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How to buy Filecoin (FIL) in Canada
Learn how to buy Filecoin (FIL) on 11+ crypto exchanges in our step-by-step guide.
Filecoin (FIL) is the 32nd largest cryptocurrency by market cap, valued at US$3,604,458,364.
Filecoin is a highly volatile asset capable of major price swings in a single day. Today FIL is trading for $6.64 USD, which is lower than yesterday's trading price of $6.81 USD. Over the past year, Filecoin's price has seen an increase of 25%.
So before you buy Filecoin, make sure you understand these unique risks as well as its legal and tax status here in Canada.
If you're ready to get started, read on for step-by-step instructions on how you can buy Filecoin.
How to buy Filecoin in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
- Compare crypto exchangesThe easiest way to buy Filecoin is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
- Create an account To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
- Make a depositOnce verified, you can deposit CAD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
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Buy Filecoin
You can now exchange your funds for Filecoin. On beginner-friendly exchanges, this is as simple as entering the CAD or FIL amount you want to purchase and clicking "buy".
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Secure your Filecoin
Consider transferring your FIL to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Where to buy Filecoin in Canada
Find an exchange to buy, sell and trade FIL by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How do I find the best places to buy Filecoin?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Canada to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Filecoin?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Filecoin.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing FIL with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Filecoin?
Once you've created an account, you will need to deposit funds to buy FIL with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy FIL:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase FIL by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for FIL on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Filecoin?
The easiest way to buy FIL is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying FIL, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Filecoin has been performing recently.
Best Filecoin wallets to store your FIL
You can keep your FIL on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your FIL below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 9,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $179 |
Price (USD) $49.99 |
See more of the best crypto wallets
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Is Filecoin a good investment?
Before deciding whether or not to buy FIL, there are a few things worth considering:
- Inflationary token: Filecoin is a highly inflationary cryptocurrency, which means it may not be a great asset for holding long term. This is because it is a utility token, so it is designed to be spent and used within the Filecoin ecosystem, rather than held for its speculative value like Bitcoin. The bulk of tokens are reserved for mining rewards, which makes up 70% of the total supply and will be gradually released over the lifetime of the network. The remaining tokens are already allocated, either sold to investors in the 2017 ICO or reserved in order to fund future development.
- Use-case: Filecoin's native token FIL is used for payments on the network, as well as held by miners as collateral in order to use the network. Contracts between miners (storage providers) and clients (storage buyers) are settled through bids on an open market, using Filecoin as payment. Filecoin tokens are also used to settle microtransactions on the network, such as when data is pulled from multiple storage locations on demand. In addition to receiving payments, miners can also earn Filecoin simply by offering space, even if it goes unused. This is so there is a given amount of free storage on the network at any given time.
- Competition: Filecoin was one of the first platforms to offer decentralised storage using the blockchain, however it is not the only project in this sector. Storj and Sia are both direct competitors to Filecoin. On top of this, Filecoin has to contend with major centralised businesses that currently dominate the cloud storage space - companies such as Google, Apple and Amazon all operate cloud storage platforms.
Today's Filecoin price versus ATH
Compare today's price of Filecoin ($6.64 USD) against its all-time-high price of $236.84 USD on 01 April 2021. The closer the bar is to 100%, the closer FIL is to reaching its ATH again.
Filecoin's price: $6.64
ATH date: April 01, 2021
ATH date: April 01, 2021
2.80%
Filecoin ATH: $236.84
How to trade, convert or sell Filecoin
You can convert or sell your FIL with the same exchange you bought it through:- Sign in to the exchange you have FIL on.
- If you store your Filecoin in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of FIL you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Filecoin.
- Complete your transaction and move your FIL to a wallet for storage.
Disclaimer: Cryptocurrencies, including Filecoin, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of FIL is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Filecoin or any other cryptocurrency discussed.
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