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- 1. How & where to buy Filecoin (FIL) online
- 2. How to buy Filecoin instantly in 3 simple steps
- 3. Where to buy FIL easily
- 4. Best exchanges to buy Filecoin (FIL), reviewed
- 5. How to trade FIL
- 6. What is the best way to pay for Filecoin (FIL)?
- 7. How do I store Filecoin (FIL)?
- 8. Is Filecoin (FIL) a good investment?
- 9. Is now a good time to buy Filecoin?
- 10. FAQs
How & where to buy Filecoin (FIL) online
Get started in minutes with our preferred broker,. 9/10
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Filecoin tokens are available on a cryptocurrency exchange, which functions similar to a stock trading platform. It takes just a few minutes to buy Filecoin this way. Follow our quick step guide below.
How to buy Filecoin instantly in 3 simple stepsCopy link to section
To buy Filecoin you need a smartphone or a computer and an internet connection. It takes 10-15 minutes the first time and you should have some photo ID to hand. Here’s how to do it.
Step 1. Sign up to eToroCopy link to section
77% of retail CFD accounts lose money.
Step 2. Make a depositCopy link to section
Add funds via a card payment, bank transfer or an alternative payment method. You can start with as little as £10.
Step 3. Buy Filecoin tokenCopy link to section
Type FIL into the search box then click ‘trade’. Enter how much money you want to spend and hit ‘trade now’.
Now you own Filecoin tokens! It’s as simple as that.
Where to buy FIL easilyCopy link to section
The overall best exchange to buy Filecoin token for beginners is eToro . Filecoin is also available on lots of other cryptocurrency exchanges.
Here are the top three places to buy Filecoin, ranked according to their simplicity for beginners, fees, customer reviews, and safety ratings.
77% of retail CFD accounts lose money.
Read more about how we rate, rank and review platforms.
Best exchanges to buy Filecoin (FIL), reviewedCopy link to section
1. eToro. Best for beginners, copy-trading & demo-account
Pros & Cons
We love eToro because it makes it simple to trade crypto at home or on the go. If you’ve never bought cryptocurrency before, then eToro makes it simple to buy 75+ of the leading coins, including the likes of Bitcoin, Ethereum, and Dogecoin. Every crypto trade comes with a flat 1% fee, which makes it one of the cheapest crypto brokers on the market to boot.
As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see what’s trending on the crypto market every day, browse the latest technical analysis about every one of those tokens, and copy other people’s trade suggestions from your desktop or the eToro app.
The fees: You will be charged a 1% fee every time you buy or sell crypto. The charge is included in the market price that’s displayed on eToro. CFD trades may be charged an overnight or weekend fee if you leave the position open.
77% of retail CFD accounts lose money.
2. OKX. Best for futures and margin trading
Pros & Cons
We love OKX because it’s an adaptable and flexible exchange, with an app that’s available in three different versions depending on how you trade. Choose from the beginner-friendly Lite version, Web3 option for NFT traders, or the Pro version for a plethora of trading tools.
From an app or desktop you can trade 350+ crypto coins on one of the world’s top crypto exchanges. You can fund your account easily, through a variety of simple payment methods, and a sliding scale of fees that means you can access discounts by holding the OKB token or trading high volumes.
The fees: Regular users pay a 0.1% fee on spot crypto trades. OKB crypto holders are entitled to a discount, up to 0.02% off for holding more than 2,000 coins. High volume traders are also entitled to a discount, with the cheapest fees available for traders with a 30 day trading volume above $10,000,000,000.
How to trade FILCopy link to section
You can trade Filecoin on a cryptocurrency exchange using a few simple steps. Here’s a quick example that clearly lays out how FIL crypto trading works:
- Monitor the price: Let’s say the price of FIL/USDT is $1. You read the price charts and decide that now is a good time to start purchasing FIL.
- Open a trade: You trade one USDT for one FIL ($1 for 1 FIL).
- Continue to monitor the price: The next day, one FIL token is now worth $2, a 100% increase.
- Close your trade: You trade your FIL token back to USDT for $2.
In this example, you buy and sell Filecoin, doubling your money (trading). While the steps are simple, executing them in a profitable way is not so easy. You need to spend many hours learning to trade, reading charts, patterns, and understanding markets and margin trading; which you can do right here on Invezz.com.
77% of retail CFD accounts lose money.
What is the best way to pay for Filecoin (FIL)?Copy link to section
The simplest way to buy Filecoin cryptocurrency is with your bank card. However, there are plenty of other options as well. Here are some of the top ways to pay for FIL.
- Buy Filecoin with a credit card or debit card. Card payments are convenient and instantaneous but you may have to pay a higher fee to make a deposit this way. Binance charges 1.8% for a card deposit and some platforms charge as much as 4%.
- Buy Filecoin with bank transfer. A bank transfer is usually the cheapest way to buy crypto. Crypto platforms like Crypto.com and Coinbase do not charge for bank transfer deposits, while Binance only charges a £1 fee, and these transactions are more or less instant as they run through the Faster Payments System (FPS).
- Buy Filecoin with PayPal. Some crypto brokers accept deposits via PayPal. eToro is the best option because it doesn’t charge a fee for PayPal deposits, whereas the charge can be as high as 5% or more with other platforms.
