Filecoin raised roughly $205 million in its 2017 ICO — one of the largest token sales of that cycle — and then spent three years building before the mainnet went live. Most projects that raise that much disappear into vapour. Filecoin shipped. Today the network stores something on the order of an exabyte of capacity across thousands of storage providers globally, which makes it one of the biggest decentralised infrastructure networks in crypto by raw physical capacity. Whether that translates to a price story is a separate question — but the infrastructure is real, the customers are real, and FIL is one of the few “DePIN” tokens that predates the DePIN narrative by years.
I’ve held FIL since shortly after mainnet, watched the parabolic April 2021 run to over $200, the bear market hangover, and the Filecoin Virtual Machine launch open the chain to smart contracts. This is the walkthrough I’d give a friend buying their first FIL today on BitGet. Two of the links below are affiliate. I’ll flag them.
Short answer: To buy Filecoin on BitGet, create an account with email, enable 2FA, complete KYC (usually same-day), deposit funds via card, P2P, bank transfer, or crypto, then place a spot order on the FIL/USDT pair. Spot fees are 0.10%. Card on-ramp adds 1–3%. For long-term holding, move FIL to a Ledger Nano X — Glif is the main browser wallet for Filecoin. Time from signup to FIL in your account: about 30 minutes.
Open a BitGet account → (affiliate)
Key takeaways
- Filecoin is a decentralised storage network — clients pay FIL to storage providers to keep their data verifiable and retrievable across thousands of nodes.
- The network stores roughly an exabyte of raw capacity, putting it among the largest DePIN networks in crypto by physical infrastructure.
- The 2017 ICO raised approximately $205 million, one of the largest sales of that cycle, and the team built quietly for three years before mainnet in October 2020.
- BitGet spot fees are 0.10% maker/taker. Card buys add 1–3%. P2P or crypto deposit is the cheaper route.
- Long-term FIL belongs on a Ledger. Trading float on BitGet. Glif or Ledger Live for everyday use; Filfox.io is the main block explorer.
What Filecoin actually is (and why DePIN matters)
Filecoin is a decentralised storage network. Anyone with spare hard drive space can become a storage provider, deposit FIL as collateral, and offer to store client data. Clients pay FIL to have files stored over a defined period and to retrieve them when needed. The network uses cryptographic proofs — Proof of Replication and Proof of Spacetime — to confirm that storage providers are actually holding the data they claim to be storing, continuously, over time.
The history matters. The project comes from Juan Benet, who also created IPFS (the InterPlanetary File System) — the content-addressed protocol that underpins a substantial chunk of Web3 storage. IPFS gave you a way to address files by their content rather than location; Filecoin added the economic incentive layer that turns IPFS storage into a market. They’re complementary protocols, not competitors.
The 2017 ICO is part of crypto folklore. The token sale raised approximately $205 million, one of the largest of that cycle (CoinDesk and Reuters both covered it at the time). The team then went heads-down for three years building. Mainnet launched in October 2020 — much later than many ICO investors had expected, but the network shipped and has been running continuously since.
The scale is the part most people miss. Filecoin’s raw storage capacity has consistently sat in the exabyte range — that’s a billion gigabytes. Official network stats on filecoin.io and the Filecoin block explorer update in real time. By raw physical capacity, that puts Filecoin among the largest decentralised infrastructure networks in crypto, full stop. It predates the DePIN narrative by years — DePIN as a category emerged in 2023 to describe networks like Helium, Render, and Akash, but Filecoin had been doing it since 2020. The what is DePIN explainer covers the wider sector.
The Filecoin Virtual Machine (FVM), launched in 2023, opened the chain to smart contracts. That’s the part that’s still developing — FVM enables DeFi, liquid staking for storage collateral, and programmable storage deals. Whether it grows into something meaningful or sits underused is the open question for the next cycle.
For the wider context — what crypto is, what an exchange does, how to think about which token to start with — the how to buy crypto parent guide covers it.
Why I recommend BitGet for buying FIL
A handful of exchanges list FIL. Here’s why BitGet is the one I’d point a beginner at for this token specifically.
