How & Where to Buy To Buy Solana (SOL) Coin in 2024 – Beginners Guide

In this guide, you will learn where to buy Solana coins in 2024. Here, we will evaluate the best crypto exchanges that list Solana and tell you why the popular altcoin is worth buying. Considered a relatively new crypto, Solana has had a rather interesting price history. It went from being one of the most lucrative digital assets in 2021 to one of the most undervalued cryptos.

We will explore this price action and look at SOL’s expected future performance. We even address the virtual asset’s feud with the SEC-US. The post will then walk you through the process of buying Solana on one of the best altcoin exchanges.

How to Buy Solana (SOL) Coin – Quick Steps

This quick guide teaches you how to buy Solana coins in the US right now. It introduces you to the process of buying cryptos on eToro – the SEC-regulated crypto exchange. This lets you buy the hottest cryptos for as little as $10.

• Step 1: Register an eToro account – Start by opening a free crypto trader account on eToro.com. The process is quick and straightforward and eToro only asks for basic personal information.
• Step 2: Deposit funds – Fund this account with at least $10. You can deposit into eToro using credit cards, debit cards, bank transfers, ACH checks, or eWallets like PayPal.
• Step 3: Search for Solana – Use the search bar on the eToro website to search for the sixth most valuable crypto asset. Enter the word ‘SOLANA’ or ‘SOL’ and when you hit search, click on the ‘TRADE’ icon that appears.
• Step 4: Buy Solana – Use the trading tab that pops up here to indicate how much you wish to invest in Solana today.

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection.

In the below sections, we will tell you everything you need to know about investing in Solana today. We will start by exploring where to buy crypto safely in the US. We also tell you what Solana is and look at its past and expected price performance. Later on, we look at the most common ways of buying Solana on top crypto exchanges.

Where to Buy Solana (SOL) Coin in 2024

Solana is the sixth most valuable digital asset and one of the most searched cryptos. It also enjoys a cult-like following from its ever-growing online community. These factors have helped it list with arguably all the best crypto exchanges in the market today. In this section, we will be looking at the four best places to cryptos like Solana safely.

1. eToro – Overall Best Place to Buy Solana (SOL) in 2024

eToro tops our list of the best crypto exchanges for buying Solana. Among the factors helping it rank this high are its user-friendliness, cost-friendliness, reputation, and support for social/copy investing. For starters, eToro is one of the most regulated crypto exchanges around. In the US, it is regulated by the SEC and is a member of FINRA. Internationally, it is regulated by the likes of FCA, ASIC, CySEC, and FSCA.

eToro is also the best crypto exchange for beginners to buy Solana because it is easy to use. It maintains a quick and straightforward account opening process that ushers you to an easy-to-use crypto trading interface. Not forgetting that it operates one of the best crypto trading mobile apps. Both platforms are easily navigable, with all the key features carefully placed on the home page.

Why eToro?

eToro also integrates several beginner-friendly trading tools and programs on its platform. These start with a comprehensive educational resource integrated into the eToro website. It also provides beginners with a demo account for practice trading. Newbies learn how to invest in cryptos and are also exposed to the crypto trader tool. This lets them make money when they copy the trade settings of highly successful traders.

In addition to Solana, you can also buy Bitcoin and all the top altcoins on eToro. The crypto buying process is straightforward and you only need $10 to get started. Note that eToro is one of the few exchanges that let you invest in cryptos with PayPal. And when buying cryptos here, you only pay a fixed fee of 1% of the trade volume. Social investing, on the other hand, makes it possible for you to seamlessly interact with other eToro platform users.

Other factors making eToro the best place to buy Solana include the fact that it supports crypto staking. It also lets you diversify your crypto investment with copy-smart portfolios. Do not forget that it is a multi-asset trading platform. It lets you invest in such traditional assets as ETFs, stocks, treasuries, and commodities.

To learn how to eToro fairs against other top crypto exchanges, read our eToro vs Coinbase and eToro vs Robinhood comparative guides.

