How to Buy Filecoin
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
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.
Where is the best place to buy Filecoin
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:
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).
- Click Sign Up in the top corner of the menu;
- 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>;
- Enter the 6-digit code that will be sent to your email and click Next;
- After completing registration you will receive a message “Welcome to OKX”.
OKX allows trading without verification. But after passing it, the user gets higher withdrawal limits and access to more functions of the trading platform.
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:
- Enter your personal account, select Assets → Deposit;
- 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;
- Copy USDT address or scan QR-code;
- Open the wallet from which you will fund up your account and select USDT → click Send;
- Check if USDT has been transferred to the exchange.
Buy Filecoin (FIL)
Let’s try to buy FIL on OKX for Tether (USDT):
- Select Trade → Basic Trading → Spot;
- Type FIL into the search bar and select trading pair, for example, FIL/USDT;
- Specify order type (we chose to buy cryptocurrency at the market price by activating Market panel);
- Specify the amount of USDT to buy FIL in the field named Amount;
- Press Buy FIL.
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.
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.
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.
How to withdraw Filecoin to my wallet?
- Log into your personal OKX account and open Assets → Withdraws;
- Select FIL → network (make sure that the networks in the wallet and on the exchange are match), press Continue;
- Open Exodus wallet, select FIL, press Receive;
- Copy FIL wallet address;
- Fill in the withdrawal fields on the exchange (copied FIL address, number of coins) and click Continue;
- Check that you got FIL in your Exodus wallet.
- Top up your exchange account;
- Go to trading terminal;
- Select currency pair, for example, FIL/USDT;
- Specify order type, for example, Market and amount of coins to buy;
- Click Buy FIL.
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.