Crypto Currency News

Trending News

Bitcoin
$70,178.91
-156.72
Ethereum
$3,554.76
-18.21
Litecoin
$94.13
-1.96
DigitalCash
$38.62
-0.15
Monero
$136.56
-1.66
Nxt
$0.00
-0
Ethereum Classic
$32.14
-0.2
Dogecoin
$0.21
+0.01

How & Where to Buy Solana (SOL) for Beginners 2022

Use our step-by-step guide to learn how and where to buy Solana on the top 5+ crypto exchanges.

Updated:
Dec 2, 2022

Listen to this article

Ad disclosure

Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >

Get started in minutes with our preferred broker, eToro.



10/10

68% of retail CFD accounts lose money

Solana tokens are available on a cryptocurrency exchange, which functions similar to a stock trading platform. It takes just a few minutes to buy Solana this way. Follow our quick step guide below.

How to buy Solana instantly in 3 simple steps

To buy Solana you need a smartphone or a computer and an internet connection. It takes 10-15 minutes the first time and you should have some photo ID to hand. Here’s how to do it.

Step 1. Sign up to

eToro

eToro

is the simplest crypto exchange to get started with. Create an account and supply a copy of your photo ID for verification.

Min. Deposit

$ 10

Promotion

Build a diversified portfolio with crypto, stocks, and ETFs — all in one place.

Trade on the world’s leading social trading and investing platform

Payment Methods:

Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer

Full Regulations:

CySEC, FCA

Cryptoasset investing is unregulated in some EU countries. No consumer protection. Your capital is at risk.

Step 2. Make a deposit

Add funds via a card payment, bank transfer or an alternative payment method. You can start with as little as £10.

Step 3. Buy Solana token

Type SOL into the search box then click ‘trade’. Enter how much money you want to spend and hit ‘trade now’.

Now you own Solana tokens! It’s as simple as that.

Where to buy SOL easily

The overall best exchange to buy Solana token for beginners is

eToro

.

Here are the top five places to buy Solana, ranked according to their simplicity for beginners, fees, customer reviews, and safety ratings.

Min. Deposit

$ 10

Promotion

Build a diversified portfolio with crypto, stocks, and ETFs — all in one place.

Trade on the world’s leading social trading and investing platform

Payment Methods:

Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer

Full Regulations:

CySEC, FCA

Cryptoasset investing is unregulated in some EU countries. No consumer protection. Your capital is at risk.

Min. Deposit

$ 1

Promotion

The world’s largest cryptocurrency exchange with over 2bn daily users

Innovative trading platform offering enormous range of crypto coins

Supports over 60 methods of payment including PayPal

Payment Methods:

Credit Card, Debit Card, PayPal, Payeer, SEPA, Western Union, Wire Transfer, Yandex Money

Min. Deposit

$ 0

Promotion

Earn up to 3.5% back in crypto on every purchase

No hidden fees or minimum balance

Immediate Trade Execution

Supports Multiple Altcoins

Min. Deposit

$ 0

Promotion

Earn up to 17% yield on their crypto

Buy coins, earn yield,
borrow, and transfer with no fees.

Read more about how we rate, rank and review platforms.

Best exchanges to buy Solana (SOL), reviewed

1. eToro: best Solana exchange for beginners

eToro rated as the best overall exchange and our experts’ pick as the top option to buy Solana for beginners. eToro was designed specifically to appeal to new, casual traders, and so it offers plenty of features that make trading simple.

The best of those features is CopyTrader, which is like a social trading platform where you can follow the  moves of professional traders and copy them to your own account. CopyTrader and the eToro demo account are fantastic options for people who have never traded before, as it removes some of the risk of losing money.

While much of eToro’s trading is available for free, crypto trades come with a small cost. The charge of 1-2% on each trade is still competitive, however, and is not something any new beginner should be too concerned about.

Pros

  • Low trading fees
  • Copy other trades with CopyTrader
  • Easy to use, intuitive app
  • Simple to deposit funds
  • Demo feature lets you open a free account and practice

Cons

  • Crypto trading is more expensive than trading other assets

2. Binance: Best Solana exchange for low fees

Binance is the largest crypto exchange in the world and it is the best place to buy Solana. The fees are among the lowest of any trading platform and there are further discounts available if you pay them in BNB, Binance’s native cryptocurrency.

The popularity of the platform means that there is always enough liquidity to make trades even if the coin you’re trading has a small market cap and there are lots of crypto trading options available. You can deposit funds using your preferred payment method, buy and sell cryptocurrency with fiat currencies, trade Bitcoin futures, or swap between hundreds of different digital currencies. The only challenge to overcome is that the interface isn’t all that intuitive the first time you use it.

Pros

  • Low trading fees
  • Discount on trading fees if you pay in BNB
  • Lots of crypto trading options

Cons

  • Interface can be overwhelming for beginners

3. Coinbase: Most trusted crypto exchange

Coinbase is a super simple platform to get started with. It has one of the cleanest interfaces around and a huge variety of payment methods to make your first deposit with. Coinbase is a big name brand now and its status as a public company makes it a trustworthy platform for crypto newbies.

