Solana, making its debut in March 2020, is a fairly recent and new token in the crypto market. It currently holds the 10th position on the top cryptos on CoinMarketCap.
It should thus be no surprise that a number of leading cryptocurrency trading platforms offer their customers the option to both buy and sell it. This article will explore the best Solana crypto exchanges and how to buy Solana on them.
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How do experienced traders make an informed decision when they are overwhelmed by choices that look very similar initially but couldn’t be more different on closer inspection? Not to worry, below we discuss the criteria for which the best Solana crypto exchanges would excel.
Fees and Other Costs: Before going forward with your decision, make sure that the crypto exchange of your choice charges a reasonable commission, and extra charges (non-trading fees) are kept at a minimum.
Accepted Payment Methods: The best Solana exchanges would allow their clients to credit or debit their accounts using the most convenient method – this involves supporting a wide range of payment methods, everything from wire transfers to eWallets.
User Experience: Read the exchange reviews and educate yourself on the past experiences of real users: their thoughts on the user interface, customer support, and much more. A top Solana exchange wouldn’t compromise on user-friendliness and customer satisfaction.
Regulation: Are the activities of the prospective crypto exchange overlooked by a higher and more reputable authority? It is always safer to register with a crypto exchange that answers in the affirmative to the above question, otherwise, you risk falling for a scam.
Security of Funds: All Solana crypto exchanges should have security measures in place to protect their client’s funds and adequate backup plans in the event something goes terribly wrong. Note that, a crypto trading platform that stores its client’s funds in segregated accounts is less likely to scam you off your money.
The eToro trading platform, a multi-asset platform with Israeli origins, was founded by Yoni Assia, Ronen Assia, and David Ring in 2007 and has grown to become an industry favourite. The social trading brokerage offers 5,000+ instruments in a wide range of asset classes, of which 60+ are solely crypto assets. What makes it one of the best Solana exchanges in the world is that clients are given the freedom to trade CFDs and actual coins.
Moreover, opening an account on eToro couldn’t be simpler. As standard protocol, they do ask for your verification documents and other private information, but the steps are pretty straightforward. Not unlike other top Solana exchanges, eToro is regulated by a host of regulatory authorities all over the world and has in place enticing insurance policies to protect client funds.
Users can expect to encounter both trading and non-trading fees, including but not limited to the commission, spreads, currency conversion, and withdrawal fees. The minimum deposit amount is also $50 for most countries, however, for wire transfers, it’s $500.
Check out our full eToro review 2023 for more information.
Ever since its advent in 2016, Capital.com trading broker has exhausted its efforts in breaking down barriers to financial trading. They’ve made available to clients 3,500+ financial assets including old-fashioned ones like stocks, equities, and modern ones such as cryptocurrencies. Currently, Capital.com only features one Solana pair: SOL/USD.
The Solana exchange platform is best known for its low spreads, and fast execution speeds on CFD products, cryptocurrencies being no exception. You can start trading by making a minimum deposit of $20, using one of its many payment methods including debit cards, credit cards, bank transfers, Trustly, WebMoney, Qiwi, Skrill, and many more. Moreover, this Solana exchange platform does not charge any commission fees or deposit/withdrawal fees. However, you can expect to pay spreads and overnight fees (if applicable).
Justifying its position as one of the best crypto exchanges to buy Solana from, it’s well-regulated by top-tier regulatory bodies and is trusted by more than 7 million users around the world.
Our full capital.com review 2023 has all the information you need to get started with the broker, check it out.
Still on its journey to making crypto trading more accessible to everyone, Coinbase, one of the best crypto exchanges to trade Solana on, is world-renowned for being a pioneer in its field. Around 108 million users in over 100 countries use the exchange to meet their crypto goals and have little to no complaints regarding the user-friendliness of their platform.
Before purchasing SOL coins on the platform, you must know that Coinbase charges clients a flat 1% transaction fee. Moreover, an initial minimum deposit of $50 will have to be made to complete the verification process. It also allows you to place orders for as little as 1.00 of digital currency (denominated in the client’s local currency).
Coinbase offers its US clients the option to fund their transactions using bank transfers, debit cards, credit cards, and even Google and Apple pay. Clients often worry about the safety of their funds, rest assured because this top Solana exchange is authorised by a number of different jurisdictions including the FCA in the UK, and maintains separate licences for nearly every US state.
For more information, check out our detailed Coinbase review 2023.
