How to Buy Solana (SOL) on eToro: Fees, Features & Step by Step Guide

Solana is one of the top ten cryptocurrencies based on market cap and a popular choice for many people looking to purchase digital currencies online. In this article, we explore how to buy Solana (SOL) on eToro via different methods, including Credit cards, Debit cards, PayPal, and Neteller.

Author: Adesuwa Ebuehi   -   Last updated: 25/03/2024

Summary

On the eToro trading platform, clients can purchase Solana or 11+ other cryptocurrencies via their mobile or web platforms. In addition, they also provide real coins and CFDs. Another advantage of trading with this brokerage company is the vast amount of payment options available such as Bank Transfers, Credit Cards, Debit Cards, Neteller, Skrill, and PayPal. Furthermore, customers need not to worry about safety as they are regulated in Seychelles, the United Kingdom, Cyprus, and Australia.

In this write-up, we take a careful look at how to buy Solana (SOL) on eToro. Here, we outline all the essential information about this exchange and offer you detailed guidelines for their account opening and funding processes. 

Things to Consider when Choosing a Solana (SOL) Exchange

Although cryptocurrencies such as Solana represent a great investment opportunity, opting for the wrong exchange can mar the entire process. Below, we outline a number of things you should consider before selecting an exchange.

Location of Solana Exchange

In many cases, the location of a Solana exchange is an excellent pointer to its reliability and the friendliness of its policies. It is advisable to choose a company that is registered in regions that have trustworthy regulatory bodies such as the FCA, CySEC, and the FSC. Also, you should research the government policies in that country to ensure that they are favorable for cryptocurrency trading.

List of Available Payment Methods

Some countries do not accept specific payment methods such as PayPal, and Neteller. This is why you should select a broker that allows you to buy SOL with different methods. In addition, having a wide variety of funding methods enable you to be able to buy cryptocurrencies when you are having challenges with your preferred option.

How to Check the Cost and Fee

The best exchanges provide you with top-notch service at an affordable cost. While you should not compromise on quality, it is also vital to find a balance between excellence and cost-effectiveness. The right choice for you is a broker that offers both. 

Volume Listing

Most exchanges provide potential customers with an insight into how many trades they process within a selected time period. This number is known as a ‘volume listing.’ A high-volume listing indicates that the broker is a reliable choice. 

What you need to know before Buying Solana (SOL) on eToro

If you are wondering where to buy Solana, eToro is a great platform. There are many reasons for this, and here we will outline some of the important things you should know before you buy crypto on eToro

eToro is regulated by the Cyprus Securities and Exchanges Commission, the Australian Securities and Investment Commission, the Financial Conduct Authority, and the Financial Services Commission. Its UK office is located on the 24th floor, One Canada Square, Canada Square, London E14 5AB, UK, and its Australia office is at Level 3/60 Castlereagh St, Sydney NSW 2000, Australia. The broker also has office locations in the United States, Cyprus, and Israel.

The broker largely earns on cryptocurrency trading from through the spreads on its listed coins. It adds an additional 1% fee to the regular difference between the bid and ask prices of its assets. Clients are also expected to pay overnight fees. Fortunately, eToro does not charge any commissions when you buy Solana.

Funding options listed on this exchange include PayPal, Credit cards, Debit cards, Neteller, Skrill, and Bank wire transfers. In addition, the broker allows a $10 and $50 minimum deposit for clients in the UK and Australia, respectively. Should you wish to add money to your account via bank wire transfer, you are allowed a $500 minimum deposit. 

The broker offers both real and CFD cryptocurrencies. We have a section where we discuss this below. Finally, the broker offers margin trading on Solana with leverage of up to 1:2.

Types of Platforms Offered on eToro to Buy Solana (SOL)

There are two platforms available for buying Solana on the eToro trading platform. Users can choose between this broker’s proprietary mobile or web platform. Below, we discuss both these platforms in greater detail. 

Desktop Platform

eToro allows its customers to buy SOL with a proprietary web application that runs on native desktop browsers. The account opening process on this desktop platform is relatively straightforward and easy to complete.

Mobile App

For iOS and Android users, you can download the eToro trading app and buy cryptocurrency, including SOL. To get started, you can visit your device’s app store, search for the mobile app, and complete the signup process.

How to Buy Solana (SOL) on eToro

Buying Solana on eToro is easy and can be completed in a few simple steps. Below, we provide a detailed guideline on how you can do this. 

