The decentralized network universe gets more interesting by the day. One of those that further innovates it is Filecoin. It is an open-source, digital payment system and public cryptocurrency, decentralized protocol that allows anyone to rent out extra storage space on a computer. Likewise, anybody can also buy storage within the network.

Filecoin logo
Filecoin logo

If you're interested to know more about investing in Filecoin with eToro, then be sure to continue reading this guide so you would know your options and how to maximize your crypto trading opportunities with this broker.

🏷️ Crypto Name Filecoin
🚩 Symbol FIL
💰 Minimum Investment $10
🏷️ Buy/Sell Fee 1%
⌚ Market Open 24/7
eToro Filecoin Trading Details

Already thinking of investing in Filecoin?

77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

How to Buy/Trade Filecoin on eToro?

It's important to note that to trade or buy Filecoin with eToro, you need to follow these steps after opening a funded eToro account:

  1. On your eToro dashboard, click "Discover".
    Clicking "Discover" on eToro
    Clicking "Discover" on eToro
  2. Select "Crypto".
    Selecting "Crypto" eToro's platform
    Selecting "Crypto" on eToro's platform
  3. Scroll down to look for "FIL".
    Looking for Filecoin on eToro's list of crypto assets
    Looking for Filecoin on eToro's list of crypto assets
  4. Click "Buy" and set the amount you want to invest.
    Buying Filecoin (FIL) on eToro's platform
    Buying Filecoin (FIL) on eToro's platform
  5. "Click "Open Trade".
    Executing FIL buy order on eToro
    Executing FIL buy order on eToro

Minimum Amount for Buying FIL

To buy or trade the FIL cryptocurrency on eToro, a minimum investment amount of $10 is required. However, please note that the minimum investment amount for FIL may vary depending on your region's regulations.

Important: To confirm the exact minimum amount required for investing in FIL, we recommend checking eToro's website for the terms and conditions or contacting their customer support team for further clarification.

How to Sell Filecoin (FIL) on eToro?

To sell your Filecoin on eToro, you need to close your current open position. To do this, go to your portfolio and select the open FIL position you wish to close. You can then click on the "Close Trade" button or the red X button. If you have multiple open FIL positions, you can choose to close one or more of them.

After closing your position, the initial investment, along with any profits or losses, will be credited back to your account. It's important to note that this process is commonly referred to as "closing a trade" in trading, not "shorting." If you're unsure about the process, you can always refer to eToro's website for more detailed instructions or contact their customer support team for assistance.

Fee for Buying or Selling Filecoin

When buying Filecoin on eToro, you become the asset owner, and it's crucial to note that there's a 1% fee charged for buying or selling FIL tokens. This fee is included in the Bid-Ask spread, which means it's already factored into the market price displayed when opening or closing a position.

Reminder: When initiating a new position, you might notice a loss in the position initially. This is because the Profit & Loss (P/L) displayed includes both the 1% buy fee you paid and the additional 1% sell fee that you'll incur when closing the position. If you have any doubts, you can always refer to eToro's website or contact their customer support team for further clarification.

How to Copy Filecoin Traders on eToro?

To start copying other Filecoin traders on eToro, you need to create an account and complete the verification process. This involves submitting your personal information, verifying your identity, and completing a questionnaire to assess your trading experience and risk tolerance.

After you've completed these steps, follow these instructions to get started with copying:

  1. Browse the eToro platform and identify Filecoin traders you want to copy.
  2. Click on the "Copy" button on the selected trader's profile.
  3. Choose the amount of funds you wish to allocate for copying the trader.
  4. Set your preferred Stop Loss and Take Profit parameters.
  5. Click on "Copy" to start copying the selected Filecoin trader.
eToro Fact

FIL Copy Trading - Did You Know?

Copying experienced Filecoin traders on eToro carries risks, but by selecting successful traders and diversifying your portfolio, you can potentially reduce them. Remember to conduct thorough research and keep a close eye on your portfolio. Past performance does not guarantee future results.

Analyzing Filecoin on eToro

To analyze Filecoin and other cryptocurrencies on eToro, the platform offers various tools and features. Here are some of the essential tools provided by eToro for analyzing crypto assets:

  1. Price Charts
    They provide detailed price charts for FIL, which can be customized to display different timeframes and technical indicators. You can use this to identify trends and potential entry and exit points for your trades.

  2. Technical Analysis Tools
    In addition to price charts, there are also a variety of technical analysis tools, such as trendlines, moving averages, and oscillators. These tools can help you recognize patterns and potential trading opportunities in Filecoin's price movements.

  3. News and Market Sentiment
    The trading platform has real-time news and market sentiment data for Filecoin and other cryptocurrencies. You can utilize this so you can stay up-to-date on important developments and market trends that may impact FIL's price.

  4. Social Trading
    Using eToro's social trading feature allows you to follow and copy the trades of other successful traders on the platform. This can be a very valuable tool especially if you are new to the market or looking for new investment ideas.

