How to buy Filecoin online

Filecoin was created as a decentralized file-sharing network that uses blockchain technology. It combines several new technologies to create a unique experience in which users have the opportunity to earn crypto. 

This guide will help you understand the fundamentals of Filecoin and how you can get involved in 2021. 

Best platforms to buy Filecoin- 2021

1
Minimum Deposit
$50
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
CopyPortfolios: Innovative, fully managed investment strategies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
2
Minimum Deposit
$250
Exclusive Promotion
User Score
8.1
Trade the global markets. Trade with real-time execution and professional tools
Follow and copy Naga's top traders who have mastered their trading strategies
Free personal account manager
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3
Minimum Deposit
$50
Exclusive Promotion
User Score
7.5
Over 4 million customers worldwide
Buy, sell and trade nearly 200 digital assets
Verified within 15 minutes

What is Filecoin?

Filecoin (FIL) is a decentralized file storage and sharing network. It uses blockchain technology to provide users with a new type of sharing experience. With decentralized file-sharing platforms being more popular than ever, Filecoin aims to create a unique experience by providing users with the ability to earn crypto. At a base level, Filecoin operates in a similar way to most file-sharing platforms. However, instead of using a centralized authority to store data, users can bid on storage space. This space is offered by miners who offer disk space. 

Filecoin solves several issues with this technology. Firstly, it helps to solve the issue of centralization. In many cases, major firms such as Amazon Web Services have a huge share of the market. This allows them to dictate terms in their favour for people who lack alternatives. This also creates the problem of censorship. Industry leaders now censor what they deem appropriate, which lets them control what information is spread amongst populations. By reducing the amount of data that’s centralized, Filecoin also hopes to reduce the issue of censorship. 

It also allows users to make a profit by sharing their unused disk space. In the past, you’d buy a memory desk and usually, it would have a lot of free space. Instead of letting this go to waste, users can sell it online. 

As of August 2021, FIL has a market cap of $7,244,012,207 with 99 million tokens in circulation. It has a fully diluted market cap of $7,398,643,646 and one token currently costs $73.34. In April 2021 it reached highs of $188. 

Buy Filecoin now at our preferred partner

1
Minimum Deposit
$50
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
CopyPortfolios: Innovative, fully managed investment strategies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Pros

  • Unlike most storage providers, Filecoins decentralized approach puts users first. The platform has data retrieval speeds faster than the industry average and as the market grows, the infrastructure is designed to grow with it. This means Filecoin has the potential to become the fastest and cheapest way to store data online. 
  • The decentralized nature of Filecoin means it’s resistant to censorship. Decentralized networks have no single point of failure and there are no gatekeepers involved. The data in the network is also encrypted to the highest standard, making it almost impossible to hack. 

Cons

  • The only downside to Filecoin is that it will have to compete with many cloud storage providers. In order to gain an advantage, it must exceed its competitors on speed, security and reliability.

How does Filecoin Work?

Filecoin was originally built on top of another P2P file storage called the Interplanetary File System (IPFS). This platform was similar to Filecoin but didn’t include any financial advantages. Users could store data however couldn’t make a profit using their free space. 

The Filecoin system starts with miners, who mine storage space that’s then sold to users. For mining, miners receive FIL tokens. The price a user pays for storage is determined by an open market which can vary based on the speed a user wants. Other factors such as availability and demand also impact prices.

The network is maintained by two types of miners. These miners compete with each other to offer the lowest price for storage. To become a miner, all you need is free hard disk space and an internet connection. Though once accepted, miners are judged on reliability and price of storage. The two types of miners are storage miners and retrieval miners. 

The most common miner is a storage miner. These act as storage providers and can be both individuals and organisations. Both types of miners perform processes known as proofs. These secure the network and verify that miners are storing the data they claim to be storing whilst following the correct protocols. The second type of miner is a retrieval miner. These miners act as pre-fetchers of data. Their purpose is to retrieve the most downloaded files and deliver them to users. To become a retrieval miner, you must meet certain internet strengths. 

How to Buy Filecoin online

Filecoin can be bought through Coinbase, Gemini, Crypto.com and Binance, all of which are well-known exchanges. However, the only way to buy Filecoin is through buying other cryptocurrencies and exchanging it to Filecoin.

Here’s how to buy Filecoin online: 

  1. Start by signing up to any of these exchanges and verifying your account. If you already have an account, simply log in. 
  1. Use fiat to buy Ethereum or Bitcoin, these are used to buy Filecoin (FIL). Once bought, search for FIL and select the number of tokens you want to buy. 
  1. Trade your chosen currency and FIL should appear in your wallet. 

Top platforms to buy Filecoin

1
Minimum Deposit
$50
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
CopyPortfolios: Innovative, fully managed investment strategies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
2
Minimum Deposit
$250
Exclusive Promotion
User Score
8.1
Trade the global markets. Trade with real-time execution and professional tools
Follow and copy Naga's top traders who have mastered their trading strategies
Free personal account manager
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3
Minimum Deposit
$50
Exclusive Promotion
User Score
7.5
Over 4 million customers worldwide
Buy, sell and trade nearly 200 digital assets
Verified within 15 minutes

How to Trade Filecoin

Trading Filecoin is limited to Coinbase, Gemini, Crypto.com and Binance, though the token is not commonly traded on these platforms. Due to its limited use outside of the platform, the token is normally used to buy commonly used cryptocurrencies and is therefore not a popular trading option.