Where to Buy Solana

The quickest way to describe Solana is by positing that the platform does what Ethereum is known for but is cheaper and much quicker.

Solana has become the second-largest smart-contract network behind Ethereum, jolted by the crossover into Web 3.0.

It is particularly convenient for those who want access to Non-Fungible Token (NFT) projects.

If you are a crypto enthusiast, you are probably aware of the blockchain’s capabilities. Its performance over the past year points to the asset being a good buy. Cryptocurrency statistics also show the asset has cemented its place among the top ten.

This article, therefore, is a prospectus on where to buy Solana. Let’s dive right in.

What Is Solana?

Solana is a decentralized blockchain that supports massively scaling decentralized applications (DApps).

Solana is named after Solana Beach, a small town North of San Diego where the blockchain’s founder Anatoly Yakovenko lived when he worked for Qualcomm.

The platform was initially named Loom but was renamed to differentiate it from the Ethereum-based project — Loom Network.

As of September 2022, Solana was the fastest blockchain in the world, capable of supporting 65,000 transactions per second. This throughput has made the system an attractive proposition for developers and investors.

Speaking of which, the platform’s native coin —SOL — is one of the top ten cryptocurrencies by market capitalization.

But how was the platform founded, and how did it grow to become a standout digital asset? This is Solana’s backstory.

Solana’s History

Solana dates back to 2017, when Anatoly Yakovenko published a white paper draft proposing a new timekeeping technique for distributed systems called Proof of History (PoH).

Anatoly stated that the Proof of Work (PoW) technique used by Bitcoin and Ethereum 1.0 was limited in terms of scalability. He believed the system he proposed would automate blockchains’ transaction ordering process. It would also provide a key element that would allow crypto networks to scale way beyond their capabilities at the time.

He would then team up with his Qualcomm colleague Greg Fitzgerald to build a blockchain that used Proof of History as its internal clock.

The two would later bring in another Qualcomm alumni, Stephen Akridge. The three formed the company now known as Solana Labs to execute their vision as co-founders.

The company began raising funds to build its new network in the second quarter of 2018. Between April 2018 and July 2019, the group raised over $20 million in private token sales.

Solana launched in March 2020, and its native token has since grown into one of the top 10 cryptocurrencies by market capitalization.

Why Is Solana So Valuable?

The blockchain’s underlying technology makes it inherently fast. As stated earlier, the system can process up to 65,000 transactions per second, making it the fastest blockchain in the world.

This translates into lower fees, making it cheap for investors to build on. These factors are the reasons behind the steady growth in Solana’s valuation.

The price of Solana had grown by over 4,000% between April 2020 and August 2022, from $0.74 to $31.46. It also recorded an all-time high of $204.35 in November 2021.

Best Places to Buy Solana

Solana is one of the few digital assets that boast solid long-term prospects. We’ve gone the extra mile by listing the best cryptocurrency exchanges where you can buy Solana.

Binance.US

Based in San Francisco, California, Binance.US is a digital assets marketplace tailored specifically for United States residents. It is also a subsidiary of the world’s largest digital assets platform. The exchange lets users buy, sell, trade, and convert 125+ cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Cardano.

  • Low trading fees
  • Wide range of supported cryptocurrencies
  • Allows staking

Based in San Francisco, California, Binance.US is a digital assets marketplace tailored specifically for United States residents. It is also a subsidiary of the world’s largest digital assets platform. The exchange lets users buy, sell, trade, and convert 125+ cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Cardano.

CEX.IO

Headquartered in London, CEX.IO is a cryptocurrency exchange popular for being one of the first platforms to make fiat-to-crypto transactions accessible through card payments and bank transfers. The platform has over four million users across the world.

  • Supports a wide range of cryptocurrencies
  • Licensed in the US
  • Strong security measures

Headquartered in London, CEX.IO is a cryptocurrency exchange popular for being one of the first platforms to make fiat-to-crypto transactions accessible through card payments and bank transfers. The platform has over four million users across the world.

Uphold

Founded in 2015, Uphold is a multi-asset trading platform that combines the attributes of a cryptocurrency exchange, an online brokerage, and a forex trading app. Perhaps that’s the reason it has gained traction. Four million people across more than 184 countries use the platform.

  • No withdrawal fees
  • Wide cryptocurrency selection
  • Automatic transactions

Founded in 2015, Uphold is a multi-asset trading platform that combines the attributes of a cryptocurrency exchange, an online brokerage, and a forex trading app. Perhaps that’s the reason it has gained traction. Four million people across more than 184 countries use the platform.

YouHodler

YouHodler is one of the more unique crypto investing sites because it allows users to earn interest on deposited cryptocurrencies. The platform lends out money to those looking for crypto loans, thus generating interest for the investor. YouHodler is a platform that functions as a crypto-fiat finance service that integrates all payment solutions.