- Alternative payment methods. Crypto brokers often let you pay with other providers or money transfer services, like Neteller, Venmo, or Payoneer. The options vary by broker, though, so check what’s accepted before you sign up.
How do I store Filecoin (FIL)?Copy link to section
Most people keep their crypto on the exchange they used to buy it. If you only plan to hold onto it for a little while then that’s a perfectly acceptable option. If you want to hold it for years or you own a lot of Filecoin then you should move it to a crypto wallet.
A crypto exchange is similar to a bank account, in that it means trusting a company to protect your funds for you. A wallet is like your personal wallet, or a safe, where you take responsibility for it yourself. Two of the best Filecoin wallets to use are MetaMask and the Ledger Nano S.
Is Filecoin (FIL) a good investment?Copy link to section
Whether it’s good for you depends on your goals and the fundamentals of the project. Here are some key features of Filecoin and its token to help you decide whether to invest in FIL.
- Filecoin makes storage cheaper than traditional methods. It uses blockchain technology to allow individuals to rent out their spare storage space to others, creating a decentralised and distributed storage network. This can potentially make file storage cheaper and more accessible for everyone, removing the need for centralised storage providers.
- Users can earn FIL for providing storage space. FIL coin acts as both a payment mechanism and an incentive for individuals to act in the general interest of the platform. Individuals can earn FIL for providing storage space and can also use FIL to pay for storage space on the platform. This creates an economic incentive for individuals to contribute to the network and ensure its growth and stability.
- Its future depends on how many people use the platform. Investment prospects for FIL depend on the growth and success of the Filecoin platform. As more individuals and businesses adopt the platform and use FIL as a form of payment, the demand for FIL can increase, potentially increasing its value. However, if the platform does not see widespread adoption, the demand for FIL may not be as strong.
- It will be difficult to compete with existing file storage platforms. Filecoin faces challenges in disrupting the established file storage industry, which is convenient and popular. Many individuals and businesses already use centralised storage providers and may not see the need to switch to a decentralised platform. Additionally, the file storage industry is dominated by large corporations, which may be difficult for a new decentralised platform to compete with.
- Legal issues have raised concerns about its long-term prospects. Filecoin has had disputes with its own miners and faced a legal challenge over how it distributed coins to its employees, which are considered early challenges. These controversies have raised concerns about the project’s stability and long-term prospects, and it is a reminder to always do your research before making any investment.
- Competition from other projects may be difficult to contend with. There are other cryptocurrencies based on file-sharing platforms and an established industry run by some of the biggest companies in the world. It is important to consider other options and compare them with Filecoin in terms of their technology, team, and market position before making any investment decisions.
Use this quick summary of pros and cons to compare Filecoin with other, similar projects.
ProsCopy link to section
- Filecoin is an early market leader in decentralised file sharing
- FIL is quite inexpensive and more stable than some other coins
- You can earn extra FIL by participating in the platform
Ultimately, many different factors play into the answer. Cryptocurrency is inherently volatile but you can reduce the risks by investing in quality projects that provide value to the community.
How has Filecoin (FIL) performed this year?Copy link to section
The current Filecoin price today is $4.75, which is 98.04% below its all time high of $237.73, which it reached on 01 April, 2021. FIL is up 53% this year, with a 52 week high of $29.32 and a 52 week low of $2.68.
Is now a good time to buy Filecoin?Copy link to section
The answer depends on the current price and your own investment goals. Put simply, buying Filecoin, selling Filecoin, and trading FIL are all the exact same process. It’s really just your personal investing intentions that defines whether now is a good time to invest or not.
- If you’re a trader: as a cryptocurrency trader, your goal is to make money trading regularly. What do we mean by regularly? Hourly, daily, weekly. Traders buy and sell a coin quickly to secure their profit (or to avoid a loss). They don’t #hodl that coin long term in the hopes of larger profits. In this sense, any time is a good time to buy Filecoin.
- As a long-term investor: a long term investor is not concerned if the price is up or down 10% on any given day. Rather, they care that the price of the native token is overall up months or years later, when they’re ready to sell that investment. So if you’re a firm believer in the foundations of Filecoin and its decentralised aggregator platform, then a good time to purchase Filecoin is on any major dip.
In our experience, most newcomers to the crypto market sit between the two. You don’t want to wait several years for a return, but buying Filecoin and selling it the next day probably isn’t why you’re here either.
Regardless, closely following FIL price news & analysis will help you decide when to pull the trigger:
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FAQsCopy link to section
To create an account on any regulated cryptocurrency exchange, you will need:
- A mobile or laptop device
- An internet connection
- Email address and/or phone number
- Photo ID to verify the account
- A method to deposit & withdraw funds, like bank card or PayPal
As soon as you’ve set up an account, you can start buying Filecoin.
Yes, Filecoin token is available to buy on Coinbase.
Yes, FIL crypto is available to buy on Binance.
Yes, Filecoin is available on eToro, and is one of only 50 or so tokens available on the platform.
You can use a Filecoin wallet to store your FIL tokens. However, you can also use any cryptocurrency wallet to secure your FIL coins.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >