How to Buy Solana (SOL)

SHORT ANSWER: You can buy Solana at eToro, Kraken and Coinbase

Crypto has a ton of super interesting and useful applications, particularly in the realm of decentralized finance (DeFi). Most of these projects are housed on the Ethereum blockchain, which is the largest and most robust. However, the high number of users of the Ethereum chain has caused speeds to decrease and transaction costs to increase, which has become an issue for Web3 users, who are looking for fast, cheap and reliable transactions. That’s where Solana steps in, hoping to provide all of those things. 

What is Solana?

Solana is a blockchain that uses a unique combination of proof of stake (PoS) and proof of history (PoH) to verify and process transactions. This novel technology allows for much faster and cheaper transactions than competitors. Users can participate in a variety of decentralized applications (dApps) within the Solana ecosystem, as well as a strong non-fungible token (NFT) and airdrop community. 

Where to Buy SOL

Though Solana is relatively new and only launched in 2020, it has quickly become one of the most-used chains in crypto. Because of this, it is available on most crypto brokerage platforms. However, Robinhood, eToro and Coinbase and specifically the best options for those looking to buy SOL.

How to Buy Solana in 3 Steps

1. Open an Online Account

The first step in getting your hands on SOL is to open an account with a crypto trading platform. Coinbase, eToro and Robinhood are some of the best places to do this.

To get started on these sites, you can navigate to the website and sign up using an email and password. From there, you will likely need to provide personal information and identification to verify your identity.

2. Fund the Account

With a verified account, the next step is to fund it. To do so, there should be a place to deposit money. That page should also give you several options to transfer funds to the account, but the most popular options are wire transfers and ACH transfers. A wire transfer sends money directly from your bank account to the exchange. To use this option, you can enter your bank information on the brokerage account and enter the amount to transfer. This will likely come with a fee.

ACH transfers use third-party software to help transfer funds. The process is usually slower but can be cheaper. You can log in to your bank through the secure third-party app, which allows you to send money to the exchange. 

3. Make Your Purchase

Once you have a verified account that is also funded, you are ready to buy SOL. To complete the transaction, head over to your portfolio and search for Solana (SOL). On the SOL page, there should be several options to buy, convert and view historical prices. Select the buy button and enter the amount you would like to purchase. From there, you can execute the trade. SOL should show up in your portfolio along with a confirmation email.

How to Store SOL Safely

While it is easy to purchase and store SOL directly on a trading platform, this practice may not be the safest option. Wallets give holders full custody over their funds and can be much safer than an exchange. 

Best Hardware Wallet: Ledger

Hardware wallets are physical devices that store the private keys needed to send crypto. This process is often regarded as the safest way to store cryptocurrencies. 

Ledger is a brand of hardware wallet that is compatible with the Solana blockchain. Ledger offers a Nano S Plus and Nano X model. The Nano S Plus is beginner-friendly, while the Nano X is more advanced, offering more storage and Bluetooth connectivity.

Best Software Wallet: Phantom

Software wallets store private keys online. This option is less safe than a hardware wallet, but it gives holders full custody over their funds. 

Phantom Wallet is built on the Solana blockchain and supports all Solana-based assets. It uses multiple security measures, ranging from protected passwords to a locking feature, which freezes your wallet. It can also be paired with a Ledger hardware wallet. 

Buying Solana Has Never Been Easier

Despite its relative recentness on the crypto scene, Solana has become one of the largest and most useful Layer 1 blockchains in crypto. It has continually brought in new projects that have attracted new investors and users, allowing the price to increase. Additionally, it has become increasingly popular and available on crypto exchanges. Most sites offer the token, making it easily accessible to most investors. 

Frequently Asked Questions