A Step by Step Guide on How to Buy Solana on eToro

  1. Set up an eToro account
  2. Remove the €2,000 deposit restriction by uploading your valid ID and proof of address
  3. Select your deposit method
  4. Add funds to your account
  5. Search for SOL and Indicate how many units you wish to purchase

How to Open a Solana Trading Account on eToro

  1. Go to the eToro website and click on Start Investing
  2. Enter your new account information, including your email, username, and password
  3. Next, you will receive a verification link in your email
  4. Fill out all the requested information and upload a valid ID and proof of residence

How to Buy Solana Using Visa or Mastercard Credit Cards on eToro

  1. Visit the eToro website and begin the account opening process (You can find the steps in the section above)
  2. After logging into your account, click on the Deposit Funds button and select Credit/Debit cards as your payment option
  3. Enter your credit card details
  4. Search for Solana and type the units of the coins you need

How to Buy Solana Using Visa or Mastercard Debit Cards on eToro

  1. Create an eToro account
  2. Add money to your account by selecting the Deposit Funds option
  3. Select Credit/Debit cards and provide all the information required
  4. Use the search tab to find and buy Solana   

How to Buy Solana Using Paypal on eToro

  1. Follow the steps listed in the “How to Open a Solana Trading Account” section of this article to create a new account. Upon verification, all deposit limitations will be lifted.
  2. Select PayPal as your preferred payment method.
  3. Next, you will be required to confirm your payment by entering your login information on the PayPal website
  4. Use the Discover feature to find and buy SOL

How to Buy Solana Using Skrill on eToro

  1. Log into your existing account or open a new account
  2. Select Deposit Funds from the sidebar on the web application and click on Skrill
  3. Provide your Skrill email. Next, you will be redirected to your payment platforms website to complete your deposit
  4. Find and invest in Solana with the search tab

How to Buy Solana Using Neteller on eToro

  1. Open and verify your account. If you already have an account, provide your login details
  2. Fund your account by selecting Deposit Funds   
  3. Select Neteller as your preferred payment method and enter your email address
  4. Find Solana using the Discover feature and select Invest

How to Buy Solana Using Bank Wire on eToro

  1. Visit www.etoro.com and open an account
  2. Click on Deposit funds
  3. From the payment options listed, select Regular Bank Transfer and copy the bank details and reference number.
  4. Deposit the money and wait for it to reflect in your trading account. 
  5. Search and buy SOL

Buying Solana vs Trading Solana CFD at eToro

On eToro, users who desire to buy Solana can purchase the real coin or speculate on the price of this asset via CFD trading. CFD trading offers higher risk but also the potential for greater rewards. With this option, traders can hold long or short positions on Solana on eToro. They will also have access to margin trading with leverage up to 1:2 for EU and Australian clients. In addition, clients may be required to pay an overnight fee. Finally, clients resident in the United Kingdom, the United States, and Brazil are not allowed to trade crypto derivatives with this exchange due to limitations placed by the regulatory bodies in these regions. 

Real Solana, on the other hand, does not offer margin trading. However, unlike with CFDs, you will retain actual ownership of all the units of this coin that you purchase on the eToro exchange. Regardless of whether you opt to purchase real or CFD Solana, this broker will charge an extra 1% on the official spread on this asset as its fee.

Bottom Line

This guide represents a concise overview of how to buy Solana (SOL) on eToro with various payment methods. We explored six different options, which are PayPal, Skrill, Neteller, Credit Cards, Debit Cards, and Bank Transfers. Each of these choices is available on this exchange’s mobile or web application, depending on your country of residence. 

eToro can be considered relatively affordable as it doesn’t charge a commission but rather profits from the spreads on its assets. However, it has a minimum deposit amount that varies based on a client’s location and funding method.

Frequently Asked Questions (FAQs)

One of the places you can buy Solana is eToro. However, there are also other options such as Coinbase, Kraken, and Huobi. 

Yes, you can. eToro lists credit cards among its payment options for buying SOL. 

eToro is generally considered a safe place to buy Solana. They are regulated across several countries, including the United States, the United Kingdom, Australia, and Cyprus.

First, you must open an account and fund it with any of the available deposit options. Next, select Solana and indicate how much you wish to purchase. 

Solana is currently valued at $22.23. However, this price is subject to change depending on several factors.

eToro does not charge a commission. However, they add a 1% charge to the regular bid-ask spread.

Unfortunately, eToro does not offer Solana futures.

There is no leverage trading for real Solana on eToro. However, traders who wish to buy or sell Solana CFDs will have access to leverage from 1:2 in the EU.  

eToro provides a wallet for Solana and other cryptocurrencies.

Yes, you can. The eToro Money Wallet allows transfers to other crypto wallets.

Yes, you can. There are a large number of NFT marketplaces that accept Solana as a payment option. 

Solana is a popular cryptocurrency and one of the many options available to investors. However, you must do your research before deciding whether to buy this coin.

Back to Top