How to Stake Filecoin (FIL)

Introduction

Staking Filecoin can be an excellent choice for those looking to hold FIL while earning APY in a secure manner and supporting the network. The process may seem a bit overwhelming, particularly if it's your first time. That's why we've created this guide to assist you.

Step-by-Step Guide for South African Investors

1. 1. Acquire Filecoin (FIL) Tokens

   To stake Filecoin, you first need to acquire it. To obtain Filecoin, you'll need to buy it. You can select from these popular exchanges available in South Africa.

   Platform	Mint	Cost
   PrimeXBT	Filecoin (FIL)	1,46
   YouHodler	Filecoin (FIL)	1,46
   Binance	Filecoin (FIL)	1,46
   BTSE	Filecoin (FIL)	1,47
   OKX	Filecoin (FIL)	1,46
   Uphold	Filecoin (FIL)	2,66

   View all 46 prices

2. 2. Select a Filecoin Wallet

   Once you have FIL, you'll need to choose a Filecoin wallet to store your tokens securely. Here are some solid options to consider.

   Platform	Mint	Staking rewards in South Africa
   YouHodler	Filecoin (FIL)	Up to 7% APY
   Binance	Filecoin (FIL)	Up to 2,5% APY
   Bitmart	Filecoin (FIL)	Up to 0,6% APY

   View all 6 staking rewards available

3. 3. Delegate Your FIL

   We recommend using a staking pool when staking FIL. It's simpler and quicker to get started. A staking pool is a collective of validators who combine their FIL, which increases their chances of validating transactions and earning rewards. You can manage this through your wallet's interface.

4. 4. Start Validating

   You'll need to wait for your deposit to be confirmed by your wallet. Once it's confirmed, you'll automatically validate transactions on the Filecoin network. You'll be rewarded with FIL for these validations.

What to Keep in Mind

There are transaction and staking pool fees you need to take into account. Additionally, there may be a waiting period before you begin earning rewards. The staking pool will need to generate blocks, and this process can take some time.