The Binance platform upholds the title of one of the largest cryptocurrency exchanges in the world by volume and is well known for its vast selection of cryptocurrencies. A whopping 350+ cryptocurrencies are listed on their platform, Solana being one of them. The international company doesn’t accept US customers, but they do have a separate branch for its customers. Note that, the number of cryptocurrencies on Binance US is slashed to 150+.
Moreover, you will find that a Binance user has the option to buy SOL coins directly, or take part in margin and options trading instead. Some of the supported payment methods include credit cards, debit cards, direct bank transfers, ADVcash, Truelayer, and many more depending on your country of residence.
Creating an account with Binance is a straightforward hassle-free process. All you really need to do to get started is to register using the Binance app or their website with the help of either your email address or phone number. Provide all necessary verification details and you’re done!
Although there is no real deposit limit, you do need to trade a minimum of $10 worth of cryptocurrency on Binance. Moving onto fees, Binance transaction fees are one of the lowest in the industry at 0.1%. If that wasn’t already low enough already, they offer multiple solutions for you to reduce this amount even further. Users usually do not have to take into account deposit fees, as long as they aren’t buying coins via credit cards and debit cards (for which they will be charged a 1.8% fee). Lastly, the withdrawal fee varies based on the amount of cryptocurrency.
It is also worth noting that future contracts can be traded using the leverage of up to 1:125.
Check out our detailed Binance Review 2023 for more information.
CoinMama is a registered entity in Ireland under the name Cmama Ltd. It offers its services in more than 200 countries around the globe, with the exception of a few restricted regions. Coinmama has expanded its cryptocurrency selection to 40+ cryptocurrencies, all of which can be purchased using credit cards, debit cards and wire transfers for example. It is worth noting that this Solana crypto exchange accepts fiat currencies of all kinds.
Your ultimate fee at checkout is determined based on a variety of factors, namely the order size, your loyalty level, and last but not least the current market conditions at the time of fulfilment of your order. A commission fee ranging between 0.99% and 3.90% can be expected on transactions, in addition to variable spread charges.
A user’s level decides their account limits on CoinMama, with Level 1 users having a maximum daily trade amount of $5,000 and a maximum order quantity of 5 on all buy orders.
Kraken is a US-based crypto exchange that was made public in 2011. Since then, it has grown to support consumers from 190+ countries, listed 185+ cryptocurrencies on its exchange platform, and racked up a quarterly trading volume of $270B+. It outshines its competitors by practising the strictest security measures and has a whole team dedicated to protecting your crypto asset investments and NFTs. The safety of both your information and funds is a top priority for them.
To buy cryptocurrency on this exchange, you can deposit money using payment methods like debit cards, credit cards, digital wallet purchases, and bank transfers. However, the first two may be subject to certain restrictions, as to buy crypto instantly; one must have a verified intermediate/pro account. Kraken does not charge any deposit fees either. Order minimums for each cryptocurrency vary; for example, for SOL, it is 0.01, and the minimum deposit for all is stated as $10.
Many agree that the account opening procedure on this Solana exchange is pretty straightforward. The platform itself is pretty user-friendly, considering that it is easy to navigate. It has a comprehensive FAQ page with a fully functional search bar. Kraken lets its customers open multiple accounts. However, it does not let partners create joint non-business accounts. Moreover, demo accounts with virtual balances, except for Kraken Futures, aren’t available.
While they insist on not charging customers for account inactivity and maintenance, some of the fees you may incur include funding fees, trading fees, and instant buy fees, all of which are variable depending on many different factors.
Solana maintains a secure spot on CoinMarketCap’s top 15 most traded cryptocurrencies list, and with new innovations being added to its ecosystem on a regular basis, many crypto traders are in a rush to get their hands on it for fear of missing out. There are plenty of exchanges that offer Solana, however, the ones discussed above are the best solana crypto exchanges in the market. Each Solana crypto exchange supports features that appeal to different audiences. They are unmatched in their ability to provide fast execution speeds and good customer services at low costs.
There are many cryptocurrency exchanges that offer Solana to their clients, a few of them include Binance, Coinbase, KuCoin, Kraken, Huobi Global, etc.
The exchanges discussed in the article are some of the best exchanges to buy Solana.
A Solana decentralised exchange is simply an exchange that facilitates peer-to-peer transactions right from the parties’ digital wallets, without the need for an intermediary and offers Solana products to its clients.
Binance undoubtedly is the best Solana crypto exchange for low trading fees.
This really depends on what you look at in a crypto exchange, all the six (6) Solana exchanges explained above are excellent choices.
Binance offers the highest maximum leverage of 1:125 for future contracts that are margin traded.