Solana is one of the rising star cryptocurrencies of recent years – after experiencing a nearly 2000% gain in 2021. Solana is now a top 20 cryptocurrency in terms of market capitalization.
If you would like to buy Solana, this is the guide for you.
Firstly we’ll look at the different exchanges you can purchase Solana from. Then we’ll look at how to buy Solana in a bit more detail – and if you should buy it. Then we’ll run through a quick guide to buying Solana.
Right. Let’s jump into it!
Buy Solana on Binance
If you want an easy, safe way to buy Solana – Binance is a perfect choice. Binance allows you to buy Solana, sell Solana and trade Solana, all with relatively low fees.
Simply download the Binance app or visit their website, create an account, verify your identity, onramp fiat money with your preferred payment method, and then buy Solana directly.
Binance is not available to all countries and often faces regulation issues. If you’re in the UK, Europe, and Asia – you should be OK with Binance.
Binance is the largest cryptocurrency exchange in the world, so your crypto assets are largely safe with them.
Should you wish to purchase other cryptocurrencies, Binance has a wide variety of coins for you to choose from.
Pros
- One of the most popular crypto exchanges
- Plenty of features like leveraged trading, staking, lending and more
- Low fees considering the benefits
- You can buy Solana with a credit or debit card, wire transfer, PayPal and more
- Fair withdrawal fees
- Easy to buy crypto
Cons
- The identification verification process can take several days to complete
- Binance can be closed due to regulations in your country. Check to see if you can use Binance in your country!
Overall, Binance is a safe and easy way to buy Solana. Although the verification process can sometimes take a bit of time, it’s worth having a Binance account as it’s so widely used in the crypto industry.
Buy Solana on eToro
eToro is a great place to buy Solana!
USD deposit fees are null. No fees are paid in buying Solana. For those on a tight budget, an eToro account might be best for you.
eToro benefits from not only focusing on cryptocurrency. They have loads of features that other cryptocurrency exchanges do not – like CFD trading, investment advice, fiat currency trading and more.
You can also take advantage of the CopyTrader system they employ. The CopyTrader system allows you to copy trades made by other crypto investors. This is a good way to learn what the big players are doing in the crypto market.
eToro is extremely established and has been operating since 2007.
Pros
- Approved licensing in the UK, Europe and Australia
- Easy exchange to buy SOL with
- Low transaction fees and deposit fees
- Get indirect investment advice through their copy trade system
- Multiple payment methods, like bank transfers
Cons
- At least $200 is required to use the CopyTrade system
- Crypto trading requires a minimum funding threshold to begin
- Less popular coins than other cryptocurrency platforms (but still a strong list)
Overall, we recommend eToro to buy Solan with. It’s easy to use and has low fees. You don’t need a lot more really!
Buy Solana With Crypto.com
Crypto.com, or, CRO is becoming a powerhouse cryptocurrency exchange among crypto apps. CRO is yet another amazing place to purchase Solana.
We like CRO for buying a coin like Solana because it is fast and easy. This is how CRO excels.
To buy Solana from CRO, simply create an account, verify your identity, and then buy Solana coin straight from your debit card. CRO accepts VISA, MasterCard, wire transfer, Paypal and more.
CRO does take a 2.99% fee if you use a debit card – but not during the first 30 days after signing up.
Select over 250+ cryptocurrencies to buy on CRO, not just Solana.
Now that we have a few places to buy Solana, let’s have a look at the project in more detail.
What Is Solana?
Solana is a relatively new cryptocurrency as it was launched in 2019. It was created to combat the scalability, speed and transaction fees associated with the Ethereum blockchain.
To explain further:
- The Ethereum blockchain can only process transactions at a rate of 15 per second. Of course, this is not a viable option for a mass-adopted global blockchain network.
- Ethereum transaction fees are extremely high, especially when the network is busy and many people are using it.
- Both of these factors contribute to being extremely hard to scale
To compare, Solana can allegedly process 65,000 transactions a second…
The Solana blockchain is also very cheap. Ethereum transactions range between $1 to outrageous numbers like $200 for a basic transaction. Meanwhile, you can make transactions on Solana for as little as $0.01.
NFTs and Decentralized Finance
The Solana blockchain has become increasingly popular for NFTs and Decentralized finance (DeFi). Solana blockchain is one of the few places in crypto that has successfully deployed smart contracts. Smart contracts allow developers to create decentralized applications (DApps).
A decentralized application is like a website where you connect your wallet and interact with the DApp. For example, UniSwap is a very popular DApp on the Ethereum network. You trade, stake, farm and more with UniSwap, all through the smart contracts which operate without the use of a third party. Decentralized exchanges and DApps are thriving on Solana.
