If you have any interest to buy Ethereum Wrapped Filecoin (EFIL), you will be required to have either Bitcoin abbreviated as (BTC) or Ethereum (ETH) for trading purposes. I have reviewed the major cryptocurrency exchange Binance in this post to help you determine the best sites to buy cryptocurrency using a credit card or bank account. Take a read and get tips on the best cryptocurrency trading.
Step 1: How to create a Binance account:
1.1 Visit Binance’s Website (https://www.binance.com/en)
There have been several phishing cases reported over the past years that are imitations to the original site, it is essential to scrutinize the URL to the website keenly. First, be on the lookout for the ‘Secure’ certificate that should pop up in your address bar and that acts as a confirmation of the site’s genuineness. Second, to be extra safe while trading on the platform, ensure to bookmark the authentic site to evade any confusion in future searches.
1.2 Fill in your trading details
You have to fill in your details by going to the ‘’Register” tab found in the right-hand corner of the website’s page and fill in your trading details. For instance, you will need to fill in your mobile number or you choose to use your email address. For the email address, it is necessary to use your main email that you can access easily and the most secure one since you will need it to sign in to your Binance account always.
You also need to choose a strong password for your email; a strong password should comprise a mix of numbers, symbols, upper and lower-case letters. You will receive a 6-digit code via the email you provided as your account’s verification code and for completing the registration process.
1.3 Allow 2FA-Two-factor authentication (Optional)
To make your account more secure you need to allow use of a two-factor authentication after your first log in. Trust me; it is vital to set up the 2FA because it makes your account more secure from any hacking activity!
Every time you log in with the two-factor authentication, you will need to provide a unique code once your type in your email and password. To get your unique code, use the Google authenticator app downloaded into your smartphone.
Step 2: Buying your first Bitcoin (BTC)
To send money to your Crypto wallet account on Binance either directly via your bank account through SWIFT money transfer or you can opt to use your debit/credit card. For this part, I will guide you on how to use your credit card.
Binance previously didn’t allow the use of credit or debit cards on its platform, but the same has been introduced. Binance partnered with Simplex to allow its users to use their credit and debit cards to buy Bitcoin or Ethereum. This has led to faster Crypto transaction speeds, low transaction charges, and more transaction flexibility.
I highly recommend buying Bitcoin first and then trading it for the right amount of Ethereum Wrapped Filecoin (EFIL).
It is easy to purchase Bitcoins via your credit card but I will elaborate on best ways you can do it step-by-step to make sure you understand all the trading nitty-gritty.
- Move your mouse’s cursor to ‘Buy Crypto’ tab found on the top bar and activate the dropdown menu. Then choose the currency, For instance, US Dollars, and click the ‘Credit/Debit Card’ to lead you to the next step.
- You be led to the next page; in this page you will see options to choose the desired Bitcoin (Select BTC), and the amount you need to spend to buy your choice Bitcoin amount. The total amount you need to spend will be displayed according to the Bitcoin amount you request and the matching market price at that time (inclusive of all fees). However, you can choose to first set the total charge then the system will automatically calculate the order amount for you.
- Fill in your credit card details and personal information too. Once done, you need to click “Pay now” and give it a moment to verify your details.
- You will be required to verify your email and phone number if it happens to be your first simplex payment via a code send through your email or an SMS. Complete the verification process by opening the link in your email and type in the code you receive via SMS. Once you do all the above, you can click “Continue”.
- Verification of identity follows next via the use of an official document. Basically upload your identification document photo accompanied by your personal details and click the “Upload Document” tab.
Lastly, your personal document will be approved once verified by the system and an email send to show the confirmation of order purchase. Subsequently, your Binance account is credited with the purchased BTC or Ethereum.
Step 3: Creating a Metamask Account
Search for https://metamask.io website or for “Metamask extension” in default browser’s search bar (then, after you have found the results you can also install Metamask for Chrome, Firefox and Opera browsers).
