Where to buy Solana: An ultimate guide
Solana is one of the trending cryptocurrencies, and it has gained much value in recent times. In a matter of no time, the coin crossed 200$ value, and many crypto experts are calling it Ethereum of the future.
Here in this article, we will cover all aspects of Solana, how and where to buy Solana. So, let's get started.
What is Solana?
Solana is a blockchain platform founded in 2017 by Anatoly Yakovenko as a proof of stake and third-generation blockchain. It aims to provide the fastest speed of up to 50,000 transactions per second by using its unique Proof of History mechanism. It combines the proof of history with the proof of stake mechanism to attain the fastest processing speed.
Let's compare it with Ethereum that uses the Proof of Work mechanism and has a transactions processing speed of 45 transactions per second. It appears to be a much better option, and this high processing speed makes the transaction fee much lower than the Ethereum gas fee. Due to the high processing speed and low transaction fee, many famous platforms, including Solanart NFT and Chainlink cryptocurrency project, are using Solana blockchain.
Why Buy Solana?
The Solana coin faced a huge rise in early 2021, and in mid-November, its price depreciated a bit, but after that, there seemed to be a rise in its value. Keeping in view the trend, you must be wondering whether you should buy Solana or not? According to our research, there is a lot of growth potential in it, and few cryptocurrency experts even call it the next bitcoin in the making.
Due to fast processing speed and low processing cost, Solana blockchain is now becoming the potential alternative to Ethereum.
Ethereum is now considered too slow and too expensive for the development of DApp applications. Therefore developers are now shifting to the Solana blockchain to save money and time.
Although in 2022, Ethereum will make some improvements in its eth2, by making these changes, eth2 might be offering the same things that Solana is already offering. So, it attracts many developers who are fed up waiting for the Ethereum update.
With all the progress of the Solana blockchain, the value of the Solana coin will also increase, and there is high potential for it. Even if eth2 gains more growth, there is enough potential in the blockchain market that both Solana and Eth2 can grow together.
Where to buy Solana?
If you want to buy Solana, there are top cryptocurrency exchanges where you can buy the coin. You must select the exchange that provides the best deal. Before choosing any exchange, you should look for the following factors.
- Ease of use
- Availability of the coin
Before choosing any platform to buy Solana coin, you should consider the fee of that platform; almost all the crypto exchanges charge some kind of fee, whether it is a processing fee, trading fee, or withdrawing fee. These fees are relatively low on some platforms, and on others, these might be a bit high. Therefore, it is essential that before depositing your money and buying Solana, you should compare any exchange fees.
Is your money will be safe on that specific platform? Recently many high-profile hacks have been noticed, so you should choose an exchange that keeps your money safe. To ensure the safety, many exchanges keep their assets in cold storage and also provide third-party insurance to its users.
Ease of Use:
If you are a beginner or intermediate-level crypto trader, you should always select a user-friendly platform without having a complex interface. Advanced users can also choose a platform according to their requirements.
Availability of the coin:
Every cryptocurrency exchange has a specific number of coins. If you want to buy the Solana, you should for a platform that lists Solana coin (SOL).
Best platforms from where to buy Solana
eToro is one of the best cryptocurrency exchanges. This platform offers trading in the 15 most popular cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Sol (Solana coin), Litecoin, Stellar, and much more. You can easily buy Solana coins on this exchange.
eToro is considered to be the best platform due to its demo account or virtual trading. By using an eToro demo account, you can practice and learn trading in real-time without worrying about the risks of losing anything. To learn trading and study about the price forecast, eToro gives 100,000$ in virtual funds, and you can invest this virtual money in real-time and buy Solana coin or any other cryptocurrency coins. It is one of the most popular features of eToro, which enables its users to experience real-time trading before actually investing their own money in buying any cryptocurrency.
