Last update: Jun 6, 2022

How to Buy Solana (SOL)

Marco velaAuthor: Marco Vela - Fact-checked ✓

So you’re looking for a guide on how to buy Solana. Depending on where you’re located, you’ll have a few exchanges to choose from.

In this guide, we not only cover the top 3 global crypto trading platforms, but also the best exchanges for Australia, Canada, and the UK.

Let’s get started!

Solana

How to Buy Solana – 4 Easy Steps

1. Choose a cryptocurrency exchange

Finding a cryptocurrency exchange isn’t that hard. There are plenty of big players out there that have been around for quite some time.

This is where our comparison tables can help. The important factors to look for are fees, security, and if they have Solana of course.

2. Sign up with the crypto exchange

Signing up with any of the major exchanges is generally very easy. The initial sign up should be very fast, and even the verification processes are very well set up these days.

3. Fund your account

Next, you would need to fund your account with either fiat money (USD, AUD, GBP, CAD, etc) or another cryptocurrency like BTC or ETH. This process should again be straightforward and easily done using one of the bigger cryptocurrency trading platforms.

4. Buy Solana

Now that you have what you need to buy Solana, head over to the market or buy section of the cryptocurrency exchange and buy some SOL.

If the crypto exchange doesn’t have any Solana on offer, for most cryptocurrencies you can buy Ethereum instead, transfer it to a decentralized exchange like Uniswap (check if Uniswap has Solana first), and trade your Ethereum for Solana.

Where to Buy Solana (SOL)

These are our top 3 exchanges based on the number of cryptocurrencies on offer, security, ease of use, and fees.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
BinanceUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
FtxUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX
Etoro logoUSD, GBP, AUD, EUR, and more50+credit card, skrill, paypal, bank transfer, and moreVisit eToro
Disclaimer: Cryptocurrencies are volatile and may involve a lot of risk. Their performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.

How to Sell Solana

  1. Sign into the crypto exchange where you bought Solana.
  2. Move your Solana to the right place on the crypto exchange. Some exchanges have trading accounts you need to use for buying and selling.
  3. Sell Solana.

 

Crypto trading

How to Buy Solana (SOL) in Australia

Looking at Australian crypto exchanges, it's always good to check if the exchange is registrered with AUSTRAC (Australian Transaction Reports and Analysis Centre). In addition, it would be handy if the exchange has integrated with POLi pay and PayID for instant AUD deposits.

If you’re looking to buy Solana in Australia, the process remains the same:

  1. Find a crypto trading platform below.
  2. Sign up for an account.
  3. Fund your account with AUD.
  4. Buy Solana if it’s available. If the exchange doesn’t have Solana. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Solana), and trade your ETH for Solana.

Also, check out our comparison of the most reliable Australian crypto exchanges if you’re interested in learning more about which exchanges we like.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Swyftx logoAUD, NZD300+bank transfer, POLi pay, PayID, credit cardVisit Swyftx
Binance logoUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
Ftx logoUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX

How to Buy Solana (SOL) in Canada

When researching Canadian crypto exchanges, make sure they're registered with FinTRAC (Financial Transactions and Reports Analysis Centre of Canada) and ideally support Interac e-Transfer (in addition to wire transfer and maybe credit cards) for smooth CAD deposits.

If you’re looking to buy Solana in Canada, the process remains the same:

  1. Find a cryptocurrency trading platform below.
  2. Sign up for an account.
  3. Fund your account with CAD.
  4. Buy Solana if it’s available. If the exchange doesn’t have Solana. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Solana), and trade your ETH for Solana.

If you’d like to know more about the exchanges we like, check our list of the better exchanges for trading crypto in Canada.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Bitbuy logoCAD15+Wire transfer, Interac e-TransferVisit Bitbuy
Coinberry logoCADBitcoin, Ethereum, Litecoin, BCH, XLMInterac e-Transfer, Wire transfer, Credit card, Debit cardVisit Coinberry
Ndax logoCADBitcoin, Ethereum, Litecoin, and 4 morewire transfer, Interac e-Transfer, Bank draftVisit ndax

How to Buy Solana (SOL) in the UK

We recommend only looking at UK cryptocurrency exchanges that are registered with the FCA (Financial Conduct Authority). As for GBP deposit methods, the top exchanges should support FPS transfers (Faster Payments Service) and ideally credit/debit cards.

If you’re looking to buy Solana in the UK, the process remains the same:

  1. Find a crypto trading platform below.
  2. Sign up for an account.
  3. Fund your account with GBP.
  4. Buy Solana if it’s available. If the exchange doesn’t have Solana. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Solana), and trade your ETH for Solana.

You can also take a look at our analysis of the better exchanges for trading crypto in the UK if you’re curious to know more about which exchanges we like.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Cex logoGBP, USD, EUR10+Bank transfer, credit card, debit cardVisit CEX
Coinjar logoGBP50+Bank Transfer (FPS), Visa, MastercardVisit Coinjar
Coinbase logoUSD, GBP, EUR150+Bank transfer (FPS), credit/debit cardVisit Coinbase

Cryptocurrency trading

Considering buying Solana? SOL Rundown

Solana, a highly functional open-source project, uses blockchain technology's permissionless nature for decentralized finance (DeFi). The Solana Foundation, headquartered in Geneva, Switzerland, launched Solana in March 2020. Although the initial idea and work began in 2017, Solana was officially launched by them in March 2020.

The Solana protocol was created to allow decentralized app (DApps) creation. It is designed to increase scalability through the introduction of a proof-of history (PoH), combined with the underlying blockchain proof-of stake (PoS), consensus.

Solana is a hybrid consensus model that has attracted both small-time traders as well as institutional traders. The Solana Foundation's main focus is to make decentralized financing more accessible on a wider scale.

Anatoly Yakovenko's proof-of-history consensus (PoH), is one of Solana's most important innovations. This concept allows for greater scaling of the protocol, which in turn increases usability.

Because of its extremely short processing times, Solana is well-known in the cryptocurrency industry. The hybrid protocol of Solana allows for greatly reduced validation times for smart contract execution and transaction processing. Solana is a popular choice for institutions due to its lightning fast processing speeds.

Solana Protocol is designed to be used by both small-time and large-scale customers. Customers can rest assured that Solana will not surprise them with higher fees or taxes. Protocol is designed to minimize transaction costs and ensure fast processing.

Solana, ranked 7th in CoinMarketCap rankings as of September 2021, is due to its long-standing professional expertise created by Greg Fitzgerald and Anatoly Yakovenko.

This was due to a remarkable bull run that saw Solana prices rise by more than 700% between mid-July 2021 and now. SOL price soared to $60 after the launch of the Degenerate Ape NFT Collection. It has continued to climb since then, due to increased developer activity in the Solana ecosystem and greater institutional interest. The Solana price reached $216 at the end of September 2019, 2021.

Solana has been highly praised for its speed, performance, and even been considered a competitor to Ethereum that could challenge the dominant smart contract platform. The network has experienced frequent outages, which have hampered its ability to trade and have impeded its ambitions to become the "Visa of crypto." It is also accused of favoring investors in venture capital with unfair tokenomics.

As a result, the price of SOL has retraced as of February 2022. However, it is possible that there will be more bearish short-term price action. However, Solana will appreciate over the long-term due to strong support from exchanges such as FTX.

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author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.