How to buy Solana online

Solana is a blockchain for web-scale apps and marketplaces, and SOL is its native token. Find out the best places to buy Solana tokens and how the platform functions in this guide.
Tip: our preferred broker is, eToro: visit & create account

This guide introduces you to SOL tokens and Solana, and by the end of it you will know where to buy SOL tokens, the history of the platform, and its future investment prospects.

Compare where to buy Solana, and open an account

If you are already familiar with Solana and SOL tokens, and you are ready to buy, just click on one of the links below to sign up to one of our reccommended brokers. Keep scrolling for more information.

eToro
Key Features
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Min Deposit
$50
United States
Start Trading View key features
Key Features
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Top Coins
  • BTC
  • BCH
  • XRP
  • ETH
  • ETC
Payment Methods
Wire Transfer, Bank Transfer
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Coinbase
Key Features
Trusted provider
Online Wallet
Beginner friendly
Min Deposit
$1
United States
Start Trading View key features
Key Features
Trusted provider
Online Wallet
Beginner friendly
Top Coins
  • BTC
  • LTC
  • XRP
  • ETH
  • BCH
Payment Methods
Credit Card, Debit Card, Euro Bank Account, 3d Secure Credit Card
Coinbase is one of the first places that made it easy to buy bitcoin and has since become a widely trusted exchange in the market.
Paybis
Key Features
Accessible worldwide
47 currencies available
Lowest fees on the market
Min Deposit
$60
United States
Start Trading View key features
Key Features
Accessible worldwide
47 currencies available
Lowest fees on the market
Top Coins
  • BTC
  • BCH
  • ETH
  • TRX
  • LTC
Payment Methods
Credit Card, Debit Card, Skrill, Neteller, Bank Transfer, Bitcoin
UK-based Crypto exchange company with FCA license. Global coverage of 180+ countries and unprecedented 48 US states. Buy & sell cryptocurrencies no matter where you are.
FOREX.com
Key Features
Trade on popular Crypto markets
Go long or short on cryptos from 10p a point
A trading partner you can trust
Min Deposit
$50
United States
Start Trading View key features
Key Features
Trade on popular Crypto markets
Go long or short on cryptos from 10p a point
A trading partner you can trust
Top Coins
  • BTC
  • BCH
  • LTC
  • XRP
  • ETH
Payment Methods
Debit Card, Bank Wire, ACH, Credit Card, PayPal
Founded in 1999, part of GAIN Capital Holdings. Licensed in highly regulated jurisdictions, FCA, IIROC, NFA, CFTC, CIMA,FSA. Payment methods ACH, debit card, bank wire transfer. $50 minimum deposit.
CedarFX
Key Features
0% Commission Account
Low Spreads
Eco-Account Option
Min Deposit
$10
United States
Start Trading View key features
Key Features
0% Commission Account
Low Spreads
Eco-Account Option
Top Coins
  • BTC
  • ETH
  • QTUM
  • ETP
  • SAN
Payment Methods
Bitcoin, Credit Card, Debit Card
CedarFX is an eco-conscious broker offering 0% commission trading on 170+ assets, including Forex, Cryptocurrency Pairs, Stocks, Indices and Commodities. With up to 1:500 leverage, no-fee transactions and low spreads, traders can make the most of their funds. CedarFX also offers an Eco Account option to support tree planting and sustainability projects.

What is Solana?

Solana is a blockchain project for developers to make secure and fast apps that can scale to be used by people across the entire internet. It uses the SOL native token to facilitate micropayments across the blockchain.

The fundamental aim of the blockchain is to allow the number of transactions to scale proportionally to the network bandwidth available. Partly inspired by the architecture of Filecoin, the Solana blockchain introduces a decentralised clock to timestamp transactions.

Therefore, Solana’s block time is just 400ms, which is considerably faster than Ethereum’s 15 seconds and Bitcoin’s 10 minutes. This makes it a platform with a long-term vision, and it is attracting numerous developers who are excited at the prospect of developing decentralised applications with no need to design their way around performance bottlenecks.

How does Solana work?

Solana uses several features to function. First and foremost is the platforms ‘clock,’ or proof of history (PoH) mechanism. The clock ‘ticks’ each time a new block is created, so while other blockchains require validators to communicate with each other, Solana doesn’t.

The project also uses a Tower Consensus, which is a clever algorithm that compliments the platform’s clock and makes it run seamlessly and quickly. Developers can then create decentralised applications that function effectively on a web-scale.

SOL tokens have a variety of functions, and they are chiefly used to pay for fees accrued on the network and they can also be staked to become a blockchain node (a computer connected to a crypto network). Eventually, holders of SOL tokens will be able to vote on platform governance and help choose the company’s direction of development.

How to buy Solana online – a step-by-step guide

Step 1. Find an exchange to buy SOL

The best way to buy SOL tokens is via a crypto exchange, and these are large marketplaces for different cryptocurrencies. Some of the best platforms to buy SOL are at the top of this page, and to help you further, we have listed two of the best exchanges below:

Step 2. Sign up and fund your account

If you want to buy Solana tokens via an exchange, follow the on-screen prompts and sign up for an account. At some stage, for ID verification purposes, you will need to provide a copy of your photo ID and a few contact details, but this won’t take long. Then, you can fund your account with fiat money or even a crypto like Bitcoin.

