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Filecoin Wallet Choosing Guide

Filecoin Wallet Choosing Guide

Filecoin is the world’s answer to centralized cloud storage. Instead of trusting one company like Amazon or Google, Filecoin allows users to divide their private storage amongst the community, anywhere in the world on different computers. This decentralized approach not only offers freedom from large corporations but offers individual storage providers a chance to earn FIL for their efforts. If you bought FIL for this purpose or just believe in this project, then you’ll need a productive Filecoin wallet that not only protects your FIL but enhances it as well. 

Key talking points:

  • Learn what a FIL wallet is and how they work
  • Understand the main features of a FIL wallet
  • Learn about FIL wallet security
  • Compare different types of FIL wallets
  • Discover what FIL wallets are best for you

What is a Filecoin wallet?

Just like all cryptocurrencies, Filecoin is stored in a unique wallet that consists of two sets of keys (a private key and a public key). There is a vast selection of crypto wallets with different features to choose from. Therefore, it’s important to look inside yourself and see what you most want out of a wallet. Do you want a wallet that just holds your FIL or do you want something that helps you earn a passive income as well? Hopefully, by the end of this page, you’ll have a clear idea. 

How does a Filecoin wallet work?

There is no single answer to this question. Every wallet has different features. Some wallets allow you to just hold, withdraw and deposit. Other wallets like YouHodler for example allow you to buy, sell, trade, multiply, earn interest on, and get loans with HODL Filecoin. Again, this is why it’s important to try a variety of different wallets to see which is good for you. Click the link below to give YouHodler’s wallet a try. 

Main features you need in a Filecoin Wallet

When researching your Filecoin wallet, make sure it comes with the following features:

  • Security and privacy
  • Low or custom FIL transaction fees
  • Two-factor authentication (2FA)
  • Fiat onramps and offramps
  • Low minimum deposit amount
  • The ability to lock and unlock withdrawals at will
  • Complete crypto exchange capabilities
  • Customer support
  • Multi-chain support
  • Multisig
  • Bonus features like savings accounts, trading tools, and loans. 

Do I need a Filecoin Wallet to Buy or Trade FIL?

Yes! If you buy FIL on a crypto exchange or from a person, then that exchange will have a built-in FIL wallet for you to hold FIL until you decide to trade it or withdraw it. Even if you manage to buy FIL with cash from your friend, you still need a wallet to store Filecoin.

Are all Filecoin wallets secure?

No, but neither are your bank accounts. The truth is, all financial storage options come with some level of risk -- some being higher than others. If security is a priority for you, then you should look for wallets created by reputable teams that comply with all regulatory requirements. In addition, look for wallets with security features like 2FA, 3FA, and other high-quality security features. Some wallets like YouHodler even perform regular security audits on their platform and even come with insurance to protect against fraudulent events. 

Are all Filecoin Wallets Free? How Much Does It Cost to Use a Filecoin Wallet?

YouHodler Filecoin wallets are 100% free to use. We make crypto available for everyone and that means removing all barriers of entry. Keep in mind that the blockchains require fees to use. These are not YouHodler fees but blockchain fees to facilitate transactions. At YouHodler, we try to make these fees as efficient as possible so you can spend more money on your portfolio. 

How to deposit and withdraw from Filecoin Wallet

The FIL wallets on YouHodler are extremely easy to use. Whether you want to deposit FIL or withdraw FIL, we have the instructions laid out for you. So just follow them step by step and there should be no problems. If there are, however, please contact our support team and we’ll walk you through the process. 

Types and differences of Filecoin wallets - How to choose the right one for you?

Filecoin wallets come in all sorts of lovely shapes and sizes. So finding the best one for you should be a relatively easy task. Here are a few different types you can explore. 

Desktop FIL wallet

As its name suggests, a desktop FIL wallet is one that’s installed on a desktop computer or a laptop. Users get complete control over the wallet just as they would with a mobile wallet, just in a desktop environment. The main difference is that some desktop wallets have more advanced functionality like the ability to operate a complete node or full crypto exchange integration. 

Mobile FIL wallet

More or less, a mobile FIL wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile FIL wallets are often more convenient due to their portable nature and the ability to scan QR codes for quick crypto transactions in stores or between peers. There are FIL wallets for all types of operating systems like Android or iOS. 

