Solana came into the spotlight in 2021 and it currently stands at number 10 in top crypto ranking. It provides scalability, fast and cheap transactions owing to its hybrid consensus system. This guide will equip you with information on how to buy Solana using credit cards, debit cards, e-wallets and other payment methods.
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The following are the three quick steps you need to take before buying Solana.
Before buying Solana, you must create an account with an online crypto exchange. Different platforms offer different user experiences, so it’s advisable to do the homework before signing up with a crypto exchange. Signing up with a reputable exchange often requires a Know your customer (KYC) process for authenticity.
Once you create an account with a reputable crypto exchange, you can fund your account. Funding an account can be done using fiat currencies. Some exchanges also allow crypto payments, which means you can fund your account using crypto you already have. Depending on their country of residence, clients may have variable payment methods in crypto exchanges, including debit/credit cards, eWallets (Skrill, Neteller), and PayPal and bank transfers.
Depending on your chosen platform or trading preferences, you can buy Solana crypto with or without leverage. When you buy Solana without leverage, you pay the full Solana price for the asset and retain full ownership of the asset. On the other hand, crypto exchanges often provide leverage, allowing you to enter more significant positions with less capital and without owning the asset. However, CFD trading amplifies losses as well as profits. Brokers like eToro provide 1:2 leverage for trading SOL CFD contracts.
Let’s take a look at the different investment strategies you can use when adding SOL to your portfolio.
The top cryptocurrency investment strategy is the “buy and hold” strategy, and crypto investors often refer to this strategy as “HODL”. HODLing is buying a digital asset and holding it in a digital wallet for a relatively long period. While Hodling, you only do a little cryptocurrency trading as you employ the buy-and-hold strategy. You buy coins and archive them. You believe Solana will be worth more than it is today in the long run and won’t hesitate to sell amid volatility. Hence, it works even for
beginners and can be a great retirement portfolio. Solana meets all the criteria for a very powerful coin. It is ubiquitous and highly scalable, its use cases are growing, and there is a ready market for its technology. Accordingly, investing in Solana by employing a buy-and-hold strategy might yield profit in the long run.
If buying Solana and holding it for long periods is not meant for you, you can trade SOL CFDs (Contract for Difference) without necessarily having to buy the crypto coin. With SOL CFD, you can invest with a small capital. All you need is to sign up with a cryptocurrency broker and decide to trade SOL CFDs. Brokers like eToro and Capital.com allow traders to speculate on Solana’s price movement and decide whether to go long or short.
It involves buying Solana and holding them for a short period. Day traders sell Crypto coins like Solana crypto as soon as they start making profits or losing money. The idea here is to buy and trade Solana coins multiple times a day and liquidate all SOL holdings at the end of the trading session. However, day trading is usually considered complicated and not suitable for beginners. It requires deep market knowledge and extensive trading commitment.
Popular exchanges like eToro have made it possible for cryptocurrency investors from different countries worldwide to buy SOL on eWallets (Skrill, Neteller). Whether you are buying Solana crypto or want to trade Solana CFDs, deposits via popular eWallets such as Skrill, Neteller and
Sofort can be used to fund the trade. Note that a broker like Capital.com offers Solana CFDs for trading, while eToro offers Solana cryptos and Solana CFDs for traders to trade.
eToro does not charge a deposit fee for eWallet deposits. However, as the base currency is USD only, deposits in other currencies will be charged a 2% currency conversion fee. The minimum deposit is $200 ($50 for US citizens), and the minimum withdrawal is $30 with a $5 fee per withdrawal. For both eWallets, the transaction time is instant, and the maximum deposit limit is $10,000.
When you open an account with a regulated online broker such as the eToro social trading platform or the Capital.com trading broker, you can buy Solana using your credit or debit card. On the plus side, this payment method allows you to invest in Solana crypto instantly, as your broker of choice will charge your card immediately and add the digital assets to your portfolio later.
People in most eToro-supported countries can buy Solana using a credit or debit card on the platform. eToro does not charge deposit fees, but card processors charge processing fees. This is typically an average of 4% of the transaction amount. The minimum deposit is $200 ($50 for US residents), the maximum is $40,000, and your deposit will be processed instantly. The minimum withdrawal amount and withdrawal fee are also fixed at $30 and $5, respectively. The transaction time is instantaneous.
Clients can buy Solana using Paypal through crypto exchanges. eToro is one of the few cryptocurrency exchanges worldwide that allows you to buy Bitcoin and cryptos with PayPal. However,
services are limited to countries where PayPal services are available. Note that you can buy Solana with PayPal without paying any deposit fees. Like other eWallets, PayPal deposits with eToro have a minimum limit of $200 and a maximum of $10,000, respectively. The minimum withdrawal amount is $30, and a $5 withdrawal fee applies. Also, keep in mind that deposits and withdrawals are processed almost instantly.