  • Option to use cryptocurrency as a collateral
  • Multiple fiat payment methods available
  • Cryptocurrency savings account (with high yield)

YouHodler is one of the more unique crypto investing sites because it allows users to earn interest on deposited cryptocurrencies. The platform lends out money to those looking for crypto loans, thus generating interest for the investor. YouHodler is a platform that functions as a crypto-fiat finance service that integrates all payment solutions.

Changelly

Changelly is a non-custodial instant crypto exchange that doesn’t require a lot of personal information. It offers fast 5- to 30-minute transactions, a multi-currency wallet, and 50+ markets with competitive trading fees. They also come with 24/7 live chat support.

  • 150+ cryptocurrencies
  • 2M+ registered users
  • 0.5% exchange fees

Changelly is a non-custodial instant crypto exchange that doesn’t require a lot of personal information. It offers fast 5- to 30-minute transactions, a multi-currency wallet, and 50+ markets with competitive trading fees. They also come with 24/7 live chat support.

How to Buy Solana on Each Platform

The exchanges listed above are built differently, and the process of buying cryptocurrency on each is unique. We expound on this below.

Binance.US

Binance.US is one of the most trusted cryptocurrency exchanges in the United States.

When it boils down to low fees, Binance.US is as good as it gets. Maker/taker fees typically range from 0% to 0.01%, making it one of the cheapest ways to buy Solana.

Binance supports several payment options. These include fiat transfers, debit/credit cards, as well as third-party and e-wallet options.

The only downside is that the service is not available in all states.

To buy Solana on Binance.US, you must have an account. To set up one, you must verify your identity by uploading copies of your government-issued identification. You’ll also need to provide your social security number and hand in photo or video identification.

There are several ways you can buy Solana on Binance.US.

Credit/debit card

This is the easiest option for new users. To begin a purchase, select the “Buy with Cash” option and choose Debit/Credit card. You will then need to select the currency you wish to use. Select “SOL” from the pool of available options, insert the fiat amount you wish to spend, and click continue.

If you are a new user, you will be required to add your card details. Before completing the transaction, check whether the card details are correct. If you use your card to purchase Solana, the crypto will be sent to your spot wallet. Depending on your preferences, you can transfer the coins to your fiat or margin wallet.

Bank deposit

Select the “fiat and spot” option from the menu bar. Follow up on that by selecting the “deposit” option at the top right corner of your screen. Select the fiat currency you want to deposit,  input the desired amount and click confirm.

You will then be prompted to input your bank account information. The account will be saved for future deposits, plus users are allowed to add up to five accounts.

Note that the reference code has to be included in the SWIFT remittance. You will then be presented with bank details to deposit the funds. Instruct your bank to process a remittance instruction with the bank details provided.

Peer to Peer trading

To buy SOL from peers, select the “Peer to Peer (P2P) trading” option on the home page to enter the express mode. Select “SOL” and enter the amount you want to buy. At this juncture, you will be matched with the best offers available.

Alternatively, you can choose P2P mode and manually scroll through the SOL offers listed by various merchants. When you find a suitable offer, tap “buy,” choose the fiat currency you want to use, and specify the amount.

Once you tap “buy,” your order will be generated, and you will be redirected to a page where you’ll make payment. After that, notify the seller of the transaction by tapping the“transferred” option. The seller will then release the crypto once they confirm payment.

CEX.IO

With its solid reputation, CEX.IO is one of the safest platforms to buy and trade Solana.

The exchange instills a lot of confidence by being regulated in multiple jurisdictions. CEX.IO is registered as a Money Services Business (MSB) in the US with the Financial Crimes Enforcement Network (FinCEN).

Besides security, another aspect that makes CEX.IO attractive is its fee schedule. The exchange employs a maker-taker structure capped at 0.15% and 0.25%, respectively.

Like most exchanges that offer Solana, you’ll, however, need to register before being able to make any move. The process is rather straightforward.

All you will need to do to create your account is enter your email address, create a password, accept terms of use, and hit the complete button.

CEX.IO supports several payment options, including credit/debit cards, bank transfers, e-wallets, and cryptocurrency.

The good news is that CEX.IO makes it seamless to buy Solana through its Instant Buy option. Here’s how to go about it.

When you log in to your account, select the “products” option from the menu bar and choose the “Instant Buy” option.

Once you click “buy,” choose “SOL,” and select the fiat currency you wish to use.

The site will prompt you to another page that will display pre-calculated packs. You will need to choose one of them or enter the amount you would like to purchase. Prices are recalculated after every few seconds depending on how the market moves.

