Cryptocurrency service

How to Buy Solana SOL

Posted on 08.06.2022

how to buy solana

EToro, a traditional financial investment firm, expanded into the crypto market back in 2014, a full six years before the emergence of Solana. At the close of 2014, Bitcoin, the flagship cryptocurrency, was valued at a modest $320.19. He coordinates a distributed team of journalists to help further Finder’s mission of helping people make better financial decisions. He has been using Bitcoin since 2013 and began working in the industry in 2017.

Following account creation, you’ll undergo a verification process. This is a standard Know Your Customer (KYC) measure to verify your identity and ensure compliance with anti-money laundering regulations. In this stage, you’ll submit documents like your driver’s license or a passport. Our full Kraken review also touches on the exchange’s key features, deposits and withdrawals, KYC and much more.

  1. The service will show you the conversion rate for whatever asset you’re using to pay.
  2. All you need is to provide your credit card details, as shown below.
  3. The first thing you will notice when you log in to Uphold is the simple user interface.
  4. Unlike tokens such as Bitcoin, Dogecoin and Litecoin, Solana wasn’t designed primarily as a form of payment, and not all crypto payment protocols support it.

However, Binance in particular has the highest trading volume for Solana which means less slippage in placing orders. Moreover, the trading fees start at 0.1% and can be decreased with higher trading volumes or staking BNB coins. Before we go any further, feel free to check out our picks for the best crypto exchanges and the best decentralized exchanges.

How to Buy Solana (SOL)

Before getting started, it is wise to research and compare the best exchanges for crypto before landing on a specific provider. Prioritizing a specific feature – such as the lowest fees, best trust rating, best mobile application – will make this process much less stressful. Examples of where to buy Solana based on HedgewithCrypto’s reviews are listed below. Unlike many other crypto exchanges, Kraken has chosen to keep things simple. It doesn’t offer crypto loans or lending and doesn’t have a crypto-earn product in place. It does, however, offer over 12 assets for crypto staking with up to 24% in yearly rewards.

In this tutorial, we outlined a step-by-step process of buying SOL through Uphold, one of the most credible platforms supporting the asset. Exchanges have a variety of programs for moving money into your account. A centralized exchange is a platform operated by a company that creates a market for cryptocurrency and charges fees on transactions.

Some traditional brokerage businesses operate crypto platforms, while some exchanges operate solely in the crypto world. For Binance users, select ‘Cash Balance’ from the dropdown and then the ‘Buy Crypto’ menu. Take note of the minimum purchase value and input the amount to spend on SOL. More advanced traders may wish to utilize their exchange’s markets, which can include order options like Stop, Limit and Market, as well as other trading pairs.

To choose which asset to buy, click the [To] selection field from the initial Transact screen. It is the last column, labeled ‘Anything to Anything,’ to which we will be paying particular attention. This is the trading section with three options where you can execute a spot transaction, set up a repeat trade, or a limit order to buy or sell Solana coins. Our partners cannot pay us to guarantee favorable reviews of their products or services. We believe everyone should be able to make financial decisions with confidence.

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There are three columns with which to interact, and that’s about it. The first column gives you a rundown of any recent activity and some information about assets you are watching. The following steps will require you to provide further identifying information such as your location, phone number, and employment details. For a detailed walkthrough of the signup process, check out this guide. Crypto beginners will probably prefer using an exchange over some of the other ways. For additional account security, it is also recommended to activate 2 Factor Authentication which adds another security layer for account login and withdrawal requests.

how to buy solana

Read our expert SOL price prediction as part of your due diligence process to help decide whether the risks of investing in Solana align with your investment objectives. If you hold Solana as an investment, you’ll be taxed on any capital gains you make when you sell it — which includes spending it on goods and/or services. In the US, tax obligations also apply to mining, professional Solana trading and in a range of other scenarios, so make sure you’re fully aware of what you need to report to the IRS. FinCEN-registered exchanges contribute to a more secure financial system in the US and provide you with better consumer protections compared to exchanges based in other countries. Crypto exchanges founded and based in the US are required to register with the Financial Crimes Enforcement Network (FinCEN), a division of the US Department of the Treasury.

Solana’s network is significantly faster than Ethereum’s due to its unique proof-of-history (PoH) technology. PoH allows transactions to be time stamped and processed quickly while its PoS consensus verifies the transactions and adds blocks to the blockchain. If this is your first time buying cryptocurrency you’ll need to look for a platform that accepts US dollars, like CEX.IO or eToro. If you’re ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy Solana in the US. While this has helped make SOL the #5 crypto by market cap, Solana is still a highly volatile asset capable of major price swings in a single day.

Where could Solana’s price be heading?

We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products. Please don’t interpret the order in which products appear on our Site as any endorsement or recommendation from us. compares a wide range of products, providers and services but we don’t provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Solana is a popular token that can be bought on most of the leading cryptocurrency exchanges.

Whichever digital asset exchange you opt to use, protect your funds by performing exhaustive background research before buying Solana. When you click on the [Ends] tab, you will be presented with a calendar. Scroll through to find a preferable date to execute the last transaction. Alternatively, you can select the [Occurrences] tab within the Calendar pop-up and fill in the number of times you would like to repeat the trade. From the pop-up display list, scroll down to locate the bank and credit card sections. The first thing you will notice when you log in to Uphold is the simple user interface.

Where can I buy Solana tokens?

A much more common approach is to stake SOL you already own or lend it to a platform like Nexo to earn a yield. Unfortunately, there’s no way to know for certain if any asset is a good investment, but there are some things you can do to help build an informed opinion. Keep in mind that these are suggestions and that the exchange that is best for you will depend on your individual needs. There are other products on the market not included in our picks. Here check to ensure that you have set up your limit order correctly, then confirm it. The order goes into pending status awaiting execution at your preferred price.