Analyses
16
May
how to buy solana

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How to buy Solana (SOL)?

Buying Solana (SOL) is easy and safe on Binance. Before purchasing Solana, verify your Binance account and deposit euros.

Solana is one of the largest smart contract platforms on the market. Solana is an attractive investment, but it also contains many risks. The safest option for storing Solana is the Ledger Nano X cold wallet.

How to Buy Solana (SOL): A Quick Guide

Buying Solana (SOL) is easy and safe on Binance. It is the market leader in crypto exchanges and a popular service globally. You can easily buy Solana with euros and many cryptocurrency pairs (USDT, ETH, BTC, etc.).

Solana is purchased as follows:

  1. Open an account on Binance from this link
  2. Download the Binance mobile app
  3. Complete the KYC process, i.e., verification of personal data
  4. Deposit euros into the account by SEPA transfer or debit card
  5. Buy Solana (SOL)
  6. Store Solana tokens on Binance or transfer them to your wallet

You should download the Binance mobile app after registration because it’s needed for account verification.

Below is a picture of the front page of the Binance exchange.

binance

In addition to Binance, ByBit, and Kucoin are other good options for buying Solana. You can find comprehensive user guides for the exchanges mentioned in this article by clicking the Reviews link in the main menu. We recommend that you familiarize yourself with the exchanges via our guides if you have not bought crypto before.

In the next chapter, we will give you step-by-step instructions on how to buy Solana with the Binance mobile app.

How to buy Solana (SOL): A Detailed Guide

Before purchasing Solana, verify your Binance account and deposit euros. Our Binance review describes verifying your Binance account and euro deposit in more detail and covers the exchange’s other most important features. We recommend the article to novice users who have not bought crypto before.

Next, we will buy Solana using the Binance mobile app. We use the Lite version, which is on by default.

Open the trading page

Open the Binance mobile app and log in to your account. Click the yellow trading icon in the main menu (see the image below).

binance trading mobile app

Select Buy from the menu that opens.

Find Solana (SOL)

Next, you will see a list of cryptos offered by Binance. You can search the list and find Solana or write SOL directly in the search field.

search solana binance

Select Solana from the list, and you will be directed to the purchase form.

Buy Solana (SOL)

You now have the purchase form on your screen. Enter the desired amount in euros or click the By quantity link. This will change the unit from EUR to SOL. Use this feature to buy a precise amount of SOL tokens (e.g., 10 SOL).

buy solana

Click the yellow Buy button to confirm the purchase.

Choose the payment method

The final step is choosing the payment method. If you have made a euro deposit to your account, you can pay for the purchase from your euro balance by selecting the Wallet (EUR) option.

You can deposit euros via credit card at this point, but we don’t recommend this option due to the higher fees.

solana payment method

Finally, confirm the transaction by clicking the yellow Confirm button. The SOL tokens will appear in your account balance immediately.

You can now hold your tokens in Binance or withdraw the coins to your wallet.

What is Solana?

Solana is one of the largest smart contract platforms on the market. Its native token is also called Solana (SOL). The project was founded by Anatoli Yakovenko in 2017.

Solana came to the general public’s attention during the crypto boom in 2021. Its native token, SOL, was one of the best investments in that bull market. Solana’s popularity made it one of the top cryptos by market capitalization.

At worst, Solana’s price collapsed by over 95 percent during 2022. The project also received a lot of negative publicity after the crash of FTX, as Sam Bankman-Fried, FTX, and Alameda Research were among Solana’s big backers. Solana’s DeFi sector also suffered significant losses.

Technically, Solana is an exceptional solution. Solana uses the Proof of History technology developed by Anatoli Yakovenko, which enables scalability up to 65,000 transactions per second with almost zero costs. Our Solana guide explains the platform’s technology and history in detail.

Below is a screenshot from solana.com, the project’s official page.

solana

According to some, Solana’s technology is even “too tuned” due to its numerous outages in recent years. Despite everything, the project has maintained its status in the top 10 list of cryptocurrencies. Solana’s NFT sector is also trending.

Solana as an investment

Solana is an attractive investment, but it also contains many risks. Next, let’s review a few points that a person investing in Solana should consider.

  • Threats and opportunities of technology
  • Popularity of NFTs
  • The implications of FTX for the DeFi sector
  • Good support in exchanges and wallets

Solana’s exceptional technology has been both a threat and an opportunity. On paper, Solana is considered the world’s fastest blockchain, but technical problems have plagued it for years. Solana’s blockchain has been down more than any other sizeable smart contract platform.

One factor boosting the SOL token’s popularity is the NFT sector. In addition to Ethereum, only two smart contract platforms—Ronin and Solana — have an all-time trading volume of over three billion dollars.

Unfortunately, Solana’s DeFi sector has been hit hard since the collapse of the FTX exchange. Many projects have lost funding or moved to other platforms entirely. The liquidity of Solana’s DeFi sector is tiny, considering its market value.

Although Solana has struggled more than most in recent years, the project’s support remains solid. Solana can be traded on the world’s largest crypto exchanges, and wallet apps support it, making investing significantly easier.

You can follow the up-to-date price of Solana (EUR & USD) on this page: Solana price.

How to store Solana (SOL) safely

The safest option for storing Solana is the Ledger Nano X cold wallet. It costs around 150 euros and offers ultimate security for small investors and industry professionals.

Buy Ledger Nano X from this link securely on the manufacturer’s website.

There are also free wallet options for Solana. Phantom Wallet is a popular mobile app that can also be used to stake Solana. Trust Wallet and Exodus are also good options.

Antti Hyppänen

Antti Hyppänen is the founder and editor-in-chief of AboutBitcoin.io. Antti has written articles about cryptos since 2017. He follows the crypto market every day of the year and is responsible for the daily operations of AboutBitcoin. Antti is not a maximalist regarding any cryptocurrency but looks at the industry objectively. Antti’s investment profile is “buy & hold,” i.e., he does not trade or use leverage. His crypto portfolio consists of mainly Bitcoin and Ethereum. Antti also follows macroeconomic events. In addition to cryptos, his interests include gold, silver, and the US stock market.