A bank wire transfer is undoubtedly one of the most convenient payment methods to move large funds. Almost anyone in any eToro-supported country can buy Solana crypto via bank transfer. Unlike eWallet and card deposits, where deposits and withdrawals are practically instant, bank payments to and from your eToro account take 3-8 business days to process. The minimum amount for bank deposits on eToro is $500, and there are no deposit fees. The minimum withdrawal amount is set at $30, with a $5 fee.
eToro also allows you to buy SOL anonymously (without ID verification). Regardless, this service is limited to selected countries. The broker allows traders and investors to trade Solana and other cryptos without going through the KYC process.
However, the maximum amount of cryptocurrency purchases that can be made on eToro without verifying your identity is capped at $2,000 per month.
The following are the Pros and Cons of buying Solana.
Now that you know how to buy SOL using different payment methods, here are a few basic things you need before buying Solana.
To buy Solana, the initial step is to open a trader account with a reputable cryptocurrency exchange that provides Solana. This involves providing personal information like your name, phone number and email address. You will also need to verify your identity by submitting a government-issued ID.
However, when choosing a broker, consider factors such as transaction costs, deposit and withdrawal fees, liquidity, and available leverage. Accordingly, create an active traders account with the broker. Some brokers, like eToro, let you buy real SOL coins and trade SOL CFDs.
Like anything in the world, before buying Solana, you need to have sufficient capital in your wallet. You need money to buy SOL tokens, and the amount you need depends on your investment strategy. HODLing costs little because you can purchase SOL coins in fractions. On the other hand, you may have to pay additional money to open a CFD position. However, this is only sometimes the case, as with most brokers that support leveraged CFD trading.
After buying Solana coins from the exchange of your choice, you need a Solana wallet to safe-keep them. Generally, you need a hardware wallet if you’re looking to invest or buy and hold large amounts. Meanwhile, day traders and other users who hold a small amount of the SOL coin can settle for a reputable online wallet like the eToro digital wallet.
You might be wondering how much money you need to buy Solana. Well, it depends on factors such as crypto trading experience, level of disposable income, investment objectives, and risk tolerance. The coin’s market price is also vital whether you consider buying it as a whole or in fractions.
We also highly recommend hiring a crypto investment expert to guide you, especially if you are new to the industry. Nonetheless, your favourite crypto exchange or broker determines the minimum investment amount. For instance, the minimum deposit at eToro is just $10 for US and UK customers. As eToro supports buying fractional crypto, so all you need to buy SOL is $10.
Investors often need to choose where to buy SOL crypto. Luckily, dozens of brokers and crypto exchanges list this popular crypto coin as their top 10th crypto assets.
You can buy Solana on cryptocurrency exchanges like Coinbase and crypto brokerages like eToro and Capital.com. Additionally, you can buy SOL through peer-to-peer cryptocurrency trading platforms like Binance, over-the-counter exchanges, and Solana ATM.
Also of interest are the various forms of Solana that have emerged over the years. For example, there is the option to buy SOL coins that grant ownership via private keys and Solana derivatives such as CFDs and futures contracts. Similarly, you can also buy Grayscale SOL trusts, which enable investors to gain exposure to SOL in the form of security without worrying about buying and safekeeping SOL. They can also be traded directly on the recently created OTC markets.
Due to the widespread use of cryptocurrency, there are now ATMs to withdraw cryptos in many cities worldwide. There are hundreds of Solana crypto ATMs installed around the world. All you need to do is find an ATM near your location and walk in to make your purchase. You do not take SOL coins with you like fiat currency; instead, you enter fiat currency and the amount of Solana you want, and the ATM tells you how much SOL you can buy.
You should find a Solana ATM and follow this guide to invest in Solana.
1. Search your browser for the term “Solana/SOL ATMs near me” or find the Crypto ATM Locator tool to find an SOL ATM near you.
2. Find the ATM and choose the “Buy Solana” option. ATMs often take some identification proof by asking for an identification number or scanning identification documents.
3. The ATM will then ask for the Solana wallet address where you want to deposit coins.
4. Insert the amount of money you want to use to buy SOL.
5. Confirm your purchase and wait for the SOL to be reflected in your wallet.
With hundreds of crypto trading platforms and exchanges, choosing one might be tricky. To sort this out, here is the list of factors you need to consider when choosing a trading platform for your Solana.
Everyone wants to trade as cheaply as possible, so one needs to know the platform trading fees, transaction fees, and other fees before signing up with an exchange. The amount varies by exchange. You can make a comparison to determine where the costs are the lowest.
There are several payment methods you can use to purchase Solana from exchanges. However, not all cryptocurrency exchanges support your preferred payment options. Check with your cryptocurrency exchange to see available payment methods and identity verification requirements.
You can avoid becoming a prey to fraud and scams by signing up with a legit and reputable trading platform. Evaluate various exchanges and settle only with those with solid regulations and safety measures programs. Please exercise due diligence by checking the registration, regulation, customer support, and address details. Online reviews can also help you learn more about the exchange and its reputation.
Whether you are a seasoned crypto trader or a beginner, a user-friendly trading platform greatly enhances your trading experience. Before signing up with a trading platform, you can check user reviews. User reviews give insight into the platform’s services, customer support, and user-friendliness.
