Solana is a popular cryptocurrency known for its fast and secure transactions. If you’re new to crypto-gambling and want to invest in Solana, you’ve come to the right place. In this article, I’ll walk you through the steps of purchasing SOL, from choosing a platform to securely storing your assets.
Best Solana Exchanges in 2023
Our team has reviewed several Solana exchanges and compiled for you a list of the 5 best Solana exchanges.
- Kraken – best for high-volume trading
- Coinbase – best for beginners
- Binance.US – best for low fees
- eToro – best for social trading
- Capital.com – best for CFD trading
Reviews of the Top Solana Exchanges
You can have a look at some of the reviews of our 5 best Solana exchanges.
1. Kraken Exchange Review
- Overview: Kraken is one of the oldest and most established cryptocurrency exchanges in the world, founded in 2011 and launched in 2013. It is available internationally and to most U.S. residents, but not currently available to residents in the states of New York or Washington. Kraken accepts a handful of fiat currencies and deals with over 160 coins.
- Tradable coins: Over 160 coins
- Fees: Kraken has a tiered fee structure that ranges from 0.16% to 0.00% maker fee and 0.26% to 0.10% taker fee, depending on the trading volume. Kraken is known for its low fees, especially for high-volume traders
- Pros:
- Well-established and reputable exchange
- Low fees for high-volume traders
- Wide range of coins
- Advanced trading tools like margin trading
- Cons:
- Limited fiat currencies accepted
- Not available to residents of New York or Washington
2. Coinbase Exchange Review
- Overview: Coinbase is a beginner-friendly cryptocurrency exchange founded in 2012 and headquartered in San Francisco, California. It is available in over 100 countries and deals with over 50 coins.
- Tradable coins: Over 50 coins
- Fees: Coinbase has a fee structure that ranges from 0.50% to 1.49% depending on the payment method used. Coinbase is known for its user-friendly interface and ease of use, but its fees are higher compared to other exchanges
- Pros:
- Beginner-friendly interface
- Wide range of coins
- Available in over 100 countries
- Cons:
- Higher fees compared to other exchanges
3. Binance.US Exchange Review
- Overview: Binance.US is a cryptocurrency exchange launched in 2019 and headquartered in San Francisco, California. It is a subsidiary of Binance, one of the largest cryptocurrency exchanges in the world. Binance.US is available in most U.S. states and deals with over 50 coins.
- Tradable coins: Over 50 coins
- Fees: Binance.US has a fee structure that ranges from 0.10% to 0.50%, depending on the trading volume. Binance.US is known for its low fees, especially for low-volume traders
- Pros:
- Low fees for low-volume traders
- Wide range of coins
- Available in most U.S. states
- Cons:
- Limited fiat currencies accepted
4. eToro Exchange Review
- Overview: eToro is a social trading platform founded in 2007 and headquartered in Tel Aviv, Israel. It is available in over 100 countries and deals with over 120 coins.
- Tradable coins: Over 120 coins
- Fees: eToro has a fee structure that ranges from 0.75% to 4.5%, depending on the payment method used. eToro is known for its social trading features, which allow users to copy the trades of other successful traders
- Pros:
- Social trading features
- Wide range of coins
- Available in over 100 countries
- Cons:
- Higher fees compared to other exchanges
5. Capital.com Exchange Review
- Overview: Capital.com is a CFD trading platform founded in 2016 and headquartered in London, UK. It is available in over 200 countries and deals with over 2,000 assets, including cryptocurrencies.
- Tradable coins: Multiple cryptocurrencies
- Fees: Capital.com has a fee structure that ranges from 0.5% to 1.0%, depending on the asset traded. Capital.com is known for its CFD trading features, which allow users to trade on the price movements of cryptocurrencies without actually owning them
- Pros:
- CFD trading features
- Wide range of assets
- Available in over 200 countries
- Cons:
- Limited to CFD trading only
Choosing a Platform To Buy From
When buying Solana, the first step is to select a reliable and user-friendly platform. There are various crypto exchanges available, each offering different features and services. Here are some key factors you should consider when selecting a Solana exchange:
- Security: Ensure the platform uses advanced security measures like two-factor authentication.
- User interface: Look for an intuitive and easy-to-navigate platform, especially if you’re new to crypto-gambling.
- Fees: Check the transaction and withdrawal fees to decide which platform aligns with your budget.
