If you’re wondering how to buy Filecoin (FIL) in Canada, you’ve come to the right place. This post will walk you through exactly how to buy it using Newton, one of the top-rated crypto exchanges in Canada and the easiest way for Canadians to buy Filecoin.
Newton is a particularly good choice for buying and selling Filecoin because it verifies accounts instantly, supports more than 75 crypto assets, and has zero trading fees (aside from the spread). If you’re serious about crypto investing and want to work with a reputable, reliable exchange, I highly recommend Newton.
What Is Filecoin (FIL)?
Launched in 2020 by Juan Benet, Filecoin (FIL) is a decentralized storage network, based on a blockweave, a structure similar to blockchain, but with some key differences. Filecoin comes in as an answer to Benet’s idea of a fully decentralized data storage platform that would reward miners and push them towards storing data.
The ultimate goal is to have a web library, so that future generations can access all the information available.To accomplish this, Filecoin is secured through two algorithms: Proof of Replication (PoRep), which works by verifying that the server is holding one or more replicas of the data file, and the Proof of Spacetime (PoST) algorithm, which works by verifying that the server is keeping the data-reserved space unchanged. This accomplishes both tasks; miners are more likely to hold replicas of the stored data, and more likely to keep it for a long period, to earn more FIL tokens.
There are 188 million FIL in circulation, out of a maximum supply of 2 billion. New coins can only be obtained through PoRep and PoST, but you can also acquire them iin some of the largest exchanges, including Binance, Kraken, and Coinbase.
Here are some other quick facts about Filecoin:
|Asset Type||Decentralized Storage Network|
|Market Cap||$3,381,073,186 USD|
|All Time High||$236.84 USD|
|All Time High Date||Apr 01, 2021|
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ExperiencedI bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
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Where To Buy Filecoin In Canada
Here’s how to buy Filecoin in Canada smoothly and easily:
1. Open Your Newton Account
Opening a Newton account is easy: go to their website, enter your name and email, and follow the prompts to upload a piece of government-issued ID to verify your account.
If you sign up using my referral link, you’ll get a $25 signup bonus upon depositing $100 or more into your account.
2. Fund Your Newton Account
Canadians can fund their Newton account through Interac e-transfer, wire transfer, or cryptocurrency transfer from an external wallet. I recommend Interac e-transfer, since it’s fast, easy, and totally free.
Your funds will appear in your account in 30 minutes or less.
3. Buy Filecoin With Newton
Once you’ve funded your account, you can go ahead and buy however much Filecoin you want. To do that with Newton, log in to the app or web platform, tap Trade (the icon with two arrows), enter the dollar amount you wish to purchase, and select Filecoin from the dropdown menu.
Your order will be processed immediately, and your Filecoin will show up in your account right away. And that’s it—you just bought Filecoin!
Zero Trading Fees
Spreads: 0.2% – 0.7%
Why Newton Is Great For Buying Filecoin
There are many reasons Newton is my exchange of choice for buying Filecoin, but here are just three:
1. Extremely Low Fees
Newton doesn’t charge any trading fees, deposit fees, withdrawal fees, or any other types of fees you can think of. They even cover the first $5 on every crypto withdrawal, going above and beyond to save you money.
The only way Newton will make money your trades is through a narrow spread that’s charged on each trade. Newton’s spreads are very competitive with other exchanges, and you can see its live spread on Filecoin on its Fees page.
2. Wide Variety Of Coins
Newton currently supports more than 75 crypto assets, so if you want to trade other altcoins aside from Filecoin, Newton is your best bet for finding them.
3. Designed For Canadians
If you use a non-Canadian exchange, you generally have to fund your account with US dollars and pay foreign exchange fees ranging anywhere from 2-5%. Newton is a Canadian exchange, though, so you can fund your account directly with Canadian dollars without any fees.
Other benefits of Newton include the ability to fund your account via Interac e-transfer or from your Canadian bank account for free, plus the knowledge that you’re using a homegrown exchange that follows all current and anticipated Canadian regulations, ensuring your funds and crypto are always fully secure.
Where To Store Filecoin
Storing Filecoin is easy as long as you have the right crypto wallet to protect it and keep it secure. There are dozens of different wallets out there, each with their own set of features, many of which cost $100 or more to buy.
With Newton, though, you can skip expensive wallets altogether and just store your crypto right inside their app. Newton maintains third-party custodian partnerships with Fireblocks and Balance, which means they keep their users’ digital assets under cold (offline) storage at institutional-grade storage facilities. Other benefits of using Newton include:
- The widest selection of coins of any Canadian crypto wallet/exchange
- Newton performs daily off-site backups to ensure your crypto is always kept safe
- Open an account in 30 seconds
- $25 bonus when you buy $100 in crypto using my signup link
Newton is a widely trusted wallet and exchange I’ve personally used for more than a year. Whether you want to make your first crypto purchase or just spread out where you hold your coins, I can’t recommend Newton enough.
Zero Trading Fees
Spreads: 0.2% – 0.7%
Here’s how to buy Filecoin in Canada:
- Open a Newton account using my referral link to get your $25 signup bonus.
- Deposit Canadian dollars into your Newton account with zero fees.
- Exchange dollars into Filecoin with no commissions—you just pay the spread.
Buying Filecoin In Canada FAQs
What Fees Are Involved With Buying Filecoin?
Newton doesn’t charge any trading fees or commissions on Filecoin, so you just pay a spread of around 0.2% – 0.7%.
Which Canadian Exchanges Offer Filecoin?
Newton is the only exchange Canadians can use to buy Filecoin today. Other exchanges like CoinSmart and Bitbuy may add support for Filecoin in the future, but right now, Newton is the only option Canadians have.
How Do I Sell Filecoin In Canada?
To sell Filecoin, log in to your Newton account, go to Market -> Exchange (the arrows in the bottom-right of the app), and then set up the trade by entering the amount of Filecoin you wish to sell. Once the sale is complete, you can withdraw your fiat currency into your bank account via Interac e-transfer or direct deposit.
Alternatively, if you wish to transfer your Filecoin to a wallet outside of Newton, go to Market -> Exchange -> Withdraw -> Crypto to Wallet, select Filecoin from the dropdown list, and enter your external wallet address. Always double-check your external wallet address before processing your withdrawal request, as cryptocurrency transactions can’t be reversed once they’ve been submitted.
Is Filecoin A Good Investment?
At its current price of $17.47 USD, Filecoin is down 92.62% from its all-time high of $236.84 USD on Apr 01, 2021. If the past is any indication, though, there’s a good chance Filecoin will increase from here and challenge its all-time high again, probably when Bitcoin approaches its all-time high, too.
Of course, all cryptocurrency investments are volatile and uncertain, so I recommend that you only invest money you can afford to lose.
Filecoin Price Prediction
Our price prediction for Filecoin is $332.70 USD within 12 months. This equates to an increase of 1804% from its current price of $17.47 USD, and assumes that Bitcoin will surpass its all-time high of $69,045 USD in the next 12 months, too.