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- 1. How & where to buy Solana (SOL) online
- 2. How to buy Solana instantly in 3 simple steps
- 3. Where to buy SOL easily
- 4. Best exchanges to buy Solana (SOL), reviewed
- 5. How to trade SOL
- 6. What is the best way to pay for Solana (SOL)?
- 7. How do I store Solana (SOL)?
- 8. Is Solana (SOL) a good investment?
- 9. Is now a good time to buy Solana?
How & where to buy Solana (SOL) online
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10/1077% of retail CFD accounts lose money.
Solana tokens are available on a cryptocurrency exchange, which functions similar to a stock trading platform. It takes just a few minutes to buy Solana this way. Follow our quick step guide below.
How to buy Solana instantly in 3 simple steps
Copy link to sectionTo buy Solana you need a smartphone or a computer and an internet connection. It takes 10-15 minutes the first time and you should have some photo ID to hand. Here’s how to do it.
Step 1. Sign up to eToro
Copy link to sectioneToro is the simplest crypto exchange to get started with. Create an account and supply a copy of your photo ID for verification.
77% of retail CFD accounts lose money.
Step 2. Make a deposit
Copy link to sectionAdd funds via a card payment, bank transfer or an alternative payment method. You can start with as little as £10.
Step 3. Buy Solana token
Copy link to sectionType SOL into the search box then click ‘trade’. Enter how much money you want to spend and hit ‘trade now’.
Now you own Solana tokens! It’s as simple as that.
Where to buy SOL easily
Copy link to sectionThe overall best exchange to buy Solana token for beginners is eToro .
Here are the top five places to buy Solana, ranked according to their simplicity for beginners, fees, customer reviews, and safety ratings.
77% of retail CFD accounts lose money.
82% 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.
Read more about how we rate, rank and review platforms.
Best exchanges to buy Solana (SOL), reviewed
Copy link to section1. eToro. Best for beginners, copy-trading & demo-account
1500
No. assets
$10
Minimum deposit
Crypto
Platform type
Pros & Cons
Overview
We love eToro because it makes it simple to trade crypto at home or on the go. If you’ve never bought cryptocurrency before, then eToro makes it simple to buy 75+ of the leading coins, including the likes of Bitcoin, Ethereum, and Dogecoin. Every crypto trade comes with a flat 1% fee, which makes it one of the cheapest crypto brokers on the market to boot.
As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see what’s trending on the crypto market every day, browse the latest technical analysis about every one of those tokens, and copy other people’s trade suggestions from your desktop or the eToro app.
The fees: You will be charged a 1% fee every time you buy or sell crypto. The charge is included in the market price that’s displayed on eToro. CFD trades may be charged an overnight or weekend fee if you leave the position open.
77% of retail CFD accounts lose money.
2. Plus500. Best for international CFD trading*
2800
No. assets
$100
Minimum deposit
Crypto
Platform type
Pros & Cons
Overview
We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to over 2800 instruments, including CFDs on stocks, forex, commodities, and cryptocurrencies among several others.
Plus500 has something for all types of traders, no matter what level of experience. It’s zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting.
For accurate instrument availability, visit plus500.com.
The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% or 0.9 pips and varies depending on the instrument. Additional fees include overnight funding which is dependant on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months.
*Based on a comparison of 60+ leading brokers and trading platforms.
82% 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.
3. Public. Best for sharing beginner trading ideas
...
No. assets
...
Minimum deposit
Crypto
Platform type
Pros & Cons
Overview
We love Public because it’s a social platform where you can share trading tips and get ideas from other people. Public offers 9,000+ financial instruments, including cryptocurrencies and stocks from around the world.
Alongside a community of other investors all sharing their ideas, Public offers real time news and information so that you can see the full picture before you invest. And the assets don’t just include your run-of-the-mill assets; you can make alternative investments in things like handbags and comic books as well.
The fees: Cryptocurrency trades are charged a 2.5% fee per transaction.
4. Nexo. Best for earning interest & rewards
...
No. assets
...
Minimum deposit
Crypto
Platform type
Pros & Cons
Overview
We love Nexo because you earn rewards every time you make a purchase. You can trade 60+ cryptocurrencies and earn rewards of up to 0.5% on every transaction, then store your coins on Nexo to build your wealth through passive interest payments.
You can trade on the go from a mobile app and Nexo is designed for simplicity. Every trade is locked in at the rate you see on your screen, so you won’t suffer from price slippage, and it has the added bonus that any crypto held in your account automatically starts to earn interest.
The fees: Nexo charges a 2% spread on buy and sell transactions. There are no fees for storing coins in your Nexo account. Depending on your loyalty tier, you receive a fixed number of free withdrawals, and any additional withdrawals will be charged a network fee.
5. KuCoin. Best social trading altcoin exchange
1
No. assets
...
Minimum deposit
Crypto
Platform type
Pros & Cons
Overview
We love KuCoin because it;s a great place for beginners to trade more than 700 altcoins. KuCoin is a social trading platform with 20+ million investors worldwide in 200+ countries.
KuCoin’s beginner zone offers up rewards up to $500 for new users. The rest of the platform has plenty of features for the crypto enthusiast: a staking service to earn money on your stored crypto, an NFT marketplace, and margin trading features to buy leveraged tokens.
The fees: Trading fees are charged on a sliding scale. Fees are 0.1% on trading volumes below 50 BTC in a 30 day period. Discounts are available if you pay fees in KCS or store more than 1000 KCS in your account.
How to trade SOL
Copy link to sectionYou can trade Solana on a cryptocurrency exchange using a few simple steps. Here’s a quick example that clearly lays out how SOL crypto trading works:
- Monitor the price: Let’s say the price of SOL/USDT is $1. You read the price charts and decide that now is a good time to start purchasing SOL.
