minutes right from your phone or laptop
- Start trading crypto with as little as $1
- No account minimums
- No clunky dashboards — just one super simple app
- Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with 1inch?
You can use 1INCH as a governance token, meaning that you can vote on the parameters that define the 1inch network. Decisions might concern: the number of 1INCH tokens that the protocol rewards those who stake the token, or the pools the protocol uses to process trades.
You can also stake 1INCH—hold it in a wallet or pool on 1inch or elsewhere—to earn rewards (usually more 1INCH tokens). Note that although staking is often non-custodial, meaning you don’t lose control over your funds, the protocols in which you stake can themselves be hacked, meaning your funds are certainly at risk.
Hold enough of the 1INCH token and you could be entitled to partial gas refunds. Trading tokens on the Ethereum blockchain is very expensive, and swapping a single token can cost over $50. Its rebates come out of a treasury reserved to incentivise new users to stick with the platform, so consider it a marketing expense.
Lastly, you can always just buy and hold 1INCH for speculative purposes, meaning that you hope that price rises over time (or falls if you’re shorting it, a la Michael Burry).
Is 1inch a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in 1inch or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your 1inch safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best 1inch prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your 1inch to your Wealthsimple account in just a few taps.
Other cryptos to explore
- 1 inch (1INCH)
- Celo (CELO)
More info about 1inch
Want to take a deeper dive? Check out these articles about 1inch and the world of crypto.
What is Cryptocurrency?
Cryptocurrencies are a type of digital asset that run on blockchain technology. Here’s everything you need to know.
Top Cryptocurrencies and Crypto Exchanges
Here’s how to buy and sell cryptocurrencies on crypto exchanges and other trading platforms.
What is Blockchain? The Ultimate Guide
A quick primer on the building blocks needed to understand the basics of blockchain
Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading 1inch with just $1. It’s that simple.
1INCH is a governance token that supports the 1inch network, a decentralized exchange aggregator that makes trading on decentralized exchange more cost-efficient. As a governance token, 1INCH is used to vote on how the protocol operates, and also functions as a rebate on Ethereum gas spent on processing trades for 1INCH holders.
The token launched in October 2020 to help the 1inch protocol decentralize. A year later, there is 180,362,122.33 1INCH in circulation out of a total of 1,500,000,000. The token launched in October 2020 to help the 1inch protocol decentralize. The project will reach its maximum supply by December 30, 2024. Over this time, 20 will go to investors and shareholders, 30% will go towards security and maintenance, the core team will get 22.5%, 21% will go towards community growth, and the rest will go to liquidity pools.
You can’t really spend 1INCH like you would a dollar or a cent. It’s a governance token, designed for voting on proposals made in 1INCH’s decentralized autonomous organisation. These votes are a little like using stock to decide how a company is run, and over time the team expects to cede as much control as possible to this DAO.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any 1inch transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
1inch’s current market cap is 1,051,657,171.
The current price for 1inch in Canadian dollars is $0.77.
Buying 1inch with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in 1inch 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying 1inch. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.