The crypto market is home to several crypto assets. Protocols, like Filecoin Network, are coming up with reliable digital assets that are hitting the market by a storm. Being a peer-to-peer network, Filecoin provides storage services over the internet.
Filecoin rewards every participant in its working model and provides a reliable ecosystem for data storage. Anyone on the internet can recover or store data through Filecoin. The model runs on nodes, actors, miners, gas fees, proofs, and addresses.
The Filecoin ecosystem has several unique attributes. It is something that has attracted more crypto enthusiasts to explore Filecoin. Crypto investors have shown an increased interest in the Filecoin token, FIL. As a crypto asset, Filecoin FIL is gaining fame and acceptance globally. Many new traders and investors eye Filecoin FIL as a suitable investment option in the open market. Consumers can buy FIL or trade Filecoin on various cryptocurrency exchanges.
How to buy Filecoin (FIL) should not be a complicated process and we’re here to simplify how and where you can do this.
Where Can You Buy Filecoin?
Filecoin FIL is one of the most exciting digital asset projects in the blockchain space. Users buy and sell Filecoin on several cryptocurrency exchanges. Professional traders turn to the top exchange trading platform for buying Filecoin and start trading. We list a few renowned crypto exchange platforms that entertain Filecoin tokens and other related services.
Coinbase is considered to be the go-to crypto exchange platform for beginners as well as for advanced traders of the crypto market. Coinbase makes trading easier for users through services and lowers fees.
Moreover, Coinbase links fiat currencies with the digital world. Users can deposit funds through debit cards or bank transfers for crypto transactions. They have different deposit options. Coinbase has a minimum deposit limit of only $2, making it more convenient for beginners to start trading. Coinbase Pro is more suitable for retail investor accounts as they will have to pay low fees over market orders and limit orders while buying FIL.
Crypto.com is another name with a reputation in the cryptocurrency market. The exchange deals in over 250 crypto assets. On the exchange, Filecoin purchases can be made at the current price through a debit card or bank account. Fee over services varies along with the payment method.
The exchange ensures top-notch security features. Its crypto wallet secures the funds of the users. Also, the exchange offers cashback to its users. This is why many traders are drawn toward Crypto.com for their crypto careers.
The eToro cryptocurrency exchange offers trading CFDs and digital assets via eToro USA LLC. It is the fairest exchange for beginners as they can copy the trades of seasoned and expert traders. These trades can act as investment advice and risk management for new traders in the market.
Additionally, the exchange charges varying trading fees over cryptocurrency transactions. The requirements for minimum deposit funds are kept to $10 for more consumer inclusivity.
eToro has a unique working model and an efficient regulatory framework. Being a social trading platform, it offers more usability to the users. The cryptocurrency exchange complies with a financial crimes enforcement network to provide more security.
Being the largest cryptocurrency exchange in the market, Binance is a preferred choice for users to buy Filecoin FIL. Binance offers deep liquidity, and therefore, it is a reliable platform. Moreover, the exchange is also licensed and registered in various regions of the world
Binance complies with the conditions of the financial industry regulatory authority. The exchange commission is also fixed at a flat rate. It has multiple payment options for crypto assets, alongside a compulsory KYC process that ensures its transparency and security. Therefore, many users opt for Binance to buy, sell, trade, and hold Filecoin.
Buy Filecoin on Crypto Exchanges in 4 Steps
Crypto exchanges bridge the gap between consumers and the live crypto industry. These consumers can conduct independent research or surf through the search bar to find a suitable token. However, digital assets are highly volatile, and they pose a significant market risk over investment.
Thus, people should be able to manage their risks to have sustainable trading and investing career. Filecoin FIL has emerged as a substantial project with solid fundamentals, so it has been attracting more users lately. The growing market cap and market price of the coin indicate that storage buyers and storage providers are gaining more traction in the sector.
Filecoin is specifically made for storage space providers. Filecoin aims to assist users in keeping their files and data safe through an interplanetary file system. Moreover, these users can use software wallets, paper wallets, or hardware wallets to store their assets. Users need to follow only a few basic steps to buy Filecoin FIL on any exchange. They can use debit cards or bank transfers to source their funds.
Step 1: Create an account on a cryptocurrency exchange
To begin with, users need to create an account on any exchange that supports Filecoin FIL, preferably from the ones mentioned above. Beginners shall opt for Coinbase or eToro.
