How to Buy Solana (SOL) Cryptocurrency Right Now
Learn how to buy Solana (SOL) cryptocurrency safely and securely no matter where you live in the following article below. Let’s get it!
What is Solana?
Solana is a smart contract enabled cryptocurrency that uses proof of stake and proof of history to secure transactions on the block. It’s becoming extremely popular in the dapps space due to Ethereum’s high gas fees.
How to Buy Solana (SOL) Safely
Not every cryptocurrency exchange supports Solana so you’ll have to use a popular exchange like Coinbase, especially if you live in the United States. Here’s how you can easily buy Solana in just a few simple steps no matter where you live in the world:
- Open a cryptocurrency trading account
- Download a software wallet or buy a hardware wallet
- Deposit funds into your crypto exchange account
- Buy Solana (SOL)
- Transfer your SOL tokens off the exchange for extra security (optional).
1. Open a Cryptocurrency trading account
If you’re new to cryptocurrency then you need to sign up for a crypto exchange that supports Solana. Cryptocurrency exchanges are marketplaces where buyers and sellers meet to buy and sell crypto assets. All you need to open an account to get started. I listed some good choices below depending on where you live but I think Coinbase is the best overall cryptocurrency exchange (especially for Americans).
2. Deposit Funds or Crypto into Your Crypto Exchange Account.
The next step is to deposit some funds via bank account, credit card, wire transfer, or Paypal into your crypto account. You can also deposit other cryptocurrencies like Bitcoin, Dogecoin, Cardano, or Ethereum then convert them into Solana.
If you transfer crypto from another address or crypto exchange then be sure to send your crypto to the correct address. It’s important to test the transfer with small amounts if you have a lot of crypto. Be careful because nearly all transactions on the blockchain are permanent and non-reversible.
3. Buy Solana
Search for the token by typing in “Solana” or the token symbol “SOL”. Most crypto exchanges offer two types of orders: market and limit orders.
A market order will purchase your SOL tokens at the current ask price. A limit order will only execute if someone accepts your lowest price.
4. Download a Software Wallet or Buy a Hardware Wallet
Many crypto investors believe in storing their assets off the exchanges to prevent potential hacks. This is a good strategy for maximum security and you get to become your own bank!
Software wallets allow you to hold your private keys and store your SOL on your mobile phone. Trust Wallet is a popular software wallet for iOS and Androind phones that support Solana.
If you want to store your coins completely offline then you need a hardware wallet. Trezor is a highly recommend hardware wallet for storing your SOL 100% offline.
5. Transfer Your SOL tokens off the Exchanges
For extra security, transfer your Solana tokens into your hardware or software wallet. This is an optional step for extra security but most exchanges like Coinbase and Binance.US are fairly safe.
Remember to store your private keys in multiple locations in case something happens!
Best Crypto Exchanges for Solana (SOLO)
There are several safe crypto exchanges to buy Solana crypto depending on where you live in the world. I highly recommend Coinbase as the best crypto exchange for Americans due to its large user base and advanced security measures.
For United States Residents (Except NY)
If you live in the United States then Coinbase or Binance.US are your two best overall options.
For Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont Residents
Unfortunately, Binance.US is banned in your state so I recommend Coinbase as your best option. If you want to avoid Coinbase fees then Crypto.com is a good alternative.
For Canada Residents
Newton and Shakepay are two popular Canadian crypto exchanges that support Canadian dollars.
Is Solana a Good Investment?
As more people look for cheaper alternatives in the smart contact space, I think cryptocurrencies like Solana have a good chance to continue soaring in price.
Read my article on investing in Solana (SOL) for a complete deep dive investment analysis.
Solana is becoming a highly popular crypto asset that many investors are raving about. If you’re looking to cash in on SOL’s massive runup then use this guide to secure your SOL coins today.