Frequently asked questions
Filecoin is a decentralised storage network which aims to change the way we store our data. Rather than trusting our files to a server somewhere like Dropbox or Google Drive, you can store your data in a distributed storage network, where you basically rent drive space from the community. The technology is based on the peer-to-peer storage network, Interplanetary File System, or IPFS.
On the ticker, you’ll see Filecoin referred to as FIL. The symbol for the currency is ⨎.
Filecoin’s price is set by supply and demand. The more buyers are willing to pay for it, the more expensive it will be. With that said, the biggest predictor of the health of Filecoin is the broader trends in the crypto market. If crypto is on the rise, then Filecoin is likely to be as well.
Filecoin can be bought on crypto exchanges.
A crypto exchange (or cryptocurrency exchange) is a marketplace where buyers and sellers trade cryptocurrencies. Just like regular stock exchanges, a cryptocurrency exchange serves as a middleman who sets the market price at which an equal number of buyers and sellers can be found.
Is now a good time to buy crypto? Frankly, we don’t know.
But there are several strategies when it comes to crypto investing. One approach is to buy in when price slips. In the crypto community this strategy is known as "buying the dip" (BTD).
Another strategy is dollar-cost averaging: investing a certain amount of money on a set schedule, say $100 every Monday morning. Dollar-cost averaging seeks to average out the lows and highs over time.
No matter which strategy you choose, Cryptoradar’s price alerts help you to not miss a dip, and adhere to your investment schedule.
There are risks associated with any investment. Crypto markets are particularly volatile, with large upswings and downswings. Only invest as much as you can afford to lose.
When it comes to choosing a crypto exchange, there are also a couple of thinks to be wary of.
Before you can start trading, a crypto exchange will ask you to verify your identity. This is necessary because of anti-money-laundering laws. The verification process and time can differ significantly and take anywhere from minutes to weeks.
All crypto exchanges charge a fee or a spread to finance their operations. Fees can differ significantly among exchanges, so make sure to get a good deal.
Additionally, make sure that your preferred crypto exchange supports the payment methods of your choice, but be aware of any additional payment fees that may apply.
Last but not least, if you’re new to crypto, make sure that your chosen platform is easy to use and has good customer support. This helps you avoid making costly mistakes.
If you’re looking to invest in Filecoin, you’ll need to find an exchange that allows for your preferred method of payment. Some will only allow a direct bank transfer, others will allow you to use services like PayPal. With the help of Cryptoradar, you can pick out the exchange that best suits your needs when you come to buy Filecoin.
Getting started with crypto can be hard. Our detailed price comparisons and cryptocurrency guides have you covered.