Solid FIL/USDT liquidity. FIL is a top-50 token and BitGet’s order book reflects that — reasonable spreads, fast fills, no thin-liquidity surprises for retail-sized buys.
Honest fee structure. Spot maker/taker fees start at 0.10% and drop with BGB holdings or volume. The chart price is the price you trade against. No hidden mark-up. BitGet trading fees goes through the full tier breakdown.
Multiple deposit routes. Card, bank transfer, P2P, or crypto deposit. Pick the one that fits your timeline and budget.
Native Filecoin network withdrawal. When you withdraw FIL from BitGet, you can send to a Filecoin-native address (f1, f2, f3, or f4 prefix). Confirmations typically take a couple of minutes. Full platform breakdown in the BitGet review.
Not for US residents. BitGet is geo-blocked in the US. If that’s where you live, look at Coinbase Advanced or Kraken instead. Everywhere else, this is the workflow I’d run. The BitGet vs Binance and BitGet vs Bybit comparisons sit alongside this one.
Pre-signup checklist (ID, bank, 2FA, storage)
Five minutes of prep before you open the sign-up page.
A photo ID. Passport or driving licence in date. KYC will ask for both the document and a selfie. Blurry photos get rejected.
An email you control. You’ll be getting 2FA codes, withdrawal approvals, and security alerts at this address for years. Use a real one you check.
A strong password. 16+ characters, never reused on another site. A password manager makes this painless.
An authenticator app. Google Authenticator or Authy. Install it before you sign up. SMS 2FA is a security hole — SIM swap attacks have drained more accounts than most beginners would believe. 2FA for crypto covers which factor types are actually safe.
Your funding source. Debit card, bank account, or crypto already sitting in another wallet. UK readers using Faster Payments and EU readers using SEPA Instant find P2P near-instant.
A storage plan. Decide before you buy where the FIL is going. Trading float on BitGet, long-term holdings on a hardware wallet. If you don’t own one yet, the Ledger Nano X supports FIL via the official Filecoin app — order one while KYC clears.
Step-by-step: BitGet signup
Five steps. About ten minutes if your documents are ready.
- Open the sign-up page. Go to BitGet (affiliate — gives you a small fee discount). Enter your email and a strong password.
- Verify your email. A six-digit code arrives within a minute. Paste it in.
- Enable 2FA. Security Settings → Authenticator. Scan the QR code with your app, save the backup code somewhere offline. Write it down — don’t screenshot.
- Complete KYC. Identity Verification → upload passport or driving licence and take a selfie. Mine cleared in 12 minutes. Some take a few hours.
- Add a payment method. If you’re using card, add it now. If P2P, you’ll set up the trade in the funding step below.
Account ready. Time to fund.
Funding: card vs P2P vs bank vs crypto deposit
Four ways to put money on the platform. Each has a different cost and speed.
| Method | Fee | Speed | Best for |
|---|---|---|---|
| Crypto deposit | Network fee only | 1–60 min | Already hold USDT/USDC/FIL elsewhere |
| P2P (bank transfer) | 0% (small rate spread) | 5–30 min | Best rate, slightly more steps |
| Bank transfer (third-party) | 0.5–1.5% | 1–3 hours | Mid-size buys |
| Card on-ramp | 1–3% | Instant | First small buy, can’t wait |
Crypto deposit is the cheapest route if you already hold USDT or USDC somewhere else. Send to your BitGet deposit address. For USDT, the TRC-20 network costs about 1 USDT in fees — ERC-20 is closer to 8 USDT. Pick the right network or the funds don’t land.
P2P is the highest-effort, lowest-fee path. You’re matched with another user selling USDT for your local currency. You pay them via bank transfer, BitGet escrows the USDT, they release once your bank confirms. Rates usually sit within 0.5% of mid-market.
Bank transfer through third-party on-ramps is the middle ground — fees visible, clears in a few hours.
Card on-ramp is the fastest and most expensive. Fee is bundled into the quoted rate — USDT will cost 1.5–3% above spot. Convenient. Bad value over time. Fine for a first $50 just to test the workflow.
