How to Buy Solana (SOL) in 5 Simple Steps

Solana is a top digital currency that has rapidly risen to prominence due to its lightning-fast transactions and cutting-edge blockchain design. As the decentralized finance space evolves, Solana’s appeal to investors and traders only grows stronger.

It then begs the question: how can you quickly and securely buy SOL? Don’t worry; our guide breaks it down, offering practical steps from choosing a trusted exchange to safeguarding your coins. By following the steps outlined below, you should feel confident to buy Solana and maybe even dip your toes into other altcoins!

How to Buy Solana: Quick Guide

Here is a quick overview of how to buy SOL tokens in 2024. For a more in-depth look at the process, head further down the page.

1. Choose a cryptocurrency exchange: Find a platform that caters to your investment needs. Consider the minimum deposit, fees, ease-of-use and accepted payment methods. It’s also important to choose a platform that has a strong reputation. Our editor’s top pick is Coinbase.
2. Create an account and connect a payment method: Sign up to your chosen exchange with your email address and phone number. The exact process with vary between platforms. Then, connect a payment method to your account (most exchanges accept bank transfers and debit cards).
3. Search for SOL: Search for the ‘SOL’ ticker to find Solana. From here, you should be able to view the current price and set the parameters of your order.
4. Buy Solana: On most exchanges, there is a ‘Buy’ button next to the coin that you would like to invest in. Click this button to execute your order.
5. Store your tokens: The best cryptocurrency exchanges have built-in wallets that allow you to store you tokens easily. If not, consider transferring your SOL to a third party wallet.

What is Solana (SOL)?

Solana is a layer-1 blockchain network that prioritises speed. Anatoly Yakovenko launched it as a blockchain project in 2017 with one goal: to solve the slow transaction speeds that affect other networks like Bitcoin and Ethereum. 

Its blockchain network can handle thousands of transactions per second, which allows scalable decentralized applications (dApps) and crypto projects to launch without breaking the bank.

However, most investors know Solana for its native token: SOL. SOL powers the Solana network and is used as the primary currency for transactions between users.

SOL is one of the largest cryptocurrencies by market cap, trading at around $207 at the time of writing this piece. It boasts a total of 587.40 million SOL, with a market cap of over $82 billion. The asset’s value has surged by over 250% over the past year.

In 2024, Solana saw an uptick in activity as several meme coins were deployed on its network, including multi-billion dollar assets like Dogwifhat (WIF), Bonk (BONK), and PopCat (POPCAT). When demand for Solana-based tokens is high, so is demand for SOL.

Why Buy Solana?

The crypto market offers thousands of investment opportunities in 2024. Yet Solana catches our attention as one of our best cryptos to invest in long-term—and for three good reasons.

1. Solana boasts lightning-fast and cost-effective transactions

The crypto space demands speed, given its volatile nature, and Solana delivers on that front. Its transaction processing power is groundbreaking, with a capacity to handle 65,000 transactions per second (tps), rivaling Ethereum (~119tps), BNB chain (~2,222 tps) and Bitcoin (~7 tps). 

At nearly zero fees, Solana is one of the fastest, most cost-efficient networks available. Users looking for near-instant transactions without the headache of high gas fees can find solace with this network. 

2. Solana offers an eco-friendly blockchain solution

Beyond speed and affordability, Solana leads the way as an environmentally sustainable network. Unlike energy-intensive chains like Bitcoin, Solana combines Proof-of-History (PoH) and Proof-of-Stake (PoS) mechanisms to keep its energy consumption low. This is a breath of fresh air to investors concerned with sustainability and are eco-conscious.

3. Solana has a track record of growth potential 

Solana was launched as a cryptocurrency in the market in 2020 at about $0.9, and by late 2021, it hit a peak of $260—a whopping 27,000%. Despite alternating bullish and bearish runs, this token still provides gains for early backers, a rarity in traditional investments. 

At the time of writing, SOL is trading at $175, a -32% decrease from its all-time high of $260. This makes it more accessible for new investors who hope to score profits if it recovers to the upside.

Choosing a Crypto Exchange to Buy Solana

The first step to buying Solana is setting up an account on a crypto exchange that lists SOL. Since it’s a top coin, you’ll find it on major cryptocurrency apps like Coinbase, Binance, and Kraken. As you make a selection, it’s vital to consider the platform’s fees, the level of security it offers, and if it’s available in your location.

