How To Buy Solana (SOL)?

Solana 500x286 1 - How To Buy Solana

A common question you often see on social media from crypto beginners is “Where can I buy Solana?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy Solana on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports Solana (SOL)

First, you will need to open an account on a cryptocurrency exchange that supports Solana (SOL).
We recommend the following based on functionality, reputation, security, support and fees:

1

 Binance

Create Binance Account - How To Buy Solana

Fees (Maker/Taker)            0.075%*-0.1%*

Cryptocurrencies
Available for Trade                             500
+

Sign-up bonus
 10% reduced trading fees*

Available in
Europe, Asia, Oceania, Africa

2

 MEXC

Create MEXC Account

Fees (Maker/Taker)                    0.2%*-0.2%*

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Available for Trade                             1500
+

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 10% reduced trading fees & up to $170 in USDT vouchers*

Available in
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3

 Coinbase

Create Coinbase Account - How To Buy Solana

Fees (Maker/Taker)             1.49%*-3.99%*

Cryptocurrencies
Available for Trade                              150
+

Sign-up bonus
 $10 sign-up bonus*

Available in
North America, South America, Europe, Asia, Oceania, Africa

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Solana (SOL) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Solana (SOL)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Solana (SOL) or Solana (SOL) trading pairs. Look for the section that will allow you to buy Solana (SOL), and enter the amount of the cryptocurrency that you want to spend for Solana (SOL) or the amount of fiat currency that you want to spend towards buying Solana (SOL). The exchange will then calculate the equivalent amount of Solana (SOL) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Solana (SOL) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

How to create a Binance account

Create Binance Account

Show Detailed Instructions

Step 1: Go to the Binance website.

Step 2: On the registration page, enter your email address, and create a password for your account.
Then, read and agree to the Terms of Service and click “Create Account”.

How To Create a Binance Account Step 2

Note: Your password must be a combination of numbers and letters.
It should contain at least 8 characters, one UPPER CASE letter, and one number.

Step 3: Complete the Security Verification.

How To Create a Binance Account Step 3

Step 4:
The system will send a verification code to your email. The verification code is valid for 30 minutes. If you can’t find the email in your inbox, check your other mail folders as well, or click “Resend Email” to resend.
How To Create a Binance Account Step 4
Congratulations, you have successfully registered on Binance.

How to complete KYC (ID Verification) on Binance

Step 1: Log in to your Binance account and click “User Center” and then “Identification”.
 

How To Complete KYC ID Verification on Binance Step 1 - How To Buy Solana

Step 2: click “Start Now” to verify your account.

How To Complete KYC (ID Verification) on Binance Step 2

Step 3: Select your country of residence.
Ensure that your country of residence is consistent with your ID documents.

How To Complete KYC ID Verification on Binance Step 3 - How To Buy Solana

You will then see the list of verification requirements for your specific country/region. Click “Continue”.
How To Complete KYC (ID Verification) on Binance Step 4

Step 5: Enter your personal information and click “Continue.”

Make sure that all the information entered is consistent with your ID documents.
You won’t be able to change it once confirmed.
How To Complete KYC ID Verification on Binance Step 5 - How To Buy Solana
Step 6: Next, you will need to upload pictures of your ID documents. Choose the type of ID and the country your documents were issued. Most users can choose to verify with a passport, ID card, or driver’s license.
Refer to the respective options offered for your country.
How To Complete KYC (ID Verification) on Binance Step 6

Step 7: Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.

For example, if you are using an ID card, you have to take photos of the front and back of your ID card.
How To Complete KYC (ID Verification) on Binance Step 7
Step 8: After uploading the document photos, the system will ask for a selfie. Click “Upload File” to upload an existing photo from your computer.
How To Complete KYC ID Verification on Binance Step 8 - How To Buy Solana
Step 9: After that, the system will ask you to complete face verification. Click “Continue” to finish face verification on your computer. Alternatively, you can move your mouse to the QR code on the bottom right to complete the verification on your phone instead. Scan the QR code via your phone’s camera to finish the face verification process.
Do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.
How To Complete KYC ID Verification on Binance Step 9 - How To Buy Solana
After completing the process, please wait patiently.
Once your application has been verified, you will receive an email notification.

How to buy cryptocurrency on Binance

Step 1: Log in to your Binance account and click “Buy Crypto” and then “Credit/Debit Card”. 

How To Buy Cryptocurrency on Binance Step 1

Step 2: Here you can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. When you have selected the amount you wish to spend then press “Continue”.

Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.

How To Buy Cryptocurrency on Binance Step 2 - How To Buy Solana

Step 3: Click “Add New Card”. Then enter your credit card details and your billing address.