The other significant reason to buy Solana coin on eToro is that it doesn't charge any commission fee, although there is a fee on withdrawing, that too is minimal. It makes eToro popular among crypto traders.
eToro presents itself as a social trading platform, and on it, you can see the news and opinions of other traders; you can also copy the position of top traders, which means that you can replicate the strategies of the traders that are trading successfully. It is one of the best and reliable platforms on which you can buy Solana coins.
|Demo Account||Advanced traders can not benefit from its technical analysis|
|Easy to use a mobile app and No commission on trading||Customer support needs improvements|
|Reliable and efficient 24/5 customer support|
|Variety of cryptocurrencies available|
|Wide Range of payment options|
Binance is the another best platform to buy Solana coins. It was founded in 2016, since then, it has faced a boom and become one of the largest crypto exchanges. Binance is popular among both common and advanced traders. It also has many options of leverage for trading. That's why many expert crypto traders recommend this platform.
Binance supports trading in over 50 digital assets, which makes it unique from other crypto exchanges. Binance also has its own stable coin, "BNB ''. By using that coin, traders can easily reduce the trading fee.
|User-friendly mobile app||Charges a fee for withdrawing|
|Suitable for every trader||Some interface features are hard to understand for beginners|
|Wide variety of coins is available||Few bugs were noticed|
|Lowest trading fee|
Coinsase is the largest cryptocurrency exchange and a reliable place to buy Solana Coins. Coinbase supports hundreds of cryptocurrencies, and you can easily trade any of them. It has a built-in crypto wallet which makes it the best option to buy Solana, as you can store your Solana coin in its wallet, and you don't need to rely on any third party. The minimum transaction limit is 2$, and there is no minimum deposit while signing up on this exchange.
|Largest crypto exchange||High transaction fee|
|Already Built-in Wallet in-app||Poor customer support|
|Financial Conduct Authority (FCA) Regulates this exchange|
|There is no deposit required|
Kraken is another major cryptocurrency exchange. It offers the trade of many crypto coins, including Solana. You can easily buy Solana on this platform. Kraken has a minimum purchasing limit of $10. Youn can buy USDT on Kraken and then covert it to Solana. Kraken features all the popular crypto pairs and charge a reasonable fee, the processing fee for all stable coin is 0.9%, and for all other coins, its 1.5%.
Like many other exchanges, Kraken requires verification. You can start trade after verifying your account. Kraken is a US-based platform and is available in many countries globally.
When it comes to security, Kraken follows strict protocols. The track record of Kraken tells us all. It has never been hacked since its origin. Among many strategies, keeping assets in cold storage is an essential measure to ensure the security of investors' assets. That is why it is considered a secure trading platform. Another security measure is Two-factor authentication (2FA). It does not matter whether you are trying to login in or making a transaction; you need to verify your identity every time. It may seem a burden, but it is more than necessary for the security and protection of your investment and assets. The other features of Kraken are:
- More than 50 cryptocurrencies to trade-in.
- Kraken is a secure and reliable crypto exchange
- Kraken keeps 95% of the assets in cold storage
- It offers high profit and high withdrawal limits
- You can make a deposit using a fiat currency such as US dollars
How to Buy Solana?
Now that you know where you can buy Solana, there comes a question: how you can buy Solana. All of the above mentioned are the best platform to buy Solana; by comparing the features of each platform, you can decide which one is suiting you the most. After selecting one platform, the next step is to make your account on that platform by providing all the necessary details and proof of your identity.
The particular exchange will verify your identity and register your account. Once your account is live, you can start buying Solana Coin and trade with it if you want. Let's demonstrate it with eToro registration.
1. Open an account:
If you want to buy Solana on eToro, you will need to open an account. On the eToro website, you will find a signup button on the top right side. You can click on that button and provide all the required details.
2. Identity Verification
Once you provide all the necessary details and make your account, you will be required to verify your identity by providing the colored picture of the government-issued identification document. You can upload the picture of your residency proof, passport, and driving license as your identity proof, on eToro.
