We provide an explicit S-adic representation of rank one subshifts with bounded spacers and call the subshifts obtained in this way "Ferenczi subshifts". We aim to show that this approach is very convenient to study the dynamical behavior of rank one systems. For instance, we compute their topological rank, the strong and the weak orbit equivalence class. We observe that they have an induced systems that is a Toeplitz subshift having discrete spectrum. We also characterize continuous and non continuous eigenvalues of minimal Ferenczi subshifts.