Best 6 Solana (SOL) Exchanges & Brokers in 2024

Review some of the best exchanges for buying SOL and provide an overview of their pros and cons. We will also guide you through the steps of buying Solana and answer some of the most frequently asked questions about this cryptocurrency.

Author: Saman Ali   -   Last updated: 19/03/2024
solana

Introduction

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.

Best Six Solana Trading Platforms in 2024

  • Min Deposit: $200
  • Number of Coins: 20+
  • Supports Multiple Languages
  • Regulated by FCA, ASIC & CySEC
  • Paypal, Debit & Credit Card Accepted
BankGiro PayMastercardNetellerPayPalSkrillUnionPayVisaYandex
Visit eToro

Capital At Risk

  • Min Deposit: 20 $£€ By Credit Card
  • Number of Coins: 26+
  • Regulated by FCA, CySEC, ASIC, & SCB
  • Place Buy & Sell CFDs Orders
  • Low Minimum Deposit
BankMastercardNetellerPayPalSkrillUnionPayVisa
Visit Capital.com

80.84% of retail CFD accounts lose money

  • Min Deposit: 1 $£€
  • Number of Coins: 50+
  • Regulated by SEC, & FinCEN
  • Place Buy & Sell CFDs Orders
  • Low Minimum Deposit
BankMastercardPayPalVisa
Visit Coinbase

Capital At Risk

  • Min Deposit: 1 $£€
  • Number of Coins: 1500+
  • High Number of Coins
  • Accepts Fiat Deposits
  • Trade on Spot and Futures
BankMastercardVisa
Visit Binance

Capital At Risk

  • Min Deposit: 50 $£€
  • Number of Coins: 9+
  • Free deposits / withdrawals
  • High limits for buying bitcoins with a credit/debit card
  • Service available in many countries
BankMastercardNetellerSkrillVisa
Visit Coinmama

Capital At Risk

  • Min Deposit: 1 $£€
  • Number of Coins: 50+
  • Highly transparent exchange
  • Competitive Bitcoin trading fees
  • Highly secure
BankPayId
Visit Kraken

Capital At Risk

What to Look for in a Solana (SOL) Trading Platform?

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.

eToro – Best Solana Trading Platform for Social Trading

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.

Pros and Cons of Buying Solana (SOL) on eToro

Pros

  • eToro Solana exchangers can reap the benefits of social and copy trading
  • Hassle-free withdrawal and deposit of crypto
  • Easy access to other cryptos with the eToro crypto wallet
  • Free demo account to get you accustomed to their trading platform
  • Real crypto assets stored in segregated accounts

Cons

  • Real cryptocurrency positions are not insured by Lloyd’s of London
  • High withdrawal ($5) and inactivity fees
  • Clients of certain countries cannot trade real coins

Check out our full eToro review 2024 for more information.

How to Buy Solana (SOL) on eToro Step by Step

  1. Go to eToro’s official website and click on the “join now” icon to get started. Answer all relevant questions truthfully and verify your account.
    Buy Solana on eToro
  2. Once your account has been verified, you may log in using your account credentials and select the “Trade Markets” option. Then, click on “SOL”. You will then have to enter the amount of SOL coins you wish to purchase and finalise your decision by selecting the “Open trade” option.
    Buy Solana on eToro
  3. Your country of residence plays a vital role in determining what payment methods you can use to fund your transaction. All you have to do is select the appropriate payment method from a dropdown menu.
    Buy Solana on eToro
  4. Once you’ve entered all the required information, you can go ahead and click on “Open Trade” to successfully buy crypto.

Capital.com – Best Solana Trading Platform for CFD Trading

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.

Pros and Cons of Buying Solana (SOL) on Capital.com

Pros

  • No commission fees or deposit/withdrawal fees
  • Intuitive CFD trading platform powered by AI
  • Multi-language website

Cons

  • Only one SOL pair
  • Maximum leverage on crypto CFDs is much lower than other CFDs

Our full capital.com review 2024 has all the information you need to get started with the broker, check it out.

How to Buy Solana (SOL) on Capital.com Step by Step

  1. Visit their official website by entering the correct URL into the address bar, and click on the “Trade Now” option. If you don’t have an account already, you must create one before you can buy crypto on this Solana exchange. Verifying your account is the last step in account creation.
    Buy Solana on Capital.com
  2. Log in with your account credentials and on the dashboard, select the “Deposit” option.
    Buy Solana on Capital.com
  3. Choose from the payment methods provided by Capital.com to you.
    Buy Solana on Capital.com
  4. Use the search bar on your dashboard to look up any supported Solana CFD pairs, and then change the parameters like trade amount and SL and TP levels displayed to your liking.
    Buy Solana on Capital.com
  5. Once you’ve reviewed all the trade details, you can go ahead and authorise the trade.

