How to Buy Solana (SOL) in 2024 – Beginner’s Guide

As its popularity continues to grow in 2024,  crypto traders are increasingly turning their attention to Solana (SOL). Now the fourth largest cryptocurrency, the network offers high-speed, low-fee transactions and has developed an active community of developers and investors.

This beginner’s guide provides a comprehensive walkthrough detailing how to buy Solana. It also covers everything from understanding the fundamentals of Solana to choosing the right exchange and securely storing your SOL tokens on crypto wallets.

What is Solana?

Founded in 2017 by Anatoly Yakovenko, Solana is a high-performance blockchain platform designed to provide fast, secure, and scalable decentralized applications (dApps) and crypto projects.

As a result of its innovative features and robust infrastructure, Solana has become a leading player in the blockchain space, attracting developers and investors alike. Tokens like dogwifhat ($WIF) and Myro ($MYRO) have been built on Solana.

SOL is the native token of the Solana ecosystem, and at the time of writing this is currently the world’s fourth-largest cryptocurrency. It has a total of 572,147,814 tokens, with a market cap of $89,801,578,951. Its value has surged by over 800% over the past year.

How to Buy Solana in 5 Easy Steps

Let’s break down how to buy Solana in the USA or any authorized jurisdiction across the globe.

 1) Choose a Crypto Exchange

Selecting the right cryptocurrency exchange is the first and most crucial step when buying Solana. For this guide, we recommend using eToro,  which is a trusted and user-friendly social trading platform known for its wide range of digital assets.

Once on the eToro homepage, simply start by clicking “Join eToro”.

2) Complete KYC

Once you’ve signed up using your email address you’ll need to verify your account through what is called the Know Your Customer (KYC) verification process. This involves providing personal information and verifying your identity to comply with regulatory requirements.

eToro will require you to submit a proof of address document and either a passport or driver’s license as a form of ID.

3) Deposit Funds

Next, you’ll need to first deposit funds into your eToro account. You can fund your account using various payment methods, including bank transfer, credit/debit card, or PayPal.

Just select “Deposit funds” on the bottom right of the screen and follow the steps shown.

4) Choose a Solana Trading Pair

Now that your account is verified and funded navigate to the trading section of the eToro platform and search for Solana (SOL). Choose a trading pair that suits your preferences; for example, SOL/USD is a popular choice.

After choosing a pair, you simply need to click “Trade.”

5) Buy Solana

Finally, with funds deposited and pairs selected, you’re ready to buy Solana with a credit card. Simply enter the amount of SOL you wish to buy and execute your trade.

Where to Buy Solana in 2024? The Top Platforms

There are various exchanges you can use to buy Solana. You will need to find an exchange that has low fees, is easy to use, and, most importantly, secure. Many centralized exchanges (CEX) offer traders the opportunity to buy SOL; however, it can be difficult to pick the right one.

In this section, we will explore where you can go to buy Solana, reviewing three top exchanges and the benefits they will offer you.

1. eToro – Social Trading Platform with Competitive Fees

eToro stands out as a top choice for buying Solana due to its intuitive and social trading platform. In addition to a diverse range of cryptocurrencies, beginners will be able to mirror the trades of investors who have a proven track record of profitability using their copy trading feature.

With eToro, users can easily buy, sell, and trade SOL tokens while benefiting from its competitive fee structure.  For crypto investing, eToro charges a 1% fee for opening and closing a transaction.

Overall, over 30 million traders are using eToro, with its platform having over 70 tradable cryptocurrencies like  SOL, XRP, Bitcoin, Ethereum, and Dogecoin. According to CNBC, eToro plans to IPO soon.

Pros

• Competitive crypto fees
• Strong regulation and reputation
• Social  and mirror trading tools
• 24/7 customer service

Cons

• $5 withdrawal fee
• $10 per month fee after 12 months of inactivity

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2. OKX – Low Fee High Liquidity Global Exchange

OKX is another reputable crypto exchange that offers a wide range of trading pairs, including SOL. The platform has advanced trading tools, high liquidity, and strong security measures requiring all users to go through KYC.

OKX provides a reliable platform for buying and trading Solana. It currently lists over 350 cryptocurrencies, with more than 500 trading pairs on offer.

Similar to eToro, OKX operates a transparent fee structure charging 0.080% per transaction for USDT pairs. The company also has a crypto wallet that supports over 77 blockchains and is a great option for those looking to store their crypto.

Pros

• Low fees
• Crypto wallet
• High market liquidity
• Staking

Cons

• Not available in North America
• Limited FIAT withdrawals

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3. MEXC – Centralized Exchange with a Large Range of Markets

MEXCis a popular cryptocurrency trading platform known for its extensive selection of digital assets and new customer bonus offers. With Mexc, users can access a variety of trading pairs, including SOL, and benefit from its user-friendly interface and robust security features.

Founded in 2018, MEXC has obtained more than 10 million users in over 170 countries. Additionally, it has the second-highest number of listed altcoins amongst any other exchange in the world, with over 2,000 cryptocurrencies listed.

Additionally, the platform charges 0.10% for spot transactions and currently holds regulatory licenses in Australia, Canada, and Switzerland.

Pros

• Wide range of markets
• New customer bonuses
• Competitive commission
• Staking

Cons

• High withdrawal fees

Visit MEXC

How We Ranked The Best Places to Buy Solana

Now you have a better idea of where to buy Solana, let’s explain what factors went into our ranking of the exchanges mentioned above.