Let me now explain to you how to go about installing MetaMask extension for Chrome.
Once you have found it, just click “Install Metamask for Chrome” to install MetaMask as one of your Google Chrome extensions.
Next, you need to click “Add to Chrome”.
Once you do the above you will have successfully installed MetaMask extension. So easy to do on your own, right? Now, it is time to add your existing cryptocurrency wallet.
You may not have a cryptocurrency wallet created at this point yet, just create it since it is not difficult to do so in a few minutes.
Once you have installed your MetaMask Extension, make sure to click on the icon found in the upper right hand-side corner to open the MetaMask. Also, you have to read and accept the terms stated.
To make your wallet account secure you need to create a strong password, to do this click “Create a Wallet”.
After clicking, you will see a 12 words seed phrase. You need to save your seed words as a file or you can choose to copy them to a safe place and click “I’ve copied it somewhere safe”.
Congratulations! At this point you have successfully created an account in MetaMask with a new wallet address!
This gives you the chance to view your address on Etherscan (Ethereum blockchain explorer), do this by checking the QR code, copying your wallet’s address to a clipboard or export your wallet’s private key.
Step 4: Depositing ETHereum into your MetaMask wallet
Move your mouse’s cursor over the account name found at the top of the window, which will show“Copy to clipboard”
Next, you have to click on the account name to be able to copy your address.
Then, paste your address in the “recipient” area in the App where you are moving your ETH or tokens from.
Choose the amount you want to move, also do all necessary steps to complete and submit the transaction and make sure to choose transfer network “Ethereum (ETH) ERC20”.
It is important to note: Please ask for guidelines from the organization of the App you are using for Instructions on how to move your ETH/tokens.
Step: 5 How to do your First Trading on Uniswap
You need to go to the Uniswap V2 exchange platform first.
If you look on the top right, you will see the ‘Connect to a wallet’ button, click it, and log in with the wallet you wish to trade with.
For this case, let us log in with a MetaMask wallet.
After you have successfully logged in, the trading window will appear on your screen.
In the top part, you have to select the token you need to exchange for the token you want. Let us choose ETH. In the bottom part, look for the token you wish to buy, or choose it from the drop-down menu, in this case choose (EFIL).
Once you have done all the above, now you’re ready to place your order. By either choosing how much you want to spend by typing a number in the top part, or just choose how much to buy by typing the amount number in the bottom one.
If you look at the bottom of the order menu, you’ll then see how much you can expect to get.
If you’re satisfied with the amount, then click the ‘Swap’ button.
Next, you need to confirm the trade, and potentially adjust the fees to the appropriate figure that works best for you.
Just take your time and once you’re ready, confirm the transaction and it will then be processed. After you have finished doing all that, your tokens will appear in your ERC20 wallet.
As simple as that!
Other Exchanges to Buy Cryptos
The following are other sites you can buy from these exchanges:
HotBit (Which permits US investors)
MXC (This exchange allows US investors)
On top of the above-listed exchanges, there are some more common crypto exchanges where daily trading volumes and a huge user base is available. This helps to ensure that you can sell your coins any time you want and the charges for the trading are not high. It is recommended that you should also register on these exchanges because whenever Ethereum Wrapped Filecoin gets listed there it give the traders who have already registered a large amount of trading volumes, that means you will be provided with some great trading opportunities!
Final Step: How to Store Ethereum Wrapped Filecoin securely in hardware wallets
1. Ledger Nano S
- Easy to set up and has a friendly trading interface.
- Allows use on desktops and laptops
- Lightweight and Portable too
- Has been designed to Support most blockchains and a wide range of (ERC-20) tokens
- Has many trading languages.
- Designed by a well-established company found in 2014 with great chip security
- It is not expensive but can be acquired at affordable price
2. Ledger Nano X
- It made with a more advanced and secure element chip (ST33) than Ledger Nano S
- Has an easy design that allows the use on desktop or laptop, or even smartphone and tablet through Bluetooth connection.