Notably, most top centralized exchanges require users to complete a Know Your Customer (KYC) verification. Here, you must provide a means of identification to comply with regulatory standards and have full access to their trading floor.

If you want to bypass the KYC process, you can buy Solana anonymously through a decentralized exchange. This option is best suited to more experienced traders who understand the intricacies of trading crypto on decentralized networks. Options include UniSwap, PancakeSwap and SushiSwap.

How to Purchase Solana on an Exchange (Step by Step)

The steps below discuss how to buy Solana on a crypto exchange. 

Step 1: Choose an exchange

First, select a trusted crypto exchange where Solana (SOL) is available. Options include platforms like Coinbase or Binance, each with different features and fees. Pick one that suits your needs.

We have already discussed choosing an exchange above. However, an extra tip for the road is to take note of what other users say about different platforms. When it comes to choosing a cryptocurrency exchange, going with the crowd is a good shout. It says a lot about a platform if users have had good experiences.

Also, shop around for the platform that offers the lowest fees. This isn’t always straightforward to work out. A good idea is to contact the customer service team and ask about the fees that are involved.

Step 2: Create an account and verify your ID

After choosing a preferred exchange, sign up by creating an account with a valid email and password. Most regulated platforms require KYC verification for security and regulatory compliance. So, you must provide a means of identification like a passport, state ID, or driver’s license.

Step 3: Fund your account

To buy SOL, you’ll need funds in your newly registered account. Depending on the exchange, you can deposit money via bank transfer, credit/debit card, or e-wallets like PayPal. Regardless of your options, check for any fees associated with each payment option.

If you choose to use a bank account, it might be worth contacting your banking provider to tell them that you plan on using a crypto exchange. This will prevent your purchase from being flagged as suspicious activity.

Step 4: Search for SOL

With your account funded, navigate to the exchange’s trading section and search for Solana (SOL). Most exchanges offer trading pairs such as SOL/USD or SOL/BTC. So, choose the pair that fits your preference.

Beginners typically opt for SOL/USD because this allows you to buy SOL directly with your debit card or bank account. However, if you already own Bitcoin, you could select SOL/BTC and buy Solana with your coins.

Step 5: Buy SOL with fiat or another cryptocurrency

Finally, enter the amount of SOL you want to buy. Some exchanges let you purchase directly with your deposited currency (USD or GBP), while others may require you first to buy a base crypto like Bitcoin or Ethereum and trade it for SOL. Once you’ve selected the amount, confirm the transaction, and you’ll have Solana in your account.

Payment Methods for Buying Solana

Several payment methods are available to buy Solana (SOL), depending on your chosen exchange or service. Exchanges like Binance and Coinbase support popular purchasing options like credit or debit cards. Bank transfers or peer-to-peer transactions are also common choices, and they could offer lower fees for larger purchases.

If you’re looking for alternative deposit options, some exchanges support digital wallets like Apple Pay, Google Pay, Skrill, or AdvCash. For United States customers, specific platforms like Coinbase allow PayPal for deposits and withdrawals.

Regardless of your choice, you’ll need a Solana wallet address like Phantom to store your SOL safely once you purchase. Then, always check for any fees related to the payment method, as these can vary based on transaction type, location, and current market conditions.

How to Buy Solana with a Credit/Debit Card

Several exchanges accept payments via credit and debit card. The process feels very similar to any online purchase however, you may need to verify with your banking provider that you made the purchase (this is done to check that your details aren’t being used by a malicious third party to buy SOL!).

If you want to buy Solana with a credit or debit card, CEX.io’s instant buy feature is a straightforward option, which allows you to purchase quickly without navigating complex trading screens. And the process is quick and hassle-free.

Here’s how it works:

• First, head over to the “Instant Buy” page on CEX.io.
• From there, select Solana (SOL) from available assets.
• Next, choose your preferred fiat (USD, EUR, or GBP), then enter the amount you’d like to buy or pick from pre-set values for easy convenience.

CEX.io uses Fill-or-Kill (FOK) orders in Instant Buy. This means the purchase happens instantly at a pre-calculated price, ensuring your order is filled or cancelled if conditions don’t match. Before confirming, double-check your details and select your preferred card.