Highest Solana Trading Volume

One of the primary indicators of any reputable exchange for Solana trading is its trading volume. Exchanges with higher trading volumes typically offer better liquidity, tighter spreads, and faster order execution, providing traders with a smoother trading experience.

At the time of writing, OKX has a 24-hour Solana trading volume of $784 million, which is nearly 7% of the total.

Most Solana Trading Pairs

Secondly, we looked at exchanges that offer a wide range of trading pairs for Solana, including both fiat and cryptocurrency pairs. Platforms with diverse trading pairs allow users to easily exchange Solana for other digital assets or traditional currencies, enhancing their trading experience.

Also, due to the nature of the market, this range of options provides traders with more flexibility and intraday chances to find trade opportunities.

Lowest Trading Fees

Many investors will always look to find the cheapest way to buy Solana, as such, trading fees play a significant role in determining the overall ranking of a platform. Exchanges with competitive fee structures, including low trading fees and transparent fee schedules, are preferred by traders looking to maximize their profits.

By minimizing trading costs, traders can retain a larger portion of their investment returns. One good example of this is eToro who charge a competitive fee of 1% per trade. They also charge a withdrawal fee of $5 compared to Mexc which charges 1.5 SOL for withdrawals, which is slightly more expensive.

Best Trading Experience

Finally, the overall trading experience, including platform usability, speed, reliability, and customer support, is crucial for traders when selecting an exchange for buying Solana.

Exchanges that offer intuitive interfaces, advanced trading tools, responsive customer support, and robust security measures contribute to a positive trading experience for users. eToro is one of the best exchanges on the list for trading experience. It offers a unique social trading experience with its copy trader, as well as 24/7 support.

How to Safely Store Your Solana

While keeping Solana on an exchange is convenient for active day trading, it also means that your crypto is under the guardianship of a centralized exchange. As such, should the exchange experience any financial troubles or collapses like FTX, your crypto will be at risk.

Alternatively, storing it in your own self-custody or decentralized crypto wallet is advisable for long-term holders. Hot wallets like Zengo provide convenient access for regular trading activities, while cold wallets such as Ledger and Trezor offer enhanced security for storing large amounts of SOL tokens.

What Can You Use Solana For?

We’ve explored several options of where you can buy Solana crypto, however what can you use it for? Solana is a versatile blockchain platform with a growing ecosystem of applications and use cases.

Its popularity continues to soar, especially with the rise of Solana meme coin projects like dogwifhat ($WIF) becoming viral. Let’s take a look at other use cases for Solana.

Staking to Earn More

One of the prominent use cases of Solana is staking, a process where users lock up their SOL tokens to support the network and validate transactions. In return for their contribution, stakers receive rewards in the form of additional SOL tokens.

Staking allows Solana holders to earn passive income while actively participating in the network’s security and decentralization. Recently, Figment, a staking infrastructure company, was planning to list SOL-focused exchange-traded products with staking rewards on exchanges in Switzerland.

Buying Meme Coins

With the rise of meme coins in the cryptocurrency market, Solana provides a platform for users to buy and trade these speculative assets. Meme coins, characterized by their viral marketing and community-driven nature, often experience significant price fluctuations and attract both traders and investors.

Solana’s secure and low-cost ecosystem makes it an ideal blockchain for meme coin enthusiasts to engage in trading activities. $WIF, $MYRO, and $BONK are some of the most viral Solana meme coins using the Solana network.

Buying NFTs

Lastly, Solana has emerged as a popular platform for buying and selling non-fungible tokens (NFTs). Solana’s speed, which sees it conduct 65,000 transactions per second, is 10,000 times faster than Bitcoin. Artists, creators, and collectors can leverage Solana’s blockchain to tokenize and trade their digital creations, contributing to the vibrant NFT ecosystem.

With Solana’s support for NFT standards like SPL and its interoperability with other blockchain networks, users have access to a wide range of NFTs and diverse investment opportunities. Examples of popular NFTs on Solana include Froganas, Mad Lads, and CryptoUndeads.

Conclusion

Choosing the right platform to buy Solana depends on various factors, including trading volume, trading pairs, fees, and overall trading experience. By considering these factors and conducting thorough research, you will likely select an exchange that best suits your needs and preferences.

We recommend eToro as the best place to buy Solana, with low fees and a competitive range of assets. Its social and copy-trading platform is perfect for beginners who want to buy Solana for the first time.

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FAQs

Where can I buy Solana?

You can buy Solana from various cryptocurrency exchanges and trading platforms. Some popular exchanges that support Solana trading include eToro, OKX, and Mexc. Before buying Solana, ensure that the chosen exchange is reputable, secure, and compliant with regulations in your jurisdiction.

How much does it cost to buy 1 Solana?

At the time of writing this, 1 SOL token cost $182.97. You can track this on our Solana price page.

Can I buy Solana with a credit card?

Yes, many cryptocurrency exchanges support buying Solana with a credit card. eToro allows users to buy SOL tokens using credit or debit cards. To buy Solana with a card, you need to create an account on the exchange, complete the required identity verification (KYC) process, and link your credit card for payment.

Can I buy Solana with cash?

No, this is not a common method to buy Solana, as it is predominantly a digital asset. The easiest way to buy Solana is through a licensed exchange like eToro.

References

1. Memecoin billionaires are back following surges from $WIF and $PEPE (Bloomberg)
2. Solana staking ETPs to be listed on Swiss exchanges (CNBC)
3. eToro CEO planning to IPO (CNBC)
4. FTX customer’s still dealing with its collapse (Reuters)