The only downside to Coinbase is its relatively high fee structure. If you’re willing to pay a bit more for the privilege then everything else about the platform is excellent. Beginners can find everything they need on the vanilla platform, but the Pro version offers a more advanced trading interface for experienced users.

Pros

  • Buy SOL with your debit or credit card
  • Coinbase is also a great option for advanced traders
  • Extremely simple crypto exchange interface

4. FTX: Best crypto exchange for experienced traders

FTX has everything that advanced users and experienced crypto traders need to make the most of their money. The trading interface is packed with information, so it can be intimidating to new users but is excellent for people who need the extra details to trade, offering futures, options contracts and perpetual swaps.

FTX is a relative newcomer in the space but has quickly established itself as a market leader. There are some limits to the crypto trading experience in certain countries (for example, derivative trading in the UK is limited by law) but the range of options available is enormous. FTX offers markets that are not available on most other trading platforms, such as coins with a small market cap, and plenty of advanced trading tools.

Pros

  • Highly liquid market so plenty of trading opportunities
  • The more you trade, the lower the commissions
  • Can deposit SOL into your account

Cons

  • Limited leverage
  • Relative newcomer

5. KuCoin: Best Solana exchange for earning interest

KuCoin is the best place to buy Solana and then earn interest on your SOL holdings. We loved how it offers a simple crypto exchange along with an earning platform that’s very easy to use.

Using the platform to earn interest is a quick and easy process, and payouts occur daily allowing them to compound. You can also trade crypto derivatives, which makes KuCoin a well-rounded crypto platform.

Pros

  • Earn interest on your holdings
  • Trade spot and derivatives
  • Accepts a wide range of payment methods

Cons

  • Low trading volumes not suitable for big traders
  • Doesn’t support U.S. customers

How to trade SOL

You can trade Solana on a cryptocurrency exchange using a few simple steps. Here’s a quick example that clearly lays out how SOL crypto trading works:

  1. Monitor the price: Let’s say the price of SOL/USDT is $1. You read the price charts and decide that now is a good time to start purchasing SOL.
  2. Open a trade: You trade one USDT for one SOL ($1 for 1 SOL).
  3. Continue to monitor the price: The next day, one SOL token is now worth $2, a 100% increase.
  4. Close your trade: You trade your SOL token back to USDT for $2.

In this example, you buy and sell Solana, doubling your money (trading). While the steps are simple, executing them in a profitable way is not so easy. You need to spend many hours learning to trade, reading charts, patterns, and understanding markets and margin trading; which you can do right here on Invezz.com.

Min. Deposit

$ 10

Promotion

Build a diversified portfolio with crypto, stocks, and ETFs — all in one place.

Trade on the world’s leading social trading and investing platform

Payment Methods:

Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer

Full Regulations:

CySEC, FCA

Cryptoasset investing is unregulated in some EU countries. No consumer protection. Your capital is at risk.

What is the best way to pay for Solana (SOL)?

The simplest way to buy Solana cryptocurrency is with your bank card. However, there are plenty of other options as well. Here are some of the top ways to pay for SOL.

  • Buy Solana with a credit card or debit card. Card payments are convenient and instantaneous but you may have to pay a higher fee to make a deposit this way. Binance charges 1.8% for a card deposit and some platforms charge as much as 4%.
  • Buy Solana with bank transfer. A bank transfer is usually the cheapest way to buy crypto. Crypto platforms like Crypto.com and Coinbase do not charge for bank transfer deposits, while Binance only charges a £1 fee, and these transactions are more or less instant as they run through the Faster Payments System (FPS).
  • Buy Solana with PayPal. Some crypto brokers accept deposits via PayPal. eToro is the best option because it doesn’t charge a fee for PayPal deposits, whereas the charge can be as high as 5% or more with other platforms.
  • Alternative payment methods. Crypto brokers often let you pay with other providers or money transfer services, like Neteller, Venmo, or Payoneer. The options vary by broker, though, so check what’s accepted before you sign up.

How do I store Solana (SOL)?

Most people keep their crypto on the exchange they used to buy it. If you only plan to hold onto it for a little while then that’s a perfectly acceptable option. If you want to hold it for years or you own a lot of Solana then you should move it to a crypto wallet.

A crypto exchange is similar to a bank account, in that it means trusting a company to protect your funds for you. A wallet is like your personal wallet, or a safe, where you take responsibility for it yourself. Two of the best Solana wallets to use are MetaMask and the Ledger Nano S.

Is Solana (SOL) a good investment?

Whether it’s good for you depends on your goals and the fundamentals of the project. Here are some key features of Solana and its token to help you decide whether to invest in SOL.

