How to Buy Solana in Qatar - Beginner's Guide (2024)

How to Buy Solana in Qatar

The easiest way to buy Solana in Qatar is to purchase it online from a crypto exchange. Exchanges make buying and selling Solana and other cryptocurrencies easy from your smartphone, tablet or computer. Check out our recommended platforms below and follow the steps to safely buy Solana in Qatar.

1. Choose a platform 

The platform you pick should work specifically in Qatar. It should operate within the financial services laws and ideally be regulated by a native government agency or by one recognised by local authorities. Our top picks below all fulfil these criteria.

2. Create and fund your account

Input your name, contact information, and other details in the sign-up form usually displayed after clicking a Sign-Up button on the home page. To fund your account, you must pass KYC by submitting identity and address documents like an ID and a utility bill.

3. Buy Solana Qatar

Navigate to your account’s explore or discover page and search for Solana. You may see tickers like SOL/AUD, or SOL-USDT, depending on the platform. Purchase Solana directly using a funding method of your choice or with your account balance.

Where to Buy Solana in Qatar?

1. eToro – Overall Best Place to Buy Solana in Qatar

eToro is an investing platform operating in over 200 countries, including Qatar. It allows its 25 million strong user base to easily buy cryptocurrency, stocks, and commodities.

eToro stands out from other exchanges with its social investing features. Its copy-trading feature allows users to copy one anothers’ trades, giving newbies an edge as they begin their investment journey. They can copy the trades of successful investors, increasing their chances of making a profit while learning. 

The platform offers 70+ cryptocurrencies, including Solana. Users can search for Solana in the Discover section and purchase it directly with fiat.

Deposits are free on eToro, but payment providers may charge a transaction fee. The minimum initial deposit is 10 USD (36.4 QAR), while subsequent deposits must be at least 50 USD (182.0 QAR) or 500 USD (1820.0 QAR) when using a credit card at the time of writing.

Direct conversions from fiat to crypto cost 1% of the transaction value. Deposit methods include credit cards, PayPal, Poli, bank transfer, Skrill, and Neteller.

You can only use USD, GBP, and EUR with Skrill, Neteller, and bank transfers, so transactions made in native Qatar Rial are subject to a conversion fee.

With eToro, users can either buy Solana or Solana CFDs to take advantage of price movement.

eToro is regulated in Qatar by the Qatar Financial Markets Authority (QFMA), Financial Conduct Authority UK (FCA), the Cyprus Securities Exchange Commission (CySEC), and the Australian Financial Services. 

For more info, read our eToro review.

Pros

• Well regulated

• Low minimum deposit (10 USD)

• Has a mobile app

• Social investing features allow you to copy other’s trades

Cons

• Limited crypto selection

• Qatar users pay conversion fees

2. Oanda – Best Place to Buy Solana CFDs in Qatar

Oanda is a global foreign exchange giant that facilitates trades in various global markets including currencies, shares, cryptocurrencies, commodities, and indices.

Oanda supports trading in 13 major cryptocurrencies, including Bitcoin, and operates in Qatar. Solana spreads start from 42 pips but can fluctuate with market volatility. It is usually paired with USD, so deposits in QAR may be subject to conversion fees.

Trading is done via contracts for differences (CFDs), which are derivatives that track the price of crypto without owning it. CFDs allow users to trade SOL in both directions, benefiting from Solana’s movement no matter what. It also allows users to use leverage facilities to magnify their trades, although this increases both gains and losses.

Depositing funds on Oanda can be done through bank transfers (ACH), wire transfers, and credit/debit cards. Oanda does not charge for deposits using any of its supported methods, although service providers may, especially for deposits with credit cards. Crypto deposits are not accepted.

There is no minimum limit for any deposit method, however, card deposits are subject to a maximum limit of 20,000 USD (72,8000 QAR) per month. ACH transfers are subject to a maximum limit of 50,000 USD (182,000 QAR) per month, while domestic and international wire transfers have no limits.

Credit card deposits are instant, ACH deposits can take up to 24 hours, domestic wires can take 1-3 business days, and international wires can take up to 5 business days.

To withdraw funds, users can use debit cards and bank transfers. Debit card withdrawals take 1-3 business days while bank transfers take up to 5 business days.

Pros

• Favourable spreads on CFDs

• Well regulated

• Transparent fee structure

• Free deposits and withdrawals

Cons

• Only offers CFDs

3. Pacific Union – Best Regulated Place to Buy Solana CFDs in Qatar

Pacific Union is another global player in the foreign exchange market. It is regulated by the Financial Services Authority of Seychelles and is known for its support for international clients as it provides multilingual services to 120 countries and jurisdictions, including Qatar.

