Where to buy Solana(SOL) if you are planning to invest in this exciting altcoin? This guide explains the best places to buy Solana in detail!
Bitcoin, Ethereum, and Litecoin are all examples of cryptocurrencies that belong to a new and fast-growing asset class. Moreover, if you are an early adopter and invested in them a few years ago you might be the proud owner of a small fortune already. What makes all these cryptos so special?
In particular, it’s the blockchain technology combined with high secure encryption that makes the difference. Also many crypto enthusiasts like the idea of a decentralized future where there are no central market makers or leaders(rulers) that are in full control.
At the time of writing, crypto has matured and is here to stay as a brand new technology. Also, this highly innovative space offers opportunities for investors willing to take a risk for new profits.
This guide in the best places to buy Solana(SOL) I’m going to share with you finding the most trusted platforms. Also, it gives you some deeper insight into the project. Finally, I’ll explain what possibilities you have in buying SOL regardless of where you live in the world. So let’s go 🙂
Best Places To Buy Solana(SOL) : Quicktake
In short, below a consolidated list of the best places to buy Solana(SOL) coins. For ease of use, I have chosen exchanges that are reliable, secure, and offer high liquidity.
- Binance – World’s most popular cryptocurrency exchange with almost zero fees
- Kraken – US-based exchange that offers the most fiat trading pairs(AUD, EUR, USD, GBP)
- Bitfinex – One of the eldest in the list and mainly targetted professional traders
- GateIO – Cryptocurrency exchange based in Korea mostly aimed at trading ‘hidden gems’ in the crypto space
- Okex – One of the fastest growing crypto exchanges in Asia offering high liquidity when performing trades
What is Solana(SOL) Cryptocurrency?
Solana is a very young blockchain network that aims at becoming a global network that is fast, censorship-resistant, secure, and can scale easily. The project was launched in March 2020 by a group of Swiss investors out of the tech industry. Since then it worked as one of the most revolutionizing projects in the cryptocurrency market.
Solana started as an open-source project that banks on blockchain technology’s permissionless nature. Meaning, it is designed to add value to the financial world by providing decentralized finance (DeFi) solutions.
What is the history of Solana?
Anatoly Yakovenko is the founder of the Solana project. Additionally, he has a working history at Qualcomm, where he quickly moved up the ranks and became senior staff engineer manager in 2015. Later on, in 2017, he published the first whitepaper draft including a technique for distributed systems called Proof of History(PoH) which laid the foundation for the Solana network nowadays.
Also, in 2017, Yakovenko started working on a project which would later materialize as Solana. He teamed up with his Qualcomm colleague Greg Fitzgerald, and they founded a project called Solana Labs. Attracting several more former Qualcomm colleagues in the process, the Solana protocol and SOL token were released to the public in 2020.
What makes Solana(SOL) special?
Firstly, Solana is known in the cryptocurrency space because of the incredibly short processing times the blockchain offers. Also, Solana’s hybrid protocol(PoH) allows for significantly decreased validation times for both transaction and smart contract execution. With lightning-fast processing times, Solana has attracted a lot of institutional interest as well.
Finally, the Solana protocol is intended to serve both small-time users and enterprise customers alike. One of Solana’s main promises to customers is that they will not be surprised by increased fees and taxes.
The protocol is designed in such a way as to have low transaction costs while still guaranteeing scalability and fast processing.
What is the best way to Buy Solana(SOL) with Fiat?
If you are an outsider and are about to buy your first cryptocurrency then you have to purchase it with ‘old-fashioned’ fiat like USD, GBP, or EUR. In my opinion, as the entire cryptocurrency space has matured, it’s best to go and sign up at a centralized exchange like Binance. Why especially Binance?
First of all, Binance is by far the most popular platform for buying cryptocurrencies(300+) by millions of traders all over the globe. Additionally, all these millions of traders make sure that there is a high volume of all order books available. Especially if you are planning to buy an altcoin like Solana(SOL).