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection.

2. KuCoin – Best Crypto exchange for Passive Investing

KuCoin is among the five most liquid crypto exchanges in the world. It also supports one of the most diverse crypto libraries. In addition to buying Solana here, you can also buy 700+ other cryptos or trade 1000+ crypto pairs on KuCoin. Further, the exchange maintains some of the fastest transaction processing speeds. All these make it one of the top-rated crypto trading platforms and exchanges for active day traders.

However, we feature KuCoin among the best crypto exchanges for buying Solana because it integrates multiple passive investing tools. These include crypto staking, liquidity mining, dual investing, KCS Bonus, and savings. Some of these programs earn you interest in excess of 100% per annum. Most will also let you choose between flexible and fixed staking periods.

Why KuCoin?

KuCoin also makes it here because it is highly intuitive and cost-friendly. The multi-platform exchange has a quick and straightforward account creation process. The KuCoin is optimized for mobile use, and the exchange provides you with one of the leading mobile crypto trading apps.

When buying Solana and cryptos on KuCoin, you will only have to part with a competitive and volume-based maker/taker fee model. These range between 0.1% and -0.005%, and if you settle this fee using KCS coins, you qualify for a 20% discount.

Other factors making KuCoin one of the best places to buy cryptos include its security. This is evidenced by the fact that the exchange is safe. It not only provides users with safe and free crypto wallets but also publishes its audited proof of reserves reports. It also has an accessible and highly responsive customer support team.

3. Coinbase – Best Exchange for Beginners to Buy Solana (SOL) Safely

Coinbase is the most liquid crypto exchange in the US and the second in the world. It also is arguably the most successful of the oldest crypto exchanges in the world. Launched in 2012, Coinbase has positioned itself as the best Altcoin exchange for beginners to buy Solana and any of the 100+ digital assets listed here. But it is also listed here because of its solid reputation for reliability, safety, and customer service.

Coinbase has a quick and straightforward account creation process. It has also oversimplified the crypto buying process and allows you to start buying the hottest cryptos with at least $2. It also supports multiple payment methods. It’s one of the few exchanges that let you buy cryptos with PayPal and popular eWallets like Apple Pay.

Why Coinbase?

Coinbase has also taken several measures to guarantee the safety and integrity of your personal information and trading information. For starters, Coinbase doesn’t share your personal data with third parties. Coinbase also provides you with free and safe digital wallets – both an exchange-based wallet and mobile wallet app for iOS and Android.

Both are secured by secured with a strong password and two-factor verification. The exchange-based wallet holds 98% of client assets offline while insuring the remaining 2%. The mobile wallet is non-custodial and encrypts your private keys heavily before depositing them in the root storage of your phone.

In addition to all these, Coinbase makes it here because it has an accessible and highly responsive support team. These are available 24/7 via live chat. You can also reach out to them over the phone. It also supports passive income generation through staking. Not forgetting that it has launched the Coinbase PRO trading platform. This appeals to pro investors, high-volume traders, and active day traders.

To learn how Coinbase fairs against other popular exchanges, read our Coinbase vs Binance and Coinbase vs Crypto.com comparative guides.

4. Binance – Best Solana (SOL) Exchange for Deep Liquidity and Low Fees

Binance is the most liquid crypto exchange in the world. It is also the most popular, with almost 170 million users from 200+ countries and territories worldwide. It also exposes you to one of the largest crypto libraries. For starters, you can buy Solana and 600+ other cryptos listed here or trade the 1000+ crypto pairs supported on the exchange. You even get to interact with the best DeFi coins to buy right now on the exchange.

Why Binance?

Binance also lists among the best crypto exchanges to buy Solana because of its affordable fees. When buying crypto here, you will only part with a competitive and volume-based maker/taker fee of between 0.1% and 0.012%. And if you settle these few using BNB coins, you will qualify for a 25% discount.

Binance also ranks highly among the safest crypto exchanges. This claim is backed by the fact that Binance provides its platform users with two free Bitcoin wallets. First is the exchange-based cloud wallet that holds more than 90% of your digital assets offline.

