How to Buy Solana (SOL) in 2024?

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Solana (SOL) has established itself as one of the most performant and promising cryptocurrencies in the market. In 2024, many investors are interested in this blockchain, renowned for its speed and low transaction costs. Whether you’re a new investor or an experienced trader, there are several ways to buy SOL, each with its advantages and disadvantages.

What are the best platforms to buy Solana (SOL)?

When it comes to buying Solana (SOL), several reliable platforms are available to investors in 2024. Here’s an overview of the best options, classified according to different criteria:

Platform	Type	Purchase Fees	Minimum Deposit	Payment Methods
Binance	CEX	0.1%	15€	Bank transfer, card
Coinbase	CEX	0.5% – 4.5%	2€	Bank transfer, card, PayPal
Kraken	CEX	0.16% – 0.26%	No minimum	Bank transfer, card
Raydium	DEX	0.3%	N/A	Crypto only
eToro	Trading	Spread	50$	Bank transfer, card, PayPal

The choice of the best platform depends on your specific needs as an investor. For a more in-depth analysis of different investment options and financial strategies, we recommend Moneyradar.org, the investment guide that offers valuable resources. This site provides detailed information on various aspects of investing, including cryptocurrencies, which can help you make informed decisions.

Centralized Exchanges (CEX)

A CEX, or centralized exchange, is a cryptocurrency exchange platform managed by a central entity. Users can buy, sell, and exchange cryptocurrencies for other cryptos or fiat currencies (such as euro or dollar). Centralized exchanges remain the most popular option for buying SOL, especially for beginners. Here are the main platforms:

• Binance: Market leader, offering high liquidity and competitive fees.
• Coinbase: User-friendly platform, ideal for newcomers to the crypto universe.
• Kraken: Known for its security and quality customer service.

Decentralized Exchanges (DEX)

A DEX, or decentralized exchange, is a blockchain-based protocol allowing users to directly exchange cryptocurrencies with each other, without intermediaries. DEXs have become an increasingly popular option for experienced users looking to buy Solana while maintaining full control of their assets. These platforms generally offer swap features, allowing users to quickly exchange one cryptocurrency for another, including SOL. Here are two popular options in the Solana ecosystem:

• Raydium: Native DEX of the Solana ecosystem, offering fast and low-cost swaps, as well as an intuitive user interface.
• Serum: Another popular DEX on Solana, offering an on-chain order book and efficient swap features.

These DEXs allow users to perform direct swaps between different cryptocurrency pairs, including acquiring SOL, often with minimal transaction fees and fast execution.

Trading Platforms and Brokers

Trading platforms and brokers offer advanced features that can be particularly interesting for active and experienced traders. These options often provide access to greater liquidity and sophisticated analysis tools. Here are some examples:

• eToro: A social trading platform allowing you to copy trades from other investors. eToro also acts as a broker, offering direct purchase of Solana.
• Plus500: A broker offering CFDs (Contracts for Difference) on Solana, suitable for experienced traders who wish to speculate on the price without directly holding the asset.
• Robinhood: A popular broker in the United States that recently added support for Solana, allowing direct purchase of SOL.
• TradeStation: An established broker that now offers cryptocurrency trading, including Solana, with advanced technical analysis tools.

These platforms and brokers can offer a smoother trading experience and additional features compared to traditional cryptocurrency exchanges. However, some brokers may not allow direct withdrawal of cryptocurrencies.

How to buy Solana (SOL) tokens?