Step 3. Buy SOL

If you want to buy SOL with fiat money, search on the exchange for the SOL/fiat currency pair (such as SOL/GBP or SOL/USD). Enter the amount you want to buy and execute the transaction, and you will then own Solana tokens. If you’re using Bitcoin, look for the SOL/BTC pair instead.

Step 4. (Optional) Get a suitable wallet

If you want to store your SOL tokens securely for an extended period of time, crypto wallets offer enhanced security. They come in both offline and online formats and can be an effective way of protecting your funds from theft. Here are two of the best SOL wallets.

Binance
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Min Deposit
$1
United States
Start Trading View key features
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Top Coins
  • ZRX
  • LEND
  • ACT
  • ADX
  • ELF
Payment Methods
Cryptocurrencies
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

How to trade Solana – a step-by-step guide

Step 1. Find a broker

To trade, you need to open and close buy and sell positions quickly to capitalise on price fluctuations in the market. Traders generally use an online broker to accomplish this, and there are plenty of options at the top of the page.

However, not all of these broker supports SOL. Your best bet is to check out one of the biggest brokers like eToro or Plus500 because they support a large number of coins.

Step 2. Deposit money

Fund your broker account with fiat currency just like you would an exchange account. You can generally trade with these funds directly, but make sure to keep an eye on the trading fees because they can add up quickly.

Step 3. Decide how you’d like to trade

Come up with a clear and decisive trading strategy before you start trading. Check out our website for advice on how to form a great trading strategy of your own. Essentially, you need to focus on the key technical indicators like Bollinger bands and stochastic oscillators, and you can use these to predict trends and patterns so you can buy low and sell high.

Step 4. Start trading

Before doing the real thing, it may be a good idea to practice your trading strategy with a practice account and fake money. Most brokers support this service, and to make sure your one does, check out our reviews.

When you start trading, you can go long or short. Going long involves investing in the belief something will rise in value, whereas going short means the opposite. Both strategies can be useful in different market conditions, so make sure you are analysing the market before choosing one or the other.

You can also use something called leverage, which is available via most brokers. This means you can gain more exposure to the price of an asset without you needing to buy more of it outright. However, your exposure to any downsides is also magnified, so be cautious before using it.

eToro
Key Features
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Min Deposit
$50
United States
Start Trading View key features
Key Features
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Top Coins
  • BTC
  • BCH
  • XRP
  • ETH
  • ETC
Payment Methods
Wire Transfer, Bank Transfer
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Still undecided?

If you still aren’t sure if you want to invest in Solana, take your time and don’t rush. Here are the pros and cons of Solana as a platform.

Pros

  • Heavyweights like FTX’s CEO Sam Bankman-Fried on board
  • Over 3.5 billion transactions over Solana so far
  • Solana could become the blockchain used by centralised finance in the future
  • Smart and unique project

Cons

  • Questionable whether Solana will outperform other competitors such as Ethereum 2.0 and Polkadot
  • Emission schedule of SOL tokens could negatively affect price

Below are 3 questions and some key considerations to help you decide if you want to invest in Solana.

1. Is it a good time to buy SOL?

This is really dependent on your investment strategy. If you are a long-term investor, Solana could become the blockchain of the future, and this could result in massive growth, driving the price of SOL tokens up. If you believe in this vision, buying tokens now could be a great way to speculate on their future price and even vote on development decisions.

If you are more of a short-term trader, the long-term outlook for Solana isn’t as relevant, and you instead need to analyse the market from a technical standpoint to make cold and calculated trading decisions. If you spot a pattern or trend as it emerges, you should be poised to take advantage.

Whether you want to buy SOL token for the long-term or short-term, keep informed with the latest analysis:

2. What problem does Solana solve, and what are the coin’s investment prospects?

It allows blockchain developers to make decentralised apps that can operate on a web-scale rather than being hampered by issues of scalability. This unlocks a huge number of possibilities as the what blockchain is right now, and what it can become in the future.

If it can successfully compete with its major opposition, the project could experience success. The management team certainly has the track record to inspire confidence, and the technical side of the project is undoubtedly impressive, though it will be interesting to see how things develop from here and if the price of SOL will rise.

Whatever you think of Solana’s investment prospects, stay informed about its development and read the latest news on the platform:

The largest stablecoin by market cap Tether (USDT), is now available on the Solana (SOL) blockchain. After it was made known to the public, Solana (SOL) tokens increased by 16% to $16.06 but have been corrected slightly. Tether’s chief technology officer Paolo Ardoino said the stablecoin is now…
The DeFi sector saw a new wave of growth in the early days of 2021. However, the new surge in interest also brought a greater need for scalability and speed — something that Ethereum’s network cannot provide as of yet. In order to replace it, DeFi participants started turning to…

3. Do you want to hold SOL for the long term?

You can hold SOL for the long term value proposition, or you can trade it for a short-term gain. The considerations you should make for each strategy are outlined below.

Considerations for a long term investment strategy

If you want to vote on the direction of Solana and believe it is the blockchain of tomorrow, buy some SOL tokens through a reliable exchange. If you want to hold them for an extended period of time, store them in a crypto wallet to keep them safe.

Considerations for a short term trading strategy

For those who want to trade their way to success, sign up to a low-fee broker and start trading Solana tokens now. This can be a good way to supplement your income from your own computer, tablet or mobile.

Written by: Charlie Hancox
Charlie joined the Invezz team in 2021. He previously worked in the mining and natural resources sector, providing in-depth analysis and incisive journalism. Charlie's experience with financial markets and investment reinforces a growing team.