What is Filecoin (FIL)?
The Filecoin network is a decentralized peer-to-peer file storage network that is used to store and retrieve data. FIL is the currency of the Filecoin network. Think of it as a traditional cloud storage but instead of having one provider, it is a network made up of many individual providers. This distributed infrastructure of networks means users don’t have to trust a single source for their data storage, thereby solidifying its security. You can buy and sell FIL for any major cryptocurrency, like BTC, ETH, and XRP or traditional currency such as Canadian Dollar, US Dollar, and Euro. Trading cryptocurrencies is like foreign exchange of traditional currencies – you trade FIL for BTC the same way you trade CAD for USD. You can also trade FIL to CAD based on the FIL price. To learn how to buy Filecoin / FIL, scroll down to see how to buy Filecoin.
How to buy Filecoin (FIL)?
Here's how to buy Filecoin on Coinsquare
To buy Filecoin, simply follow these steps:
1. Sign up for a Coinsquare account and verify your identity
This is the first step to buying FIL. Verifying your identity helps us to properly connect your funds to your account.
2. Fund your account with Canadian Dollars
Funding is like putting gas into a car – it helps you get where you want to go.
3. After funding, select FIL from the list on the trade section
Coinsquare lets you trade FIL without leaving the app. You can also check the Filecoin price and convert FIL to CAD or USD on the platform.
4. Select a currency you’ve funded and use it to check the FIL price
In the Coinsquare app, all currencies available to trade can be found in the drop down list.
5. Buy Filecoin (FIL)
Congratulations! You’re now the proud owner of FIL. You can either HODL or use it to exchange FIL to CAD or any other cryptocurrency listed on Coinsquare.
Where do I keep my Filecoin (FIL)?
At Coinsquare, we offer customers the power of easy transactions and cold storage security. Client assets are securely stored 1 to 1 in cold storage with approved custodians, kept separate from operational funds, and never utilized for lending purposes.
All client assets are held in trust with external, licensed custodians with a combined $680M USD in insurance. Additionally, CCML maintains Vault Risk insurance beyond those of its custodians that cover risks related to the cold storage of its clients’ crypto assets. And the cash held in your account is insured against insolvency by the Canadian Investment Protection Fund (CIPF). This means that in the unlikely event that Coinsquare (CCML) becomes insolvent, CIPF will cover any shortfall of cash held in client accounts up to $1 million CAD per account.
Ready to add Filecoin (FIL) to your portfolio?
Create your account, fund it with spare change and get a little bit of FIL.
