Where to buy Solana (SOL)
Want to buy Solana? Learn where to buy Solana in a few simple steps. As you might notice, big companies now also invest in cryptocurrencies, the time seems right to stay ahead of the herd and own your own digital assets like Solana.
This transparent beginners guide will take you safely and step-by-step through the process of buying Solana. When you follow these steps, you'll own your first Solana today! How exciting!
TIP! Before starting with the article below, make sure you create an account (within 1 minute) so you can follow the steps below directly.Where to acquire Solana (SOL) for beginners
- Step 1 - Create & secure an account
- Step 2 - How much Solana (SOL) should I buy?
- Step 3 - Payment methods for purchasing Solana
- Step 4 - Trade or buy your first Solana
- Step 5 - Prepare for the crypto future!
- Step 6 - More information about purchasing Solana
Step 1 - Create an account
Binance is one of the most popular platforms in the world. A big plus is that it is very transparent to buy Solana on Binance. As with normal currency trading, you pay a small fee on every trade you make, and Binance has good rates. Once you've bought Solana, you can choose to keep your coins online or send them to a hardware wallet if available for your cryptocurrency.
Below in super simple steps, explained how to create a new and safe account.
1.1 Safe account
Click on this link to go to Binance Exchange to create an account.
1.2 Strong password
Enter your email & strong password, tick off "I agree to the Binance Terms of Use" and click register.
1.3 Verify email address
After this step is completed, a verification email will be sent to you.
Check your inbox and confirm your email address.
1.4 Secure your account
Great! Your Binance account is created! Now follow the next steps to ensure your account is 2FA secured. This is highly recommended.
What is 2FA?
With 2FA, you'll generate a security code every time you log in with a new session. This will help prevent unauthorized access to your account. The most used 2FA authentication options are SMS and authenticator apps like Google Authenticator.
1.5 You've got an account now!
Your account is ready to use, and you can purchase Solana (SOL).
Step 2 - How much Solana (SOL) should I buy?
The good thing about cryptocurrencies is that you can divide them and get just a small piece. This way, you still own your part of Solana and you can hold it or keep it.
To increase your confidence, it’s good to experiment with a small amount first to understand the process of buying Solana. After that, you will be familiar with the process and can easily increase your transactions to buy more Solana. (be aware of the fees involved when you get and sell cryptocurrencies)
Two SMART reasons it's good to be active on multiple exchanges
The demand for crypto is rising, and sometimes you may want to trade instantly. Since some exchanges have long approval times that can take weeks, it's a good idea to already have accounts on multiple exchanges.
Another reason to have an account on multiple exchanges is that not all exchanges list the same cryptocurrency coins. When you discover a new coin that you want to purchase, you don't want to be stuck in a queue—you want to take action before the price goes up. Click here for a FULL list of popular exchanges, including our personal TOP 5.
Step 3 - Payment methods for purchasing Solana
Binance has over 100 payment options to deposit money and buy your Solana. Easily select your preferred currency and the payment option you want to use. Of course, they also provide the most common payment methods, such as Credit Card, Bank Transfer, & PayPal.
Note: every country has different payment options, so just log in and check the payment methods for your country. In the crypto world and on exchanges like Binance, you can't purchase every coin directly with FIAT currency. Therefore, they created stable coins like Tether (USDT).
These are cryptocurrencies you can get to later swap for the currency you want. Before purchasing your preferred coin, it's wise to research which coins are paired with the one you want to purchase.
Step 4 - Trade or get your first Solana
In the crypto world and on exchanges like Binance, you can't get every digital currency directly with FIAT currency. Therefore, they created stable coins like Tether (USDT).
These stable coins are cryptocurrencies that you can purchase to later exchange for the currency you want. The name "stable coin" comes from their linkage to USD, as the price of these coins tracks the price of the USD. Before purchasing your preferred coin, it's helpful to check which coins are paired with the one you want to purchase. For example, some coins only pair with Bitcoin or Ethereum, while others also pair with stable coins.
Benefit of using stable-coins
Since some cryptocurrencies can be volatile, stable coins are often linked to the USD. Therefore, their price remains consistent, which minimizes the risk while trading fiat currency into other crypto coins and vice versa.
Step 5 - Prepare for the crypto future!
As discussed at the beginning of this guide about buying Solana (SOL), prepare yourself by creating multiple secured accounts on exchanges. This way, you'll be one step ahead when you want to purchase a new cryptocurrency that is not listed on the platform you're on.
Top 5 - Help yourself
List of exchanges including our TOP 5 to purchase Solana (SOL) or other alt-coins. Most of these exchanges have large trading volumes.Step 6 - More information about Solana
DYOR - Do Your Own Research
When investing in Solana, always make sure you do your own research on the coin, the technology behind it, and the team supporting it. Before investing in any coin, it’s smart to conduct thorough research on the coin, its technology, and its team.
DCA - Dollar Cost Averaging Strategy
Dollar Cost Averaging is a popular strategy in the investment and crypto world. It's a tactic where you get a systematic amount of a coin or investment you believe in. For example, $100 every month. As you get systematically, it reduces emotional involvement and spreads the risk of a changing market.
- Invest small amounts
- Less stress about changing markets
- Lower chance of losses as you never get full amounts during peaks
Cons of DCA
- Won't make optimal trades as you don’t invest everything at the bottom
- Takes longer since you don't get rich off one trade
- If you DCA into one investment, you could pick a bad investment that only declines. It’s better to vary your investments while using DCA.
Explanation Video: DCA Dollar Cost Averaging