Verify the entered information and select the card you want to use. In case you don’t already have one saved, enter a new one.

You will then accept the terms of use and complete the purchase by clicking on the “buy now” button.

Debit/credit card

If you want to buy Solana on CEX.IO using a debit card, here’s how to proceed.

  • Select the payment card method.
  • Select the currency and the amount you want to deposit.
  • Choose the registered debit card or add a new one. Type the Card Verification Value (CVV) or the Card Verification Code (CVC). Follow that up by clicking accept terms and then click “deposit.”
  • Once the funds are credited to your account, you can buy or trade Solana.

Uphold

Described as one of the most efficient cryptocurrency exchanges, Uphold offers one of the best ways to buy Solana.

The exchange offers a wide cryptocurrency selection and is available worldwide except in UN-sanctioned countries.

To buy Solana on Uphold, you will need to have an account. Setting up one requires you to enter your email address and personal details.

You will then receive a link from Uphold. Once that happens, create a password, and your account will be ready.

Here’s how to go about buying Solana on Uphold.

The first step is to select your funding source. Select Solana from the list of available cryptocurrencies, insert the amount, and the platform will calculate the rest for you.

Although Uphold does not charge trading, deposit, or withdrawal fees, it charges a spread between 0.8% and 1.2%, depending on the asset.

As an Uphold user, you will not need to worry about security. The platform is a fortress. The platform employs modern security standards. These include two-factor authentication, vulnerability scanning, and independent security audits.

YouHolder

If you are looking for where to buy altcoins like Solana, YouHolder is another top pick.

Besides its intuitive & user-friendly website, the exchange also offers its users flexibility through its vast catalog.

The exchange supports various payment options, including debit/credit cards, bank transfers, e-wallets, and cryptocurrency. Instructively, the platform’s fees differ depending on the mode of payment.

But to use the platform, you will need a YouHolder account. To sign up for one, you need to specify your country of residence and provide your email address and password.

If you choose YouHolder to buy Solana coin, here’s how you will go about it.

Credit/debit card

YouHolder allows you to buy Solana via credit and debit card in three simple steps.

Once you login into your account, look for the “Buy Crypto” option at the top of your screen. Choose Solana from the dropdown menu, follow the prompts, and hit the “buy” button.

Bank transfer

To buy Solana crypto on YouHolder via a bank transfer, log into your account.

The second step is selecting the fiat currency you wish to use to complete the transaction.

After that, find the wallet, click “deposit,” and choose the “bank wire” option.

You will then need to follow the instructions to deposit fiat by bank transfer.

When the funds hit your fiat wallet, convert them into Solana using the “convert” button.

Other cryptocurrencies

If you choose to buy Solana using other cryptocurrencies, transfer the coins to the platform and convert them to Solana. Ideally, it would be best if you took advantage of the best market rates.

The platform supports 52 cryptocurrencies and eight stablecoins. Choose your preferred option from this pool to complete the operation.

Changelly

Some crypto traders place a premium on privacy. That’s why 2.6 million people use Changelly.

The fast-rising platform allows users to buy and exchange Solana and hundreds of other coins easily.

Why would you choose Changelly to buy Solana? The platform charges a 0.25% fee, one of the lowest in the market.

Changelly supports several payment options, including bank transfers, debit cards, e-wallets, and cryptocurrency.

But you’ll need to register to buy Solana on Changelly. However, the exchange offers users a high level of anonymity. As such, all you will need to do is set up an account using your Google, Twitter, or Facebook account and specify your crypto preferences.

Once your account is set up, here is how to buy Solana on Changelly.

The first step is deciding how much Solana you want to purchase.

You will be shown a list of fiat providers that the exchange works with and the rates they offer for SOL. You will also need to select your country of residence and payment method at this stage.

Follow this up by filling in your wallet address. Double-check everything before passing the verification procedure on Changelly partners’ websites.

Once you do this, the SOL will appear in your wallet in a few minutes.

Final Thoughts

There are plenty of exchanges where you can buy Solana. It all depends on your preferences.

If anonymity is your primary consideration, Changelly is the perfect fit. If you are conscious of fees, Binance.US would be your best bet.

Alternatively, for top-notch security, you might want to check out CEX.IO, while YouHodler’s user experience capabilities might tempt you.

Uphold is also great for overall efficiency. Your choice of where to buy Solana should be informed by what works best for you.

You will only have to keep a close eye on how Solana performs in the market. Once you do that, you will have taken another step towards positioning yourself for a crypto success story.

ABOUT AUTHOR

I’m a Kenyan journalist and professional writer. I move words around creatively enough to make you reread a piece. In my home office, you will find a quill and a bottle of ink. That’s how seriously I take this craft. Indulge me.

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