How to Buy Solana (September 2023)

There’s a lot of buzz around the popular cryptocurrency, Solana. This is in part due to its environmentally-friendly mining practices, low fees, a plethora of programs and apps, and the high-speed transactions.

Its developers have even created a new verification algorithm called “proof of history”, which other cryptocurrencies haven’t switched to yet, but it does make transaction verification a lot quicker. (More on that later.)

Given the fact that so many people are interested in Solana for its many features, it’s no surprise that many people are interested in learning how to buy Solana. We’ll tell you everything you need to know about how to buy Solana in our guide.

How to buy Solana

So, you want to invest in Solana. That’s a great investment goal. But many people don’t have the first clue about how to buy Solana.

Here’s the steps you need to know to learn how to buy Solana:

Open an online account

This is not only the first step, it’s the most important one. When you want to buy cryptocurrency, the first thing you have to do is to choose a cryptocurrency exchange and then create an online account with it.

You’ll typically be required to enter your personal information, then go through an identity verification process. As part of the KYC (Know Your Customer) identity verification, you’ll likely have to send some sort of documentation in, like a photo ID, passport, etc.

Once someone checks it and verifies your identity, you’ll be allowed to move on to the next step of setting up your account. However, it can take a few days to complete the KYC process, so it’s a good thing you don’t have to do it more than once!

After your identity has been verified, you’ll need to enter your bank or credit card information. This is because you’ll need to add funds to your account to get it up and running so you can start buying Solana.

It doesn’t make sense to learn how to buy Solana if you don’t fund your account to actually buy it, does it? Most exchanges allow for several payment options, and some of them can take time to be verified, as well.

Buy a wallet

This step is entirely optional, but it’s an excellent idea if you want to make sure your assets are safe and secure.

One of the things you should look into while learning how to buy Solana is the difference between a custodial and a non custodial wallet.

With a custodial wallet, you don’t have complete control over your wallet keys and therefore don’t have the option to move your cryptocurrency from your chosen exchange to a wallet of your choosing.

A non custodial wallet is one where you have complete control and access to your wallet keys and can move them at your whim. You should look for a non custodial wallet key if you’d like to move your SOL to a more secure wallet location.

There are typically two types of wallets, hardware and software. Hardware wallets are usually a piece of hardware that looks a bit like a USB thumb drive that doesn’t have access to the internet until you plug it into a computer and allow it access.

A software wallet is usually a type of software or an app that’s used to store your cryptocurrency. Software wallets have access to the internet.

We’re making it a point to tell you that one of these has internet access and the other doesn’t because a lot of people enjoy the added security of an off-the-grid wallet, while others enjoy the easy-to-use software wallets.

The next step is to buy a wallet. There are tons on the market, and it can be difficult to find the right one if you don’t know anything about them.

Here’s a list of some of the best, most trusted wallets on the market:

• Ledger Nano X
• Trezor Model T
• Ledger Nano S
• Keepkey
• Coinbase Wallet
• Binance (Trust Wallet)
• Trezor Model One
• Zengo

Make your Solana purchase

Now we get to the meat and potatoes of our how to buy Solana guide: actually teaching you how to buy Solana!

Usually exchanges have you choose the cryptocurrency type you want to purchase, the amount, and then which currency type you want to make the payment with.

There are lots of payment methods to choose from, like USD, CAD and other fiat currencies, Bitcoin, or stablecoins like Tether. (Tether is valued at $1, so when you use it to trade it basically simulates a trade made with USD.)

You’ll also need to choose your order type. It’s important when learning how to buy Solana that you learn about different order types. A market order is usually pretty instantaneously completed at whatever the market price for the cryptocurrency is at the time.

A limit order is completed when the cryptocurrency reaches a specific price. Depending on your needs, they both have their pros and cons. Like, a market order could cause you to buy your asset at a high price, while a limit order can take a while to process and isn’t instant.

Once you’ve chosen your payment type and order type, you can go ahead and submit your order. Once the payment goes through you’ll find your new Solana in your exchange wallet.

Finding the best place to buy Solana

Of course if you’re learning how to buy Solana, one of the things you need to know is how to find a trusted place to buy Solana. Here are some things to consider so that you can find the best exchange for you.

