How to Buy Solana (SOL)?
Solana (SOL) is a web-scale blockchain aiming for speed and scalability, but also transparency, decentralization, and security. The project addresses the issues of scalability that plague most blockchain-based solutions nowadays and claims to have a throughput of more than 50,000 TPS. A significant factor making this possible is its consensus algorithm, Proof of History, which allows for more efficiency within the network.
The SOL token is Solana’s native currency that can be used to perform micropayments or to facilitate on-chain programs and/or validating their outputs. The token can also be staked to generate additional rewards, which makes them very attractive to prospective investors looking for a way to generate passive income.
How and Where to Buy Solana in 2021?
Solana’s use case, and especially the different use cases of its native coin, make it clear why the SOL token is sought after. In this guide, we will cover five possibilities; each of these has its own strengths that may work for some traders, but less for others, and vice versa. What is more than likely, however, is that this list will help you find where to buy SOL with low fees and high liquidity.
Binance. As the cryptocurrency exchange with the highest 24-hour trading volume, Binance is one of the most popular platforms currently in existence. Most of the SOL 24-hour trading volume also stems from Binance: the USDT pair alone makes up for almost a third of all daily trades, and with the other trading pairs added onto this—like BTC, BUSD, and BNB—the exchange is plainly the most popular one for this asset. This is also owed to the fact that they charge very low fees, have near global coverage, offer purchases with a wide range of fiat currencies, and boast a professional trading interface that even newcomers can get the hang of pretty quickly.
Bitfinex. A trading platform geared exclusively towards high-volume professional traders, Bitfinex may not be a good choice if you’re a small retail investor—but if you’re not, this is one of the best places for trading you can find. Traders can choose whether they want to purchase SOL with fiat or cryptocurrencies that include stablecoins like USDT, which are usually the most popular choice. The platform is very easy to use and has quite low fees that are discounted even further with higher trading volumes within one month. On the other hand, this comes with a waiting time of 6-8 weeks for your KYC process to complete—but once this is satisfactorily done, you will gain access to an excellent platform for all your investing needs.
Gate.io. This cryptocurrency exchange is often considered an altcoin haven—with hundreds of coins listed, which makes for staggering numbers of trading pairs, Gate.io is the go-to place for diversifying your portfolio. The platform offers low trading fees and a powerful engine, but the interface can be a little too intimidating for complete newbies. The exchange also doesn’t offer any fiat deposits, so your best bet to purchasing altcoins, particularly SOL, are stablecoins; this is, perhaps unsurprisingly, what makes USDT the most popular trading pairing for SOL on the platform.
Crypto.com. The Crypto.com exchange is only part of the complete Crypto.com ecosystem, which consists of a wallet, a DeFi earning platform, an app, but also a Visa card that lets you spend your crypto anywhere, plus a number of other services. Fees are also pretty low: deposits, crypto to crypto swaps, and transfers to the Crypto.com wallet are all free of charge, while the exchange charges trading and withdrawal fees. Still, if you stake their native CRO token, you can get discounts on those as well. When it comes to trading SOL, you can do so with USDT, like with most other crypto exchanges.
HitBTC. Another excellent choice for altcoin traders, HitBTC offers an enviable spread of different coins that you would otherwise struggle to find. There is no forced KYC on the platform, which is a plus for users potentially looking to take privacy-preserving measures—but you may choose to go through with the verification anyway, to evade potential issues in the future. Still, the exchange is unregulated and it may be on the complicated side for beginners. For those who are looking for a platform like this, you will be able to trade SOL with USDT and BTC with very low fees.
This is our list of the best exchanges to buy Solana (SOL) in 2021. Do you think another exchange should have been mentioned? Is there one you prefer more than the others? If so, feel free to contact us and give us your feedback!
In the meantime, once you’ve added SOL to your crypto trading portfolio, check back in with Cryptonews and subscribe to our newsletter so you never miss anything important from the crypto world.