Find out what Solana is, how you can buy it, how much it will cost you and where to buy Solana.
Solana was one of the most popular cryptocurrencies in 2021. Its price increased by 11,000% within last year. That has made it one of the fastest growing cryptocurrencies to exist in the market as of now.
On the other hand, what makes Solana so popular is also that it has very low fees. If you are interested in investing in Solana, you will come across the need to figure out where to buy Solana. Continue to read as I share more details with you about it.
What is Solana?
Solana is a cryptocurrency with an aim to create an ecosystem for numerous other cryptocurrency projects and applications. Some of the most unique features that you can find in Solana is its fast processing times and low transaction fees. Due to these reasons, Solana garnered major attention in a short period of time.
You can also call Solana a smart contract cryptocurrency or a programmable cryptocurrency. In this case, it makes a great alternative to more popular cryptocurrency, Ether by Ethereum which has a high network congestion and sometimes exorbitant gas fees. That has been a major contributing factor to Solana’s market share increase.
How to buy Solana?
Before taking a look at where to buy Solana, you should figure out how you can do it. Here are some of the most prominent options available on how to buy Solana.
1. Credit card
Crypto exchanges that offer Solana provide you the opportunity to buy it with your credit card or debit card. For example, you can use your MasterCard or Visa card to purchase Solana on Binance.
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2. Trade Solana
You can also trade Solana with other compatible cryptocurrencies. The options available for you to trade would vary depending on the crypto exchange you select.
4. Bank transfer
You can purchase Solana through bank transfer as well. You will need to wire money from your bank account, and you can purchase Solana for the equivalent amount from your crypto exchange.
Where to buy Solana?
Now let’s come to the most important section of the article, where we analyze different crypto wallets and marketplaces available for you to buy Solana.
Binance is a super popular crypto exchange. As of now, it provides more than 300 cryptocurrencies. It is fairly easy to register, verify and use Binance. In Solana’s case, you’ll be able to use Binance to purchase the cryptocurrency through any of the three methods mentioned in the previous section. You may also use the wallet to store Solana or even trade it since it is safe and hassle-free, hence comes highly recommended.
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On Coinbase you can discover a large number of cryptocurrencies, including Solana. The great thing about it is that it caters to the needs of both beginners as well as advanced traders. Get a Coinbase Pro account – that will give you lower fees to buy Solana. Another great thing about Coinbase is that it offers a third-party insurance to you against hacking.
If you wish to buy Solana along with ETFs, stocks, and few other investment vehicles, then SoFi would be a great option to consider. It is, however, important to note that SoFi doesn’t provide an external crypto wallet to you. If you are okay with the fees at SoFi for trading Solana, you can give SoFi a shot.
Kraken is one of the most versatile crypto exchanges to exist nowadays. Its “Instant Buy” feature is one of the biggest factors behind its popularity. If you wish to buy Solana within a matter of few seconds, this may be the place. On the other hand, you can think about using Kraken for staking Solana as anyone who stakes Solana on Kraken can end up with getting decent interest.
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Crypto.com is another popular cryptocurrency exchange you can find out there. There is a massive list of cryptocurrencies available on this platform, including Solana. Crypto.com offers several benefits to you at the time of purchasing Solana, like its user-friendly interface. The interface really makes it super easy to purchase crypto, especially if you’re a beginner.
How much does it cost for me to buy Solana?
Different crypto exchanges have different fees. Hence, it is not possible to clearly predict how much you will have to spend to buy Solana. After you confirm a place on where to buy Solana, you can take a look at the fees and then decide whether you are going to use it for purchasing Solana or not.
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However, most crypto exchanges out there are not very transparent in terms of expenses. So, you should carefully take a look at withdrawal fees, trading fees, and deposit fees before you go ahead.
There is a fee guidance on almost all crypto exchanges, and you may refer to it to get additional information. You can also test out a sample trade before you buy Solana in large amounts.
Read: How to set gas fees on MetaMask wallet
Final words – Where to buy Solana?
Now you know what Solana is, how you can buy it, how much it will cost you and where to buy Solana.
Solana is one of the most versatile cryptocurrencies. There are multiple reasons for that. For example, you can use Solana to secure a passive income, sell it, trade on crypto platforms, and use on applications that are available within the Solana ecosystem.
So if you’re planning to buy it, might as well do it!