How To Buy Cryptocurrency on Binance Step 3 - How To Buy Solana

Step 4: Check the payment details and confirm your order within 1 minute. After 1 minute, the price and the amount of crypto you will get will be recalculated. You can click “Refresh” to see the latest market price. You will then be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment.

How To Buy Cryptocurrency on Binance Step 4

How to Conduct Spot Trading on Binance

Step 1: Log in to your Binance account.
Click on “Classic” under “Trade” on the top navigation bar.

How to Conduct Spot Trading on Binance Step 1

Step 2: Search and enter the cryptocurrency you want to trade.

How to Conduct Spot Trading on Binance Step 2 - How To Buy Solana

Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.

(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)

How to Conduct Spot Trading on Binance Step 3 - How To Buy Solana

Step 4: If you don’t want to set a manual price, you can place a “Market Order” to set the buying/selling price automatically.

How to Conduct Spot Trading on Binance Step 4

Hide Detailed Instructions

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

What is Solana (SOL)?

Solana is a blockchain network focused on fast transactions and high throughput. It uses a unique method of ordering transactions to improve its speed. Users can pay their transaction fees and interact with smart contracts with SOL, the network’s native cryptocurrency.

When it comes to blockchain technology, scalability is one of the biggest challenges out there. As these networks grow, they often face limitations in terms of transaction speed and confirmation times. Solana aims to tackle these limitations without compromising security or decentralization.

Founded in 2017 by Anatoly Yakovenko from Solana Labs, the Solana blockchain adopts a new method of verifying transactions. Bitcoin, Ethereum, and many other projects suffer from scalability and speed issues. Using a method known as Proof of History (PoH), the Solana blockchain can handle thousands of transactions per second.

How does Solana work?

Solana is a third-generation, Proof of Stake blockchain. It has implemented a unique way of creating a trustless system for determining the time of a transaction called Proof of History.
Keeping track of the order of transactions is hugely vital for cryptocurrencies. Bitcoin does this by bundling transactions into blocks with a single timestamp. Each node has to validate these blocks in consensus with other nodes. This process adds in a significant waiting time for nodes to confirm a block across the network. Solana instead takes a different approach. Let’s take a closer look.

What is Proof of History?

Solana events and transactions are all hashed using the SHA256 hash function. This function takes an input and produces a unique output that is extremely difficult to predict. Solana takes the output of a transaction and uses it as the input for the next hash. The order of the transactions is now inbuilt into the hashed output.

This hashing process creates a long, unbroken chain of hashed transactions. This feature makes a clear, verifiable order of transactions that a validator adds to a block, without the need for a conventional timestamp. Hashing also requires a certain amount of time to complete, meaning validators can easily verify how much time has passed.

Proof of History differs from the process Bitcoin uses as part of its Proof of Work consensus mechanism. Blocks on Bitcoin are large groups of unordered transactions. Each BTC miner adds the time and date to the block they mine based on their local clock. The time may differ according to other nodes or even be false. Nodes then have to figure out if the timestamp is valid.

By ordering the transactions in a chain of hashes, validators process and transmit less information in each block. Using a hashed version of the latest state of transactions greatly reduces the time of confirming a new block.

It’s important to understand that Proof of History is not a consensus mechanism. It is instead a way of improving the time spent confirming the order of transactions. When combined with proof of stake, selecting the next validator for a block is much easier. Nodes need less time to validate the order of transactions, meaning the network chooses a new validator quicker.

Solana’s key features

According to their blog, the Solana team has developed eight core technical features to help the blockchain match the capabilities of a centralized system. Proof of History is perhaps the most notable one, but there are also:
  • Tower BFT — a PoH-optimized version of Practical Byzantine Fault Tolerance
  • Turbine — a block propagation protocol

  • Gulf Stream — Mempool-less transaction forwarding protocol

  • Sealevel — Parallel smart contracts run-time

  • Pipelining — a Transaction Processing Unit for validation optimization

  • Cloudbreak — Horizontally-Scaled Accounts Database

  • Archivers — Distributed ledger storage

These features create a high-performance network that has 400ms block times and operates thousands of transactions per second. To put this in perspective, the block time of Bitcoin is around 10 minutes, and Ethereum roughly 15 seconds.
SOL holders can stake their tokens as part of the blockchain’s PoS consensus mechanism. With a compatible crypto wallet, you can stake your tokens with validators who process the network’s transactions. A successful validator then shares some rewards with those who have staked. This reward mechanism incentivizes validators and delegators to act in the network’s interest. As of May 2021, Solana has around 900 validators, which makes it a fairly decentralized network.

How fast is Solana?

Solana can process 50,000 transactions per second (TPS) or more. In fact, it says that number could increase to as much as 700,000 TPS as the network grows. To put that in context, Ethereum currently processes 15 to 45 TPS.