- Also Lightweight and Portable and has a built-in rechargeable battery
- Has a Larger screen
- Comes with more storage space compared toLedger Nano S
- It supports most blockchains and wide range of (ERC-20) tokens
- Provides several languages for every customer
- It was designed by a famous company found in 2014 with great chip security
- Can be obtained at an affordable price
If you still have plans to stay at hodl” as some people call it, basically misspelt “hold” (which become famous as time passes) your Ethereum Wrapped Filecoin for some long time, you need to find ways to ensure it stays safe safe,
However Binance is the most safe cryptocurrency exchange, in the past few years there have been hacking incidents and funds were lost. Because of the design of the wallets in exchanges, they will be accessible always via the internet (“Hot Wallets” as they are called), therefore exposing certain aspects of weaknesses.
Thus safeguard your cryptos by putting them in “Cold Wallets”, where the wallet will only have access to the blockchain(or simply “go online”) when you send out funds,. This reduces the chances of being hacked. For example, use a paper wallet which is a type of free cold wallet. It can also be defined as an offline-produced pair of public and private address and that you write on a paper for keeping safely with you. But, it is not permanent and may be faced by certain risk.
Thus, Hardware wallet is therefore the best compared to cold wallets. Since they are usually USB-enabled devices that can hold the key information of your wallet in the safest manner. Also they are designed using military-level security and their firmware’s are continuously upgraded by their manufacturers and this makes them extra safe to use. For example, Ledger Nano S and Ledger Nano X and are most common hardware wallets, you can buy one at $50 to $100 depending on the specifications they have. I highly recommend these for holding your assets because these wallets are a worthy every penny according to my experience and opinion.
Frequently Asked Questions
Is it possible to buy Ethereum Wrapped Filecoin with cash?
The answer is No. Because there is no way you can directly buy Ethereum Wrapped Filecoin with cash. But, using marketplaces such as LocalBitcoins to first buy Bitcoin, and completethe rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
How do I Buy Bitcoin from local sellers?
You can go to LocalBitcoins that is a peer-to-peer Bitcoin exchange. It is more of a marketplace where users can buy and sell Bitcoins to and from each other. Users, known as traders, make advertisements to show their price and the payment method they want used. Then buyers buy from the traders to buy from sellers in a particular nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when it is impossible for you to find your favorite payment methods somewhere else. The site’s prices are high and you have you have to be extra careful to avoid conmen.
What are the quickest ways I can buy Ethereum Wrapped Filecoin while living in Europe?
While in Europe you have the advantage of buying cryptos in an easy and quick way. Because Europe has even online banks which help buyers to simply open an account and transfer money to exchanges such as Coinbase and Coinmama. Such banks which are common as online banks in Europe are Bunq, N26 and Revolut.
Can I use alternative platforms to purchase Ethereum Wrapped Filecoin or Bitcoin with credit cards?
Yes you can, you just need to visit Changelly which an easy to trade in site especially when it comes to buying Bitcoin with credit cards. It provides an automatic cryptocurrency exchange that gives a buyer the opportunity to exchange crypto fast and buy them using credit card. It has been designed to allow users to have easy crypto buying since it has a simple user interface and provides instructions that are easy to follow too.
About Ethereum Wrapped Filecoin (EFIL)
Wrapped Filecoin (EFIL) is a DeFi compatible ERC-20 token that is pegged 1:1 with Filecoin (FIL). EFIL tokens can be used on DeFi protocols like Uniswap and Aave or exchange for FIL tokens. This project aims to increase accessibility to the FIL tokens, which Filecoin miners require to scale their operations. As an EFIL holder, you can provide liquidity on Aave and earn lending fees.
The creation of new EFIL and the redemption of FIL are managed by a smart contract developed by Gemini and audited by Trail of Bits. Like WBTC, EFIL tokens are minted when FIL holders send their FIL tokens to the smart contract and get burned when EFIL holders send EFIL tokens to redeem FIL tokens.