  • Solana uses a proof of history consensus mechanism. Other blockchains like Ethereum, follow a proof of work (PoW) approach. Solana uses a proof of history (PoH) consensus mechanism, which is considerably faster than PoW. Unlike PoW, where validators need to mutually agree before a transaction is added to the blockchain, PoH timestamps each transaction, so validators can simply monitor the process.   
  • You can earn rewards for staking SOL tokens. You can earn passive income by staking your Solana tokens. Staking is a process of ‘locking up’ your tokens to validate transactions on the blockchain. Solana has historically yielded around 6% APY, so staking is a good option if you plan to hold your tokens for a long period of time. 
  • Solana is dubbed an ‘Ethereum killer’. Solana was created to solve the scaling issues faced by Ethereum and is often dubbed an ‘Ethereum Killer’. It’s a much faster and cheaper blockchain. The average gas fee (transaction fee) on Ethereum is around $0.09, while on Solana it’s $0.0000014. Cheaper and faster transactions will likely encourage more users to the network. 
  • Solana is both a deflationary and inflationary cryptocurrency. Solana has no cap on supply which means the number of coins in circulation can increase over time, making it an inflationary coin. However, it also is deflationary, as miners ‘burn’ tokens while validating transaction. The more transactions that take place on Solana will result in fewer tokens, which should, increase its value. 
  • Solana has experienced several periods of downtime since its inception. Since it was created, Solana has struggled with many aspects, most notably downtime and hacks. The network has had many outages where it was out of action for a few hours. On two of these occasions, the reason for the outage was a malicious hack, although no funds have every been lost. 

Use this quick summary of pros and cons to compare Solana with other, similar projects.

Pros

  • Over 3.5 billion transactions over Solana so far
  • Solana could become the blockchain used by centralised finance in the future
  • Smart and unique project

Cons

  • Questionable whether Solana will outperform other competitors such as Ethereum 2.0 and Polkadot
  • The emission schedule of SOL tokens could negatively affect price

Ultimately, many different factors play into the answer. Cryptocurrency is inherently volatile but you can reduce the risks by investing in quality projects that provide value to the community.

How has Solana (SOL) performed this year?

The current Solana price today is $13.61 which is 94% below its all time high of $260, which it reached on November, 2021. SOL is down 92%] this year, with a 52 week high of $243.56 and a 52 week low of $10.94. 

Is now a good time to buy Solana?

The answer depends on the current price and your own investment goals. Put simply, buying Solana, selling Solana, and trading SOL are all the exact same process. It’s really just your personal investing intentions that defines whether now is a good time to invest or not.

  • If you’re a trader: as a cryptocurrency trader, your goal is to make money trading regularly. What do we mean by regularly? Hourly, daily, weekly. Traders buy and sell a coin quickly to secure their profit (or to avoid a loss). They don’t #hodl that coin long term in the hopes of larger profits. In this sense, any time is a good time to buy Solana.
  • As a long-term investor: a long term investor is not concerned if the price is up or down 10% on any given day. Rather, they care that the price of the native token is overall up months or years later, when they’re ready to sell that investment. So if you’re a firm believer in the foundations of Solana and its decentralised aggregator platform, then a good time to purchase Solana is on any major dip.

In our experience, most newcomers to the crypto market sit between the two. You don’t want to wait several years for a return, but buying Solana and selling it the next day probably isn’t why you’re here either.

Regardless, closely following SOL price news & analysis will help you decide when to pull the trigger:

Bitcoin (BTC/USD), Solana (SOL/USD), and Cardano (ADA/USD) are all cryptocurrencies that can be used for daily payments.  The Chamber of Deputies of Brazil, a federal legislative body, has successfully passed a regulatory framework to legalize the usage of cryptocurrencies as a payment method…

Solana (SOL/USD) has increased in terms of investor appeal due to the fact that it was analyzed by Santiment and by Synapse COO Max Bronstein. Furthermore, the Solana Foundation held $180 million worth of crypto assets on FTX. BetDEX Exchange also went live on the Solana mainnet, and all…

The co-founder of Solana Labs, Anatoly Yakovenko, made an announcement that all validators need to update to the latest version of the node, 1.13.5. Based on his outlook, the update can fix all of the Solana (SOL/USD) network outages which were caused by the overloading of UDP-based protocols. SOL…


Where can I buy Solana (SOL) tokens?

The highest rated exchange to buy Solana is eToro. However, you can purchase SOL crypto tokens on any of the platforms listed above in our comparison table. Any platform that lets you buy and sell the leading coins by market cap will offer Solana.


What do I need to buy SOL?

To create an account on any regulated cryptocurrency exchange, you will need:

  • A mobile or laptop device
  • An internet connection
  • Email address and/or phone number
  • Photo ID to verify the account
  • A method to deposit & withdraw funds, like bank card or PayPal


Is Solana on Coinbase?

Yes, Solana token is available to buy on Coinbase.


Is Solana on Binance?

Yes, Solana crypto is available to buy on Binance.


Is SOL on eToro?

Yes, the Solana utility token is available to buy on eToro. You can find the top 50 or so coins, according to their current market cap, on eToro.

Sources & references

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Comments are closed.