Buying Solana (SOL) may seem complex at first, but by following these simple steps, you can acquire your first SOL tokens safely. Here’s a detailed guide to help you through this process:

1. Create an account with an online broker : The first step is to choose a reliable platform to buy your SOL. Opt for recognized platforms with a solid security history that operate in your country. Compare transaction and withdrawal fees between different platforms. Once you’ve made your choice, go to the official website of the platform and click on the registration button, usually located in the upper right corner of the homepage.
2. Complete identity verification (KYC) : The Know Your Customer (KYC) process is a mandatory step for most regulated platforms. Enter your personal information (name, date of birth, address, etc.), your ID, and proof of address.
3. Deposit funds : Once your account is verified, you can proceed to deposit funds. Common methods include bank transfer (often free but can take 1-3 business days), credit/debit card (instant but usually with 3-5% fees), or electronic wallets (PayPal, Skrill, etc. Quick but may include fees).
4. Buy Solana cryptocurrency (ticker: SOL) : You are now ready to buy your first SOL! Log in to the platform you have chosen and use the search bar to type “SOL” or “Solana”. Decide how much you want to invest. There are two types of orders: a market order (immediate purchase at the best available price) or a limit order (setting a maximum price at which you are willing to buy). Then, confirm the purchase.
5. Once the purchase is made, your SOL will be visible in your wallet on the platform. For maximum security, consider transferring your SOL to a personal wallet (wallet) where you hold the private keys.

How to buy Solana with cash?

Buying Solana (SOL) with cash may seem counterintuitive for a digital currency, but there are several options for those who prefer to use cash. Here are the most common methods and their particularities:

Method	Advantages	Disadvantages
Crypto ATM	Fast transaction, Relatively anonymous, No need for a bank account	High fees (5-10% or more), Low transaction limits, Few ATMs directly support Solana
P2P Exchange	Flexibility of payment methods, Possibility to negotiate rates, Potentially more anonymous	Risk of fraud, Potentially time-consuming process, Requires security precautions
Crypto Exchange Office	Face-to-face service, Expert advice available, Good for beginners	Limited geographical availability, Potentially high fees, Limited opening hours
Prepaid Cards	Indirect use of cash, More flexibility than direct purchase, Usable on many platforms	Fees associated with card purchase, Two-step process, Loading limits on cards

1. Bitcoin ATMs (Crypto ATMs) : Although less common than traditional ATMs, cryptocurrency ATMs are spreading in major cities. Simply locate a crypto ATM compatible with Solana (rare) or Bitcoin (more common), insert your cash into the machine, and scan the QR code of your Solana wallet. You will then receive your SOL (or BTC that you can then exchange for SOL).
2. Peer-to-peer (P2P) exchange platforms : These platforms connect buyers and sellers directly. The process is simple: create an account on a P2P platform (e.g., LocalBitcoins, Paxful), then find a seller accepting cash and offering SOL or BTC. You then need to schedule a meeting with the seller in person to exchange cash for crypto.
3. Crypto exchange offices : Some cities have exchange offices specializing in cryptocurrencies. Locate a crypto exchange office near you, then present yourself with your cash and ID. Complete the transaction and receive your SOL in your wallet.
4. Prepaid cards : Although not directly a cash purchase, this is an option for those who don’t have a bank account. Buy a prepaid card with your cash in a store, then use this card to buy SOL on an online exchange platform.

How to buy Solana with PayPal?

Buying Solana with PayPal is not as straightforward as buying with a credit card, as few platforms directly accept PayPal for cryptocurrency purchases. However, there are indirect methods to achieve this.

Method 1: Using eToro eToro is one of the few platforms that allows direct crypto purchase with PayPal.

1. Create an account on eToro and complete the KYC verification.
2. Go to the “Deposit” section and choose PayPal as the method.
3. Transfer funds to your eToro account.
4. Search for Solana (SOL) and make your purchase. Note: On eToro, you don’t directly buy SOL tokens, but rather exposure to its price.

Method 2: Indirect purchase via P2P exchanges

1. Create an account on a P2P platform like LocalBitcoins or Paxful.
2. Find a seller who accepts PayPal for Bitcoin (BTC) or other crypto.
3. Buy BTC with PayPal.
4. Transfer your BTC to an exchange that offers the BTC/SOL pair (e.g., Binance, Kraken).
5. Exchange your BTC for SOL.