This guide details the most common ways to buy Solana, including buying from exchanges, brokers, peer-to-peer platforms, and ATMs. However, there are other easy ways to own Solana. Let’s take a look at some of them here.
Gifts can take the form of physical goods, but fiat currency is also being sent as gifts, so the rise of digital currencies like Solana, means they are also a good choice for a gift. You can also receive Solana crypto as a gift.
Solana faucets are apps or websites that offer small Solana rewards in exchange for completing simple tasks. The term “faucet” emphasises that these sites issue a fraction of the crypto coin in exchange for the small services and jobs people do for them.
You can also get Solana in exchange for your services and goods. People dealing with international clients often find accepting crypto like Solana a convenient way of getting paid.
You can also request NFTs in exchange for your premium services.
This article has provided everything you need to know before buying Solana. Let’s now discuss some ways you can put your SOL coins into use.
Many investors buy crypto, such as Solana, for investment purposes and to put money aside for rainy days. HODL is one such strategy, as described earlier, where you hold the crypto for long periods and may trade it for a sufficient profit.
Cryptocurrency is decentralised. Hence, people can make international transfers using solana coins. Businesses and institutions can also use Solana to transfer cash across borders and avoid the fees associated with cross-border transfers.
Trading Solana holdings is another way of using crypto assets. Furthermore, SOL is listed on multiple exchanges; hence, anyone can buy and trade SOL.
As more and more businesses and people worldwide accept crypto, you can pay for goods and services with Solana. Today, there are also many shops and online platforms where you can buy goods and pay with Solana. Many people on online platforms provide their wallet addresses on demand to receive payments for their services.
If you own some Solana, you can also donate them to charity. Many government welfare organisations and NGOs accept donations in Solana and other cryptos.
Solana has positive views in the Reddit community. A user on Reddit seems to like the accessibility of Solana. The user likes that he can send it to people, stake it and unstake it. He said it is so cheap.
The Quora community generally has positive thoughts about buying Solana coins. This particular Quora user expresses his views on whether buying Solana is a good investment. In his
view, the SOL price will increase because of various factors. These are the hard work of the developers of Solana, the issuance of smart contracts and high speed.
Solana is one of the few blockchain projects with a bright future due to its unique smart contracts and novel consensus system. It’s standing 10th in the crypto ranking. Moreover, it has high-speed transactions and low fees. When learning how to buy Solana, it’s worth noting that you can buy Solana using your credit card, debit card, paypal, P2P trading, or through bank transfer.
There are currently multiple platforms where you can buy SOL or trade SOL coins and their derivatives. If you are wondering where to buy the coin, you can buy it from exchanges, brokerages, P2P platforms, and even Solana ATMs.
You can invest in Solana using the HODL strategy or actively trade it. You can gift the Solana to your loved ones, donate it to charity, and pay someone for their services. Like other cryptocurrencies, Solana is volatile, and experts predict Solana might have a bullish run in 2023.
The best way to buy SOL is through the use of a Credit Card or Debit Card. However, people also use Bank Transfers and third-party payments like Paypal, Skrill, Neteller etc.
Capital.com is the best trading platform to buy SOL due to its low fees and authenticity.
To buy Solana;
1. Create an account with a reputable platform. They require you to go through the KYC process for identity verification.
2. Fund your account using any available payment methods which include credit/debit card, bank transfer, PayPal etc.
3. You can buy SOL coins or you can also buy SOL CFDs. Solana CFDs can be bought using leverage provided by the platform.
You can buy the coin from online crypto exchanges, peer-to-peer platforms, brokers, crypto trading platforms and Crypto ATMs.
To purchase Solana NFT, you must first connect your Solana wallet to the SOL marketplace (e.g. Solanart.io). You can do that by following these process;
· Simply visit the website and click “Connect Wallet” in the top right corner.
· Choose your crypto wallet. Click Connect. The crypto wallet will be linked.
· Use the search bar at the top to find the NFT collection on Solart.io or click Explore.
· Then use the filters on the side to narrow your search based on attributes or enter the name of the Solana NFT in the field.
· Click on the Solana NFT you wish to purchase, and a pop-up window will open with its attributes, price, token details, and purchase or offer options. Click BUY NOW, review the total cost and gas fee and click BUY.
Yes, you can buy SOL tokens online through crypto exchanges, peer-to-peer networks, brokers and crypt trading platforms.
eToro has the lowest fee when buying Solana.
Due to its high functionality, Solana conveniently supports smart contracts to verify ownership of assets such as NFTs, allowing the network to buy, sell and hold non-fungible tokens in the cryptocurrency landscape.
Despite falling below its all-time high of $260 in 2022, Solana outperforms most other cryptocurrencies. The crypto industry continues to be amazed at Solana’s new infrastructure and innovations.
Online exchanges are the best place to buy Solana coins. Before making an account with online exchanges make sure they are regulated, authentic and have good user reviews.
Gemini is considered to provide the most secure wallet as it is SOC 2-certified and has robust security protocols along with insurance of user funds.