The online broker offers a platform to trade crypto CFDs, complete with advanced charting tools, access to about 40 major crypto CFDs, a 50:1 leverage ratio, and weekday support.

For trading, Pacific Union charges a 1,820 pip spread on SOL/USD contracts but can fluctuate with volatility.

PU Prime accepts 16 deposit and withdrawal methods in total, however, some are specific to certain regions and only work with particular currencies. Qatari residents can use bank transfers, bank cards, crypto, Neteller, and Skrill for both deposits and withdrawals.

Base accounts are denominated in USD so Qatari users may be subject to a conversion fee when using payment methods like credit cards. Deposits are free on PU Prime’s end, but service providers may charge processing fees.

Bank transfers have a minimum limit of 50 USD, no maximum limit, and take 2-5 business days to process. Credit card deposits have a minimum and maximum limit of 50 USD and 5000 USD and are processed instantly.

Neteller and Skrill deposits are subject to a minimum limit of 50 USD and are processed instantly, and crypto deposits are subject to a minimum limit of 50 USD and are processed as soon as the blockchain network approves the transaction.

For withdrawals, all methods are subject to a 100 USD limit. Bank transfers take 2-5 business days and are free, credit cards and crypto withdrawals take 24 hours and are also free. Skrill and Neteller withdrawals take 24 hours and are subject to a 1% and 2% fee respectively.

Pros

• Free deposits and withdrawals for most payment methods

• Numerous funding methods

• Accepts deposits in multiple currencies

• Low minimum deposit of 50 USD 

Cons

• Minimum withdrawal limit of 100 USD

• Regulated by only one regulatory institution

4. Binance – Cheapest Way to Buy Solana in Qatar

Binance is a global crypto exchange that has made buying crypto easy for users across the world by supporting purchases in their local currencies. Users in Qatar can log into their Binance accounts and buy Solana using the local currency.

The exchange offers over 600 cryptos and supports 61 fiat currencies across 200 countries. Solana trade fees are usually 0.10% of the transaction value. Qatari users can buy Solana directly with their credit cards in Qatar rial.

Direct credit card purchases cost 1.8% and are limited to a minimum of 60 QAR and a maximum of 10,000 QAR. Unfortunately, bank transfers are not available at this time.

However, users can use other local methods through Binance’s peer-to-peer (P2P) market, a marketplace that connects buyers and sellers in various regions and acts as an escrow service to facilitate trades.

Users can buy and sell Solana with one another on the P2P exchange in Qatar and pay with local methods like bank transfers and mobile top-ups.

For more info, read our Binance review.

Pros

• Wide selection of 600+ coins

• Low spot market fees at 0.1%

• 24/7 chat support. Email support for more serious issues

• Has a mobile app

Cons

• Has faced regulatory hurdles in some countries

How to Buy Solana in Qatar - Tutorial

Our guide focuses on eToro as it is our overall best place to buy Solana in Qatar. However, these steps can be applied to other crypto exchanges in this guide.

1. Open an account

Click on the Start Investing button on the homepage to get started. Fill in your details on the signup form and create an account. You can also download the mobile app from the Play Store/App Store and do the same.

2. Verify your account

You’ll receive an email verification link when you create an account. Click on it to start the process. Complete your profile by submitting details like your date of birth and a passport photo, after which you submit KYC documents. These documents include proof of ID (National ID or driver’s licence) and proof of residence (utility bill).

3. Make a deposit

Once your account has been verified, click on Deposit Funds on the left pane of your dashboard. The deposit options available will be displayed. Choose one and set the amount you’d like to deposit. You can deposit Qatar rial directly using credit cards, PayPal, and Poli.

4. Buy Solana Qatar

Search for Solana in the Discover tab. An interface like the one below should load. You can buy immediately at market price or set a price you’d like to buy at.

Is Solana a Good Investment?

We cannot outrightly say whether or not Solana is a good investment. However, we can give pointers to help you arrive at that decision yourself.

Decentralisation

Firstly, Solana is decentralised. It does not depend on governments to legitimise it or companies to run and maintain its blockchain infrastructure. Transactions are free from many of the controls and drawbacks of traditional finance networks like high fees for international transfers.

As the digital age progresses, more components of our lives will be moved to the digital space. Crypto technology mathematically safeguards digital assets and places ownership with users, making it crucial for a free digital future.

Liquidity

Cryptos are generally very liquid and portable assets. They can be bought on one crypto exchange, moved to another exchange in a different country and sold in a matter of minutes, creating a way to move wealth easily.

