How to Buy Filecoin (FIL)

If so, you may want to consider Filecoin, a crypto asset that aims to incentivize a global network of users to provide a file sharing and storage service. 

Project founders claim that if enough people adopt it, it could become the fastest and cheapest way to store data on the internet. What’s more, it would not rely on a central authority, meaning the exchange of its files could not be censored by governments or other actors. 

Not sure yet why you’d want to buy FIL? Feel free to read our ‘What is Filecoin?’ guide. It offers a more extensive breakdown of its technology and vision. 

If you’re going to be using Filecoin, FIL is pivotal for accessing its services. 

In fact, those looking to store files with Filecoin will need to use its cryptocurrency to pay for storage and retrieval, and for any other transactions on the network. 

There are a number of ways to buy FIL. However, many find that it is easiest to purchase it through a trusted global exchange like Kraken. 

Aside from offering the lowest fees in the industry, Kraken is constantly rated one of the most secure and trusted crypto exchanges in the world. This matters because if you lose the private key to your FIL, it can be challenging if not impossible to recover your funds. 

At Kraken, we take security seriously, with tested technology and rigorous procedures designed to safeguard funds. We don’t cut corners when it comes to security, and neither should you.

Follow the steps below to start buying FIL on Kraken: 

1. Sign up for a Kraken account.
   First, enter a valid email address, create a new username and set a strong password to protect your account.

2. Verify your account. 
   After providing your name, date of birth, country of residence and phone number, you can buy FIL with cryptocurrencies like ETH and BTC. In order to use cash (i.e. USD, EUR or CHF), you’ll need to provide our experts with additional supporting documents verifying your identity. Read about our verification processes here.

3. Deposit cash.
   You can fund your account in a number of ways. How you do so will depend upon your location and preferences.

4. Purchase FIL!
   Once your account is funded with cash, you’re ready to purchase FIL. At this point, you’ll also gain access to our advanced charting tools, 24-hour global client support and the ability to utilize spot trading on margin*, features that help make the Kraken experience beloved by millions of global traders.

*Availability of margin trading services is subject to certain limitations and eligibility criteria.

Once you buy FIL, you’ll need somewhere to safely store your cryptocurrency. 

Kraken is secure, but it’s always safest to store your FIL in a wallet, a software or hardware device that stores the public and private keys required to make crypto transactions.

There are many types of FIL wallets available. Mobile and web wallets can make transactions easy, while hardware and paper wallets are perhaps best suited for secure, long-term storage. 

When choosing a crypto wallet for your FIL, first spend some time thinking about what you plan to do with your tokens to find a wallet that fits your needs.

Ready to take the next step toward using a decentralized storage platform? Click the button below to buy FIL on Kraken today!