My rule for FIL specifically: card for the first $50, P2P or crypto deposit for everything after.
Placing your first FIL trade
USDT is sitting in your spot account. Two ways to convert it to FIL.
Option A: Market order (fast, slightly worse fill)
A market order buys at the best available price in the book, instantly. Fine for small buys.
- Open the BitGet app or web platform. Go to Spot Trading.
- Search FIL/USDT and select it.
- On the buy side, select Market.
- Enter the USDT amount (or use the percentage slider — 25%, 50%, 100% of available USDT).
- Tap Buy FIL. The trade fills in a second or two. FIL appears in your spot wallet.
You pay 0.10% in fees plus a small slippage cost.
Option B: Limit order (slower, better price)
A limit order parks your buy at a price you set. You wait for the market to come to you.
- Open Spot Trading, select FIL/USDT.
- On the buy side, select Limit.
- Check the current price. Set your limit slightly below the current ask — e.g. if FIL is trading at $5.20, set your limit at $5.12.
- Enter the USDT amount.
- Tap Buy FIL. The order sits in the book until FIL drops to your price.
For anything over $100, limit orders are the right call on FIL. The token can move 5–10% in a session, particularly during DePIN sector rotations. Full breakdown of order types in the BitGet order types post.
How much FIL to buy (position sizing)
The question every beginner asks after the first sharp move. Three rules I’d hand a new buyer.
Rule one: FIL is a high-beta altcoin with sector concentration risk. When the DePIN narrative is hot, FIL pumps with the sector. When it’s cold, FIL fades with the sector. Drawdowns of 50% or more between cycles are normal — FIL went from over $200 in April 2021 to under $3 in late 2022. If a 70% drawdown would change how you sleep, the position is too big.
Rule two: split your entry over weeks, not minutes. Pick a target — say £1,000 of FIL over three months — and split into 12 weekly buys. You won’t hit the bottom. You won’t hit the top. You’ll get a reasonable average and you’ll learn the platform along the way. The DCA bots guide covers automating this if you want a hands-off approach.
Rule three: keep stablecoin dry powder. FIL has had multi-year drawdowns above 90% from peak to trough. If you go in 100% on day one and the price drops 60% in two months, you’ve got nothing left for cost averaging. Keep 30–40% of your FIL budget as USDT for that exact moment.
For a first-ever FIL buy, start with the equivalent of a nice dinner. Place the trade. Watch the price for two weeks. See how you feel when FIL drops 20% in a single day (it will, eventually). If you sleep fine, scale up.
This is the section where I’d point out that learning to size positions and read charts is a skill you can’t shortcut by reading blog posts. If you want to actually learn to trade — not just read about it — Trade Travel Chill (affiliate) is the community I’m part of and the one structured education source I trust. Optional. Useful when you’re ready.
The DePIN angle: why FIL fits the thesis
DePIN — Decentralised Physical Infrastructure Networks — became a major narrative in 2023, but Filecoin had been doing exactly that since 2020. The thesis is straightforward enough. Real-world infrastructure (storage, compute, wireless, mapping, energy) gets bootstrapped through token incentives instead of capex from a centralised provider. Token holders own a share of the network and benefit from its growth.
Filecoin fits the framework cleanly. Storage providers run physical hardware, hold FIL as collateral against deals they take on, and earn FIL for storing data and proving they’re still storing it. The collateral mechanism is the security model — providers lose stake if they fail to maintain storage. That’s the kind of network-level economic design DePIN narratives are built around.
What makes FIL distinctive among DePIN tokens is the scale of physical infrastructure already deployed. Compare to Helium, where each hotspot is a small modem; or Render, where rendering capacity comes from individual GPUs; Filecoin storage providers often run datacenter-grade operations with petabytes of capacity. That’s why the raw network capacity sits in exabytes — the per-provider unit is much larger.
Real customer usage is the part that matters most for the long-term story. Filecoin secures public datasets — the Internet Archive, the Filecoin Foundation’s preservation initiatives, scientific datasets, NFT metadata for various Web3 projects. The customer count is smaller than centralised providers like AWS S3 obviously, but the integration is real and growing. Whether usage translates into token demand — that’s the perennial debate around utility tokens. The crypto for beginners guide covers the broader frame.
