How to buy Solana

 

Where To Buy Solana?

There are a number of online sites that support Solana purchases. Naturally, each has its own positives and negatives. But one platform where we feel that the positives far outweigh the negatives is eToro. Find out why we love this brokerage site right here:

 

eToro - visit here

67% of retail investor accounts lose money when trading CFDs with this provider

 

As mentioned above, eToro is a brokerage site. This means that eToro provides users with direct access and exposure to various financial markets, including cryptocurrency and subsequently - Solana. It’s one of the most reputable sites, boasting copy trades, little to no fees depending on your chosen product, and an incredibly friendly interface. So whether you are an experienced trader or you just want to get your feet wet, eToro is the place to go.

Pros

• Mobile app for iOS and Android
• Regulated by the FCA
• Commission-free trading for many products
• Quick registration process

Cons

• Certain spreads are ‘unfavourable’ when trading
• Users are charged for inactivity
• Withdrawal fees do apply

 

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Cryptoasset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk. CFD crypto trading is unavailable for clients residing in the UK and US. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

 

What Is The Difference Between Buying And Trading Solana?

You can think of trading as an active way of investing in Solana. In contrast, buying is more of a purchase and hold type activity, where you don’t constantly check up on your investment and take action. This is the key difference between the two, despite the fact that buying and trading are terms that are often used synonymously. More detailed differences are provided here:

Buying

• A one-time thing - typically buy and hold
• Done through basic instruments most times (standard wallets, simplified exchanges, etc.)
• Short-term trading activity and price fluctuations are less important

From the information presented above, you can probably see that buying is a less intensive activity compared with trading. Most Solana buyers will decide how much they want to invest and then execute the trade when ready. The current state of the market or Solana volatility won’t be as much of a factor, as buying the coin is usually done to hold for the long run. 

 

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67% of retail investor accounts lose money when trading CFDs with this provider

Trading

• Often done through more complex financial instruments
• Transaction fees become a huge factor
• Coin’s often traded in varying currency - fiat, cryptos, etc.

 

In a general sense, trading is done by semi-professionals or full-time professionals who understand financial markets. There are many factors surrounding cryptocurrency and Solana that would determine when to execute buy or sell orders. Traders usually have a good idea of what factors or indicators to pay attention to, and they will often make many transitions over a short period of time. It’s not always a guarantee that a trader will hold the coin for the long run either.

How To Buy Solana Online?

As long as you are over the age of 18, you can invest in Solana with ease. Especially at eToro, you can head to the platform and open a brand-new account in a matter of minutes. Here is a step-by-step guide to walk you through the process:

1. Create a new username and password for your account
2. Provide all personal info and set up your security measures
3. Verify the info provided and sign in
4. Locate the banking section and process your first deposit
5. Make your first purchase (must have sufficient money in your account)

 

eToro has multiple products open for people wanting to buy Solana. All you have to do is choose your preferred option, decide how much you wish to invest, and hit that buy button. eToro makes this easy, so make sure you sign up when ready.

67% of retail investor accounts lose money when trading CFDs with this provider

 

How To Trade Solana?

We wouldn’t recommend trading if you are brand new to cryptocurrency. But if you feel comfortable with what you are doing and you have sufficient knowledge, trade away! This activity is slightly different from standard buying, but getting set up to trade is just as simple. Here are the required steps:

1. Head over to eToro via the provided links
2. Complete the short sign up process 
3. Sign in and fund your account
4. Browse through the available trading products and pick the most suitable one
5. Start trading Solana with your desired trading pairing

 

Trading Solana at eToro gives you access to an extremely professional and helpful setup. It’s easy to see trades, activity, market prices, and so much more. All of this creates a fantastic trading arena in which you can put your knowledge and strategies to the test. Just register with eToro to gain access.

67% of retail investor accounts lose money when trading CFDs with this provider

 

What Are The Different Ways To Pay For Solana?

Now that you know you can easily invest in Solana, we’d like to delve into the methods you can use to make these purchases. In contrast to certain myths surrounding cryptocurrency, it’s actually quite simple to fund an account and buy Solana. Many of the payment options you have likely used in the past too, as detailed right here:

Fiat Currency

Fiat currency will be route one for most Solana investors. Of course, you can’t just go and buy Solana directly - you must first fund your account and then buy Solana once your money is ready to go. On that note, there are a number of ways you can initially fund your account:

• Regular bank transfers

This isn’t the quickest way of funding your account, but it’s incredibly secure. Once you know the account details for your chosen trading platform, you can perform a manual transfer with a unique reference ID. Limits are pretty high through this method, but it can be slow - often several business days to come through.

