Binance provides a convenient, reliable, and secure platform for purchasing Solana (SOL). Before purchasing Solana, it is essential to complete the verificati on process for your Binance account and make a deposit. The most secure choice for storing Solana (SOL) is the Ledger Nano X cold wallet. Solana is one of the largest smart contract platforms on the market. Solana is an attractive investment that also contains many risks.
How to Buy Solana: A Quick Guide
Binance provides a convenient, reliable, and secure platform for purchasing Solana (SOL). Buying Solana from Binance is a straightforward process, and you have the option to use various currency pairs such as USDT, BTC, EUR, and BNB. Notably, Binance offers the best liquidity for SOL, making it effortless to execute significant transactions.
A quick guide: How to buy Solana on Binance.
- Click here to open a Binance account
- Complete the KYC process, i.e. verification of personal information
- Deposit euros to your Binance account by bank transfer or debit card
- Buy Solana (SOL)
- Store SOL tokens on Binance or withdraw them to your own wallet
Below is a screenshot of Binance.com.
In addition to being available on Binance, Solana can also be found on various other popular exchanges, such as Coinbase and Kraken. To access comprehensive user guides for all the exchanges mentioned in this article, click on the Reviews link located in the main menu. These guides provide detailed explanations of the key functionalities of each exchange.
How to buy Solana: A Detailed Guide
Prior to purchasing Solana, it is essential to complete the verification process for your Binance account and make a deposit. The procedures for verifying your account and making a deposit are outlined in our Binance review. If you are new to Binance and have never used it before, we advise reading that article for guidance.
Next, you will be provided with step-by-step instructions for purchasing Solana using the Binance mobile app. You can download the app from the Apple Store for iOS devices or the Google Play Store for Android devices.
This guide is created utilizing the Lite mode of the Binance app, which is enabled by default.
Open the trading page
Click on the yellow trading icon in the mobile app’s main menu (see the image below).
Select Buy from the pop-up menu that opens.
Search the Solana (SOL) token
Next, a list of cryptocurrencies will appear on your screen. You have the option to navigate through the list and look for Solana or directly input SOL into the search field, as shown in the image below.
Select SOL from the list to be able to place a buy order.
Buy Solana
You are now on the Buy Crypto page. Enter the desired amount in euros or click on the SOL icon. By clicking the SOL icon, the unit will change from EUR to SOL, allowing you to buy, for example, exactly 10 SOL tokens.
Finalise the purchase by clicking the yellow Buy button. This action will take you to the confirmation page, where the payment method will be selected.
Select the payment method
The final step in purchasing Solana involves selecting the payment method. If you have made a deposit previously, you can use your cash balance to pay for the Solana purchase. Alternatively, you can choose from other available options.
Complete your purchase by clicking the Confirm button. Please note that the price for SOL tokens is only valid for 60 seconds. If you need more time, you will have to return to the Buy Crypto form and obtain a new quote.
How to store Solana safely?
The most secure choice for storing Solana (SOL) is the Ledger Nano X cold wallet. It provides top-notch security for both individual investors and industry experts. It is available for purchase at around 150 euros.
You can buy the Ledger Nano X securely from the manufacturer’s website through this link.
There are free wallet alternatives for Solana as well. The Phantom Wallet is a highly popular mobile app that not only serves as a wallet but also facilitates Solana staking. Trust Wallet, Exodus, and Coinomi are also solid wallet options worth considering.
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 attention of the general public during the crypto boom of 2021. Its native token SOL was one of the best performers in that bull market. Solana’s popularity brought it to the top 10 list of cryptocurrencies.
At its worst, Solana’s price collapsed by more than 95 percent during the year 2022. The project also received a lot of negative publicity after the collapse of FTX, as Sam Bankman-Fried, FTX and Alameda Research were among Solana’s big backers. Solana’s DeFi sector also suffered big losses.
Solana is technically a quite exceptional platform. It uses the Proof of History technology developed by Anatoli Yakovenko, which enables scalability up to 65,000 transactions per second with almost zero fees. Read more about the technology and history of the platform from our Solana Beginner’s Guide.
Below is a screenshot from solana.com, which is the official website of the project.
Some analyst call Solana “too tuned” due to its numerous outages in recent years. Despite everything, the project has maintained its status on the top 15 ranking list of cryptocurrencies. Solana’s NFT sector is also very popular.
Solana as an investment
Solana is an attractive investment that also contains many risks. Next, let’s go through a few points that a person investing in Solana should consider.
- The technology: threats and opportunities
- Popularity of NFTs
- The implications of FTX
- The exchange and wallet support
Solana’s exceptional technology has been both a threat and an opportunity from the beginning. Solana has been considered one of the fastest blockchains on paper, but technical problems have plagued it for years. Solana’s blockchain has been down more times than any other major smart contract platform.
One factor boosting the SOL token’s popularity is its NFT sector. In addition to Ethereum, only two smart contract platforms have an all-time trading volume of more than three billion dollars. These blockchains are Ronin and Solana.
Unfortunately, Solana’s DeFi sector has been hit hard since the collapse of FTX. Many projects have lost funding or moved to other platforms entirely. The liquidity of Solana’s DeFi sector is really small considering its the market cap of the Solana platform.
Although Solana has had more than average struggles in recent years, the support for the SOL token remains strong. It can be traded on all the world’s most popular crypto exchanges. There is also good wallet support for the SOL token. This makes investing in Solana significantly easier.
