A Step-by-Step Guide on How to Buy Solana

How to Buy Solana:

Solana is a relatively new cryptocurrency that has seen some impressive gains since launching in 2020. The price of Solana seemingly skyrocketed right out of the gate, and early believers made good money.

But what is Solana exactly, and why is it frequently compared with other, more established cryptocurrencies like Ethereum?

Solana, like Ethereum, creates an entire ecosystem for developers to build upon. It aims to empower other builders to launch their decentralized applications (apps) on the network. And in some ways, it’s much more efficient than Ethereum.

Wondering how to buy Solana, to ensure you don’t miss out on the next big pump? The price of Solana crypto can jump very fast.

Keep reading below to learn how you can start investing in Solana today.

Choose an Exchange

If you have already started investing in other cryptocurrencies, then this step may seem redundant. But if you’re going to buy Solana as your first cryptocurrency, this is where to start.

You’ll need to create an account with a crypto exchange available in your jurisdiction. There are dozens available in the US and Canada.

Every reputable crypto exchange makes Solana available to investors. So choosing an exchange is up to personal preference. Compare fees, reputation, and the list of other cryptocurrencies currently offered by the platform.

Create an Account

Once you’ve chosen an exchange, you need to create an account. This step is a bit more involved since you need to verify your identity. This is due to financial institutions taking extra measures to prevent financial crimes like fraud.

So be prepared with your social security number and your government-issued photo ID. Once you submit your information, it can take up to a few hours, or even a few days in some cases, to be verified.

Fund Your Account

Once your account is verified, you can add your funds. On some exchanges, you can purchase Solana, and other cryptocurrencies, directly using a debit card.

Usually, however, transferring funds directly from your bank account to your exchange account is free.

How to Buy Solana

With fiat currency in your exchange account, you can now make a purchase at the current Solana price. To do this, you’ll place a market order, choosing however much you’d like to buy.

Your order will be filled right away, though the price might rise or fall by the time it goes through.

Optional: Transfer to Personal Wallet

You can keep your crypto stored on the exchange that you use. But when you do this, the funds aren’t actually under your control. They’re held in custody by the exchange, for better or worse.

Most savvy investors transfer their crypto to their own hardware wallet, which is the most secure place for crypto investments.

Defi Alternatives

The Solana vs Ethereum debate is ongoing. Ethereum is unlikely to ever be dethroned as the king of decentralized finance.

But Solana provides a fresh blockchain experience, with much of the functionality of Ethereum, in a faster and cheaper package.

Solana will be a major contender in the foreseeable future, so consider investing now that you know how to buy Solana.

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