Every exchange has different criteria for signing up. Usually, you are asked for your identification through an email address and mobile number. Make sure that you set a strong password so that your crypto funds are safe and secure.
Step 2: Provide a payment source to buy the crypto asset
You can either use fiat currency or crypto tokens to buy Filecoin on any exchange. Users can transfer Dollars or other fiat currencies to their exchange through bank transfer. They can buy a stablecoin like USDT or BUSD and later convert it into Filecoin FIL.
If they already have crypto assets, they can use the trading pairs of these cryptocurrencies against FIL. Many exchanges offer trading pairs in BTC, ETH, and other mainstream cryptocurrencies.
If you conduct your purchase through a debit card on a trading platform, you might be charged a higher fee. Such purchases from any debit card are expensive and risky. Therefore, it is better to use P2P exchange services and safely deposit assets on any crypto software wallet.
Step 3: Complete the purchase
Once you have created and logged into your account on an exchange, you should be able to trade and analyze the data of highly volatile digital assets. Moreover, you can search for Filecoin on the search tab. The investment decision should depend on the Filecoin price so you better understand your market entry and exit points.
You can place an order at your desired price. Once you put in the amount you wish to invest, it will show the number of tokens you will receive against that value. These values should be placed carefully to avoid human error while purchasing Filecoin. As you buy Filecoin, the assets should be visible on your account.
Step 4: Transfer Filecoin FIL to a wallet
This last step is not that much of a compulsion, and neither does it fall under the banner of “how to buy Filecoin.” But it is an advisable measure for investors and traders. If you are trading and keeping coins for a short time, then it might be acceptable to keep assets in the exchange wallet.
But if you plan on holding coins for a longer duration, as most storage providers plan with Filecoin FIL, you are advised to shift to an offline wallet or cold wallet. It protects your assets and data from hacking attempts.
Advantages of Buying Filecoin FIL
- The protocol labs of Filecoin ensure that the coin is made suitable for storage providers. Moreover, the data and information of users are kept safe by the blockchain. This is why Filecoin is preferred by people linked with large-scale data storage networks.
- Filecoin purchase is more common among people that negotiate data dealing in the open market. Another significant benefit of using Filecoin FIL is that it offers competitive prices for storage space providers. Miners of the coin compete on the efficiency and speed of their network, and they are rewarded accordingly.
- People are more drawn towards FIL because of its low trading fees and rewarding profit potential. These attributes attract more large-scale investors to the coin. Also, the coin has a long way to go in the market, making it a suitable investment option.
- Filecoin also combats censorship, as the data is encrypted with high standards and efficiency. The strong fundamentals of the Filecoin FIL project make it a hit in the crypto space.
Risks of Buying Filecoin FIL
- The token distribution of the coin was plagued with controversies. There was a major difference in public sales and pre-sale of the token. The network was criticized for rewarding buddies, as the public was exposed to more risk.
- Many close associates of the project were able to acquire more tokens, which is never suitable for any blockchain project. It grows contrary to the idea of decentralization and limits the growth of the token in the longer run.
- Moreover, the network is also criticized for its price function. The uncertainty constantly grew about the network’s plans to raise uncapped funds. Consumers believe that the project does not reward the public truly. This might earn FIL a lousy reputation in the market.
- The users of the Filecoin blockchain network will pay as much as $6 for the confirmation of their transactions. The average prices are incredibly high for the web compared to the competitors of Filecoin.
- It is believed that FIL is an excellent project with high utility, but the token distribution is so unfair that only 10% of the tokens are available to the public. This forces people to think about whether the coin is worthy enough of capital investment or not. Lastly, the currency’s high volatility is also a significant point of concern for consumers.
Should You Buy Filecoin?
As per the analysis of Filecoin FIL, it is evident that the project is achieving new highs in the blockchain and crypto realm. It has started as one of the most usable crypto networks. Also, the project tends to expand further and explore new wavelengths.
Despite the criticism and the risks involved, many consumers still believe in the project. They are willing to pour more money while investing in the coin. Also, the token is different and unique from the traditional cryptocurrencies in the industry. Its usability is critical in driving more attention toward the token.
Conclusively, buying cryptocurrencies comes at high potential risk. This is something that makes the crypto world risky yet unique. Therefore, if you are a storage enthusiast and wish to explore more utility in the data management world, then FIL might be the perfect investment.