How to Buy Filecoin

How to Buy Filecoin Price in USD: Convert to US Dollar

    Decentralized file sharing platforms become more popular due to high level of security and resiliency.

    One of the projects that uses blockchain technology for decentralized data storage is Filecoin. Any Filecoin user can purchase or provide computer storage for data and receive reward in the form of FIL for this.

    In this new article by TGDRatings.com experts, you can read more about the Filecoin project and how to buy FIL cryptocurrency.

    What is Filecoin

    Filecoin is a decentralized data storage and exchange network. It allows you to rent out disk space and earn rewards in Filecoin (FIL) cryptocurrency.

    The Filecoin Network launched on October 2020. It was created by Protocol Labs, led by Juan Benet. To ensure security, Filecoin separates data. The system knows how the data fits together and arranges it on demand. So if a scammer breaks into one computer, he will find only a stream of meaningless data.


    Filecoin uses a decentralized architecture. Compared to centralized data storage services, Filecoin has the following advantages:

    • Cost: creation of large data storage operator will reduce the price of such services;
    • Scale: by combining many computers, a vast storage network is created;
    • Savings: existing resources are used for storage;
    • Security: the storage is decentralized, making it harder to hack.

    FIL is the native cryptocurrency of the Filecoin network. Buyers pay providers in Filecoin to store their data, and providers who provide storage stake in Filecoin to join the network.

    How to buy Filecoin FIL
    Filecoin homepage

    Where is the best place to buy Filecoin

    You can buy Filecoin on crypto exchange. To buy a coin, we recommend considering the following platforms: Binance, Huobi Global, OKХ, Bybit etc.

    Best exchanges rating can be found on our website.

    Instructions for buying Filecoin

    There is a step-by-step guide to buying Filecoin on a crypto exchange below.

    Decide on the level of risk

    Investing in cryptocurrencies is a high-risk activity. Therefore, beforehand decide on the level of risk and remember the following rules:

    • Don’t invest all your money in little-studied coins or one digital asset;
    • Don’t buy cryptocurrency with funds whose loss would be critical for your budget.

    Choose a crypto exchange

    Before choosing an exchange for trading, you need to familiarize yourself with the terms of the trading platform: available trading pairs, commissions, limits, the ability to replenish your account from a payment card, etc. In addition, it is advisable to study the reviews of other users about the work of the platform.

    The best exchanges to buy FIL:

    Exchange
    Website
    BTC trading volume, 24h
    1Binance
    Binance
    BTC trading volume, 24h
    548.95
    2OKX
    OKX
    BTC trading volume, 24h
    260.74
    3HTX
    HTX
    BTC trading volume, 24h
    260.15
    4Gate.io
    Gate.io
    BTC trading volume, 24h
    110.18
    5WhiteBIT
    WhiteBIT
    BTC trading volume, 24h
    100.14

    Register the account

    To trade on the exchange, you need to register the account. In this article, we will show how to register a new user on the example of the exchange OKX (but you can choose any platform).

    1. Click Sign Up in the top corner of the menu;
      Account Registration
      Registeration on OKX
    2. Create the account using phone number or email, enter a strong password and referral code (if have one), click Sign Up at the bottom of the form>;
      Create an account
      Creating of the account
    3. Enter the 6-digit code that will be sent to your email and click Next;
      Code
      6-digit code
    4. After completing registration you will receive a message “Welcome to OKX”.
      OKX registration confirmation
      OKX registration confirmation

    OKX allows trading without verification. But after passing it, the user gets higher withdrawal limits and access to more functions of the trading platform.

    You can find a detailed registration instructions in OKX review.

    Top up your account

    Exchanges offer different ways to deposit assets. It is better to replenish the account with the fiat currency or cryptocurrency for which you are planning to buy FIL. Let’s see how to fund up your account in USDT:

    1. Enter your personal account, select Assets → Deposit;
      Start deposit replenishment
      Deposit replenishment
    2. Select USDT, specify network (make sure that the selected network matches the network of coin in the wallet from which you will send tokens, otherwise you will lose money) → click Continue;
      Deposit top up
      Replenishment of the deposit
    3. Copy USDT address or scan QR-code;
      Address and QR code
      Address and QR-code
    4. Open the wallet from which you will fund up your account and select USDT → click Send;
    5. Check if USDT has been transferred to the exchange.

    Buy Filecoin (FIL)

    Let’s try to buy FIL on OKX for Tether (USDT):

    1. Select Trade → Basic Trading → Spot;
      Basic Trading
      Basic trading menu
    2. Type FIL into the search bar and select trading pair, for example, FIL/USDT;
      FIL/USDT trading pair
      FIL/USDT trading pair
    3. Specify order type (we chose to buy cryptocurrency at the market price by activating Market panel);
    4. Specify the amount of USDT to buy FIL in the field named Amount;
    5. Press Buy FIL.
      Order to buy FIL on OKX
      Order to buy FIL on OKX

    How to sell Filecoin

    Instructions for selling FIL are the same as for buying. The only difference there is on step 3: you should specify order type and number of coins to sell on the right side of the screen and press the red button Sell FIL.

    FIL sale
    Selling FIL

    Where to store FIL

    You can use mobile, desktop and hardware wallets to store FIL. If you plan to store small amounts of coin, it is better to use mobile or desktop wallets.

    Among the reliable “hot” wallets:

    • FilWallet is a decentralized digital asset storage application focused on Web3.0. It is a convenient, secure and powerful multi-currency wallet that supports the FIL/ETH/BSC public network;
    • Trust Wallet — multicurrency mobile wallet, an official wallet of the world’s largest exchange Binance;
    • Exodus is a multi-currency desktop and mobile wallet with good security features and integration with the Trezor hardware wallet.
    When using a hot storage type, don't forget about additional security measures in the form of two-factor authentication and a strong password.

    For long-term storage of cryptocurrency it is better to use “cold” wallet. All Ledger wallet models can be classified as reliable storages of this type. These wallets are encrypted devices that store users’ assets offline, providing a high level of cyber security.

    Read also: Best crypto wallets.

    How to withdraw Filecoin to my wallet?

    You can transfer FIL to any crypto wallet that supports the coin. We will look at how to withdraw FIL from OKX exchange to the crypto wallet Exodus. For this:

    1. Log into your personal OKX account and open Assets → Withdraws;
      OKX withdrawal
      Withdrawal process on OKX
    2. Select FIL → network (make sure that the networks in the wallet and on the exchange are match), press Continue;
      Fill in data for FIL output
      Filling data for FIL withdraw
    3. Open Exodus wallet, select FIL, press Receive;
      FIL in Exodus
      FIL in Exodus
    4. Copy FIL wallet address;
      FIL wallet address
      FIL wallet address
    5. Fill in the withdrawal fields on the exchange (copied FIL address, number of coins) and click Continue;
      End withdrawal to OKX
      The end of withdrawal on OKX
    6. Check that you got FIL in your Exodus wallet.

    FAQ

    What is Filecoin?
    Filecoin is a native cryptocurrency of a decentralized storage platform that allows users to monetize free hard drive space.
    How to buy Filecoin?
    The most profitable way to buy Filecoin is on a crypto exchange. For this:

    1. Top up your exchange account;
    2. Go to trading terminal;
    3. Select currency pair, for example, FIL/USDT;
    4. Specify order type, for example, Market and amount of coins to buy;
    5. Click Buy FIL.

    Where to buy Filecoin?
    You can buy a coin on different exchanging platforms. Among the reliable exchanges for buying FIL, we note: Binance, OKX, Bybit.
    When is the best time to buy Filecoin?
    It's hard to say with 100% certainty when is the best time to buy Filecoin. Before investing in any cryptocurrency, you need to conduct fundamental and technical analysis. If this is difficult, you can study the opinions of analysts and experts, try to determine the uniqueness and practical significance of the project.

    But even if experts believe in the potential of the coin, you need to remember that cryptocurrencies are subject to volatility, and you can not only make a profit, but also lose your invested funds.

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    Agatha Redich
    Agatha Redich
    Articles author, editor
    Articles author and website editor. Works with texts for over 12 years. Among Agatha’s clients: Rossman, Zara, Bosch, ING Bank, Lexus and others. Crypto journalist since 2018. She wrote more than a hundred articles about cryptocurrencies and the crypto market. Agatha's professional credo is to reveal complex topics in an accessible and simple way.
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    Emil Rabin
    Emil Rabin
    Site expert
    Cryptocurrency expert and financial analyst. Emil has working experience in Bain and KPMG, collaborated with PayPal and Revolut, organized more than 30 educational events about blockchain and cryptocurrencies in Eastern Europe. An expert of the TGDRatings.com portal since 2022.
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