Solana blockchain is popular for its fast transaction processing and low transaction fees. It quickly made it to the list of top 10 cryptocurrencies after witnessing an incredible price surge in 2021. As a result, Solana strengthened its position in the list of Ethereum killers.

Investing in Solana not only helps you make considerable profits in the long run but also allows you to access decentralized applications built on the Solana blockchain without any hassle. If you are confused about how to buy Solana and where to buy Solana, don’t worry, we are here to help you. We will explain everything you need to know to buy Solana in the present article.

Where to Buy Solana?

You can buy Solana (SOL) using the following platforms.

• Centralized Crypto Exchanges – Centralized crypto exchanges makes the process of buying Solana simple compared to other methods. Buying Solana on crypto exchange platforms is recommended if you are a beginner. You can choose one of the crypto exchange platforms we have listed here.
  • Binance
  • Coinbase
  • Kraken
  • Crypto.com

• Decentralized Crypto Exchanges – Decentralized exchanges (DEXs) also help you buy Solana by trading or swapping other cryptocurrencies, for example stablecoins, in exchange for SOL coins. The following list contains some of the top decentralized exchanges that enable you to buy Solana.
  • Uniswap
  • PancakeSwap
  • SushiSwap

• Crypto wallets – Additionally, you can also buy Solana either by using crypto cold wallets or by using hot crypto wallets. One important thing you need to consider here is to choose a crypto wallet that is compatible with Solana. Because some wallets do not support Solana and you cannot buy SOL tokens using them. Let’s look at the list of Sollana compatible wallets here.
  • Coinbase wallet
  • Ledger
  • Phantom
  • Ledger
  • Exodus

Now that you know different types of platforms where you can buy Solana, choose the one that is convenient for you. If you are a beginner, we recommend using centralized crypto exchange platforms to buy Solana. Because, they offer the simplest method to buy cryptocurrencies compared to other options.

How to Buy Solana on a Crypto Exchange?

Step 1: Select a Crypto Exchange

Select a crypto exchange platform by considering how well the platform’s features and benefits are serving your investing requirements. Verify security features, fees, accessibility, payment methods, and minimum investment limits before choosing an exchange to buy Solana.

Some exchanges are tailored to be simple and suitable for beginner traders. Others offer advanced trading features, focusing on experienced investors. Each platform has its own pros and cons so you must choose the one that is convenient for you. You can refer to crypto exchanges we have listed in the previous section to get started.

Step 2: Set up Your Account

After choosing a crypto exchange platform that is suitable for your needs, you need to register and create an account. The process is simple and similar on different platforms, involving entering your details and verifying your account with email address or mobile number.

Secure and reliable exchange platforms require you to upload your identity cards and address proofs for verification. They keep your data secure while ensuring that you comply with the KYC and AML guidelines. So, verifying your identity and your account is a must before processing to buy Solana.

Step 3: Add Funds to Your Account

Buying Solana, or for that matter anything else, involves money. After you set up your account on the crypto exchange platform, you need to add funds to it. Refer to the supported payment methods of the platform and choose the one based on your preferences.

Most of the crypto exchange platforms support different types of payment methods, including credit and debit card payments, online payment methods, bank transfers. This is to make the process of buying cryptocurrencies as easy as possible for customers.

Some crypto exchange platforms do not require you to add funds to your account. They enable you to directly purchase Solana by making transactions through online payment gateways. Make sure which methods you crypto exchange platform supports and follow it to add funds to your account.

Step 4: Buy Solana (SOL)

The final step is to search for Solana (SOL) coins and buy them on the exchange. Whether you are using a desktop or a mobile application, you need to go to the search bar and search for “Solana”. Usually, you can find Solana easily since it is one of the top 10 cryptocurrencies.

After selecting Solana, enter the amount you would like to spend buying SOL coins. Cross-verify all the details and then confirm the purchase to buy Solana. Received purchase confirmation notification? Congratulations, you finally bought Solana (SOL) coins!

Conclusion

Crypto investments, such as Bitcoin and Ether, are known to be profitable over the long run. However, they trade at high prices and are not affordable for many beginner investors.

On the other hand, SOL is the cheap crypto to buy compared to BTC and ETH. It is also a promising long-term investment, having a widespread user adoption and a strong team who are committed to upgrading the network. You can buy Solana on the crypto exchange platforms and follow the procedure we have explained in this article!

However, do not forget to do your own research and understand the market conditions before investing. Cryptocurrencies are volatile and are risky investment instruments. So, invest only what you can lose in the cases of unfavorable market conditions.

Frequently Asked Questions (FAQs)