Buying Solana with fiat at Binance can be done in two ways: credit card or bank deposit. The fastest way will be with a credit card because you can be the owner of SOL coins within minutes. Bank deposits are slower(1 or 2 business days), however cheaper, where USD deposits can be done with SWIFT. EURO and GBP deposits can be done by SEPA, IDEAL, or Bank Card.
How to get Solana(SOL) on Binance
Buying Solana with a credit card at Binance is a very straightforward and easy exercise. Therefore, if you decided to deposit fiat currency I will explain in this section how to buy Solana with it.
Pay attention! The steps below are only useful in case you don’t have experience with a trading interface(otherwise skip these steps)
- Signup for a free Binance account
- In the upper menu, choose ‘Convert’
- Select the fiat currency you deposited(USD, EUR, GBP, etc)
- Enter the amount and below select the BTC symbol
- Press ‘Preview Conversion’ and continue
- To buy SOL repeat this process by selecting BTC
- Enter the amount(or click on MAX) and below select SOL symbol
- Press ‘Preview Conversion’ and continue
And that’s it! In just 7 easy steps you are the owner of SOL cryptocurrency by using Binance Convert within seconds 👍
What is the Safest place to get Solana(SOL)?
In my opinion, if you really want to be safe from hackers or scammers, buying or trading Solana at a centralized platform like Binance isn’t the best way. Additionally, you should also realize that you want to invest in Solana(SOL) for the long run.
If that is the case, then it is highly recommended that you start using a hardware wallet like Ledger Nano to be as safe as possible. The big benefit of Ledger is that you can store your cryptos offline as long as needed.
In particular to get Solana you can follow the steps as described above if you want to purchase SOL crypto on Binance. However, it’s totally up to you and you can use any other exchange described in this guide as well.
Finally, it is important to know that you must withdraw the Solana to your public wallet address that points to your Ledger device. More info on installing the Ledger device for Solana can be found here.
Where Can I get Solana(SOL) in the US?
In general crypto traders from the USA are very limited in the options they have on trading digital assets on a global scale. In most cases, only the coins that can apply to strict legal regulations are allowed. Luckily for you(if you are from the USA) Solana can be traded or bought on Coinbase as well as Kraken.
Best Places To Buy Solana(SOL) : Comparison
This comparison guide provides an overview of platforms to buy Solana(SOL) that are reliable and secure. The research is based on assessing the platform’s features, ease of use, fees for buying crypto, and security.
|Platform||Maker fees||Taker fees||Rating||Guides|
|Binance||0.075%||0.075%||Binance trading guide|
|Kraken||0.16%||0.26%||Kraken trading guide|
|Bitfinex||0.10%||0.20%||Bitfinex trading guide|
|Gate.IO||0.20%||0.20%||Gate.IO trading guide|
|Okex||0.10%||0.15%||Okex trading guide|
Best Cryptocurrency Exchanges that offer trading Solana(SOL)
Next in this guide, I’ll deep dive into the different exchanges that offer to trade in SOL cryptocurrency. Also, each platform has its unique features and it’s up to you to decide which one will suit you best!
First, there is Binance, a crypto trading platform that is is founded by Changpeng Zhao, a well-known blockchain industry expert, and expert in setting up trading systems.
In the past, he also founded BijieTech and was head of development at Blockchain.info. Binance can be considered as the best altcoin trading platform if you consider the trading volume and the number of coins listed on the exchange(300+).
Additionally, based on daily(24h) trading volumes, Binance is the biggest cryptocurrency exchange in the world. Also, it has millions of cryptocurrency traders using its platform on a daily basis.
Besides trading, Binance offers several other feature-rich products, including custodian wallets, crypto margin trading, lending service, and earning rewards with staking.
Trading a Binance can be done with almost zero fees(0.075%) and you can use this link when signing up. It will give you an additional 10% discount on fees for life 😄
SOL Cryptocurrency trading pairs on Binance
Another popular place to get Solana is Kraken. Additionally, it’s one of the most reliable and safest cryptocurrency exchanges out there and has been around for a while already.
Founded in 2011, Kraken is a US-based cryptocurrency trading platform available in 48 US states and 176 countries. Also, because of its safe reputation, the exchange data is being used as a ticker(BTC/USD) on the Bloomberg terminal.
