How to Buy Filecoin in Australia

A Beginner’s Guide to Buying Filecoin Cryptocurrency in Australia

Last Updated October 20th 2021
6 Min Read

If you’re based in Australia and wish to buy Filecoin – the process is very simple. All you need to do is find a regulated exchange that offers competitive fees, deposit some funds with a debit/credit card, and decide how much you wish to buy.

Filecoin is digital money that is traded under the name of FIL. Filecoin, just like Bitcoin, Litecoin, and Dogecoin, is a decentralized, peer-to-peer cryptocurrency that uses the cloud storage network for its transactions. Filecoin has in-built economic incentives to make sure that files are reliably stored over time.

Filecoin comes with a network that involves a wide range of developers and storage providers. With this collection of stakeholders in the operation of the coin, users are assured of reliable and robust service. Filecoin is one of the most popular cryptocurrency coins out there.

This means that it can be easily traded (buying and selling), just like every crypto coin out there. Filecoin can be easily purchased in Australia with the simple use of Australian dollars (AUD).

What's in this guide?

This is a complete guide about buying Filecoin in Australia. This guide explicitly details all the steps involved in the purchase of Filecoin in Australia. Additionally, the guide also mentions the different facts and features of one of the fastest-growing cryptocurrencies in the world. Furthermore, this guide features the best storage options and essential tips about Filecoin.

  1. QUICK GUIDE: HOW TO BUY FILECOIN IN AUSTRALIA
  2. Where to buy Filecoin in Australia
  3. A Step-by-Step Guide to Buying Filecoin in Australia
  4. How to sell Filecoin
  5. Which wallets can I use to hold Filecoin?
  6. How Filecoin works
  7. Things to consider before you buy Filecoin in Australia
  8. FAQs

QUICK GUIDE: HOW TO BUY FILECOIN IN AUSTRALIA

  1. Open an account with a cryptocurrency exchange.
  2. Verify your account.
  3. Go to the deposit section
  4. Go to the platform and select FIL.
  5. Enter how many Filecoin FIL coins you want to buy.
  6. Check the details and confirm your purchase.

buy filecoin

Where to buy Filecoin in Australia

The simplest method of buying Filecoin in Australia is using an exchange that deals with buying and selling cryptocurrencies. The exchanges are known as cryptocurrency brokers.

Like the stock market, these exchanges help provide a safe and suitable platform for sellers and buyers to trade their cryptocurrency coins. If you are a beginner in the cryptocurrency market, using a crypto exchange is usually the best way to trade your cryptocurrency.

A Step-by-Step Guide to Buying Filecoin in Australia

Easily, there are two main methods of buying Filecoin in Australia. You either use fiat currencies or cryptocurrencies.

Buy Filecoin with a Fiat currency.

The following steps list the process that you need to follow to buy Filecoin with fiat currency.

1. Open an account 

The first step to buying Filecoin with a fiat currency like the Australian Dollars (AUD) is to open an account that supports Filecoin. You will need to confirm this since not all platforms support every cryptocurrency out there. Once you see one that supports Filecoin, you will need to check for its fees and features and compare it with other options.

To ensure that the exchange supports Filecoin, Filecoin (FIL) should list one of the crypto pairings for easy exchange. Once you confirm this, you can then sign up by using your details.

A majority of exchanges will request your name, personal details, and ID verification. To begin to trade in Filecoin, you will need to get verified on your chosen platform.

2. Deposit money into your account

Next, you will need to pay the required amount of Australian dollars you need to trade with. If the exchange allows trading with Filecoin, then you can directly purchase Filecoin with your Australian dollars.

3. Buy Filecoin

As soon as you deposit the money, you can buy the Filecoin.

Buy Filecoin with another cryptocurrency.

One other option of buying Filecoin is by using another cryptocurrency.

1. Buy Bitcoin or Ethereum

You can purchase Filecoin by using another crypto coin like Ethereum or Bitcoin. Check to see that Filecoin has been paired with these two currencies. It would be best if you had either BTC or the ETH before you are allowed to trade.

2. Open your account

Next, you will need to register for an account to move on to the next stage.

3. Deposit money into the account

Next, you can then deposit your Australian dollars to buy the Filecoin.

4. Buy Filecoin

When the funds are locked into your account, you can proceed to click the exchange button. Check for different crypto pairings like "BTC/FIL," "ETH/FIL," or "TRX/FIL," and all that. Sel3ct the amount of FIL that you want to input and confirm all the details before checking out.

buy filecoin

How to sell Filecoin

Just like buying, selling Filecoin is usually an easy thing to do. All you have to do is follow the steps similar to that when buying Filecoin with your Australian dollars (AUD). Then again, if you are looking to sell your Filecoin, you can effortlessly search for the tab – "Sell FIL."

Depending on the exchange you have chosen, the process could be slightly different; however, it is easily the same technique.

Which wallets can I use to hold Filecoin?

Wallets are advised for storing your cryptocurrency against using your exchange. Wallets offer a fast and safe way of storing your digital asset. Unlike exchanges, wallets are safe from hackers and other malicious threats to your crypto coins. Numerous platforms offer secure wallet options for storing your Filecoin.

How Filecoin works

Filecoin was created by Juan Benet and is a project that Protocol Labs began. The crypto coin got funded with 200 million Filecoin that were sold to investors.

Filecoin uses blockchain technology for its primary operations. Other features of the crypto coin include storage nodes, a native token, and retrieval nodes.  

Filecoin aims to be a storage network that is decentralized, which makes it possible for its users to be able to purchase and sell unused storage space to the users in the market. Filecoin uses a protocol with an incentive layer with the peer-to-peer file system – IPFS, built using a distributed ledger and a native token. Filecoin has a current market capitalization of $7.53 billion. 

Things to consider before you buy Filecoin in Australia 

Due to their high volatility and their speculative feature, cryptocurrencies like Filecoin can be a risky venture to invest in. However, if you are armed with the proper knowledge, investing in these cryptocurrencies becomes a breeze. If you are looking to invest in Filecoins, you should consider the following features:

Availability

The availability of a cryptocurrency is one factor to consider while you are trying to invest in one. Filecoin is available in many exchanges, but not all exchanges offer Filecoin.

Wallet support

Before you purchase Filecoin, you must also check out if there are currently available wallets that support the crypto coin. This is essential for the safe and reliable storage of your Filecoin after purchase.

Price

One thing about digital coins like Filecoin is their high volatility. Over a short time, a coin like Filecoin can show sharp crests and troughs. This means that they are highly unstable and volatile. You will need to have the volatility of crypto coins in mind should you feel like investing in one.

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FAQs

Can I buy Filecoin?

Whereas Filecoin is not as popular as other coins like Ethereum or Bitcoin, many exchanges still allow users to buy and sell the crypto coin. 

Does Filecoin have a bright future?

Indeed, a lot of industry experts are optimistic about the future of Filecoin. Coin Price Forecast predicts that FIL will end the year at $79.30 but in 5 years it'll be $261.08.

What do I do with Filecoin on an exchange?

Investors can easily buy Filecoin on any exchange. Additionally, they can sell, receive, convert, store, or receive Filecoin on the exchange.

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