For news, sector rotation, and the latest Filecoin updates, CoinDesk’s coverage and the Filecoin blog are the sources I check.
Storing FIL: Ledger, Glif, or exchange?
You bought the FIL. Where does it live?
Exchange (BitGet)
Fine for your active trading float — the amount you’d be willing to lose without losing sleep. BitGet publishes Proof of Reserves and lets you withdraw at any time. But you don’t hold the private keys. That distinction matters far more in a crisis than in a normal week.
Hot wallet (Glif)
Glif is the main browser-based wallet for Filecoin. Web app at glif.io, supports both the standard Filecoin chain and FVM-based smart contracts. You can hold FIL, interact with FVM DeFi protocols, and check balances quickly. There’s no browser extension equivalent to MetaMask for Filecoin yet — Glif fills that gap as a web wallet.
A hot wallet is connected to the internet. That’s its convenience and its weakness. Good for small balances you want to spend or interact with FVM DApps. Bad for long-term holding. The crypto wallets explained post covers the trade-offs.
For checking balances and exploring the network, Filfox.io is the main Filecoin block explorer. Look up any address, see balances, deal history, and Storage Provider data.
Cold wallet (Ledger Nano X)
A Ledger Nano X is a hardware wallet — a USB device that stores your private keys offline. FIL is fully supported via the official Filecoin app, accessible through Ledger Live. You confirm every transaction physically on the device, so even a compromised laptop can’t drain you.
Ledger costs about £150. Cheaper than the lesson of an exchange collapse. Order from the Ledger store (affiliate). Set it up, write the 24-word seed on the card it ships with, store the card somewhere fireproof and away from your home computer. The hot vs cold wallet comparison goes deeper. Ledger vs Trezor if you’re choosing between brands.
The split I run for FIL
- Trading float on BitGet: 20% — for active trades.
- Glif hot wallet: 10% — for FVM DApps.
- Ledger long-term: 70% — doesn’t move except to top up.
Full self-custody playbook in the how to store crypto safely guide. And the basics of why protecting your seed phrase storage properly matters more than any other security step.
Ready to buy your first FIL?
Sign-up takes 90 seconds, KYC usually clears same-day, and BitGet has solid FIL/USDT depth plus native Filecoin withdrawals.
Affiliate link. I may earn a commission at no extra cost to you.
Filecoin address types (and why they matter for sending)
Filecoin has multiple address prefixes that confuse new buyers. Worth understanding before you withdraw.
f1 addresses are secp256k1 — the most common, used by most wallets and exchanges. If you generate a wallet in Ledger Live or Glif, you’ll usually get an f1 address.
f2 addresses are actor addresses for multisig and other contract types. Less common for retail users.
f3 addresses are BLS — used by Storage Providers for the cryptographic proofs they generate when storing data. Retail buyers rarely interact directly.
f4 addresses are FVM-compatible Ethereum-style addresses, introduced when the Filecoin Virtual Machine launched. Useful for FVM DeFi interactions because they map cleanly to Ethereum-style smart contracts.
For a normal withdrawal from BitGet to a Ledger or Glif wallet, you’ll be sending to an f1 address. Pick the right address type or the funds may end up in limbo. When in doubt, copy-paste the exact address your wallet displays and don’t try to “fix” the prefix.
Common FIL beginner mistakes
The mistakes I see most often when people start buying FIL.
Sending FIL on the wrong network. When you withdraw FIL from BitGet, pick the Filecoin native network. There are wrapped FIL versions on Ethereum and BNB Chain — separate tokens with separate liquidity and separate bridge risk. Native Filecoin withdrawals to an f1 address are the standard path.
Confusing FIL with IPFS. IPFS is the underlying storage protocol — open source, no token, anyone can run an IPFS node for free. FIL is the incentive layer for paid persistent storage. You don’t need FIL to use IPFS. Don’t buy FIL because you want to host files on IPFS.
