How to buy Filecoin (FIL) from the UK

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

  • 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 the UK.

Not sure which exchange to use?

Where to buy Filecoin

eToro Crypto

On eToro's website

eToro Crypto

Highlights

  • Trade and stake a range of crypto assets with low fees.
  • Copy successful traders. Practice with a demo account.
  • eToro is regulated by CySec, FCA and ASIC.


Disclaimer: Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply. Please give the risk warning sufficient screen time and prominence.


Pros

  • The user-friendly website and app make it easy to trade from anywhere.
  • Trade Bitcoin, Ethereum, and 60+ other crypto assets.
  • With its CopyTrader feature, you can replicate the moves of other investors.
  • Start trading with just $10.

Cons

  • There is a 1% fee that is added to the market price.
  • Other exchanges have more selections of crypto coins and tokens.
Coinbase

On Coinbase's website

Finty may be compensated when you click on the link.

Highlights

  • Get £5 in Bitcoin with your first trade on Coinbase.
  • Buy and sell popular digital currencies, and keep track of them in the one place.
  • Invest in cryptocurrency slowly over time by scheduling buys daily, weekly, or monthly.
  • Crypto stored on Coinbase servers is covered by an insurance policy.


Cryptocurrency is not regulated by the UK Financial Conduct Authority and is not subject to protection under the UK Financial Services Compensation Scheme or within the scope of jurisdiction of the UK Financial Ombudsman Service. Investing in cryptocurrency comes with risk and cryptocurrency may gain in value, or lose some or all value. Capital gains tax may be applicable to profits from cryptocurrency sales.


Pros

  • Get access to a wide variety of altcoins.
  • Start trading with as little as $2.
  • Offers Coinbase card which allows you to spend crypto anywhere.

Cons

  • Fees are higher compared to other exchanges.

First time buying?

How to buy Filecoin

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, 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.

After you buy

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.