How eToro Ensures the Security of Your Filecoin Holdings

If you are holding Filecoin (FIL) on eToro, it's important to understand the measures that this broker takes to ensure the safety of your holdings.

  • Regulated by Financial Authorities
    One of the primary ways that eToro ensures the security of your Filecoin holdings is through regulation by financial authorities. The company is regulated by several leading authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). These regulatory bodies oversee eToro's operations and ensure that the company meets strict standards for security and financial stability.

  • Two-Factor Authentication
    They require all users to set up two-factor authentication (2FA) to access their accounts. 2FA adds an extra layer of security to your account by requiring you to enter a code sent to your mobile phone in addition to your password. This can help prevent unauthorized access to your account and your Filecoin holdings.

  • Secure Storage
    All Filecoin holdings are stored in secure, offline wallets that are protected by advanced security measures, including encryption and multi-signature technology. This means that your FIL holdings are not accessible through the internet, making them less vulnerable to cyberattacks.

  • Insurance Coverage
    eToro also provides insurance coverage for its users' holdings. The company has a comprehensive insurance policy that covers all user funds, including Filecoin holdings, in the unlikely event of a security breach.

  • Ongoing Security Monitoring
    They employed a team of security experts who continuously monitor the platform for potential security threats. The company uses advanced monitoring tools and protocols to detect and prevent unauthorized access, hacking attempts, and other security risks.

Here's the deal:

The measures outlined above are just a few of the ways that the company ensures the safety of your Filecoin holdings. This will give you peace of mind when trading Filecoin and other assets on their platform.

eToro's Filecoin Wallet

eToro provides a secure and accessible multi-cryptocurrency digital wallet that can store over 120 cryptocurrencies, including Filecoin. You can easily buy, store, receive, and transfer all your cryptocurrencies through this wallet.

eToro Wallet app
eToro Wallet app

It's available for free and can be downloaded as an app on tablets or smartphones running on Android or iOS. The eToro wallet service offers high-level security to protect your digital assets.

Interested to have your own eToro Wallet? Click on the button to get started.

77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Benefits of the eToro Filecoin Wallet

Listed below are some of the advantages of using the FIL crypto wallet from eToro:

  • User-Friendly
    It is very user-friendly, making it easy for both new and experienced users to manage their FIL holdings. The interface is simple and intuitive, with clear instructions on how to use the features.

  • Security
    It has top-level security features to keep your assets safe. It uses multi-signature technology to protect against unauthorized access, ensuring that only you can access your FIL holdings.

  • Convenience
    You can easily manage your FIL holdings without the need for third-party services or external wallets. This makes it a convenient option especially if you prefer to keep your holdings on the platform platform.

  • Integration with the Trading Platform
    The wallet service is fully integrated with eToro's trading platform, allowing you to easily move this cryptoasset between your trading account and the wallet. This means that you can quickly and easily manage your FIL holdings without having to leave eToro.

How to Create a FIL Wallet on eToro?

To open a FIL crypto wallet with eToro Money, you will need to transfer your existing FIL positions via the eToro trading platform under your name to the crypto wallet under the same account. The good news is that you won't incur any fees opening a FIL wallet and transferring the FIL crypto to this wallet.

eToro Wallet app
eToro Wallet app

How to Transfer Filecoin from eToro Wallet to a Wallet?

If you have purchased FIL on eToro and would like to transfer it to a third party wallet, you can follow these steps:

  1. Obtain the Personal Wallet Address
    You will need to obtain the wallet address from the third party wallet service provider. This is a unique string of characters that identifies your wallet on the Filecoin blockchain. Make sure to verify the wallet address and ensure that it is correct.

  2. Log in to eToro and Navigate to the Portfolio Page
    Log in to your eToro account and navigate to the portfolio page. Find the Filecoin (FIL) investment you would like to transfer to your personal wallet and click on it.

  3. Click on "Send"
    Click on the "Send" button, which is located next to the Filecoin investment.

  4. Enter the Transfer Amount and Personal Wallet Address
    Enter the amount of FIL you would like to transfer to your personal wallet and the personal wallet address you obtained in step 2.

  5. Check and Confirm the Transfer
    Check the transfer details to ensure that the amount and wallet address are correct. Once you have verified the details, click on the "Send" button to confirm the transfer.

  6. Wait for the Transfer to be Completed
    The transfer from eToro to your personal Filecoin wallet may take several minutes to several hours to complete, depending on the current network congestion and other factors.

Fee for Transferring Filecoin from Trading Account to Wallet

Transferring Filecoin (FIL) from the eToro trading platform to the eToro Money wallet incurs a fee, which is currently set at a rate of 2%. The fee is deducted in units, meaning that if you transfer 100 FIL from your eToro investment account to the eToro Money wallet, the fee will be 2 FIL.

Please keep in mind that eToro reserves the right to modify its fees at any time, so it's advisable to check the current fee structure on eToro's website before making a transfer.

So, are you more interested now to trade Filecoin? You can get started here.

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

77% of retail investor accounts lose money when trading CFDs with this provider You should consider whether you can afford to take the high risk of losing your money.