Choosing a Method To Buy With
After selecting the best exchange, you’ll need to decide on a suitable method to purchase Solana. There are several options available, catering to different preferences:
Using fiat currency: Most platforms accept fiat currencies, such as USD or EUR. You can use your credit/debit card, e-Wallet, or bank transfer to make the transaction.
Peer-to-peer transactions: Some platforms allow you to buy Solana directly from other individuals. This method can offer more flexibility, and may support various payment options.
Gift cards: Sometimes, you can buy SOL using gift cards from popular retailers. This option is ideal if you prefer anonymous transactions.
Setting Up a Payment Method
Once you’ve chosen a method to buy SOL, the next step is to set it up. Follow the steps for a seamless process:
Step 1: Register an account
Sign up on your preferred exchange. The registration process is often straightforward; you only need to fill in a few details. Your account will be ready once you have completed the verification process.
Step 2: Link your payment method
Depending on your chosen method (credit/debit card, e-Wallet, or bank transfer), link your payment source to your account.
Step 3: Verify your payment method
In some cases, you might need to verify your payment method to prevent potential fraud.
Placing an Order
Now that you’ve set up your payment method, it’s time to place an order and acquire Solana.
Choose the amount: Decide on the quantity of Solana you wish to purchase based on your investment strategy and budget.
Review the order: Double-check all the details before finalizing the purchase. Make sure the amount and payment details are accurate.
Confirm the transaction: Once you are satisfied with the order details, confirm the transaction to buy Solana.
Storing Solana Securely
Congratulations on becoming a Solana owner! To ensure the security of your investment, follow these tips for storing your Solana securely:
Use a hardware wallet: Consider transferring your SOL to a hardware wallet. This is a physical device that provides an extra layer of security by keeping your assets offline.
Enable two-factor authentication: Setting up two-factor authentication on your exchange account protects it from unauthorized access.
Keep your private keys safe: Your private keys are vital when you need to access your Solana. Store them in a secure and offline location.
Now that you own Solana, what next? In this section, I’ll walk you through essential steps to secure your Solana. We will also explore various ways to utilize it and offer advice on how you can diversify your crypto portfolio.
How To Secure Your SOL
Securing your Solana is crucial in safeguarding your investment. Here are some essential steps to follow:
Avoid leaving too much on an exchange
While crypto exchanges provide convenience for trading, they are not the safest place to store your assets long-term. This is why we recommend that you transfer the majority of your Solana to a more secure wallet.
Move to a cold wallet
Consider using a hardware wallet, also known as a cold wallet. A cold wallet stores your SOL offline. The fact that they are offline means that they provide an extra layer of protection against online threats.
Backup your wallet
Ensure you create a backup for your wallet’s seed phrase or private keys. Store this information in a safe and private location, away from potential prying eyes.
Different Ways To Use Solana
There are various ways you can use your Solana assets. Below are some of the options you can explore:
HODLing
“HODL” is a term used in the crypto community to mean holding onto your assets rather than selling them. This is mainly in response to short-term price fluctuations. Still, HODLing can be a long-term strategy to potentially benefit from the crypto’s growth.
Purchases and investments
More businesses are now accepting digital currencies. Therefore, you can use your Solana to make purchases or invest in products and services that support this payment method.
Staking
Some cryptos, including Solana, offer staking opportunities. By staking your Solana, you participate in the network’s validation process. At the same time, you’ll earn some rewards for contributing to its security and stability.
Trading
If you understand cryptocurrency markets well and are comfortable with the risks, you can engage in trading Solana. This gives you a chance to potentially profit from price movements
Diversify your crypto portfolio
Diversification is a key strategy to manage risk in the volatile crypto market. Consider these tips:
Invest in multiple coins
Besides Solana, explore other cryptocurrencies that align with your investment goals. Diversifying your portfolio reduces the impact of any single coin’s price fluctuations.
Research thoroughly
Before investing in other cryptocurrencies, research to understand their fundamentals, how to use them, and their growth potential.
Importance of staying informed
In the ever-changing world of cryptocurrencies, staying informed is vital. Keep these points in mind:
Follow market trends
Monitor the market regularly to identify trends and potential investment opportunities. This will protect you from making impulsive decisions.
Be aware of regulatory changes
Cryptocurrency regulations can significantly impact the market. Stay updated on regulatory developments in your country and internationally.