- Open a trade: You trade one USDT for one SOL ($1 for 1 SOL).
- Continue to monitor the price: The next day, one SOL token is now worth $2, a 100% increase.
- Close your trade: You trade your SOL token back to USDT for $2.
In this example, you buy and sell Solana, doubling your money (trading). While the steps are simple, executing them in a profitable way is not so easy. You need to spend many hours learning to trade, reading charts, patterns, and understanding markets and margin trading; which you can do right here on Invezz.com.
77% of retail CFD accounts lose money.
What is the best way to pay for Solana (SOL)?
Copy link to sectionThe simplest way to buy Solana cryptocurrency is with your bank card. However, there are plenty of other options as well. Here are some of the top ways to pay for SOL.
- Buy Solana with a credit card or debit card. Card payments are convenient and instantaneous but you may have to pay a higher fee to make a deposit this way. Binance charges 1.8% for a card deposit and some platforms charge as much as 4%.
- Buy Solana with bank transfer. A bank transfer is usually the cheapest way to buy crypto. Crypto platforms like Crypto.com and Coinbase do not charge for bank transfer deposits, while Binance only charges a £1 fee, and these transactions are more or less instant as they run through the Faster Payments System (FPS).
- Buy Solana with PayPal. Some crypto brokers accept deposits via PayPal. eToro is the best option because it doesn’t charge a fee for PayPal deposits, whereas the charge can be as high as 5% or more with other platforms.
- Alternative payment methods. Crypto brokers often let you pay with other providers or money transfer services, like Neteller, Venmo, or Payoneer. The options vary by broker, though, so check what’s accepted before you sign up.
How do I store Solana (SOL)?
Copy link to sectionMost people keep their crypto on the exchange they used to buy it. If you only plan to hold onto it for a little while then that’s a perfectly acceptable option. If you want to hold it for years or you own a lot of Solana then you should move it to a crypto wallet.
A crypto exchange is similar to a bank account, in that it means trusting a company to protect your funds for you. A wallet is like your personal wallet, or a safe, where you take responsibility for it yourself. Two of the best Solana wallets to use are MetaMask and the Ledger Nano S.
Is Solana (SOL) a good investment?
Copy link to sectionWhether it’s good for you depends on your goals and the fundamentals of the project. Here are some key features of Solana and its token to help you decide whether to invest in SOL.
- Solana uses a proof of history consensus mechanism. Other blockchains like Ethereum, follow a proof of work (PoW) approach. Solana uses a proof of history (PoH) consensus mechanism, which is considerably faster than PoW. Unlike PoW, where validators need to mutually agree before a transaction is added to the blockchain, PoH timestamps each transaction, so validators can simply monitor the process.
- You can earn rewards for staking SOL tokens. You can earn passive income by staking your Solana tokens. Staking is a process of ‘locking up’ your tokens to validate transactions on the blockchain. Solana has historically yielded around 6% APY, so staking is a good option if you plan to hold your tokens for a long period of time.
- Solana is dubbed an ‘Ethereum killer’. Solana was created to solve the scaling issues faced by Ethereum and is often dubbed an ‘Ethereum Killer’. It’s a much faster and cheaper blockchain. The average gas fee (transaction fee) on Ethereum is around $0.09, while on Solana it’s $0.0000014. Cheaper and faster transactions will likely encourage more users to the network.
- Solana is both a deflationary and inflationary cryptocurrency. Solana has no cap on supply which means the number of coins in circulation can increase over time, making it an inflationary coin. However, it also is deflationary, as miners ‘burn’ tokens while validating transaction. The more transactions that take place on Solana will result in fewer tokens, which should, increase its value.
- Solana has experienced several periods of downtime since its inception. Since it was created, Solana has struggled with many aspects, most notably downtime and hacks. The network has had many outages where it was out of action for a few hours. On two of these occasions, the reason for the outage was a malicious hack, although no funds have every been lost.
Use this quick summary of pros and cons to compare Solana with other, similar projects.
Pros
Copy link to section- 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
Copy link to sectionUltimately, many different factors play into the answer. Cryptocurrency is inherently volatile but you can reduce the risks by investing in quality projects that provide value to the community.
How has Solana (SOL) performed this year?
Copy link to sectionThe current Solana price today is $13.61 which is 94% below its all time high of $260, which it reached on November, 2021. SOL is down 92%] this year, with a 52 week high of $243.56 and a 52 week low of $10.94.
Is now a good time to buy Solana?
Copy link to sectionThe answer depends on the current price and your own investment goals. Put simply, buying Solana, selling Solana, and trading SOL are all the exact same process. It’s really just your personal investing intentions that defines whether now is a good time to invest or not.
- If you’re a trader: as a cryptocurrency trader, your goal is to make money trading regularly. What do we mean by regularly? Hourly, daily, weekly. Traders buy and sell a coin quickly to secure their profit (or to avoid a loss). They don’t #hodl that coin long term in the hopes of larger profits. In this sense, any time is a good time to buy Solana.
- As a long-term investor: a long term investor is not concerned if the price is up or down 10% on any given day. Rather, they care that the price of the native token is overall up months or years later, when they’re ready to sell that investment. So if you’re a firm believer in the foundations of Solana and its decentralised aggregator platform, then a good time to purchase Solana is on any major dip.
In our experience, most newcomers to the crypto market sit between the two. You don’t want to wait several years for a return, but buying Solana and selling it the next day probably isn’t why you’re here either.
Regardless, closely following SOL price news & analysis will help you decide when to pull the trigger:
Top cryptos poised for massive rallies in the next bull run – BTC, XRP, SOL, and ARB
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