3. Deposit your funds
After verification, your account will be live and now you can deposit your funds into the eToro wallet to buy Solana coins. Many online brokers recommend making an initial deposit of a minimum 250$ but on eToro, you can deposit as low as 50$ and then start trading. eToro accepts a wide range of payment gateways, including credit cards, debit cards, and PayPal.
4. Buy Solana
On eToro you will find many open to invest your money by buying any coin. If you want to buy Solana, you can search for "SOL" in the search bar, and eToro will show you the coin. After selecting the "SOL" coin, you can enter the amount you want to purchase and click on the "buy Solana '' option. eToro will deduct the money from your balance and add the Solana to your wallet. Now you are the owner of that amount of Solana coin, and you can keep that in your wallet or trade with it.
How to buy Solana with PayPal?
If you want to buy Solana with PayPal, then it is the easiest method to buy any cryptocurrency on any exchange. You can link your cryptocurrency exchange with your PayPal account and buy Solana easily by paying through your PayPal account. There will be no need to enter any payment information in most cases. You can transfer the funds in your PayPal account and connect that account to the crypto exchange.
Important things to consider while buying Solana:
- If you want to buy Solana, you should always buy it from any legit and regulated exchange. Buying Solana coins from any non-regulated cryptocurrency exchange can be risky. The regulated exchanges are managed by any government regulating body, and they follow all financial rules and regulations of the government. The Financial Conduct Authority (FCA) regulates the exchanges that provide cryptocurrencies exchange services in the UK. FCA makes sure that these exchanges are working for the best interests of their customers. So, buying Solana from any regulated cryptocurrency such as eToro and Binance will be free from any risk of an online scam.
- Choosing a reliable crypto wallet is another important thing while buying Solana coins. In that wallet, you will store your coins, so it is important that you select the wallet that has suitable security measures and gives you encryption keys. A safe wallet ensures that your assets are safe.
- The are many risks associated with all cryptocurrencies, including Solana; one of them is the volatile nature. The price of the crypto coins fluctuates unexpectedly, so it is always important that you should buy Solana after doing the market research. If you want to make some profit you can buy it when it trends bullish.
Once you buy the Solana, you will have the option of either storing it in your wallet and waiting for its price to reach its maximum or start trading with it. It is always wise to sell the coins once it reaches its peak, and the forecasts indicate that its price will go down now. At that point, you can sell your Solana and make a profit out of it. You can again buy the Solana when its price gets low; in that way, trading with Solana can be started.
Many cryptocurrency exchanges also allow leverage features; by setting the leverage, you can multiply your potential earning, but in case of loss, you can also lose your coins. If you want to use the leverage option, then always use it with care after studying the market and forecasts.
Solana blockchain project is becoming popular nowadays, and it has all the potential to compete with Ethereum. It provides the same decentralized ecosystem as Ethereum with more efficiency and at less cost. Solana blockchain has its own native coin known as Sol. From being on the rank of an altcoin to becoming the fifth-largest coin, it gained much value in 2021, and this value is expected to grow in 2022. Solana coin is available to purchase on many cryptocurrency exchanges such as Binance, Kraken, eToro and Coinbase. Each exchange has its own pros and cons. After going through all the information, you can decide by yourself which platform suits you the most.
Is a crypto wallet necessary to buy Solana?
Yes- Cryptocurrency wallet is necessary for buying the Solana. Many crypto exchanges offer a built-in wallet, you can use that wallet, or else if you prefer, you can link any third-party wallet with the crypto exchange.
Can I buy Solana in the US?
Yes, you can buy Solana in Us. All you need is to find a legit exchange in the US. Many exchanges such as eToro, Kraken, and Binance US are entirely legal in the United States.
How much money do I need to buy Solana coin?
You can buy as much as you want; you do not need to buy the whole coin. All you need is to make the minimum deposit required on that exchange and buy with that.
Is Solana worth it?
Solana coin was launched in 2020, and it became the fifth-largest coin in no time. Many experts are declaring it as an alternative to Ethereum, which shows that buying this coin will be worth it.