Are you in search for an easy way to buy Solana coin?
In this article we’ll share our quick guide, that can have you with Solana in your account in just a few minutes.
Solana has blown up in popularity in 2022. The Solana Blockchain has seen a large increase in usage, NFTs and transactions.
Solana became popular due to the low fees and fast transactions.
How To Buy Solana
By following my steps below you’ll be able to buy Solana easily. This guide should take you 3 minutes from start to finish.
1. Sign up to an Exchange
Exchange’s are how you trade your fiat currency for cryptocurrencies.
Similar to how you use brokers when you buy stocks.
Below we have listed our top cryptocurrency exchanges to use when buying Solana.
Note: By using the links included on our site, you get discounts on trading fees.
2. Deposit Fiat into your Wallet
For our next step we will need to deposit fiat currency into our wallet.
To do this head to the “Wallet” section of the exchange.
On FTX the “Wallet” button is in the top left.
Once you are on the “Wallet” page you’ll be able to deposit fiat money.
One way you can do this is by clicking the “Card Deposit” option on the right hand side.
This will let you deposit fiat currencies through your Credit or Debit card.
Another way you can deposit fiat currency is by scrolling down.
You will then see various fiat currencies and your balance. You want to look for your currency and then press deposit.
For example if I wanted to deposit GBP (Great British Pounds) I can press deposit next to pounds.
This will allow you to deposit via other methods such as bank transfer, wire transfer and SEPA transfer.
3. Go to Markets to Buy Solana
Once you have successfully deposited fiat money into your account we now need to trade this for Solana.
Depending on the currency you deposited, you might not be able to trade it directly for Solana.
So you can press “Convert” to change your fiat balance into USD.
Once you have obtained USD, you want to click on “Markets” in the top left of the screen.
Next you want to click on “Spot”.
The page should now be populated with lots of different cryptocurrency trading pairs.
You want to search for the “SOL/USD” trading pair.
This will allow us to exchange our USD coins for Solana coins.
On the next page you might be slightly overwhelmed with all the numbers changing and the graphs.
The graph on the left hand side displays the historical price action of the coin.
In the middle you should see the Orderbook which displays the bids and asks.
On the right hand side is how we purchase Solana.
You want to find the box that says “Order Type” and click on it.
Several options should now be available to pick from, you want to click “Market Order”.
A market order allows us to buy Solana quickly by purchasing someone else’s created sell order.
Once you have selected the order type, you now want to enter the amount of Solana coins you want to buy.
Alternatively if you want to keep it simple you can just drag the slider to the percentage of your dollar balance that you want to put in Solana.
In this example I drag mine to 100%. I have $20 in my balance, so it will spend the full balance on Solana.
Once you have set the amount press the big green “Buy” button.
You have now successfully bought Solana. Congratulations!
Which crypto wallet should I use to store Solana?
When it comes to a cryptocurrency wallet, I recommend you store Solana in a hardware wallet.
Hardware wallets are much more secure than crypto exchanges. A crypto exchange could be hacked. This is much less likely if you use a hardware solution such as a Ledger or a Trezor.
Another popular crypto wallet to store Solana is Phantom Wallet.
Phantom Wallet is a great way to interact with decentralized applications on the Solana blockchain. If you are into trading NFTs, then Phantom is the go to choice.
Advanced traders tend to just leave their assets on the cryptocurrency exchange they use. If you are more of a trader than an investor, then I recommend moving some of your assets offline and keeping the active trading balances you use on the crypto exchange of your choice.
When you want to sell Solana or any of your crypto investments you can move them back from your crypto wallets to FTX or other trusted crypto exchanges.
Is the Solana blockchain secure?
So far there have been no notable incidents or hacks on the Solana blockchain.
Solana is a digital asset with smart contracts, NFTs, proof of stake and low transaction costs.
Solana (SOL) has gained large backing from lots of crypto investors, because of its low fees compared to other coins such as Bitcoin.
Which Cryptocurrency Exchange is best to buy Solana (SOL)?
In my opinion the FTX exchange is the best option to buy SOL tokens.
FTX has some of the lowest fees when compared with Coinbase and Binance.
If you want a guide on how to buy Solana on the other exchanges, you can copy the steps we used to buy Solana (SOL) on FTX and the steps should be similar.
Coinbase makes it even easier as the trading is very simple on a basic Coinbase account without the pro version. Most of the crypto industry is not a fan of Coinbase, because of the high fees. Although the Solana cryptocurrency has very low fees compared to others.
When it comes to the world’s largest cryptocurrency exchange Binance, they are also very simple to use for a Solana purchase. Binance offers a wide range of other assets to trade, however the fees again are much higher when you withdraw and use blockchain transactions.