Buy Filecoin in Canada
Filecoin made simple
Everything you need to know about Filecoin and how to start investing in it.
-$0.39 (-4.91%) past 24 hours
- Market Cap
- Circulating Supply
- 24h low - high range
- $7.57 - $8.17
Filecoin is a decentralized file hosting service created by a company called Protocol Labs. Think of Filecoin as a service like Dropbox or Google Cloud but redesigned for the age of crypto. Instead of a company hosting files in huge warehouses full of harddrives, Filecoin relies on anonymous networks of computers from all over the world. These computers host fragments of files on their computer, and earn cryptocurrencies as their reward.
Specifically, they earn Filecoin, the eponymous currency that powers the whole network. Protocol Labs has integrated Filecoin with the InterPlanetary File System, another protocol that distributes web hosting to create censorship-resistant websites.
Anyone can host their harddrive, even you, although these days services like Filecoin and Chia (which also uses harddrives) are run by professionals, who...control large warehouses full of harddrives, just like Dropbox or Google. Both projects have been blamed for creating a global harddrive shortage. Sometimes progress is confusing!
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
- Sign up in minutes right from your phone or laptop
- Start trading crypto with as little as $1
- No account minimums
- No clunky dashboards — just one super simple app
- Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Filecoin?
You can use Filecoin to rent or lend harddrive space on the Filecoin network; the protocol is essentially a decentralized marketplace for harddrives. You can also buy Filecoin (also known as FIL) for speculative purposes, which means that you hope that the coin will rise in price (or decline if you are shorting it). Some exchanges let you lock up your FIL to earn extra tokens in the future. This is known as staking.
Is Filecoin a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Filecoin or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Filecoin safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Filecoin prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Filecoin to your Wealthsimple account in just a few taps.
Other cryptos to explore
- 1 inch (1INCH)
- Celo (CELO)
More info about Filecoin
Want to take a deeper dive? Check out these articles about Filecoin and the world of crypto.
What is Cryptocurrency?
Cryptocurrencies are a type of digital asset that run on blockchain technology. Here’s everything you need to know.
Top Cryptocurrencies and Crypto Exchanges
Here’s how to buy and sell cryptocurrencies on crypto exchanges and other trading platforms.
What is Blockchain? The Ultimate Guide
A quick primer on the building blocks needed to understand the basics of blockchain
Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Filecoin with just $1. It’s that simple.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any Filecoin transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Filecoin’s current market cap is 3,316,116,762.
The current price for Filecoin in Canadian dollars is $7.59.
Buying Filecoin with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Filecoin 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying Filecoin. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.