🟠 How to buy Solana (SOL) Crypto in 2024

Since launching in 2017, Solana has become one of the most widely used blockchain networks. Users need to know how to buy Solana (SOL) to engage with the Solana blockchain ecosystem or profit from the network’s growth. 

This article outlines how to buy SOL and lists some top exchanges where you can easily buy the asset using various payment methods. Before we dive in, though, here’s a brief overview of what Solana brings to the blockchain industry.

Solana offers one of the fastest and cheapest blockchain networks for users. Transactions cost less than a fraction of a cent and are settled almost instantly. Solana came to the limelight in 2020 after it introduced functionalities for developers to create decentralized applications (dApps), a concept pioneered by the Ethereum network. Today, a wide range of decentralized finance (DeFi) protocols and non-fungible tokens (NFTs) live on the Solana network.

With that clear overview of Solana, let’s consider how anyone can buy SOL in a few simple steps using Binance, one of the world’s largest cryptocurrency exchanges. 

Buy Solana Instantly on Binance

Binance is a top cryptocurrency exchange with numerous options for users to buy SOL. The platform's advantage is deep liquidity, low transaction fees, and advanced offerings such as earning interest by staking SOL. 

Here’s a step-by-step guide to buying Solana on Binance:

• Register at Binance.com and complete the identity verification process.
• Login to your new account and click on Buy Crypto
• Choose your preferred fiat currency and choose to pay with a Credit/Debit Card
• On the next screen, input the amount to spend and choose SOL as the currency to purchase.
• Review the transaction details and add your new bank card on the next screen.
• Click Continue to complete the transaction on the next screen.
• Binance will add the purchased SOL to your wallet balance available by clicking Wallet > Fiat and Spot.

Exchanges to Buy Solana Token

Being one of the largest cryptocurrencies by market capitalization, many exchanges support Solana trading. This section presents a list of other top-tier cryptocurrency exchanges where you can buy Solana using a bank transfer, a credit or debit card, and several other payment options.

Huobi

Huobi is another popular exchange where users can trade SOL. The platform launched in 2013 and remains one of the longest-serving cryptocurrency exchanges. In addition to letting users buy SOL with fiat, Huobi lists several SOL trading pairs on its platform. 

Using the platform's order book, you can trade SOL with BTC, ETH, USDC, and USDD. Users can also earn up to 4.60% staking SOL on Huobi.

Bitfinex

Bitfinex is another excellent option for buying and selling Solana. Launched in 2012, the platform supports a wide range of fiat deposit options and lists an array of cryptos in addition to Solana. 

On Bitfinex, you trade SOL against USD, BTC, and USDT. Bitfinex’s “Staking Rewards” product also lists SOL with staking rewards (up to 6.5%) paid out weekly.

Gate.io

Gate.io is a popular cryptocurrency exchange for trading altcoins like Solana. You can buy SOL with fiat using a credit/debit card or bank transfer on Gate.io. You can also trade it against USD, USDT, and Turkish Lira (TRY).

Notably, Gate.io also supports other versions of Solana, including Marinade Staked SOL (MSOL), Socean Staked SOL (SCNSOL), and Lido Staked SOL (STSOL). These staked tokens allow investors to earn SOL staking rewards while utilizing the asset across Solana-based DeFi protocols. 

Meanwhile, Gate.io supports SOL lending on its Lend and Earn product, although the yields are significantly less than staking SOL.

OKX

OKX (formerly known as OKEx) launched in 2017 and is another excellent choice for buying SOL. Like other platforms, you can buy SOL on OKX using fiat payment methods such as credit/debit cards or bank transfers. 

More experienced traders may choose to trade SOL against other cryptocurrencies on OKX. The following pairs are available SOL/USDC, SOL/USDT, SOL/BTC, and SOL/ETH. Users can also stake SOL to earn rewards via OKX’s Grow product.