Important considerations when buying SOL with PayPal:

• Fees: Transactions via PayPal may involve additional fees. Make sure to calculate the total cost before proceeding.
• Chargeback risk: Some sellers may be reluctant to accept PayPal due to the risk of fraudulent chargebacks.
• Limits: Check transaction limits on PayPal and on the chosen exchange platform.
• Volatility: As always with cryptocurrencies, be aware of price volatility, especially if you’re using an indirect method that takes more time.
• Security: Make sure to use two-factor authentication (2FA) on all your accounts (PayPal and exchange platform).
• Regulation: Be aware that using PayPal to buy cryptocurrencies may be subject to restrictions in some countries.

How to buy Solana with a gift card?

Using gift cards to buy cryptocurrencies like Solana is an interesting option, particularly for those who have received gift cards they wish to convert into crypto.

Method 1: Using gift card exchange platforms

1. Choose a platform: Sites like Paxful, LocalBitcoins, or CardCash allow exchanging gift cards for cryptocurrencies.
2. Create an account: Sign up and complete the KYC process if necessary.
3. List your gift card: Offer your gift card for exchange, specifying the type and value.
4. Exchange for Bitcoin: Most exchanges are first made against Bitcoin (BTC).
5. Transfer BTC: Send your BTC to an exchange that offers the BTC/SOL pair (e.g., Binance, Kraken).
6. Exchange BTC for SOL: On the exchange, convert your BTC to SOL.

Method 2: Using specialized platforms Some platforms like Bitrefill allow direct purchase of cryptocurrencies with gift cards, although SOL is not always directly available.

1. Choose a platform: Look for sites that accept gift cards for crypto purchases.
2. Check availability: Make sure your type of gift card is accepted.
3. Exchange for an available crypto: If SOL is not available, choose a widely accepted crypto like BTC or ETH.
4. Transfer and exchange: Send the obtained crypto to an exchange offering SOL and make the exchange.

Trading Solana against your funds

Trading Solana involves exchanging SOL for other cryptocurrencies or fiat currencies. Here’s a detailed guide for each step of the process:

Making a deposit

Before you can trade, you must have funds in your exchange account. To do this, you first need to choose a deposit method: bank transfer (SEPA, ACH), credit/debit card, or cryptocurrency deposit.

Log in to your account on the exchange. Navigate to the “Deposit” or “Funding” section, then choose the currency or crypto you wish to deposit. Finally, follow the specific instructions for the chosen method.

Finding the trading pair that suits you

Once your funds are deposited, you need to choose the appropriate trading pair:

• SOL/USD: Trade Solana against the US dollar
• SOL/EUR: Trade Solana against the euro
• SOL/BTC: Trade Solana against Bitcoin
• SOL/ETH: Trade Solana against Ethereum

To choose the right pair, consider the currency of your initial deposit, then evaluate the liquidity of each pair (trading volume). Finally, check the spreads (difference between buy and sell prices).

Trading Solana tokens

Now that you have chosen your pair, you can start trading. There are several types of orders:

• Market order: Immediate execution at the best available price.
• Limit order: Set a specific price for your trade.
• Stop-loss: Automatic order to limit losses.
• Take-profit: Automatic order to secure gains.

To place an order, it’s simple. Choose between “Buy” or “Sell”, select the order type. Enter the quantity of SOL or the amount in currency you want to trade, then confirm and submit the order.

Is it still interesting to buy Solana (SOL) in 2024?

Solana has positioned itself as one of the most performant blockchains in terms of speed and transaction costs. In 2024, it continues to attract the attention of developers and investors.

Solana maintains its position as a high-performance blockchain, offering fast transactions (up to 65,000 per second) and extremely low fees, making it a platform of choice for decentralized applications (DApps) and DeFi projects. Its ecosystem continues to enrich, attracting more and more developers and users, particularly in the NFT, blockchain gaming, and Web3 sectors.