Storing on the exchange forever. Trading float yes. Life savings no. Always move long-term holdings to a Ledger. Exchange collapses don’t telegraph in advance.
Underestimating the supply unlock schedule. Filecoin’s tokenomics include long-term vesting for the team, miners, and ecosystem development. Daily supply emissions are still substantial. Worth checking the current emission schedule on official Filecoin sources before buying at any size.
Chasing FVM DeFi without understanding the contracts. FVM is new. Smart contracts on a young VM carry exploit risk above and beyond standard DeFi. If you’re using FVM DApps, treat them as experimental until they have years of audited operation behind them. Yield farming explained covers the general risks of chasing DeFi yields.
Sharing the seed phrase. No legitimate company, no support agent, no platform will ever ask for your 24-word seed phrase. Anyone who does is trying to rob you. Phrase stays on paper, in your home, and nowhere else. Crypto scams guide covers the common attack vectors.
Ignoring 2FA. Set it up the second you create the account. Account drainers don’t break encryption — they phish credentials and target accounts without 2FA.
Jumping into leverage on day one. FIL is volatile enough on spot. The BitGet futures USDT-M and BitGet leverage explained posts are research material — not instructions to act on in week one. Six months of spot before you touch perps.
Buying every “DePIN” token at once. The DePIN sector covers vastly different business models — storage, wireless, compute, energy. Diversifying inside DePIN isn’t really diversification if the whole sector rotates together. Pick the projects you actually believe in, not the basket.
One last thing.
If this walkthrough saved you a few hours of research, signing up through my affiliate link costs you nothing and helps keep the lights on.
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Frequently asked questions
What is the minimum amount of Filecoin I can buy on BitGet?
You can buy fractional FIL from around $1 worth. FIL is divisible to 18 decimal places. Most people start with $50–$200 to learn the interface before scaling up.
Do I need to verify my identity to buy FIL on BitGet?
Yes for full functionality. You can hold and trade limited amounts without KYC, but withdrawal limits are tiny. KYC usually clears within 1–24 hours and unlocks full deposit and withdrawal limits. KYC explained walks through what to expect.
Can I buy Filecoin on BitGet with a credit card?
Yes, but I wouldn’t. Card on-ramps charge 1–3%, credit card providers often add a cash-advance fee on top, and many cards block crypto purchases anyway. Use debit, bank transfer, or P2P instead.
What’s the cheapest way to buy FIL on BitGet?
P2P trading or depositing USDT from another wallet. P2P fees are usually zero with a small rate spread. Crypto deposit only costs the network fee for the token you’re transferring in.
Should I keep my FIL on BitGet or move it to a wallet?
Move long-term holdings to a hardware wallet like the Ledger Nano X. Glif for FVM DApp use. Keep an active trading float on the exchange.
What is Filecoin actually used for?
Decentralised data storage. Customers pay FIL to have data stored across the network with cryptographic guarantees that it’s actually being held. Real customers include the Internet Archive, public dataset preservation initiatives, and various Web3 projects storing NFT metadata.
What’s the difference between Filecoin and IPFS?
IPFS is the underlying content-addressed storage protocol. It’s open-source and free to use. Filecoin is the economic incentive layer that pays storage providers to keep IPFS-style data available over time. Same team founded both — they’re complementary, not competing.
Final word
The first FIL buy teaches you the workflow for every Filecoin transaction after it. Sign up. KYC. Fund cheaply. Place a limit order. Move the long-term bag to a Ledger. Don’t go chasing every FVM DeFi protocol the day it launches.
That’s the short version. Do those five things in that order and you’ve already avoided the mistakes that cost most beginners 40% in their first six months in DePIN.
Right — over to you.
One more thing: Buying a token doesn’t mean it will go up. Most altcoins underperform Bitcoin over long enough timeframes. Only buy what you can afford to lose, and never put your rent money in crypto. If a YouTuber tells you a coin will 100x — they’re guessing too.
Related posts
- What is DePIN? The Decentralised Infrastructure Sector Explained
- Grass Review: Earn Crypto for Sharing Bandwidth
- How to Store Crypto Safely: The Self-Custody Guide