• E-wallets

Digital wallets are nothing new. PayPal broke the mould well over a decade ago, and it provided a secure way for people to pay without sharing sensitive banking information. Since PayPal, other providers like Neteller and Skrill have joined the party. And while yes, you do need to set up third-party accounts with these merchants, the added security is worth it.

• Rapid transfers

Rapid transfers are actually just standard bank transfers, only they get completed instantly rather than taking several days. Many of the largest banking institutions allow rapid transfers these days, and you can complete transactions this way through any online banking platform - including mobile apps.

• Credit/Debit cards

You’ve probably got a credit/debit card sitting in your wallet/purse right now. Almost all MasterCard or Visa cards are supported when buying Solana, but others are also available depending on the platform you choose. Of course, these are highly accessible for most people, and deposits are typically processed instantly should you go down this path.

 

Ethereum

To buy Solana with Ethereum, you must actually buy Ethereum, first and foremost. This doesn’t need to be a whole coin, it can just be part of a coin if desired. You can then buy Solana by converting your Ethereum (ETH/SOL) into this currency through a trade, as supported on most major exchanges and brokerage sites. 

Bitcoin

Bitcoin is another popular trading pair with Solana. Look for the BTC/SOL pairing on your chosen platform to ensure you’ve got the right one. Instead of a monetary figure quoted, you are quoted the price according to your Bitcoin holdings, which does take some getting used to!

 

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67% of retail investor accounts lose money when trading CFDs with this provider

 

What To Consider When Buying Solana?

Solana, like all cryptocurrency projects (especially new ones), isn’t for everyone. The price is more volatile than more established coins such as Bitcoin or Ethereum. But this can be a good thing too, providing that the price is appreciating instead of depreciating! Of course, nobody can guarantee which direction the price will move, and there are a few important areas to address before you decide to buy Solana:

• Platform fees

Unless you sign up with a completely fee-free site, you’re going to incur charges to some degree. There’s no way around this, unfortunately, but that doesn’t mean you can’t make the best decision possible. On that note, we’d suggest finding sites with low deposit/withdrawal fees, zero trading fees, and low/zero inactivity fees.

• Volatility

Solana may well have surged by 15,000% this year, but short-term volatility is still a very real thing. You need to be prepared for this when making the investment, and it’s important to think about how risk-averse you might be before jumping in.

• Intended activity

By activity, we mean what you plan on doing with your Solana holdings. Do you plan on ‘holding’? Or do you plan on trading the coin on a daily/weekly basis to try and find profit opportunities? For the latter, it makes sense to find platforms that allow you to trade easily without hefty fees.

• Project potential

When you divert your attention from the performance of the asset alone, think, do you value what the project stands for? If you think that Solana has real substance to it and that future price appreciations are likely, it then makes sense to buy.

 

Is It Safe To Buy Solana Online?

It is usually very safe to buy Solana online, assuming you stick with regulated and reputable platforms such as eToro. With that said, it’s also best if you take further measures to shield your account from potential threats, which can be done in the following ways:

• Enable two-factor authentication as soon as you sign up
• Ensure your backup phone number and email is correct
• Take note of your private keys and keep them safe
• Sign out of your account on all devices when finished
• Store Solana in various locations - wallets, cold storage, exchanges, etc.

As long as you stick with this advice and follow through on the steps to protect your account, you should have no problems investing in Solana safely.

 

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67% of retail investor accounts lose money when trading CFDs with this provider

How To Store Solana?

Just like there are many ways to buy Solana in 2021, there are many ways that you can store Solana too. Storing essentially means that you are holding the coin without actively making any trades - usually indicating that you are in it for the long haul. Here are the main options you have for storing Solana right now:

• Cold storage (hard wallets)

Solana, by nature, is a blockchain technology that depends on the internet for transactions and other services. However, once you have Solana in your portfolio, you don’t actually need to store the coins online. In fact, if you have a large investment in Solana, it’s better to take them offline through hardware wallets. There are devices out there these days that let you shift your Solana onto them, and since they are then offline, they cannot be hacked.

