As of January 2022, Solana has reached a market cap of $42B. The developers of Solana at Solana Labs & Solana Foundation launched Solana as a public blockchain platform. Internal cryptocurrency of Solana is SOL and it achieves consensus (general agreement) via a proof-of-stake mechanism. Solana’s whitepaper also claims that it utilizes the proof-of-history mechanism to enhance the overall efficiency of their blockchain platform.
Solana or SOL cryptocurrency broke the market when its value soared from $4 to $200 in 2021 and became the fourth-most valuable cryptocurrency in the world. It became one of the fastest growing blockchain platforms and everyone had only one question in mind, “Where to Buy Solana?”.
Exchanges to Buy Solana Cryptocurrency
Selecting an appropriate exchange to buy a specific cryptocurrency makes a huge difference and if you are looking to invest in Solana, then here are some of the top exchanges you can use to buy Solana from and start your SOL journey.
Everyone is familiar with the name Binance, as it is the world’s largest & most reliable cryptocurrency exchange used by hardcore crypto investors. Undoubtedly it is the best place to buy Solana. So, how to buy Solana on Binance?
Follow the below-mentioned steps:
- Create an account on Binance. You will be asked to provide:
- Proof of identification during the process of registering your profile.
- Your file will be approved within one to ten days.
- Once you are on the platform, you can but Solana by:
- Bank transfers
- P2P trading
- Credit card
The best part about Binance as an exchange platform is its highly functioning and speedy mobile application. You can trade anywhere, anytime, and at any given place simply by logging into the app.
Are you familiar with Binance Staking? To put it simply, Staking involves holding all of your funds in a cryptocurrency wallet which is then used to support the operations and security of a blockchain network. It is the act of locking your cryptocurrencies to receive awards. Binance Staking allows you to stake your SOL (Solana) also.
Using the Binance crypto pairs, you can easily find a crypto pair to trade for Solana.
Coinbase is the brand name of an American cryptocurrency exchange platform. It is owned by Coinbase Global, Inc., which operates as a remote-first company. It was officially launched by Bian & Fred in 2012 and till early 2021, it became one of the largest cryptocurrency exchanges in the USA in respect to trading volume.
Currently, Coinbase is operating in over 100+ countries and is trusted by millions of users worldwide. It has 73 million verified users, 185,000 ecosystem partners, and 10,000 institutions. It’s fast, easy to use, secure, and a reliable platform overall.
If you are looking to buy or trade Solana, Coinbase is a great choice to go for. You can do this by:
- Sign up to Coinbase and go through the verification process. Their verification process only takes 2-3 min to complete.
- Once you are signed in, you have the liberty to buy USDT or any other stable coin of your choice and use them to trade for Solana (SOL).
You can also opt for the premium subscription version called Coinbase Pro, which gives you:
- Real-time charts
- Moving/Exponential averages
- Trade history
- Order book
- Price charts
- And much more.
Utilizing the above-mentioned features, one can make a much more informed decision during their crypto trading ventures.
What is the transaction fee on Coinbase? The fee varies depending on the size of the transaction/trade and is automatically calculated. If you have a Coinbase Card, then all charges are dropped down to 2.49% on all of the users’ purchases and withdrawals.
In the mid of 2019, Gates.io reached 2.75 million users and ranked the highest in Average IEO Returns. The success took place as per an incredible success in its currency i.e., GT. Gates.io was founded in 2017 and is a part of Gate Technology Inc corporation which is registered in Virginia, USA.
Currently, Gates.io is among the twenty largest exchanges. Following are its most highlighted features:
- More than a hundred coins are available.
- More than three hundred currency combinations.
- Absence of Fiat Currencies completely.
- Deposit funds in a Stock Exchange account.
- Column wallets.
- No commission fee for the introduction of funds.
- And more.
Gates.io has made it pretty easy for the users to trade by splitting all affordable markets and sorting them in accordance with the required combinations. For instance:
- USDT Markets.
- BTC Markets.
- ETH Markets.
- QTUM Markets.
- My Markets.
- ETH Markets.
Furthermore, the trading floor is optimized with graphical indicators. These graphical indicators form the volumetric or linear graphics to make it easy for the user to make a decision. Users can also perform tweaks like scaling the graph based on sizes or distributing and distinguishing graphs based on time intervals to make a better assessment.
Again, one of the top contenders for the best cryptocurrency exchange platform, Kraken is another major crypto exchange. You can buy all types of cryptocurrencies there starting from as little as $10, utilize crypto pairs, and allow you to buy USDT so you can convert it to Solana.
Kraken is based in the United States and was founded in 2011. Unlike Gates.io, Kraken provides exchange trading between both cryptocurrencies and fiat currencies. Currently, Kraken is operating in 176 countries and has a list of 95 cryptocurrencies available for trade.
When it comes to transaction charges, Kraken charges:
- 1.5% – Crypto Pairs
- 0.9% – StableCoins
- 0.5% – Online Banking
- 3.75% – Transactions via Cards
Features offered by Kraken are as follows:
- High liquidity – Kraken offers an active exchange and delivers easy buy & sell options at market rates.
- User-friendly – A complete beginner and fresh crypto trader can utilize the platform without any formal training.
- Supports more than 50 altcoins.
- Two-factor authentication & SSL encryption for security.
Similar to Binance, Kraken offers staking options.
Check out TradableInstruments for more Solana trading sites with information about the leverage you can get at each site.
How did Solana (SOL) become so successful?
SOL’s rise to success accelerated and grew quickly because:
- Offers practical applications
- Great transaction speed
- Low fee
- Leads in TVL
- Highly secure
- DeFi community high adoption
- NFTs with Solanart
Ethereum follows the process of 14 transactions per second (TPS), whereas SOL can transact 50,000 transitions per second (TPS). Also, Solana jumped into the NFT (non-fungible tokens) market and shared the NFT option there. The greatest benefit of using Solana there for NFT is its small fee and high transaction speed.