Coinbase – Best Solana Exchange for Beginners

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.

Pros and Cons of Buying Solana (SOL) on Coinbase

Pros

  • Extensive list of cryptocurrencies to trade
  • Comprehensive FAQ page
  • Low minimum deposits
  • Beginner-friendly desktop and mobile trading platform

Cons

  • Comparatively high trading fees
  • Proof of Identification is a must, doesn’t allow anonymous transactions

For more information, check out our detailed Coinbase review 2024.

How to Buy Solana (SOL) on Coinbase Step by Step

  1. Go to their website, and select the “Open Account” option in the top-right-hand corner of the screen to create and verify an account with them.
    Buy Solana on Coinbase
  2. The next step is to click on the “Deposit Funds” tab under “Portfolio”. Select a suitable payment method and enter all relevant details to begin the funding process. Once you’ve deposited sufficient funds into your account, clicking on the “BUY/SELL” tab will allow you to trade Solana on their platform.
    Buy Solana on Coinbase
  3. Personalise the buy order by writing down the amount of SOL you would like to purchase and click on the “Buy” button to buy Solana.
    Buy Solana on Coinbase

Binance – Best Solana Exchange for Low Fees

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.

Pros and Cons of Buying Solana (SOL) on Binance

Pros

  • Maintains the cheapest trade fees at 0.1%
  • A large pool of cryptocurrencies to choose from
  • Ultra-fast transaction speeds

Cons

  • US customers cannot trade on the global site
  • The only way of reaching out to them is through live chat
  • The verification process may take longer than expected sometimes

Check out our detailed Binance Review 2024 for more information.

How to Buy Solana (SOL) on Binance Step by Step

  1. Kick things off by visiting their homepage and selecting the “Register Now” option.
    Buy Solana on Binance
  2. Provide all personal details, and follow the prompts to create an account. Additionally, you should verify the account if you’re planning on trading more than 2BC a month.
    Buy Solana on Binance
  3. Log in to your Binance account, and click on “Buy Crypto” and “Third Party Exchange” one after the other to fund your trade using fiat money.
  4. Select Solana from the list of options and follow that up by picking a payment method. Depending on the payment method you choose, you may have to follow some additional steps before you can deposit the funds. Then simply look up “Solana” and select your choice of supported SOL pair. You may then personalise your order by changing certain variables.
    Buy Solana on Binance

CoinMama – Best Solana Exchange for Fast Transactions

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.

Pros and Cons of Buying Solana (SOL) on CoinMama

Pros

  • The easy-to-use user interface, perfect for beginners
  • Simplified account opening and order placement processes
  • Has an instant-buy feature

Cons

  • High commission fees can make trading really expensive
  • Lacks a wide range of cryptocurrencies

How to Buy Solana (SOL) on CoinMama Step by Step

  1. Go to CoinMama’s official website, and click on the “Sign Up” button.
    Buy Solana on Coinmama
  2. Provide them with your personal details and verify your account.
    Buy Solana on Coinmama
  3. Log in using your account credentials, and select Solana from the drop-down menu. Then enter the amount of money you are willing to exchange for the trade.
    Buy Solana on Coinmama
  4. Enter your wallet address to receive SOL coins in it.
    Buy Solana on Coinmama
  5. Select a payment method to buy SOL, and complete the order.
    Buy Solana on Coinmama

Kraken – Best Exchange for Safe Solana (SOL) Storage

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.

Pros and Cons of Buying Solana (SOL) on Kraken

Pros

  • Trading most cryptocurrencies don’t warrant any setup or deposit fees
  • Safe and secure, since its security team’s work is in accordance with the highest international standards
  • Non-trading fees are comparatively low
  • Margin trading (with up to 1:5 leverage) and staking are available on their trading platform

Cons

  • Doesn’t offer Demo Account
  • It offers limited payment options for funding the account.
  • Kraken doesn’t accept all fiat currencies, only a few such as USD.

How to Buy Solana (SOL) on Kraken Step by Step

  1. Go to the official homepage of the Kraken exchange platform, and click on “Get Started” to begin creating an account with them.
    Buy Solana on Kraken
  2. Submit verification documents. This varies depending on the account verification level you select.
    Buy Solana on Kraken
  3. Credit your Kraken account.
    Buy Solana on Kraken
  4. On the user dashboard, simply place an order for Solana coins.
    Buy Solana on Kraken
  5. The SOL coins you place a buy order for will be sent to your Kraken wallet after successful completion.

Bottom Line

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.

Frequently Asked Questions (FAQs)

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.

Back to Top