Crypto.com 

Crypto.com is one of the most popular cryptocurrency trading platforms. The company offers a mobile app and advanced trading platform called the Crypto.com Exchange. You can buy SOL on either platform using fiat payment methods. 

The Crypto.com Exchange only lists the SOL/USD trading pair. Meanwhile, investors can grow their SOL holdings using the Crypto.com Earn product. The annual interest rate currently stands at 4.5% for staking SOL on Crypto.com

Kraken

Kraken is a top-tier crypto exchange that has been live since 2012. Kraken listed SOL in June 2021 and offers a range of services for Solana investors. For instance, users can also stake SOL on Kraken to receive 5-8% in staking rewards.

You can buy SOL on Kraken using a credit or debit card. Depending on your location and fiat currency, you may also have the option to deposit funds on Kraken to buy Solana. 

How Solana Project is Different

Solana differs from other blockchain projects because it offers fast transaction processing and lower fees. The network utilises a novel technology called Proof-of-History (PoH) to achieve faster block times. While most blockchains like Ethereum, Polygon, and BNBChain support the creation of smart contracts using the Solidity programming language, Solana implements the Rust Language. 

Other notable differences include Solana’s quick settlement enabling the development of previously impossible applications on the blockchain. For instance, the network currently hosts a range of decentralized exchanges with order books (e.g., Mango Markets and Zeta), a product that is almost impossible to replicate on a slow blockchain. Solana Labs is the primary maintainer of Solana's network infrastructure, although the blockchain boasts a vibrant developer ecosystem.

Things to consider before buying Solana

• Competition

Solana is one of many blockchain projects designed to provide a platform for developers to build decentralized applications. Although the project has gained traction, it faces stiff competition from other projects like Ethereum, Polygon, and BNBChain. 

Before you buy Solana, you need to carefully understand its position in the broader market. Only invest if you feel that the project has the potential to outperform or at least compete fairly. 

• History

A clear understanding of Solana’s history can help investors decide whether or not to invest in the project. Solana emerged from a blockchain project called Loom Network, which launched in 2017. 

However, the project didn’t come to the limelight until 2020, when it rebranded as Solana. The project was notably backed by now-defunct venture capital firm Alameda Research, owned by Sam Bankman-Fried of the now-collapsed cryptocurrency exchange FTX. 

The Solana project suffered significantly when Alameda and FTX collapsed in late 2022 because of the entities' gross mismanagement of customer funds. However, Solana continues to thrive and boasts a thriving community of users. 

• Userbase

Solana boasts over 30 million active users, a significantly higher figure for a project that has only been live for a few years. If the project can continue on this trajectory, then it has the potential to rival other competitors and potentially onboard more users to the cryptocurrency industry. 

Where to store SOL crypto

The best place to store Solana is on a hardware wallet like Ledger or Trezor. These devices store your cryptographic keys offline, providing iron-clad security against online attacks. Meanwhile, if you need to store SOL for regular transactions or interact with dApps, you may consider using popular online wallet solutions like Phantom or Coinbase.

Privacy and security tips

You can further secure your SOL tokens by remembering these privacy and security tips:

• Do not connect your wallet to random dApps. Verify the URL and only use trusted DeFi applications without the Solana ecosystem.
• Do not disclose the amount of SOL you own in social media groups or public places. Doing so makes you a target for bad actors.
• Only download mobile or web-based Solana wallets from official sources. The same principle applies to purchasing hardware wallets. Purchase devices from official providers instead of third-party platforms like Amazon and eBay.

Conclusion

Solana is currently one of the most used blockchain networks. This article revealed how to buy Solana. It also provided an overview of many exchanges where users can trade SOL against other assets or buy it with fiat using diverse payment options. 

Users must carefully evaluate the project before investing in it and abide by best privacy and security practices to avoid losing funds to hackers. Ultimately, time will reveal whether or not Solana lives up to its billing and becomes a top destination for blockchain developers and users.