Solana has become very popular in the crypto world. It’s one of the top 100 coins according to market capitalization and it is said to have a lot of potentials. Before we take a look at where to buy Solana, let us see what it is all about first.
What is Solana?
According to its official website, Solana is a ‘fast, secure, and censorship-resistant blockchain providing the open infrastructure required for global adoption.’ The blockchain aims to deal with problems like scalability and ease of use.
Solana is home to a wide range of products. For example, Binance’s Trust wallet and the popular offline wallet, Exodus, are built on Solana. Exchanges are not left out as well. Bithumb, OKEx, Crypto.com, and Bitfinex all use Solana at the core of their models.
The team at Solana claims the blockchain can process up to 50,000 transactions in just one second. This speed is much faster than that of Bitcoin or Ethereum. Solana plans to give Ethereum a run for its money by expressing a pain point of many ETH users: high gas fees.
Is Solana crypto a good investment?
Now you’re probably reading this because you want to know where to buy Solana (SOL). ‘Is it a good investment?’ you might ask. Well, looking at the price history of this coin in July 2020, the coin was worth just $1+.
At the time of writing, it’s worth $26. It reached an all-time high of $56 in May 2020. It has a market cap of $7,113,615,794. So, based on price history, Solana looks like a good project.
Where to buy Solana
Solana can be traded just like any other token. You can buy it from several exchanges. If you’re looking for where to buy Solana, then you should check these 6 exchanges out.
Arguably the biggest change in the world, Binance is one of the exchanges you could use to buy Solana. It is a good place to start because it has high liquidity, meaning buying and selling Solana won’t be difficult and slow.
Although the coin is traded in several pairs such as SOL/BUSD, SOL/EUR, SOL/BNB, and SOL/GBP, the most traced pair is SOL/USDT with a spread of 0.03%. You need a minimum of 10.1 USDT to buy SOL on Binance. A good tip on Binance is to check the lists of top gainers and top losers. If Solana is on the top gainers’ list on a particular day, then it’s a good time to sell.
Another exchange to buy Solana is Bitfinex. The Hong Kong-based exchange has been around since 2012 and has some form of credibility. The only way you can buy Solana on this exchange is with the dollar as the SOL/USD pair.
The spread for this pair is 0.08%, which is fair compared to the industry average. Bitfinex has a unique feature: a depth chart. This chart easily shows you the real-time actions of both buyers and sellers in relation to a pinned price. This can help you get a better feel of the market.
Finding where to buy Solana is relatively easy because exchanges such as FTX allow you to buy or sell the coin. You can get Solana with USDT using the SOL/USDT pair, which has a spread of 0.07%. Solana can also be traded against the dollar or Bitcoin.
In addition to limit and market orders, FTX also offers trailing stop, take profit and take profit limit orders. These are helpful to those who are not yet experts at trading. There are also future and perpetual options for more experienced traders.
While some exchanges are satisfactory places where to buy Solana, OKEx has the best chart on this list. The chart is simple and shows you a coin’s price at any given time. Trading is also simple for beginners, although Quicktrade has a limited number of fiat and crypto you can trade, which doesn’t include Solana.
To buy Solana, you would need to buy USDT first. The spread SOL/USDT is 0.01%, which is more profitable for frequent traders. Another way you can buy Solana is to use P2P. Buy USDT first before converting to SOL.
If you’re looking for where to buy Solana on a decentralized exchange, you can try out Serum. Some people prefer decentralized exchanges because there’s no need to deposit fiat or other currencies before they can buy a coin like Solana.
You can buy Solana with the exchange’s most traded pair, SOL/USDT (Spread 0.19%). Alternatively, you could use USD or Serum’s native token (SRM) to buy SOL. To do this, first, enter the amount USDT you want to use to purchase Solana. This will instantly show you how many Solana units you would get. Next, place the order and wait for execution.
Beginners looking for where to buy Solana easily can use Coinbase. Why Coinbase? Coinbase has a very simple interface without a lot of charts and numbers. Like OKEx, the Solana price page appears with the coin’s price in your local currency and a simple line graph.
Solana is bought through the SOL/USDT, which comes with a 0.05% spread. Another advantage Coinbase has over other exchanges is that you can buy Solana directly with your local currency. In countries with unsupported currencies, USDT or BTC can be used to buy Solana normally.
Where to buy Solana should no longer be a problem for you, as you now have six different exchanges to choose from. As projects continue to choose Solana over other networks, the price of the coin is likely to go up.
Keep in mind that fees vary from exchange to exchange. None of the information in this article is financial advice. Always do your own research. If you liked this article, share it with a friend.
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