How to buy Solana (SOL)

Here’s how to buy some of the SOL available before the price skyrockets again

how to buy Solana

How to buy Solana (SOL). Source: solana.com

Solana is the fastest-growing blockchain on the market today. Over the past few months, the crypto has reached a few all-time-highs, growing by 17,500% from January till November. Not only is Solana widely seen as one of the main competitors to Ethereum with its smart contracts support, but also the blockchain has a constant expansion of innovative features such as blockchain gaming. The world’s fourth-largest altcoin surely has a lot of potential.

Solana is available to customers on a number of notable exchanges, including Binance, Coinbase, Kraken, Crypto.com, OKEx and Huobi Global. Surely, all those exchanges have their own rules and peculiarities. Hence, we’ll discuss the most popular and simple ways to join the ranks of Solana investors.

Binance

Binance is a convenient way to buy crypto from any corner of the world, since it supports a great range of fiat currencies.

  1. Register at Binance. You can create an account with the help of either an email or a mobile number and provide your basic personal details.
  2. Your account needs to be verified, so you’ll be required to supplement your ID, and a selfie. The facial verification process is also available in-app.
  3. Log in to your Binance account and click Buy Now on the homepage banner.
  4. Choose your preferred fiat currency in the Pay With section.
  5. Next, select a payment method (card deposit; credit/debit card; P2P trading; cash balance; or a third-party payment).
    • The card deposit option is for those whose fiat wallet doesn’t have enough funds for the transaction. It is also a good way to prepare for a purchase beforehand. If you select a card deposit, you’ll get a choice of means to add money to your fiat wallet depending on the fiat currency. Every deposit method has different transaction fees and conditions. Select the most suitable one. Give your card details. In a pop-up window, enter the total amount you want to deposit, and confirm. Once your money is deposited into your Binance balance, you may choose the Cash Balance option.
    • Direct credit/debit card purchases help you buy cryptocurrencies at real-time prices. You can use any regular Visa or Mastercard. Please note that you can only pay with your own credit cards.
    • P2P trading feature is a marketplace where Binance customers can trade crypto directly with each other on their own terms, in virtually any country.
    • Third-party payments are enabled through a partnership with a leading payment processing company Simplex.

Let’s assume you’ve chosen the credit/debit card option. On the new page, you can select the cryptocurrency you want to buy and the fiat currency you wish to use.

  1. Enter the amount of SOL you want to purchase, or the fiat amount you want to spend. In the latter case, the system will automatically display the amount of crypto you can get. Some min/max transaction limits may apply. Click “Continue”.
  2. You’ll need to re-confirm the chosen payment method, as you’ll see the comparison of how much crypto you’ll get with alternative payment methods.
  3. Follow the instructions and enter your card information.
  4. Please check the payment details and fees and confirm your order within one minute, or the amount of crypto you can get would be recalculated based on the current market price. You can click “Refresh” to see the new order amount.
  5. You will be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment. After that, you can see the purchased crypto in your Binance Spot Wallet instantly.

The cash balance option will have a similar procedure except that you don’t have to enter your card details. However, in case you don’t have a sufficient balance in your account, you will be redirected to the “Deposits” page to add funding.

If you prefer the P2P trading option, the system will automatically match your buy order with a seller’s ad on the market. You will see the payment details next. Please transfer the funds within the time specified by the seller and click “Transferred, Next” once the transfer is completed. The seller will check if they have received your payment and release the crypto to your account.

Please note that all new users are required to complete basic verification to access Binance products and service offerings, including cryptocurrency deposits, trades, and withdrawals. However, if you wish to increase your limits for buying and selling crypto or unlock more account features, you need to complete “Verified Plus” verification. Additional proof of address will be required.

Coinbase

Coinbase is one of the most trusted crypto exchanges out there. Registration takes place in a few steps.

  1. Go to https://www.coinbase.com from a browser on your PC, or download and open the Coinbase app on Android or iOS. Create an account. Coinbase will send you a verification email to your registered email address.
  2. Sign in to Coinbase. Add your phone number in the next pop-up window. Click Send Code (computer) or tap Continue (mobile). Enter and submit the seven-digit code Coinbase has texted to your phone number.
  3. Add your personal details (as stated in your ID). Answer the following questions:
    • What do you use Coinbase for?
    • What is your source of funds?
    • Current Occupation
    • Employer
    • Last 4 digits of SSN
  4. Select Continue to finish the process. You’ll receive further instructions via email.
  5. Sign in to your Coinbase account again and complete ID verification.
  6. Link a payment method supported in your country.

Once you’re a registered user, you can start buying and selling any crypto available on Coinbase including Solana.

  • After you sign in, look for the Buy/Sell button. In a desktop version, it’s situated on the upper right-hand side. In its mobile app, the exchange sign with two reverse arrows on the blue background is found at the bottom.
  • Select Solana (SOL) in the dropdown field.
  • Enter the amount you’d like to buy denominated either in crypto or your local currency.
  • Select your payment method.
  • Click Preview Buy to check the details and confirm your purchase or go back to correct the order.
  • Click Buy to complete your purchase.
  • If you’re using a 3D secure card in-app, select Verify Now on the confirmation window. You will be redirected to your card issuer’s secure portal.
  • Complete any required steps to authorise the purchase with your card issuer.
  • You will be redirected back to the Coinbase app and your purchase will be complete.

Solana can be bought using USD for US users, GBP or EUR for the UK, and EUR for citizens of the EU. If you have money available in other fiat currencies, think of the best way to convert it into your available trading pair.

You can also buy Solana with crypto: USDT, BTC, ETH.

Please, note that some banks may deny crypto transactions using your credit card limit. In that case, you should use a debit card or alternative payment methods.

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