Solana’s strategic partnerships with major players in tech and finance strengthen its credibility and long-term adoption potential. Moreover, continuous technical improvements, aimed at enhancing network stability and security, demonstrate the Solana team’s commitment to addressing past challenges. Finally, Solana’s position as an eco-friendly alternative to energy-intensive blockchains, thanks to its Proof-of-Stake consensus mechanism, makes it attractive in a context of growing environmental concerns.

Points of vigilance when buying Solana

Point of vigilance	Description
Competition	Constant evolution of Layer 1 and Layer 2 blockchains. Rapid innovations in the sector.
History of outages	Past incidents of network congestion and occasional service interruptions.
Centralization	Criticisms on the level of decentralization. Limited number of validators compared to other networks.
Regulation	Regulatory uncertainties in the crypto sector. Possibility of new laws affecting cryptocurrencies.
Market volatility	Significant and rapid price fluctuations. Sensitivity to general crypto market trends.
Technological dependence	Need to maintain a technological edge. Constant need for innovation.
Long-term adoption	Uncertainty about massive adoption of blockchain technologies. Competition with traditional financial systems.
Security	Risks of hacking or exploitation of vulnerabilities. Emerging new security threats.
Scalability	Potential challenges in face of massive adoption. Need to maintain performance with growth.
Governance	Evolution of the governance model. Community decisions impacting the network.

Frequently Asked Questions before buying Solana (SOL)

How long has the Solana blockchain existed?

The Solana blockchain was founded in 2017 by Anatoly Yakovenko, but its official launch took place in March 2020 for the beta version. The official launch of the Solana mainnet occurred in September 2021. Since its launch, Solana has experienced rapid growth and has become one of the most performant and popular blockchains in the market.

What are the use cases for SOL?

SOL, the native token of Solana, has several important use cases in the ecosystem:

• Transaction fees: SOL is used to pay transaction fees on the Solana network.
• Staking: Holders can stake their SOL to participate in securing the network and earn rewards.
• Governance: SOL allows participation in governance decisions of the Solana ecosystem.
• DeFi (Decentralized Finance): Used in various DeFi applications for lending, borrowing, yield farming, etc.
• NFTs: SOL is the main currency for buying and selling NFTs on Solana marketplaces.
• Gaming: Used in Solana-based blockchain games for in-game purchases and rewards.
• Payments: Some platforms accept SOL as a payment method.

How to track the price and course of Solana?

There are several ways to track the price and course of Solana:

Category	Platforms	Features
Cryptocurrency tracking sites	CoinGeckoCoinMarketCapTradingView	Real-time dataPrice historyMarket analyses
Mobile applications	DeltaBlockfolioCryptoCompare	Price notificationsPortfolio trackingUser-friendly mobile interface
Exchanges	BinanceCoinbaseKraken	Real-time pricesTrading volumesPossibility of direct buying/selling
Portfolio tools	FTX (formerly Blockfolio)CoinStats	Tracking of multiple cryptosPerformance analysesSynchronization with exchanges
Specialized Solana sites	Solana BeachSolana Explorer	Data specific to the Solana ecosystemNetwork metricsInformation on validators

How to secure your SOL?

Securing your SOL is essential if you want to buy them. Here are the best practices:

Method	Options	Characteristics	Best Practices
Hardware wallets	Ledger Nano S/XTrezor Model T	Offline storageHigh securityProtection against malware	Keep firmware up to dateStore in a safe placeUse for large amounts
Software wallets	PhantomSolflareSollet	Easy to useQuick access to fundsIntegration with DApps	Use a strong passwordActivate 2FA if availableRegular updates
Cold storage	Paper walletsHardware wallets	Completely offlineIdeal for long-term storage	Store in a secure locationCreate multiple copiesConsider a safe deposit box
Hot storage	Exchange walletsMobile wallets	Easy access for trading	Limit stored amountsUse reputable exchangesActivate all security options

*This article was paid for. Cryptonomist did not write the article or test the platform.