High Return Potential

Solana has a track record of delivering high returns on investment either due to its volatility or more fundamental reasons like growing adoption and institutional interest. Combining this with the fact that blockchain technology is still in its early stages, the growth (and profit) potential is significant.

Store of Value

Crypto can be used as a long-term store of value, especially those with deflationary mechanics, like Solana. Because supply is capped, the value of deflationary coins is projected to grow over time, provided demand remains constant. This makes the digital currency a possible long-term alternative to gold.

Portfolio Diversification Option

Solana is a digital asset that can be used as an asset class when building a diversified portfolio. Its equity potential (the ability to increase in value) makes it worthy of consideration for modern portfolios.

Risks of Buying Solana

There are downsides to buying Solana. The first is its volatility. Crypto is known to swing wildly, losing significant portions of its value within a few weeks and often leaving investors reeling from losses.

There is also a risk of rug-pulls, blockchain attacks, and wallet hacks. These are technological risks that involve an attacker hacking a crypto’s blockchain network or your wallet and usually end with funds getting stolen.

Finally, crypto at large is still the target of legal crackdowns and harsh regulatory policies that could stunt its growth and adoption rate.

What Payment Methods Can I Use to Buy Solana in Qatar?

Credit/Debit cards

Credit or debit cards are the most accepted payment method across platforms, especially in Qatar, but are also the most expensive. eToro and Oanda don’t charge fees but that of Binance is 1.8%.

Discover the best places to buy Solana with a credit card.

Bank Transfers

Local transfers through a Qatari bank account are only available for platforms that are not traditional crypto exchanges like Oanda, eToro, and Pacific Union. They do not work for crypto exchanges like Binance. However, crypto P2P markets can be used to bypass this restriction.

Ways to Invest in Solana in Qatar

There are several ways to gain exposure to Solana and profit from its price movements in Qatar. This section dives into them and how they relate to Solana.

Buy and Hold Solana

The buy-and-hold strategy involves buying Solana and holding it for a long time, usually as long as you can. This strategy is popular in the industry as it has proven to be effective over long periods, usually years.

This strategy can be varied using a buying technique called dollar cost averaging (DCA) where you buy a set dollar amount of Solana at fixed intervals regardless of price.

Trade Solana

This strategy profits from Solana’s volatility. Trading SOL involves relatively short-term buying and selling, usually from as little as a day to as long as a year. Positions held for longer are often classified as investments.

Trading creates an opportunity to explore other financial derivatives like futures, options, and CFDs that give traders exposure to SOL’s price movement without the need to buy the coin. It also allows for leverage facilities that can magnify traders’ wins (or losses).

Choosing a Solana Wallet in Qatar

Wallets are important because they store your valuable cryptos, so choosing the right one is crucial. Crypto wallets are generally split into hardware and software wallets. Hardware wallets store cryptos offline on a device while software wallets store cryptos online and are always connected to the internet.

Software Wallets

• Web wallet: These wallets come as either browser extensions or web apps that store your private keys in your browser. Web app variants are accessible through any browser, however, the extension variant must be installed on a new browser and a seed phrase must be used to recover your wallet.

• Mobile wallet: This wallet is a mobile app downloadable from the Play/App stores or the internet. Binance’s mobile wallet is called Trust Wallet and it supports Solana.

• Desktop wallet: This is an application that runs on your computer and stores your private keys on your hard drive. There are several desktop wallets available depending on the level of control you want and your familiarity with blockchain technology. However, a good option for beginners is the Electrum wallet available for Windows, Mac, and Linux PCs.

Physical and Hardware Wallets

• Hardware wallet: A hardware wallet is a physical device that stores private keys offline. They are much harder to hack and are currently the safest storage option. Hardware wallets that support Solana include Trezor and Ledger.

• Paper wallet: A paper wallet is a piece of paper with public and private keys printed on them. While they are a good way to keep your private key offline, they are not recommended as you may lose the paper or the ink could wear off with age. Paper wallets have gone out of fashion since the advent of hardware wallets.

Wallet Combinations

You can combine two or more wallets for added security or a better user experience. For example, you can use a hardware wallet like Ledger with a web wallet extension to buy coins on a decentralised exchange and immediately send them to your hardware wallet.

Should I Buy Solana Now? - Things to Consider Before Buying Solana in Qatar

Whether or not you should buy Solana now depends on the state of the economy, your investment goals, your risk tolerance, and the cost of investments. Consider these factors when making a decision. 

Solana Fees

The total cost of buying Solana is made up of network fees, exchange fees, and deposit fees across exchanges.