• Registration Location Wherever you are, that’s where your exchange should be. At the least, your exchange should be registered in your country, or globally. So, if you’re in Canada, then you should find a Canadian exchange or a global exchange. Choosing a local exchange means you won’t pay as much in foreign exchange fees, and that the exchange will comply with the laws in your country.
• Security Features Cryptocurrency exchanges are under constant attack from hackers and cybercriminals, which means that you should choose an exchange with loads of security features to combat that and keep your SOL secure. The industry security standard involves the cold storage of user funds (not online).
• Fees Do your research and find out how much each exchange charges. It’s a good idea to find out how much a transaction is going to cost you before you even make it. Of course, you should choose an exchange with low fees.
• Transaction Limits When you’re checking out exchanges and learning how to buy Solana it’s important to find out about the exchange’s transaction limits. Is there either a minimum or maximum amount of Solana (or other cryptocurrencies) that you can purchase? Is there a limit on the amount of funds you can withdraw in 24 hours from any one transaction?
• Other Platform Features Look for features that stand out to you, are something other platforms aren’t offering, and meet your investment needs. For instance, some platforms allow yield on your investments, and others provide special credit cards that allow you to spend your cryptocurrency.
• Customer Support Customer support is a crucial component to consider with any financial service. Have you ever had a financial issue and not been able to contact your bank for days? Yeah, that sort of pain is why you should look into the customer service quality of each exchange.
• Insurance Fund Some exchanges insure all of the funds on the exchange, but some exchanges insure them for different amounts than others, so check this out if this is a feature you’d like.
• Reputation The reputation of an exchange is an important thing to consider when you’re learning how to buy Solana. Find out about the founders, any controversies with the exchange that have occurred, and about how transparent their business practices are. If you can’t find this information, then you should consider that a red flag.
• Range of Coins It’s a good idea to find an exchange with a large range of coins because in the future you may want to invest in other different types of coins.
• Reviews You’re probably thinking that this goes along with reputation, and it can. But an exchange’s reputation isn’t limited to its clients and users, whereas reviews are typically only left by clients and users of the platform. This means that you’ll get information about the platform from people who have actually used it, which is really helpful when you’re learning how to buy Solana.

How much does it cost to buy Solana

As of this writing, Solana costs $32.65. But you’ll quickly come to find out as you’re learning how to buy Solana, that the market price isn’t the only fee involved in buying Solana.

There are a multitude of cryptocurrency exchanges that charge various fees, but they keep this information hidden or try to distract users by offering promotions or overlapping fees so it’s confusing to determine their actual price.

You’ve got to really nail down the fees that your exchange charges before choosing one so that you don’t get charged an arm and a leg for every transaction!

Here are some of the fees that are typically seen on exchanges:

• Trading Fees This is where the majority of exchanges make their money. They charge trading fees for both fiat-to-crypto and crypto-to-crypto exchanges, so you should expect them no matter what type of trade you make.
• Deposit/Withdrawl Fees Sometimes you’ll run across exchanges with either withdrawl or deposit fees. Deposit fees are rare, though, because most exchanges WANT people to fund their accounts and begin trading so they can make money off trading fees, and deposit fees discourage that. A lot of exchanges will charge a flat fee for withdrawls, no matter how big or small they are, while others may charge extra if you live in a particular country or exchange your crypto for a particular fiat currency.
• Interest/Borrowing/Liquidation Fees Some exchanges allow what’s known as crypto margin trading. This is an important term to learn when you’re learning how to buy Solana. It means that you can borrow funds to create leverage and increase your position. Fees are typically charged according to how much you borrow on margin, and your interest rate depends on the supply of funds the exchange has available. Also, there’s a fee for if your position is liquidated.

Here’s a list of fees charged by various crypto exchanges. These fees don’t account for any discounts or promotions.

How to buy Solana the cheapest way

There are a couple of ways to buy Solana, and they both have both advantages and disadvantages, but one is cheaper. So we’ll tell you about both so you’ll be able to choose the cheaper of the two, if that’s what you want.

Instant Buy

When you’re first learning how to buy Solana, then the instant buy option is the easiest way to do it, but it’s definitely not the cheapest option.

This is usually found under a heading that says something like “Buy Now” on your exchange.

The buying interface is usually pretty simple and straightforward, asking you for the type of cryptocurrency you want to purchase and the price.

