How and Where to Buy Solana (SOL) – A Beginner’s Guide
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Solana is a high-speed smart contract blockchain that uses a combination of proof-of-stake and proof-of-history. In this guide, we are going to give you an overview of the Solana network, its native cryptocurrency SOL, and the best Solana exchange options for purchasing SOL online.
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How to Buy Solana Summary
SOL, Solana’s native cryptocurrency, can be bought using the following steps:
- Get a Solana Wallet, (e.g. Best Wallet, Ledger Nano X,)
- Get your SOL address
- Buy Solana directly within Best Wallet or sign up to Binance
- Buy SOL using your credit card.
If Binance doesn’t suit you, here are some of the top exchanges where you can buy :
For a more detailed explanation of how to buy SOL and where to buy, keep on reading.
How to Buy Solana in 3 Simple Steps
Step 1 – Get a Solana (SOL) wallet
The first thing you’ll want to do before purchasing SOL is obtain a wallet that will be able to store SOL. As with most cryptocurrencies, you have the choice between choosing a software wallet or a hardware wallet.
Software wallets are free applications that are most often considered less secure than hardware wallets. Therefore, they are more suitable for smaller amounts of money.
Hardware wallets, however, are physical devices that connect to your computer, like a flash drive. They store your private keys on the offline device itself, rather than on your computer. These are considered to be the safest method for storing cryptocurrencies. Here are a few Solana wallets we recommend:
We cover all the different types of wallets available and break down which is the best Solana wallet for each type of user in our Best Solana Wallets article if you want to find the perfect wallet for your SOL. But in the interest of brevity, here are three great picks:
Best Wallet– A great mobile crypto wallet that supports multiple blockchains such as Solana, Ethereum and more. The Best Wallet has a built-in DEX allowing for the seamless process of buying Solana directly within the wallet. You can read their article on How to buy Solana with Best Wallet for a full tutorial.
Ledger Nano X – A hardware wallet that enables you to store SOL as well as a wide range of other cryptocurrencies. It can also connect to your mobile device via bluetooth. Make sure to read our complete review on Ledger first.
Exodus – An easy-to-use software wallet that supports SOL and over 110 other crypto assets. The wallet also has a built-in exchange for users who want to swap SOL for other cryptos (and vice-versa). Check out our complete review on Exodus wallet.
Once you’ve got your Solana wallet, it’s time to prepare your SOL address that you’ll use later on. A SOL address is a string of 44 characters that is case sensitive. For example: 3oQTGEjevMGxE8EWAR9rh9XX86f32LJr3GL23SmsBw4X
Step 2 – Find a Solana Exchange
Selecting a reliable Solana exchange is crucial for a seamless trading experience. Platforms like Binance and Best Wallet are among the top choices, offering security, liquidity, and fiat-to-crypto options for SOL purchases.
Depending on your part of the world, you can either buy SOL with fiat currency (i.e. USD, EUR, etc.) or trade other cryptocurrencies for SOL on specific exchanges.
Buy Solana Through Best Wallet
Best Wallet is our top pick for users looking for the easiest way to buy Solana directly within a wallet. Best Wallet allows users to buy, sell, and swap crypto from directly within the wallet using the built-in DEX-aggregator.
The reason we recommend Best Wallet for new users and those looking for the most friction-free way to buy SOL is that by purchasing crypto from directly within a wallet, users lower their risk of exposing themselves to exchange hacks, third-party risks, and the possibility of sending to incorrect addresses when withdrawing from a traditional crypto exchange. The Best Wallet DEX aggregator sources the best rates for users’ swaps, supporting 50+ chains, connecting to over 200 decentralized exchanges, and using up to 20 cross-chain bridges. Users can make both same-chain and cross-chain swaps.
Visit Best WalletBuy Solana on Binance with credit/debit card
Binance is one of the largest exchanges in the world, known for its excellent liquidity. You can swap SOL on Binance with virtually any cryptocurrency that the exchange supports, or alternatively you can buy it instantly using a credit card or a debit card. It’s important to note that credit card purchases do carry a higher fee.
Check out our full review of Binance for more information.
Buy Solana on CEX.io
CEX.io is a reputable cryptocurrency exchange that’s been around since 2013. On CEX.io, you can buy SOL directly using a credit card, or make a fiat deposit and purchase it with USD, EUR, or USDT. Fiat currency deposits can be made using a credit card, Skrill, bank transfer, or ACH payment.
Make sure to read our complete review of CEX.IO.
Buy Solana on Kraken
Kraken is one of the oldest exchanges around, dating all the way back to 2011. You can buy SOL on Kraken using any one of their supported cryptocurrencies, or by using fiat currency after making a deposit. You can deposit fiat currency using SWIFT, SEPA, or wire transfers if you’re within the US.
Read our full review of Kraken for more info.
Step 3 – Withdraw your SOL to your wallet
I don’t recommend letting your SOL sit on the exchange that you bought it from, unless you plan to actively trade it. This is because you don’t actually control the private key for your coins when they’re on an exchange, and therefore they are not completely in your possession.
No matter where you buy your coins from, remember to withdraw them into your own non-custodial Solana wallet, using your SOL address from Step 1 above. In that wallet, you’ll have sole access to the private keys.
Once the transaction is confirmed, you’ve successfully finished the process of buying Solana!
Conclusion – Is Solana a Good Investment?
Solana appears to have a bright future ahead, providing a viable alternative to slower smart-contract platforms such as Ethereum – and even Ethereum layer-2 scaling solutions. Its high throughput and quick finality makes it an attractive place to develop and deploy smart contracts that other networks may not be able to handle.
Solana’s speed and scalability make it a top contender among blockchain networks, and finding the right Solana exchange ensures you can invest confidently.
With strong backing from some powerful figures in the cryptocurrency industry, it’s likely that Solana will continue to receive strong support for adoption and development for the near future. That means SOL is likely to continue to reach new heights and climb in price. We saw some of that explosive growth from 2023 – 2024 where SOL went on a historic run.
As with all cryptocurrencies – remember that where there’s great reward, there is also great risk involved. Please ensure that you invest responsibly, as we’ve outlined in the past.
FAQs
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See Also:
- Best Solana Projects Shaping the Solana Ecosystem
- Solana Price Prediction
- Best Solana Meme Coins
- Top Solana Presales and ICOs
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