Visa says its payments system processes about 24,000 TPS. This is important because if cryptocurrencies are ever going to compete as a form of payment, they should at least be able to match Visa’s speed.

What is THE SOL token?

SOL is Solana’s native cryptocurrency, which works as a utility token. Users need SOL to pay transaction fees when making transfers or interacting with smart contracts. The network burns SOL as part of its deflationary model. SOL holders can also become network validators. Like Ethereum, Solana allows developers to build smart contracts and create projects based on the blockchain.

SOL uses the SPL protocol. SPL is the token standard of the Solana blockchain, similar to ERC20 on Ethereum.

The SOL token has two main use cases:

  • Paying for transaction fees incurred when using the network or smart contracts.

  • Staking tokens as part of the Proof of Stake consensus mechanism.

Solana vs Ethereum

Solana vs. Ethereum

Solana has received numerous accolades for its speed and performance, and it has even been mentioned as a legitimate competitor to crypto industry leaders like Ethereum.

So, what distinguishes Solana from Ethereum, and can it be considered a potential Ethereum killer?

In terms of processing speed, Solana is capable of challenging the dominant smart contract platform, allegedly reaching speeds of over 50,000 TPS. To avoid slow transaction confirmation, Solana employs a variety of consensus algorithms. Because of this feature, Solana is one of the fastest blockchains in the industry, allowing it to compete with industries other than the crypto space.

In comparison to this massive number, the current Ethereum proof-of-work model can only handle 15 TPS. As a result, Solana outperforms Ethereum by thousands of times. Another benefit of the Solana network is its extreme cost-effectiveness, as the project implements new tokenomics for lower fees.

Furthermore, while implementing one of the PoS variations, Solana’s blockchain is eco-friendlier and more sustainable. In contrast, Ethereum’s current PoW model necessitates the use of massive computational power.

However, everyone in the cryptocurrency community is looking forward to Ethereum’s PoS upgrade. A new type of Ethereum is being developed, which will include an execution layer (previously known as Ethereum 1.0) and a consensus layer (previously Ethereum 2.0). It has the potential to significantly increase throughput, improve scalability, reduce transaction fees, and put an end to unsustainable power consumption.

Solana (SOL) outages

Solana’s network has been chastised for a number of network issues, some of which resulted in network shutdowns. In September 2021, for example, the network went down for 17 hours due to “resource exhaustion.”

The network has had a number of issues that haven’t alarmed many investors, despite the fact that Solana’s usage and price have increased over time. However, many skeptics are concerned that the network is not sufficiently decentralized, given that a small group of developers could make unilateral decisions such as shutting down the network.

It’s worth noting that Solana is a newer blockchain, and that most blockchains, including Bitcoin and Ethereum, have had brief outages.

As Solana co-founder Yakovenko said to his community on Reddit, “If it takes 2 years to build, it will take 2 years to stabilize.”

Much of the recent innovation in technology has stemmed from the philosophy of “move fast and break things,” an internal Facebook motto and a concept in which things should be built quickly and issues should be worked out later to avoid stifling innovation.

Solana (SOL) Partnerships

The Solana ecosystem is absolutely massive, and it’s constantly growing. It’s home to DeFi projects, NFT marketplaces, crypto lending protocols, and Web3 apps. During 2021, the number of projects on Solana grew from 70 to more than 5,100.

Here’s a selection of a few notable partners and projects:

  • Solana and crypto exchange FTX worked together to build Serum, a high-speed, decentralized crypto exchange on Solana’s blockchain.
  • Michael Jordan launched his debut NFT collection on HEIR, a Solana-based platform.
  • NFT marketplace OpenSea is now listing Solana-based NFTs. It previously only offered Ethereum-based NFTs.
  • Audius, an app designed to build a decentralized music community, chose to move to Solana. It researched more than 20 blockchain platforms before deciding.
  • Solana also partners with the Arweave blockchain to permanently store large amounts of Solana’s data, including transaction history and NFT data files.

Official website: https://solana.com/

Best cryptocurrency wallet for Solana (SOL)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Solana (SOL)?

Deciding which type of wallet to use depends on a variety of factors, including:

  • How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
  • What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
  • Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
  • How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
  • What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).

Ledger Hardware Wallet
Trezor Hardware Wallet

Solana (SOL) Price & Charts

Find the latest Solana (SOL) price charts, trade volume, market cap, historical price performance and other vital information to help you with your cryptocurrency trading and investing on CoinMarketCap.
Here you can see the following:
  • Market Capitalization And Daily Trading Volume
  • Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)
  • Circulating And Total Supply
  • Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).
CoinMarketCap
Last updated Jun 7, 2022

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