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How to Buy Solana (SOL) in 3 Simple Steps

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Solana (SOL)
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Author: Alice Leetham Updated: June 16, 2022

A fast and powerful blockchain for developers, Solana enables the creation of low-cost and user-friendly applications for a range of uses. The blockchain's scalability has made it a top destination for decentralised apps (dApps), non-fungible tokens (NFTs), and decentralised finance (DeFi).

If you want to know how to buy Solana, you’re in the right place. This guide will take you through purchasing SOL step by step and provide more information about the project.

3 Steps to Buy Solana

1. Choose a broker or exchange

Selecting a broker or exchange will be your first step towards buying SOL. Consider the reputation of the platform and also whether it is compliant with local regulations, as these things are important factors in how safe it will be to use. The following section lists some reputable and regulated platforms to help you get started.

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2. Create and fund your account 

Go to the create account section of your chosen platform and fill in all the personal details you are asked for. Your account probably won’t be verified until you provide supporting documentation such as a photo ID and proof of address. After that, you can select any of the payment methods supported to fund your account.

3. Buy Solana

You are now ready to make your first purchase. Search for the appropriate Solana trading pair—i.e. if you just deposited British pounds, you should select the SOL/GBP trading pair. Click the buy button. You may have the choice between buying at the current price and specifying a future price you would like to buy at with a limit order.

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Where to Buy Solana?

Wondering where is the best place to buy Solana? The following is a list of our carefully selected crypto exchanges and brokers that you can use to buy SOL.

1. eToro - Overall Best Place to Buy Solana

eToro is our number one choice as the best place to buy Solana. This is mainly because of its high quality and diverse selection of services it offers on its platform.

On eToro, you can buy SOL with a minimum deposit of $10, making it a suitable choice for new investors that are just beginning their investing careers. On top of this, eToro has recently introduced a standard transparent fee of 1% for all cryptoassets.

eToro also has a large selection of cryptocurrencies to trade, over 60 different, making it a solid platform to diversify your risk. You can also trade stocks, forex, and ETFs, making it an ideal platform for those that want to invest in various asset types.

eToro makes it very simple to buy Solana. It's an extremely user-friendly platform with a set of trading tools that make it the perfect choice for investors of all experience levels.

With a trading platform, storage wallet, and staking service, eToro is the best choice for crypto and investing. Unique to its competitors, eToro’s CopyTrader feature allows you to copy the trades of professional traders. 

Most importantly, in the USA eToro is registered with FinCEN and a member of FINRA and SIPC. In the UK, the platform is regulated by the FCA. This regulation ensures your investments are safe. Read our full eToro review here.

eToro Pros:

  • Low fee of 1%
  • $10 minimum deposit (UK and USA)
  • Social investing features
  • Regulated
  • Simple to use
  • Educational resources
  • Mobile app

eToro Cons:

  • GBP deposits will incur a small USD conversion fee

2. Coinbase - Simple-to-Use Exchange to Buy Solana

Coinbase’s user-friendly interface makes it a popular crypto exchange to buy Chainlink for beginners and experienced investors alike. With numerous payment options including PayPal and a minimum deposit of $2, buying SOL on Coinbase is accessible regardless of your budget.

Users can set up recurring buys or even stake their crypto, a unique feature not all platforms offer.

Lastly, for traders with more experience and who prefer a more technical trading interface, they can use Coinbase Pro. Read our full Coinbase review here.

Coinbase Pros:

  • User-friendly
  • Set up recurring buys
  • Earn free crypto through learning campaigns
  • Debit card for spending crypto
  • Secure offline storage

Coinbase Cons:

  • High fees

3. Nexo - Best App to Earn Interest on Solana

Nexo is a great option for buying and storing Solana as you can earn up to 8% annual interest on your SOL investment.

If you don’t want your SOL to simply sit idle after you’ve bought it, Nexo can be used to store your assets and help them grow.

On other assets, users can earn up to 17% annual interest, which is paid out daily.

The intuitive interface makes it easy to monitor and grow your portfolio. You can even take out a loan using your cryptocurrency as collateral. 

Finally, on top of being a simple place to purchase SOL, Nexo offers competitive rates and instant cashback. You can also spend your crypto with the Nexo Card.

