After buying FIL on Binance, FIL itself cannot directly store files. It is only the utility token of the Filecoin network, used to pay for storage and retrieval fees. To store files, you need to withdraw FIL from the exchange to a wallet that supports Filecoin (such as MetaMask or Glif), then use Filecoin storage tools to upload files to the network and pay FIL as fees.
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Step 1: Withdraw FIL from Binance to Your Own Wallet
Before withdrawing, you need to confirm two things.
Whether the wallet supports the Filecoin mainnet. MetaMask can add the Filecoin network through a custom RPC, or you can use the more direct Glif wallet in the Filecoin ecosystem. If you use MetaMask, you need to manually configure the Filecoin mainnet RPC information.
Whether the address format is compatible. Filecoin has native addresses starting with f1, as well as EVM-compatible addresses starting with 0x (f410 addresses). Some exchanges (including Binance) may have different support for 0x addresses depending on version and region. Before withdrawing, select FIL on Binance's withdrawal page, and the system will show the available withdrawal networks. If it allows you to enter an address starting with 0x, it means EVM-compatible addresses are supported; if it only supports addresses starting with f, use Glif or a wallet that supports native addresses to receive funds first.
Confirmation number issues to note when withdrawing. FIL transfers require 60 network node confirmations, while Binance requires 910 node confirmations to fully unlock and distribute to your account. When withdrawing from Binance to an external wallet, you do not need to wait for Binance's 910 confirmations, but the receiving platform or wallet may have its own confirmation requirements.
Step 2: Use FIL in Your Wallet to Pay for File Storage
The core logic of storing files on Filecoin is: you pay FIL to a Storage Provider, who promises to keep your data for a period of time and regularly submits cryptographic proofs to prove that the data is still there.
For users who want to use the command line, Filecoin officially provides the Filecoin Pin CLI tool. Its workflow is: install the CLI → connect your wallet → authorize and deposit USDFC (a stablecoin in the Filecoin ecosystem used to pay storage fees) → upload files and obtain a Root CID (Content Identifier).
USDFC is the stablecoin used by Filecoin Onchain Cloud. Storage fees are settled in USDFC, while FIL is used to pay gas fees for on-chain transactions. So your wallet needs to have both FIL (for gas) and USDFC (for storage fees). USDFC can be exchanged with FIL on DEXs such as Sushi.
If you do not want to use the command line, there are also graphical storage tools and managed services in the Filecoin ecosystem. The demo version of the Filecoin Pin website currently runs on the testnet and cannot guarantee data persistence, so it is not suitable for storing formal files.
Step 3: Retrieve Files
After uploading files, you will get a Root CID. There are three ways to retrieve files:
IPFS gateway: directly open https:///ipfs/ in a browser.
Directly fetch from the storage provider: the CLI can query the storage provider's direct download address.
IPFS tools: use clients such as Kubo or IPFS Desktop to pull files via the Root CID.
The Root CID is your only credential for retrieving data. Save it in a safe place immediately after uploading. Losing the CID does not mean the file is lost (the data is still with the storage provider), but it will be very difficult for you to locate it again.
Limitations You Need to Know in Advance
FIL is not a "storage plan purchase voucher". It is more like a "prepaid account balance" that you use to pay storage fees based on actual usage. Storage providers submit proofs once a day. If the proof fails, payment stops.
Data is not automatically stored forever. As long as your Filecoin Pay account has enough USDFC to maintain payments, data will continue to be stored. Once the balance runs out, the storage provider has no obligation to continue keeping it. This is not a one-time payment for permanent storage model; you need to check the balance regularly.
Withdrawing from an exchange to a self-custodial wallet is irreversible. If you enter the wrong address or choose the wrong network, your assets may not be recoverable. Binance's withdrawal page will show the currently supported FIL networks. Refer to the networks actually displayed on the page, and do not assume that all historically supported networks are currently available.
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References
- Filecoin Official Docs · What is Filecoin: Crypto Economics, page publication or update date: not indicated on the page; verification date: 2024-06-01.
- Binance Academy · What is Filecoin (FIL), page publication or update date: not indicated on the page; verification date: 2024-06-01.
- Filecoin Official Docs · Filecoin Pin Getting Started Guide, page publication or update date: not indicated on the page; verification date: 2024-06-01.
- Filecoin TLDR · FAQ, page publication or update date: not indicated on the page; verification date: 2024-06-01.
- Binance Help Center · FIL Withdrawal Confirmation Number Instructions, page publication or update date: not indicated on the page; verification date: 2024-06-01.
- Filecoin Official Docs · Filecoin Pin FAQ, page publication or update date: not indicated on the page; verification date: 2024-06-01.
- Filecoin Cloud Docs · Filecoin Pin Getting Started, page publication or update date: not indicated on the page; verification date: 2024-06-01.
- Filecoin Cloud Docs · Payment Operations Developer Guide, page publication or update date: not indicated on the page; verification date: 2024-06-01.
