How to Buy Solana SOL 2024 Step-by-Step

After tapping buy, you’ll have the option to choose whether you want to place a one-time purchase or a recurring buy. If you select a recurring buy you’ll have the option to choose between daily, weekly, twice monthly, or monthly purchases. No, this is not a common method to buy Solana, as it is predominantly a digital asset. The easiest way to buy Solana is through a licensed exchange like eToro. With Solana’s support for NFT standards like SPL and its interoperability with other blockchain networks, users have access to a wide range of NFTs and diverse investment opportunities.

  1. As its popularity continues to grow in 2024,  crypto traders are increasingly turning their attention to Solana (SOL).
  2. We may receive payment from our affiliates for featured placement of their products or services.
  3. Solana is a versatile blockchain platform with a growing ecosystem of applications and use cases.

Choose a payment method using the [From] field and Solana coin as the receiving asset using the [To] field. If you wish to use the bank deposit method instead, you will need to make a transfer from your bank account to Uphold. To do that, first, you need to select the currency with which you will be transacting. The first step to using Uphold is to create an account and verify your identity.

Our information is based on independent research and may differ from what you see from a financial institution or service provider. When comparing offers or services, verify relevant information with the institution or provider’s site. Founded in 2017, Solana (SOL) is an open-source blockchain platform designed to host decentralized and scalable applications.

What’s the minimum amount of SOL you can buy?

Yes, many cryptocurrency exchanges support buying Solana with a credit card. EToro allows users to buy SOL tokens using credit or debit cards. To buy Solana with a card, you need to create an account on the exchange, complete the required identity verification (KYC) process, and link your credit card for payment. MEXCis a popular cryptocurrency trading platform known for its extensive selection of digital assets and new customer bonus offers.

Choosing the right platform to buy Solana depends on various factors, including trading volume, trading pairs, fees, and overall trading experience. By considering these factors and conducting thorough research, you will likely select an exchange that best suits your needs and preferences. Exchanges that offer intuitive interfaces, advanced trading tools, responsive customer support, and robust security measures contribute to a positive trading experience for users.

If it looks acceptable to you, you’ll confirm the transaction and Solana will be sent to your wallet or your exchange account. Where the crypto you bought winds up depends on how you’ve decided to store it. If you’re using a centralized exchange, you’ll be able to create an account relatively quickly, but you may have to provide some information such as a picture of your ID. While this might seem invasive at first, it’s normal on centralized exchanges. These companies have to comply with anti-money laundering and “know your customer” rules.

Be prepared to pay a markup on SOL’s market rate in exchange for the convenience. Keep in mind that these are suggestions and that the exchange that is best for you will depend on your individual needs. There are other products on the market not included in our picks. At the time of writing, OKX has a 5 people who became millionaires from bitcoin 24-hour Solana trading volume of $784 million, which is nearly 7% of the total. Now that your account is verified and funded navigate to the trading section of the eToro platform and search for Solana (SOL). Choose a trading pair that suits your preferences; for example, SOL/USD is a popular choice.

What You Can Purchase With Solana

Solana is a versatile blockchain platform with a growing ecosystem of applications and use cases. While keeping Solana on an exchange is convenient for active day trading, it also means that your crypto is under the guardianship of a centralized exchange. As such, should the exchange experience any financial troubles or collapses like FTX, your crypto will be at risk. If you don’t want to use cash, you can trade another cryptocurrency for Solana. Moving a cryptocurrency onto a platform can be a convenient way to pay for Solana, though not all cryptos can be directly exchanged for one another, and the choices vary by exchange. Unlike tokens such as Bitcoin, Dogecoin and Litecoin, Solana wasn’t designed primarily as a form of payment, and not all crypto payment protocols support it.

To earn instant crypto rewards, make sure the ratio of NEXO Tokens in your account against the rest of your portfolio is at least 1%​​​​​​. The rewards you get depend on your Loyalty tier – the higher your Loyalty tier is, the more rewards you’ll get. Whichever digital asset exchange you opt to use, protect your funds by performing exhaustive background research before buying Solana. You can use it to specify how frequently you want the transaction to recur when it starts and ends.

However, using the middle form field that represents the fiat value of your transaction is much simpler and less prone to error. This way, Uphold will convert and autofill the other two fields according to the exchange rate at that time. However, it is worth noting that the bank account method is instant, while the wire transfer takes a few (business) days to settle. Crypto beginners will probably prefer using an exchange over some of the other ways. Finder monitors and updates our site to ensure that what we’re sharing is clear, honest and current.

Staking to Earn More

You have to specify exactly how much money you are willing to spend in fiat and the quantity of the receiving asset you are willing to buy with that amount. Next, click on the [Preview] button to open the confirmation page. Check the accuracy of the information listed here, including the payment method, whether you have selected SOL as the receiving asset, and the amount to deduct from your accounts. Now that you have your payment method set up and have chosen which asset to buy, you need to specify how much you wish to spend. You can do that using any of the three fields provided and fill in the amount to deduct from your payment method or the amount of SOL tokens to purchase.

A centralized exchange is a platform operated by a company that creates a market for cryptocurrency and charges fees on transactions. Some traditional brokerage businesses operate crypto platforms, while some exchanges operate solely in the crypto world. OKX is another reputable crypto exchange that offers a wide range of trading pairs, including SOL. The platform has advanced trading tools, high liquidity, and strong security measures requiring all users to go through KYC. Click on the plus button corresponding to the payment method you would like to add.

You will need to find an exchange that has low fees, is easy to use, and, most importantly, secure. Many centralized exchanges (CEX) offer traders the opportunity to buy SOL; however, it can be difficult to pick the right one. If you’re using a decentralized exchange, you won’t have to make an account.

The rest of the form can be filled in as though you were setting up a normal trade as outlined in the previous section. Click on the [Repeats] or [Never] buttons to open a list of options. Use the search bar at the top to locate Solana (SOL) or first select [Cryptocurrencies] to filter out other asset types, then scroll down and locate Solana. Then we recommend reading our How to Buy Solana (SOL) in 2 Minutes guide. Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website. Read our guide on how to earn free crypto for other potential ways to earn some free Solana.

Most exchanges let you buy as little as $5 worth of SOL, if not less. Just type in how much you want to spend in USD and let the exchange work out the rest. These concerns were amplified when Solana experienced multiple network outages cryptocurrency news and analysis throughout 2022, halting block production for several hours. Next, you’ll be prompted to enter the amount you’d like to purchase. The information on this website is for educational purposes only, and investing carries risks.

Solana is a cryptocurrency project used to build decentralized blockchain applications such as financial products, games and NFTs. For years it was one of the most highly cryptocurrency news valued crypto assets by market capitalization, but in 2022, became one of the most volatile. By Nov. 10, SOL’s price had fallen more than 90% from its 1-year high.

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