You may also choose to use the mobile wallet app – the Trust Wallet. In addition to these, Binance operates a $1 Billion in-house insurance fund commonly referred to as SAFU. It also regularly publishes audited proof of reserve reports.

To learn more about how Binance fairs against top exchanges, read our eToro vs Binance comparative guide.

What is Solana (SOL)?

Solana is a smart contract blockchain and one of Ethereum’s most successful competitors. Its creation started in 2017, led by Anatoly Yakovenko before launching in 2020. The Blockchain network was intended to address the high gas fees and transaction processing speed challenges facing Ethereum.

Today, Solana has some of the highest transaction processing speeds of any crypto network – at 65000 transactions per second. It also maintains some of the most competitive crypto network fees – averaging $0.00025.

Like most other smart contract networks and Ethereum competitors, Solana uses the proof of stake consensus mechanism. This implies that the network users can stake Solana coins and earn attractive rewards.

Solana has been one of the fastest-growing Blockchain ecosystems. It has integrated virtually all the popular crypto technologies found on the Ethereum network. It has also onboarded thousands of developers who have created and launched numerous programs, dApps, and projects on the network. Plus, it hopes to be one of the key players in the upcoming Web 3 revolution.

Solana, also referred to as SOL, is the native token for this blockchain ecosystem. It is used to facilitate transactions on the platform.

Is Solana (SOL) a Good Investment?

The majority of analysts, investors, and forecasters agree that SOL is a good investment. In this section, we look at the top reasons why they believe Solana is worth buying today:

• Thriving ecosystem: Solana has one of the most vibrant blockchain ecosystems. It is home to multiple crypto technologies that continue to perform exceptionally well. These range from meme coins to play-to-earn programs, DEXs, and DeFis.
• Grossly undervalued: SOL is also worth buying because it is selling at a fraction of the price of its 2021 highs. Moving forward, it is expected to recapture this all-time high and probably set a new record. This translates to unprecedented gains for your investment.
• Hugely promising future: Both the Solana price and ecosystem are expected to continue growing in the foreseeable future. This implies that it will continue growing the value of your investment.
• Earn passively: You may also want to invest in Solana if you wish to earn passively. You can earn by staking on the Solana network or crypto exchanges. You may also earn by contributing to Solana-based liquidity pools.
• Proven resilience: Solana has also proved its resilience by surviving and recovering from even the most devastating price crashes. In 2022, for example, SOL survived both the crypto market crash and FTX/Alameda collapse and is already on a path to recovery.
• Recovering market: Solana – like all the best cryptos to buy today – is obedient to crypto market trends. As the crypto market embarks on a recovery journey, SOL is expected to mirror this price direction and resume its 2021 bull run.

What are the Risks of Buying Solana (SOL)?

As is the case with virtually all crypto and fiat investments, there are several risks to investing in Solana. The following are the most common:

• Volatile price action: Solana has one of the most volatile price actions of the large-cap cryptos. Between 2021 and 2022, for example, its value dipped by more than 98%. Only buy Solana if you can stomach such volatile price movements.
• SEC charge: In separate court cases pitting the SEC-US against crypto exchanges, the regulator has accused Altcoin of being an unregulated security. Should it bring a case against the digital asset, like it did Ripple, you may expect a sharp value loss and years of depressed price action from SOL.
• History of downtimes: While the Solana network addresses the fee and speed challenges faced by Ethereum it has consistently suffered network downtimes.
• Stiff competition: Solana faces stiff competition from other Ethereum killers like Cardano and from Solana killers like Aptos. These smart contract platforms are equally fast in transaction processing and charge low fees. Unlike Solana, however, they don’t suffer network downtimes.

Solana (SOL) Price History

When Solana launched in March 2020, it had an ICO price of $0.22. It launched at the height of an extended bear market, which meant that it had a relatively low price action. When the market started recovering in the last half of 2020, SOL started gaining value. It even broke parity with the US Dollar in July that year. Its big break, however, came about in 2021.

