How to buy Filecoin (FIL) from Australia

By   |   Verified by Andrew Boyd   |   Updated 29th August 2022

Name

Price (AUD)

24h change

  • Filecoin is a distributed cloud storage network for data.
  • Filecoin enables anyone to monetise their open hard drive space and become a storage provider.
  • The Filecoin token was developed to allow users to distribute and store data on the network without transacting in fiat currency.

Ready to buy Filecoin? Here's a step-by-step guide covering where and how you can buy Filecoin today from Australia.

Where to buy Filecoin

Swyftx

On Swyftx's website

Highlights

  • Receive $10 worth of BTC when you sign up and verify your account.
  • Trade over 260 assets on Swyftx including Bitcoin, Ethereum, Ripple and Litecoin as well as DeFi coins such as UniCoin.
  • Deposit or withdraw funds from your account using several payment methods (PayID, OSKI, POLi or bank transfers).
  • New to Crypto? Try Swyftx's demo mode, it allows you to mock trade with no financial risk while you learn the ropes of crypto trading.

Pros

  • Trade more than 300 crypto assets through the Swyftx platform.
  • Offers tight spreads and low trading fees.
  • Get support within 5 minutes through their live chat.
  • Practice trading with a demo mode.

Cons

  • Lacks access to advanced trading markets.
CoinSpot

On CoinSpot's website

Highlights

  • Buy Bitcoin, Ethereum, XRP and over 370 other digital currencies.
  • Refer a friend and earn $10 BTC.
  • Get 24/7 helpdesk support.

Pros

  • Trade for only 0.1% and withdraw in AUD for free.
  • Multiple deposit options.
  • Access CoinSpot NFT Marketplace.
  • CoinSpot is regulated by AUSTRAC and is ISO certified

Cons

  • Margin trading is not available.
Digital Surge

On Digital Surge's website

Highlights

  • Trade 270+ crypto assets in a clean design that's easy and fast to use.
  • Live chat support available 7 days a week with average response times of less than 1 minute.
  • Invest in crypto for your SMSF and get ATO compliant reporting.

Pros

  • Quick sign-up and verification process.
  • Fees are low and the fee structure is clear.
  • Has an Australian-based support team.

Cons

  • For fiat deposits, AUD is the sole choice.
Uphold Crypto

On Uphold's website

Uphold Crypto

Highlights

  • Invest in 200+ digital currencies including the majors, altcoins, and stablecoins with 0% commission.
  • Ability to trade crypto against other assets like foreign currency and commodities.
  • Stake a range of coins with competitive yields.

Pros

  • Open an account in less than a minute.
  • Low deposit requirement and commission-free trading.
  • Option to trade fiat currencies and precious metals.

Cons

  • High spreads on low-liquidity assets.
Cointree

On Cointree's website

Highlights

  • Buy, sell and trade on Australia’s best crypto exchange - Get free $10 BTC after verification. Just use promo code 10BTC.
  • Secure, Safe & Easy - Trade 280+ cryptocurrencies, including Bitcoin, Ethereum, Ripple and Dogecoin
  • Crypto investing for your SMSF with detailed ATO compliant reporting – Get started in 5 minutes

Pros

  • Cointree has competitive fees for quick buys and sells.
  • You can view and copy the portfolios of recently successful traders.
  • Pay your bills with cryptocurrency using Gobbill.
  • Get customer support 24/7.

Cons

  • Account verification may take up to 48 hours.
  • Does not have a mobile app.

Step 1: Pick an exchange that sells Filecoin

Filecoin may not be one of the best-known coins, but many of the best cryptocurrency exchanges have listed it. When comparing exchanges, the primary aspects to take into consideration are its security and how much it costs to trade (e.g. deposit and withdrawal fees, maker and taker fees).

Step 2: Register an account

Once you have chosen an exchange to buy Filecoin, you will need to open an account and then confirm your identity. Details you'll likely need to provide include your name, date of birth, and street address. Additional proof of identity — a copy of your driving licence, passport, or another government-issued ID — may be required to confirm that you are who you claim to be. While it can be frustrating, it does help secure your account.

Step 3: Transfer funds

You can transfer funds into your account in several ways. Transferring fiat currency from your bank account is a popular option. Many exchanges also accept credit or debit cards, PayPal, PayID, POLi, etc. Bear in mind that it may be several days before funds are cleared into your account and available to use. You may also be able to fund your account using cryptocurrency, if you have some in a wallet.

Step 4: Decide how much to spend

Set yourself a budget for investing in Filecoin and never invest any more than you can afford to lose. This is especially true of crypto investing given its volatility.

Step 5: Buy Filecoin

Now that your account has been set up and funded, you can place an order to purchase some Filecoin. You may be able to set up a recurring order that will automatically buy more Filecoin on a regular basis, e.g. buy $100 of Filecoin on the first of every month. Some exchanges provide stop and limit orders to give you better control over your investing.

Where to store your Filecoin

The easiest place to store your Filecoin is in the wallet provided by the exchange where you bought it. However, you do not have to keep it there. You could transfer it to another wallet at a different exchange or, if you have security concerns, transfer it to a hardware or cold wallet.

Disclaimer: We put our customer’s needs first. The views expressed in this article are those of the writer’s alone and do not constitute financial advice. Advertisers cannot influence editorial content. However, Finty and/or the writer may have a position in the cryptocurrencies mentioned. Finty is committed to providing factual, honest, and accurate information that is compliant with governing laws and regulations. Do your own due diligence and seek professional advice before deciding to invest in one of the products mentioned. For more information, see Finty’s editorial guidelines and terms and conditions.