Web FIL wallet

Web FIL wallets are wallets that exist on a website or online service that allow users to send and receive cryptocurrency in addition to storing it. These wallets can be accessed anytime, and anywhere as long as there is the internet. Some of the most popular crypto services in the world are web wallets such as Coinbase, Kraken, Binance, and YouHodler. Security is a concern for web wallets but that can be managed with due diligence to make sure the web wallet you choose has a good history of high-level security and insurance. It’s also wise to use web wallets in tandem with the more secure hardware wallets. 

The Best Filecoin Wallets

There are numerous articles out there dissecting different crypto wallets, trying to decide what is the “best Filecoin wallet.” To be honest, there is no “best FIL wallet” for us as a collective whole. However, there is a Filecoin wallet that is best for you and that depends on your wants and needs. At YouHodler, we tried our best to create a diverse, multi-faceted wallet that appeals to all sectors of the crypto industry. Is our wallet the best Filecoin wallet? Give it a try and find out!

Best Filecoin Wallet for Beginners

When asking what the best Filecoin wallet for beginners is, it’s important to first dissect what a beginner demands from a Filecoin wallet. Most importantly, is a user-friendly interface. Beginners who are new to crypto are taking in tons of information every day and they don’t need a complicated app on top of that to learn. Clean, simple interfaces are best for beginners with minimal navigation required. That’s why we designed YouHodler’s interface to appease beginner users with simple designs, clear buttons, and plenty of information databases to dig into. 

Best Filecoin Wallet For Advanced Filecoin Users & Investors

Advanced Filecoin users and investors also appreciate clean simple interfaces on their Filecoin wallet; however, they also want something flexible enough that meets their high demands. Advanced crypto traders want a wallet with low transaction fees, built-in crypto exchange capabilities, advanced security, staking features, and advanced financial services like loans and crypto trading. Advanced users are busy people and they can’t be bothered using multiple apps for different activities. That’s why we designed YouHodler to be the true one-stop-shop solution for advanced users with a wide array of FinTech services to fit their every need. 

Best Filecoin Wallet for Mobile Users

We live in a mobile world and that’s only going to increase. Hence, mobile Filecoin wallets are perhaps the most important wallets in development. There are thousands to choose from and the key is to find one with maximum efficiency and security. YouHodler’s mobile wallet has 2FA, 3FA, and the ability to lock your funds from withdrawal--requiring ID verification to unlock it. On top of that, the team runs regular security audits to ensure all wallets are secure from malicious actors.  People ``on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all Filecoin wallets match this quality but YouHodler tries its best to. 

Best Filecoin Hardware Wallet

As mentioned earlier, it’s a smart idea to buy a Filecoin hardware wallet to use in cooperation with your mobile or web wallets. Filecoin hardware wallets are ideal for the long-term storage of crypto assets. Ideally, you want to keep some on a mobile or web wallet for payments, trading, and staking while keeping the rest safely in a secure hardware wallet. The Ledger series of hardware wallets are extremely popular and recommended by most advanced crypto users. Trezor is another brand worth mentioning. 

Best Filecoin Wallet for software storage

Once again, this comes down to the idea of “not your keys, not your crypto.” The best Filecoin wallet for long-term software storage are wallets where you fully own the private keys. It’s best to use this in combination with more diverse web wallets to enjoy the benefits of both worlds. 

Best Filecoin Wallet For Security

The best Filecoin wallets for security are the ones that prioritize security. Stay away from wallets that don’t have PIN options, 2FA, or basic security features. YouHodler has a PIN or thumbprint required to enter the app in addition to 2FA and 3FA upon request. We also run regular security audits to ensure our walls are strong and impenetrable. Lastly, we are backed by Ledger Vault and Fire Blocks for insurance and secure crypto transaction management solutions.

Best Filecoin Wallet for Android Users

While the battle between iPhones and Android phones wages on, it’s nice to know that crypto doesn’t pick sides. Most--if not all--of the most popular Filecoin wallets can be found on both Android and iOS operating systems. 

Click here to download YouHodler for Android. 

Best Filecoin Wallet for iOS Users

We’re also at the Apple store too! Click here to download YouHodler for iOS and ready all about our Filecoin wallet functionalities for your iPhone

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