The most common way to get FIL is to use an exchange. You should be aware of some specific steps when trying to transfer FIL from an exchange to your wallet.
A cryptocurrency exchange is a digital platform where users can buy, sell, and trade cryptocurrencies for other cryptocurrencies or traditional fiat currencies like USD, EUR, or JPY.
Crypto exchanges provide a marketplace for users to trade their digital assets and are typically run by private companies that facilitate these transactions. These exchanges can differ in terms of fees, security protocols, and the variety of cryptocurrencies they support.
Users can typically sign up for an account with a crypto exchange, deposit funds into their account, and then use those funds to purchase or sell cryptocurrencies at the current market price. Some exchanges offer advanced trading features like margin trading, stop-loss orders, and trading bots.
It’s important to note that while crypto exchanges can offer convenience and liquidity for traders, they also come with risks like hacking and regulatory uncertainty. Therefore, users should take precautions to protect their funds and do their own research before using any particular exchange.
There are many exchanges that allow users to buy, sell, and trade FIL. Websites like coingecko.com and coinmarketcap.com keep track of which exchanges support which cryptocurrencies. You can use these lists to help decide which exchange to use.
Once you have found an exchange you want to use, you will have to create an account with that exchange. Many exchanges have strict verification and Know-Your-Customer (KYC) processes in place, so it may take a few days to create your account. However, most large exchanges can verify your information in a few minutes.
Purchasing cryptocurrency varies from exchange to exchange, but the process is usually something like this:
- Add funds to your exchange account in your local currency (USD, EUR, YEN, etc.).
- Exchange your local currency for FIL at a set price.
Some exchanges allow users to fund and withdraw FIL using any of the Filecoin address type. However, some exchanges only support one, or a handful, of the available address types. Most exchanges do not currently support f410 addresses .
If your exchange does not yet support Filecoin Eth-style 0x addresses, you must create a wallet to relay the funds through. Take a look at the Transfer FIL page for details on how to transfer your funds safely.
If you’re looking to get FIL to test your applications on a testnet like Calibration then check how to Get test tokens! Test FIL is often referred to as tFIL.