If you choose this option then you’re going to have to pay some market fees for the convenience.

Spot Market

You’ll know you’re in the spot market section of your exchange if you see colorful graphs along with various prices.

The spot market allows both buyers and sellers to list their bids on an open market. You’ll typically find this is the cheapest way to buy Solana because it allows traders to set their own price for their assets.

You’ll find this option under a tab labeled either “Spot” or “Trade” on your exchange.

You can use a couple of different order types on the spot market:

• Market Order This is how to buy Solana quickly. You simply choose to buy it for the lowest price at the time, and the transaction is fairly instantaneous.
• Limit Order This is how to buy Solana for less money. You set the price that you want to buy your Solana, then wait until a bid is placed on the market for that amount before the transaction completes. Obviously, this isn’t as quick as a market order, but it can be vastly cheaper.

How to buy Solana on an app

If you’re learning how to buy Solana, one of the easiest methods for many people is buying Solana on an app. Most people have mobile smart phones and can easily download an app, and many exchanges have developed apps to become accessible to the masses and keep up with technological trends.

We’re going to use the instructions that Coinbase lists on its website for how to buy Solana on an app because Coinbase is one of the most popular exchanges.

• Create an Account The first step is downloading the Coinbase app and then completing the whole setup process to create an account. You’ll need to complete the identity verification process, which means you’ll need to get your valid photo ID ready, and you may have to verify your address, as well. It’s pretty likely that this part of the process will take longer than a few minutes to complete, so you’ll need some patience.
• Add a Payment Method This is pretty straightforward. Once you’ve created your account and verified your identity, you simply navigate over to the payment method box and add your payment method. Some of the payment methods accepted by Coinbase include: bank accounts, wire transfers, and debit cards.
• Start a Trade You can initiate a trade by clicking the (+) Buy button on the Home tab.
• Select Solana as Your Asset Just type “Solana” into the search bar, then once you see Solana pop up in the results you can tap on it. That will take you to the purchase screen.
• Enter the Amount You Want to Buy All you have to do is type in the amount of your local currency that you want to spend, and Coinbase converts that amount into a Solana amount. To convert it to Solana, just tap the arrow to the right of the amount you’ve entered.
• Finalize Your Purchase Tap “Preview buy”, and then if everything looks correct you can tap the “Buy now” button to finalize the purchase.
• Done Now you’ll see a confirmation screen. That’s how to buy Solana using an app!

How to buy Solana with a credit card

Another thing to read up on when you’re learning how to buy Solana is how to buy Solana with a credit card. There are typically several different payment methods that each exchange accepts, and some accept credit card payments. Here are the instructions for how to buy Solana with a credit card from CEX.IO.

• First, create an account. You’ll add all of your information and go through the identity verification process. You may need to supply copies of information like your photo ID or verify your address, which can take some time. Then, once your account is created, choose your credit card as your payment method and then use it to fund your account.
• To use the Instant Buy service on CEX.IO by navigating to the Instant Buy page.
• Next to “Buy”, select SOL as your asset, and the fiat currency you want to purchase the asset with next to the word “For”.
• You’ll get some pre-set price options. Choose the one you want. You’ll see a timer counting down because it takes 120 seconds for the market price to become fixed.
• Press “Buy”.
• You’ll need to verify the information you’ve entered twice. (This is just for accuracy and to make sure it’s correct.)
• Either choose a card that you’ve already verified on your account or add a new one to make the purchase.
• Make sure you accept the Terms of Use. (If you don’t then the transaction won’t go through, so this is an important step.)
• Click the “Buy Now” button.
• You’re done. That’s how to buy Solana using a credit card!

How to buy Solana with PayPal

You should know when you’re learning how to buy Solana that you can use PayPal to buy Solana.

Unfortunately, you can’t buy Solana directly from the PayPal app at this time. The only four coins it supports are Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

But this doesn’t mean you can’t still buy Solana with PayPal.

What you have to do is find an exchange that accepts PayPal as a payment method. There are a few out there. Coinbase, for instance, accepts PayPal.

