Key Takeaways
- Filecoin is a decentralized protocol that enables global storage space rental and data storage.
- It offers increased safety due to its decentralized nature, making it difficult to hack.
- Filecoin splits data into multiple parts, enhancing security and preventing unauthorized access.
- Speed and internet connectivity can affect the performance of Filecoin's network.
Filecoin enables people from all over the world to rent out or buy storage space for their computer. As everyone in the world is allowed to join the network, Filecoin can create an enormous source of data storage. This decentralized protocol has a lot of advantages. One of the most important upsides of Filecoin is safety. As this is a decentralized network, there are no points of attack, making it way harder to hack.
Saving and storing documents on a specific computer is quite risky. That is where Filecoin comes into play. It splits up data in multiple parts, making it extremely difficult to piece together. This means that if anybody tried to hack it, they would end up with a stream of meaningless data. Still, it knows exactly where the data parts are and how the data fits together. This way it can easily rearrange the data when requested.
Still, there are some minor disadvantages of this cryptocurrency platform. The most significant one is speed. Filecoin doesn’t access only one server but multiple servers to put together the documents when needed. The speed can depend on whether the servers are online at the moment or not. Not only that, but the Internet speeds also have a huge impact.
If you believe in the potential of FIL (Filecoin), then we can show you how to easily invest and get your hands on some in our step-by-step guide.
Where to buy FIL (Filecoin)?
FIL is a very popular coin, and a large cryptocurrency by market capitalisation, so you will be able to find it at many crypto exchanges in Australia. The biggest factor is that you choose an exchange that is safe and legit, so you don't get scammed. We recommend you choose an exchange from our list of the best crypto exchanges for Aussies, as they are all tested by us, and we can confirm they are secure and trusted.
In this guide of how to buy FIL (Filecoin), I will include screenshots from my personal CoinSpot account, so you can also open an account with CoinSpot if you want to easily follow along. The reason I choose CoinSpot as my cryptocurrency exchange is for the following reasons:
- Over 410+ different cryptocurrencies supported, including FIL
- Most secure and trusted crypto exchange in Australia
- Largest Australian exchange with more than 2.5 million users
- Staking on 21 coins
- Live Chat support
- NFT marketplace where you can buy NFTs using any cryptocurrency you like
Exchanges where you can buy FIL
How to buy FIL (Filecoin)?
7 easy steps
Buying FIL (Filecoin) in Australia is really easy, all you have to do is follow along with these simple steps, and you will have your own FIL in no time.
1. Sign up with a crypto exchange
The first step is to open an account with your crypto exchange of choice. If you haven't decided, have a look at this guide on the top crypto exchanges in Australia (click here). Or if you want to use my recommended exchange, which I will use for my screenshots, open an account with CoinSpot. You can also read my CoinSpot review first before you decide.
To sign up with CoinSpot, click this link and you will be taken to a page like the screenshot below. Click Register in the top right corner, then fill out your email, create a password, click to prove you’re not a robot, then click Create Account.
2. Verify your account
After creating the account, you need to verify your account. Click on the "Complete Verification" button and continue with any steps that show up. You need to verify your email, and then then enter your identification details and finally upload a copy of your driver license. It can take a while for your verification to be finalised, so you can have a look around your CoinSpot account and get comfortable with the interface.
3. Deposit money into your account
Once your account is verified, it's time to deposit AUD into CoinSpot. In the top left of the account, you will see the "Deposit Funds" button. Click on that, and you should see the deposit page (see screenshot below). You can use whichever method you like from that list, but my recommendation is POLi. Funds are deposited instantly and there is no charge incurred. Type in the amount you want to deposit, select your bank, and then click the "Continue to POLi" button to finalise your deposit.
4. Go to the Buy section in your account
Once your money is in your CoinSpot account, you are ready to buy some FIL (Filecoin). Click on Buy/Sell in the menu along the top, then search FIL. Click on Buy FIL and you will see the purchase screen, like the screenshot below. The price of FIL is shown clearly in the middle of the screen.
5. Select how much FIL you want to buy
Select how much AUD you want to spend on FIL, then click the Buy button. You will see a pop-up which confirms how much you are spending, the fee, and how many coins you will receive.
6. Buy FIL (Filecoin)
When you have checked that all the information is correct, you can click Confirm Buy to finalise your transaction. Congratulations, you are now the proud owner of some FIL!
7. Store your FIL safely
Now that you have made your purchase of FIL (Filcoin) you can find it in your CoinSpot wallet by clicking on Wallets at the top of the screen. You can see how much FIL you own, and the value in AUD. You can leave your FIL in CoinSpot, which is the most secure crypto exchange in Australia. If you prefer to be even safer, you can send your FIL to a personal wallet. You can click here to read about the best crypto wallets for Australians.
Frequently Asked Questions
Yes, it is perfectly legal to buy, sell and own FIL (Filecoin) in Australia.
Not many Australian crypto exchanges support debit and credit cards, but Swyftx does. You can click here to open an account with Swyftx, or read our full review here first.
If you choose a trustworthy and secure cryptocurrency exchange, it is safe to buy FIL in Australia. CoinSpot is the #1 top crypto exchange in Australia, and you can be assured that it is safe to buy FIL (Filecoin) using their platform.
If you want to buy other cryptocurrency such as Bitcoin, Dogecoin or Ethereum, you can follow the same steps above, but in Step 4, type in the coin you want to buy instead of FIL.