The Kraken platform specializes in offering Bitcoin trading services for the beginner as well as the professional trader. Besides trading in digital assets, it’s also possible to store your crypto in custodian wallets, crypto lending services, and staking cryptocurrencies.
Spot trading cryptocurrencies gives you a fee of 0.16% and this value decreases when USD volume rises. Additionally, margin trading is even cheaper where the rate is set to 0.01%.
SOL Cryptocurrency trading pairs on Kraken
Bitfinex has been around for many years in the cryptocurrency space and is one of the exchanges with the highest daily trading volumes. To start trading at this exchange you have to sign up and go to a regular KYC/AML procedure first.
This online trading company is based in Hong Kong and has been operational since 2014. It gives its users the option to trade more than 100 cryptocurrencies/pairs in exchange for USD, EUR, ETH, or BTC. Depositing EURO or USD to this is exchange is currently only available by wire transfer.
Bitfinex is very popular among professional traders because of its high trading volumes and the possibility to go Long or Short. Therefore to start trading at this platform a minimal deposit of $10.000 is needed to get an account there.
SOL Cryptocurrency Trading pairs on Bitfinex
Okex is a trading platform specialized in cryptocurrencies and has its headquarters in Beijing. Besides delivering service for Bitcoin exchanges and trades, the platform is also a payroller and lending app for retailers.
Particularly, Okex is part of the bigger Okcoin consortium specialized in online futures trading. In 2018, Okcoin migrated its futures platform with cryptocurrencies which resulted in the Okex platform. One of the big benefits of this Okcoin migration is that Okex has strong liquidity in BTC/USD and LTC/USD trading pairs.
Okex a popular place to buy Solana
Okcoin maintains two leading entities, whereby one has its focus on the Chinese internal market. In addition, the other entity has a broader focus aimed at the global market and has its headquarters in Hong Kong.
Okex and Okcoin together are one of the bigger cryptocurrency exchanges in the world. For instance, if you take a look at their trading volume which exceeds 4.8 billion US dollars in just 24 hours.
Important: Sign up with this link and buy $100 in SOL. Additionally, you get $30 in SOL back when trading at Okex.
Main Okex functionalities
- It’s available on several platforms including web, mobile and API(automated trading)
- Trading with leverage is possible form 1x till 20x
- Very low trading fees(0.08%)
Trading pairs available for Solana(SOL)
Last in the list of best places to buy Solana crypto is Gate.IO. Additionally this is a crypto exchange founded in the fall of 2017. In addition, the platform is operated by Gate Technology Incorporated, headquartered in Seoul, Korea, with a registered address in Virginia, USA.
In the first place, this exchange gained popularity in the Chinese crypto community for its robust security system, user-friendly mobile apps, and smooth interface. Also, Gate.io differs from many exchanges because it offers hassle-free access to a number of hard-to-find coins and up-and-coming projects.
Moreover, this exchange is designed to help investors finding information related to their preferred coins and overall market trends.
Spot trading a cryptocurrency like Solana(SOL) gives you a fee of 0.2% and this value decreases when USD volume rises. Additionaly, margin trading is even cheaper where the rate is set to 0.01%
SOL cryptocurrency trading pairs on GateIO
To enumerate, Solana cryptocurrency is a very young blockchain project with huge potentials. Foremost their innovative decentralized network is aimed at operating at a global scale as robust and secure possible. Remember, the entire cryptocurrency market is very young and small compared to more traditional markets like stocks or commodities.
Furthermore, by investing in projects that are promising, it’s also very important to find the best ways to buy Solana(SOL) tokens. With this guide, I hope it’s more clear to you what options you have as an investor and know what places to go to in order to build some future wealth.
The following articles might also be a good read for you:
- Confidential: Best Places To Stake Solana(SOL)
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- Exclusive: Best places to buy NFTs on Solana
- What are the Benefits of Binance Trading Platform?
- Top 5 Do’s and Dont’s of Cryptocurrency Wallets
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