The steps to buying Solana with PayPal are quite simple. Here’s how to buy Solana with PayPal on Coinbase:

• First, create your Coinbase account. You’ll need to complete the identity verification process, which can be a little time consuming and require certain information or documents like your photo ID or an address verification.
• When you choose a method to fund your account, choose PayPal. Then fund your account.
• Tap the (+) Buy button on the Home tab.
• Type Solana into the search tab. Once it shows up in the search results, select it and a Buy screen will pop up.
• Enter how much you want to buy in your currency. To convert that number into a Solana amount, click the arrow next to the amount you’ve entered.
• Click “Preview Buy” and then “Buy” if everything looks correct, and finalize the purchase.
• You’ll be taken to a confirmation screen. That’s how you buy Solana with PayPal!

Which exchanges should I use to buy Solana?

Of course, one of the questions that comes up the most when people are learning how to buy Solana is which exchange platforms they should use. Of course, the answer to this question varies from person to person and it’s based on your needs and preferences.

But, what we can do is give you a list of the most trusted, best-rated exchange platforms on the market so that you can research them and decide for yourself.

Here are some of the best exchange platforms:

• Bitbuy
• Coinsmart
• Coinberry
• Newton
• VirgoCX
• Shakepay
• Netcoins
• Ndax.Io
• Crypto.com
• Kucoin
• Gemini
• Coinbase
• Binance
• Coinmama
• CEX.IO

Things to research while learning how to buy Solana

When you’re learning how to buy Solana, and learning about investing in cryptocurrency in general, research will be your best friend.

You need to know what you’re doing to a degree because cryptocurrency is currently unregulated, and the decentralization of the asset means that it can be a prized target for hackers and scammers.

The only way to truly protect yourself is to be vigilant, and the only way to be vigilant is to read up and learn what to watch for. Here are some of the things you should research when learning how to buy Solana:

• You should know about the risks associated with buying cryptocurrency and determine whether they line up with your risk tolerance and investment strategy.
• What blockchain is and why that matters in reference to cryptocurrency and Solana.
• What smart contracts are, how they work, and the features they offer.
• Why many people believe Solana may surpass Ethereum.
• Everything you can learn about Solana’s management team.
• What’s different about Solana’s network when compared to other cryptocurrency networks?
• How big could Solana’s potential user base grow?
• Tax implications involved in cryptocurrency transactions. You should keep receipts for each cryptocurrency transaction you make.
• You should also learn where people think cryptocurrency could go in the future. Some people feel like it’s a bubble that will eventually just pop and implode, while others think it’s the money of the future. And then you should decide what you believe because that should influence your investments.

Considerations before buying Solana

One thing that many people neglect to account for when they’re teaching someone how to buy Solana is their future. Sure, they may have the cash in hand to buy the crypto coins now, but what if they actually need that money down the road and the investment doesn’t provide returns necessary to cover it?

Before you make the decision to invest in Solana, you should make sure that your finances are in order. This means you need to make sure that your savings and retirement funds are flush.

This probably sounds a little silly (especially if you’re young enough that you haven’t even considered a retirement account), but a long-term investment is something to think long and hard on before purchasing.

In order to make sure that you don’t spend money you can’t afford, make sure you have enough tucked away in your savings and your retirement fund to adequately cover your future expenses before you make the investment.

Making sure you’re not spending money you can’t afford to spend isn’t just about your day-to-day expenses, but rather about making sure you’re comfortable in the future. If you’ve only got enough money for one or the other, then you should prioritize your emergency fund and your retirement fund.

Of course, that’s not what many people want to hear, but it’s the only way to make a smart investment, not an impulse buy.

With everyone talking about how quickly you need to move to take advantage of the possible increase in value of cryptocurrency in the future, it can be pretty easy to get caught up in the hype and be tempted to make an impulse purchase.

But in the long run, it’s more important to have a well-cushioned emergency fund. Just try to imagine losing your job and the crypto market crashing at the same time. If you don’t have a padded emergency fund, then you’re going to have to sell your SOL, even if it’s at a loss, just to cover things like your rent and living expenses, which of course isn’t an ideal situation.

How to buy SushiSwap conclusion

Solana is a quickly- growing, popular cryptocurrency and many people want to take advantage of its current popularity by investing in it. There are many people who are referring to it as the “Ethereum killer’ because they believe it will eventually surpass the popular Ethereum coin.

So, we hope our How to Buy Solana guide has helped you along your investment journey and provided you with all the information you need!

You might also like…

• How to Buy SushiSwap
• How to Buy Uniswap
• How to Buy Dogecoin