• Online storage (software, digital wallets)

Platforms such as exchanges and brokerage sites are there to let you actively trade. But if you open up an account with a digital wallet, you can store your Solana here without trading them. These wallets are established by companies for this exact purpose, and they can be accessed through mobile apps and desktop sites. For every online wallet, you’ll get your own unique keys where you can access your holdings. 

 

How To Sell Solana?

Investing in Solana is a two-way street. While you can buy Solana whenever you like, you can also sell it once you are ready. Naturally, the time at which you sell is entirely up to you, and this can be done through any of the following methods:

• P2Ps

P2Ps are peer-to-peer products where you can trade Solana with others through supported payment options. These are pretty simple products too, letting you execute instant trades at a pre-set market price. 

• Brokerage sites

Brokerage sites let you sell Solana with a range of products. Of course, the avenue you go down is your choice, and the very best brokerage sites like eToro let you sell Solana without incurring fees.

• Exchanges

Exchanges are platforms designed for professionals. Oftentimes exchanges display information that basic platforms don’t, such as trading volume, recent trades, and charts to show the price changes. When selling on exchanges, you generally have more flexible options including future prices and what currency you use. 

• Wallets

While you can store Solana in digital wallets, you can also sell them via these wallets too. Wallets such as Coinbase have very simple interfaces to do this, where you basically enter how much you wish to sell and execute the transaction. There are no complex pairings or market orders to be concerned about here.

 

Is It Worth Buying Solana Right Now?

It goes without saying that we don’t know what the price of Solana will be by the time you read this. For those with current holdings, we hope that the coin has continued its bullish trend. However, there are obviously no guarantees concerning price changes. And with Solana still being in its early stages, there isn’t really enough data to give an accurate prediction for an exact point in the future.

What we can say, however, is that Solana definitely has a great following and solid fundamentals as a project. The introduction of smart contracts was a promising move, and the fact that Solana is so much quicker than other rivals like Ethereum is tough to ignore. Of course, the 15,000% gain in 12 months is also rather impressive, and it does indicate incredible growth compared with other coins.

Could this trajectory continue? Sure. But once again, we cannot provide any guarantees, and you need to ultimately decide whether to pull the trigger and invest or not. 

 

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67% of retail investor accounts lose money when trading CFDs with this provider

 

Final Thoughts

At the time of writing, Solana is within the top five of all cryptocurrencies by market cap. This has been fuelled by surging price increases and exciting project developments. As it happens, Solana is easily the best performing asset out of the top 10 cryptocurrencies over the last 12 months. For comparison purposes, Ethereum has increased by around 600% at the time of writing, whereas Solana has surged by 15,000%. That’s clearly quite a difference, and it’s a major reason why Solana has been called an Ethereum challenger by many.

However, the project is still just a little more than 12 months in. Therefore, rapid improvements are typically more visible with these fresher coins vs established giants. But looking at the underlying investment considerations, there is a good team behind Solana, there are diverse applications on the Solana blockchain, and it has a market cap of almost £50 billion. The latter just doesn’t occur unless the project gains traction with avid investors.

To conclude, it’s a promising project that could certainly start to compete with the likes of Ethereum, and buying Solana wouldn’t be the worst move in cryptocurrency - not by a long way!

 

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67% of retail investor accounts lose money when trading CFDs with this provider

 

FAQs

Can I buy Solana in any country?

No. Solana is only available to purchase in countries where crypto investing has been approved.

 

Is there a limit to how many Solanas I can buy?

The only real limit to how many Solana coins you can buy depends on your current financial position and how much you can invest. There aren’t any stated maximums when trading Solana.

 

Can I buy Solana without ID?

No. You will be required to verify your account once you have registered at an online trading platform. Failure to confirm your ID could result in your account being closed.

 

Can I buy Solana instantly?

Once you actually have an open, verified, and funded trading account, you can purchase Solana instantly, yes.

 

What is Solana?

Solana is actually the fastest blockchain in the world, with 400+ projects currently operating directly from this blockchain. Within this ecosystem, users can buy the SOL coin, and operators can put together de-fi apps, smart contracts, and more.

 

How does Solana work?

Solana is quite different from other blockchains in the respect that it is a hybrid system. Solana uses proof of stake and proof of history to verify transactions on the blockchain, whereas other systems tend to use singular verification models. The Solana coin can be bought and then used to fund projects that run on the blockchain.