The network fee is the charge the blockchain takes for processing transactions. This fee usually goes to computers that help secure and run the network. It could rise and fall based on the volume of transactions for certain blockchains, however, newer networks are built to accommodate high volumes without significant changes to transaction fees.

Exchange fees are charged for conversion, trading, or other related services. Some platforms are cheaper than others in certain regards. For example, conversions on Binance are cheaper than eToro at 0.1% per trade compared to 1% charged by the latter.

However, eToro trumps Binance when it comes to deposits as it supports free deposits while Binance charges $1 for bank transfers and 1.8% for credit card payments.

Aggregate the costs of using various components of an exchange to obtain a holistic view of the cost of using that exchange, then compare it with others to find a cheap option.

Solana Price

Solana’s price is known to change rapidly and swing wide i.e change quickly and by a considerable amount. For traders, this is good news as it presents opportunities to profit from this volatility.

Long-term investors, on the other hand, may not be too bothered by short-term fluctuations as price historicals show an overall uptrend with pocket downtrend periods. In the long-term investment case, a simple buy-and-hold strategy, or one combined with a DCA, may prove effective.

Buying Solana in Qatar Safely

Security is of the utmost concern when dealing with cryptocurrencies and the exchanges that sell them. The first thing you should observe is the exchange’s regulatory status. The ideal situation is when the exchange is registered in its country of operation.

However, this is not always the case. Crypto exchanges sometimes offer services to users in certain geographical regions using entities registered in a nearby jurisdiction or in a jurisdiction where regulations allow them to onboard users from other countries.

In this case, ensure the regulatory agency is transparent and enforces industry-standard security and legal practices.

Buying Solana in Qatar Anonymously

Buying Solana anonymously is not as easy as some may assume due to widespread regulation on all major exchanges and platforms. The key to remaining anonymous is to refrain from providing personally identifiable data. Platforms do this to varying degrees. 

One method is using prepaid cards to purchase cryptos on peer-to-peer markets. You send the code to the counterparty and they send your crypto. You’ll need to use international P2P markets with this method as supported payment methods within Qatar are limited.

Visa offers prepaid cards but you’ll need to ensure you won’t have to give up personal details to obtain them.

Is Buying Solana Legal in Qatar?

Unfortunately not. In 2018, the Qatar Central Bank warned financial institutions against trading virtual currencies or providing services to individuals. In 2020, the Qatar Financial Centre Regulatory Authority (QFCRA) declared that all virtual currencies are banned for companies under its finance centre.

The only exception to the ban so far is security tokens regulated by the QFCRA, the Qatar Central Bank, or the Qatar Financial Markets Authority because they are subject to AML guidelines.

Is Solana Taxable in Qatar?

Solana is not taxable because it is not legally recognised. Local institutions found to provide virtual asset services for non-AML-compliant assets (which most cryptos are) can be penalised under the current legislation.

Citizens who hold crypto do so at their own risk which explains the lack of a local crypto exchange.

Final Thoughts

Solana is not yet legal in Qatari as the legislation frowns upon it. However, there are no laws expressly preventing citizens from purchasing the digital coin. International exchanges that are licensed in regions that allow them to offer their services globally still do, and these services are accessible to Qatari users. 

The top of our list of these platforms is eToro, the social investment platform with copy-trading features and tight regulations. The platform allows users to invest in Solana through deposit methods like bank transfers, credit/debit cards, and electronic wallets like Neteller. Although Qatar users may have to stick with credit cards.

Deposit limits are favourable at a minimum of 10 USD while withdrawal fees remain flat at 5 USD regardless of the amount withdrawn. Conversion fees remain affordable at a 0.75% – 1% markup to raw spreads.

To begin investing in crypto, visit eToro, sign up, and buy Solana for as low as 10 USD (36.41 QAR).

More Cryptocurrency Guides in Qatar

Check out more of our popular crypto guides for Qatar below.

• How to Buy Neo in Qatar
• How to Buy Cardano in Qatar
• How to Buy Theta in Qatar
• How to Buy Celo in Qatar

Methodology - How We Picked the Best Platforms to Buy Solana in Qatar

We decided on the best platforms by first testing them individually. Our criteria for assessment include fees, deposit and withdrawal methods, reputation, credibility, security, ease of use, trading features, coin selection, and competitive edge.

The platforms listed on this page are ones that we found to be the best at the features we listed them under e.g. cheapest way to buy Solana. All platforms have a track record of providing value to users.

We also placed an onus on security and credibility. These platforms have millions of users and employ some of the highest security measures in the industry.

Finally, we considered fees and limits. These platforms have various fees and deposit/withdrawal limits, however, they are all within reasonable limits.

To learn more about how we test and choose platforms, visit our why trust us and how we test pages