NFTs are also thriving in the Solana ecosystem. Many users became tired of the Ethereum transaction fees. Solana presents a much cheaper and faster alternative, so many artists, developers and users alike migrated to the Solana network. We expect this community to grow into the future.
What Is SOL?
Solana is the blockchain, while SOL is the native token of Solana. Solana coin (SOL) is what exploded in value throughout 2021. Of course, the chain itself also grew, but the coin is what increased in value.
You need SOL tokens in order to interact with the SOL blockchain. For example, if you want to send SOL tokens to a friend, or if you wish to interact with a DApp, or mint an NFT – you will pay fees in SOL.
OK – now you know more about Solana, let’s run through a quick guide on how to buy it.
How To Buy Solana
The easiest way to buy Solana coin is through one of the centralized exchanges listed at the top of the article. If none of those crypto exchanges operate in your country, you can also try the Coinbase app, Kraken app, or the FTX Exchange:
- After selecting your exchange, download their app or visit their website
- Create an account and prove your identity
- Select your preferred payment method (bank transfer) then select Solana and purchase it
- If your exchange does not allow you to directly buy Solana coin, you might have to first buy something like USDT, and then trade your USDT for SOL (but most exchanges now allow you to buy specific crypto directly)
Easy! Follow these steps and you’ll be a proud owner of SOL tokens.
Wondering if you should buy Solana coin? Let’s look into SOL in even more detail with some FAQs
FAQS
Is It A Good Time To Buy Solana?
Our advice is to always dollar cost average into any crypto you like. As of now in July 2022, the macroeconomic climate is not looking excellent for going all-in on any crypto project.
However, Solana is a lot cheaper than it was compared to most of last year. It has retraced from $260 all the way down to $40. So, buying now is certainly a lot better than buying at the peak in 2021! But yes, anything can happen, SOL can go down more, so DCA!
What Is The Price Of Solana?
The Solana price has recently stabilized at around $40, all the way down from $260 in 2021. The market cap is around $15 billion. The market cap is significantly lower than last year.
Are There Downsides To Solana?
Yes. Solana is widely criticized for being too centralized. There have been multiple episodes where the entire network has gone offline. No one wants to see their assets offline. Disappear.
This has caused mass panic and hysteria, leading to panic selling. No one wants to see their assets frozen.
Most other blockchains, like Ethereum, never go offline. So for Solana to go offline multiple times, it has seriously decreased consumer confidence in the chain.
Where Can I Sell Solana?
Selling Solana is straightforward. Simply trade your SOL for another coin on the exchange you purchased it from. Alternatively, you can use a decentralized exchange on the Solana network to trade your SOL for another token.
Will Ethereum 2.0 Negate Solana?
Solana currently has a market because it solves a few issues of the de facto smart contract blockchain: Ethereum. Solana is currently faster and cheaper.
However, when Ethereum 2.0 comes out, they are claiming to process 100,000 blockchain transactions per second, and fix the expensive transaction costs.
Solana has their own identity, community and interesting DApps, but Ethereum 2.0 does pose a serious threat to Solana’s growth.
How Do I Keep My Solana Safe?
After buying your Solana coin, you need to store it safely.
Firstly, you’ll likely want to move your Solana away from the centralized exchange you purchased it from.
The best way to have ownership over your crypto is by having your own wallet, with your own private keys.
After creating one account, you’ll want to create several more! You can keep Solana (and any other crypto assets) on a cold wallet that you don’t connect to the internet. Cold storage is for any coins in your crypto portfolio you plan to hold for a long time. Many crypto investors will use hardware wallets (like a Trezor) as their cold wallet of choice. Trezor adds another layer of security to stop you from getting hacked or robbed.
You can also have a hot wallet you use for everyday DApps, transactions and so on. You should keep less money on your hot wallet as it is more susceptible to being hacked.
Best Solana Wallet
If you are sure you want to invest in Solana coin, you have several crypto wallet options to store your Solana investment. Usually, we recommend MetaMask but there are other options available to store your digital assets.
Some wallets worth trying are Phantom Wallet, Sollet, Exodus Wallet and Solflare Wallet. These wallets give you private access to your Solana crypto and allow you to keep the rest of your crypto investments safe too.
If the last few paragraphs have been too complicated for you, you could buy Solana crypto and simply use a crypto wallet hosted by an exchange. For example, some cryptocurrency exchanges, like eToro, have a crypto wallet you can use. Buy Solana coin and keep it safe!
Overall, a hardware wallet is going to be the safest way to store your digital assets.