This feature, which supports Mastercard and Visa, is excellent for users seeking a seamless purchasing experience with their bank cards.

Storing Your Solana (SOL)

When you finally buy Solana (SOL), the next big question is how to store it securely. There’s a lot to consider, but ultimately, it comes down to who you want to trust with the safekeeping of your funds—someone else or yourself.

If you bought Solana on a centralized exchange (Binance, Coinbase, etc.), they act as custodians (offering custodial wallets); they’re responsible for securing your assets. This option is convenient, as you don’t have to worry about knowing your wallet address or protecting your private keys. 

However, it means you’re putting trust in the exchange’s security at all times. Some users are okay with it, while others may be anxious due to past crypto exchange hacks.

Some exchanges (including Coinbase, Binance and eToro), come with a native wallet. This means that you can move your coins to your wallet within your trading account. This is the easiest option and is a good compromise between keeping your coins on an exchange and going through the process of using a third-party wallet.

If your exchange doesn’t come with a wallet, you will need to move your SOL off of the platform and into a third-party wallet. MetaMask and Phantom are popular options here. To send your Solana to a third-party wallet, click ‘send’ (or equivalent) and enter your wallet address.

You can find more information about the process on MetaMask’s FAQ page.

How to Sell Solana in 2024

When it’s time to cash out your Solana, the process is as straightforward as when making your first purchase. Here are three steps to follow:

Step 1: Send Your Solana to Your Trading Account

First, ensure your Solana is in your exchange’s trading account. If it’s in an external crypto wallet (a hot or cold one), simply send it to the provided SOL wallet address on the crypto exchange. Always double-check the address to avoid any mishap.

If you are using Coinbase, select ‘send & recieve’ from the top nav bar and follow the instructions that appear in the ‘recieve’ tab.

Step 2: Convert SOL to Fiat Currency

Once your SOL is in the trading account, convert it to fiat currency (USD, EUR, or GBP). All you need to do is place a sell order. There are two kinds: a market order, which sells instantly at the current rate, or set a limit order to sell at a specific price.. Before long, you’ll have your fiat ready in no time.

Step 3: Withdraw Your Money to a Bank Account

Finally, go to the withdrawal section of the exchange and select your bank account. Notably, processing times vary, but you should receive your funds quickly.

Earning Rewards with Solana Staking

If you plan on holding Solana long-term, you can earn passive returns from your investment through staking. This is a process that involves locking up your SOL to provide liquidity to the network and earning daily rewards for doing so.

To start, choose a Solana staking platform and create an account. Once you deposit your SOL, you’re all set to start earning. The platform takes care of the technical side, so there’s no need to worry about complicated setups or lock-up periods.

Read more about how to stake crypto in our helpful guide.

Top Tips for Staying Safe When Buying Solana

Buying Solana could be a profitable venture if you play it safe. Here are three crucial tips to secure your investment and ensure peace of mind.

Use a private Wi-Fi network

When making financial transactions, it’s recommended to use a private Wi-Fi network. Public Wi-Fi may seem convenient, but it’s a playground for hackers and phishers. Connecting to an unsecured network means exposing your sensitive data and funds to malicious actors. So, stick with your home network or a secure connection you trust.

Never share your private keys

Your private keys are like the golden ticket to your crypto wallet; losing them means losing access to your funds. So, store them securely and never disclose them to anyone. If someone or an exchange asks for your private key when conducting Solana transactions, consider it a red flag and steer clear.

Only invest with money you can afford to lose

Lastly, investing only what you can afford to lose is essential. The crypto market is incredibly volatile, and prices can swing in the twinkle of an eye. Investing immediate funds can lead to unnecessary stress. Conversely, by staying within your limits, you can enjoy the Solana investment journey without pressure.

Final Thoughts

Buying Solana in 2024 can be a smooth experience if you take the right steps. It all comes down to choosing the right platform. Whether you choose a centralized or decentralized exchange, endeavor to follow our expert steps correctly. 

While you’re at it, never share your private keys with anyone, and endeavor to register with trusted crypto exchanges.

If you want to buy Solana today, the first step is to sign up to a cryptocurrency exchange and connect a payment method to your account. It is also a good idea to read the latest crypto news to make sure that buying SOL is a solid decision.

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