Nexo Pros:

  • Earn interest on 38 coins
  • Up to 17% annual interest is available
  • Borrow cash or stablecoins
  • 2% cash back on purchases with the Nexo Card
  • Up to 3x leverage with Nexo Booster

Nexo Cons:

  • Fewer cryptocurrencies to choose from
  • Lack of technical trading tools

What Is Solana?

Solana is a dApp-enabled blockchain that is host to over 350 projects spanning Web 3.0, decentralised finance (DeFi), gaming, and non-fungible tokens (NFTs). Examples of popular apps built on Solana include the decentralised exchange (DEX) ecosystem Serum, DeFi prime brokerage portal Oxygen, and the Degenerate Ape NFT collection.

Solana is popular among dApp developers and users alike due to its fast transactions and exceedingly low costs. While transaction fees (also known as “gas”) on Ethereum, the largest dApp ecosystem, can sometimes run into the hundreds of dollars, Solana’s fee is always less than $0.01. 

These low fees are enabled by Solana’s main innovation—its Proof of History time-keeping mechanism. This way of "keeping time" on the blockchain improves Solana's Proof of Stake consensus mechanism, resulting in the ability to process many, many transactions at once.

Ways to Invest in Solana

Everyone is different, which is why different people choose to invest in different ways. Some want to get in and out as quickly as possible, while others are in it for the long haul. This is just a matter of taste and we’ll discuss the benefits of both approaches below.

Buy and hold Solana

Solana has become a firm favourite in many long-term investment portfolios, for both individuals and institutions. Its innovative technology makes Solana one of the few blockchains capable of scaling for global adoption. For this reason, many investors have faith in the project’s future growth and therefore SOL’s future price potential.

One benefit to holding Solana is that it can be staked. This is a way of securing the network and generating a return on your SOL tokens.

Best Solana wallets

If you’re going to be holding SOL for a while, it can be useful to set up a private wallet and custody your tokens yourself for extra security. This ensures you have full ownership over your tokens and don’t have to rely on a centralised platform for access.

Solana-supporting software wallets, such as Exodus or Trust Wallet, are free to download and convenient for the less tech-savvy and those who want regular access to their funds. Hardware wallets, on the other hand, such as Trezor, KeepKey, and Ledger, are more secure but also more complicated and costly. They are often preferred by long-term holders with a significant amount of SOL.

Trade Solana

Solana is no different from the rest of the crypto market when it comes to the high levels of price volatility observed. This is why many short-term investors and traders like to take advantage of SOL’s sudden price movements to generate a profit.

For traders, they don’t even need to own SOL as they can speculate on its price through derivatives such as futures, options, and contracts for difference (CFDs). Traders, therefore, don’t need a wallet as they don’t actually own SOL, while short-term investors may prefer to use the web wallet provided by their platform as it is more convenient than setting up a private wallet.

Should I Buy Solana Now?

Only you can make this decision for yourself, though the information on this page should provide a useful tool. Solana’s unique architecture and blockchain innovations have already begun attracting institutional investors, who presumably believe in the future potential of the project.

Solana has had support from big names within the crypto industry, such as major exchange FTX and quantitative trading firm Alameda Research, which selected the blockchain to build their DEX project Serum on.

The price of SOL has also been helped by the rise of gaming and NFT projects on Solana. The wildly popular Degenerate Ape NFTs brought Solana to the attention of NFT enthusiasts the world over, while both NFTs and blockchain gaming are gaining ever more fans.

The Solana ecosystem will likely continue to expand, which could make SOL a popular asset for those who believe highly scalable blockchains are the future.

Frequently Asked Questions

  1. Anyone can stake their SOL by delegating it to a validator. A number of wallets and exchanges support SOL staking. Some will ask you to select a validator, while others will select one for you. Simply follow the instructions provided by your chosen wallet or exchange.
  2. In monetary terms, this will depend on the amount of SOL you stake and what its market price is. However, at time of writing, the nominal staking APY is about 7.5%.
  3. Proof of History is a verifiable delay function which timestamps transactions so that validators can order transactions later, instead of waiting for other nodes to check their records.
  4. A Solana cluster is a group of validator nodes that hosts a specific decentralised application (dApp).
  5. Several programmable blockchains have been termed an “Ethereum killer”, and Solana is one of them. Ethereum is still by far the most popular programmable blockchain, but it is possible that it could one day be overtaken by a rival such as Solana, especially if the Ethereum 2.0 upgrade is delayed and the Solana ecosystem continues to flourish.

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