SOL stormed into 2021 trading around $1.5. It then started rallying again, and in the first five months of the year, SOL rallied by more than 3800% to peak around $56. The popular coin , however, dipped by more than 50% during the June-July market correction. It started rallying again in August and proceeded to set the current all-time high of $260 in November 2021.

The peak price was, however, closely followed by a sharp correction and an extended bear market starting in 2022. This bear market has had devastating consequences on Solana’s price action. So was the collapse of the FTX exchange and Alameda Research. By June 2022, Solana’s price had dipped by close to 90% to trade around $28. By the end of the year, Solana’s price had dipped to around $8.

Throughout 2023, however, Solana started recovering again first breaking above $10 in January. Between January and December 2023, Solana rallied by more than 1000%. It is expected to sustain this uptrend and continue rallying in 2024 and into the foreseeable future.

Solana (SOL) Price Prediction

Solana’s price has already started recovering and is expected to recapture its 2021 highs soon. A growing number of analysts and forecasters are also confident that SOL will rally past its current ATH and set a new record. They, however, can’t agree on how soon Solana will reach this new price level. The debate on just how high Solana can rally during the next bull market is also ongoing.

Heading into 2024, two rally-igniting factors are expected to take place within the first four months of the year. First, the SEC-US is expected to approve the much anticipated Bitcoin ETFs. Secondly, Bitcoin’s halving is expected to take place in April 2024. The two are expected to trigger a massive crypto market rally that sends SOL’s value to astronomical heights.

By the time the bull market peaks later in the year or in 2025, SOL is expected to have broken above $1000. This translates to more than a 1000% rally above its current price. By 2030, Solana is expected to have rallied by a further 500% to break above $5000.

Ways of Buying Solana (SOL) 

In this section, we will be exploring the different ways of investing in Solana on these crypto exchanges. We teach you how to buy SOL with cards, eWallets, and bank deposits on popular exchanges.

Buy Solana with a Credit Card and Debit Card

Credit cards and debit cards are two of the most common online payment methods. They have been embraced by virtually all the most popular crypto exchanges around. In fact, all the top exchanges that we have discussed above will let you buy Solana with credit cards and debit cards.

Most investors prefer card payments because of their convenience. For starters, these have some of the fastest payment processing speeds. Secondly, the majority of crypto exchanges won’t charge you a deposit processing fee when you make card payments. On the flip side, however, most card issuers charge a payment processing fee. Further, cards have a rather small maximum daily transaction limit.

Buy Solana with a Bank Deposit

You can also buy Solana with bank deposits. This is made possible by the fact that almost all the best altcoin trading platforms accept bank deposits. There are several upsides to buying crypto with bank balances. First, most exchanges have relatively high maximum deposit and trade limits for purchases via the bank. Secondly, banks are easily accessible.

However, the biggest drawback to using bank deposits is that payment processing often takes time. At eToro, for example, it takes between 3 and 8 days for the deposit or withdrawal to reflect in your account. Additionally, banks maintain relatively high payment processing fees.

Buy Solana with eWallets Like PayPal

Most crypto exchanges will also let you buy Solana and other cryptos with PayPal and other eWallets. There are primarily three ways of buying crypto with PayPal. Some, like eToro and Coinbase, let you buy crypto instantly with PayPal. Others have integrated fiat-to-crypto onramps like Moonpay and Simplex, where you can buy crypto with eWallets and have it deposited into your exchange account.

More popular exchanges like Binance and KuCoin have integrated peer-to-peer trading platforms. These let you buy crypto with hundreds of local and international payment methods – from PayPal, Skrill, and even gift vouchers.

The upside to buying crypto with PayPal includes the fact that the payments are processed fast. It also charges competitive transaction processing fees. On the flip side, though, it has relatively low daily transaction limits. Plus, the majority of crypto exchanges won’t let you buy crypto instantly with PayPal or other eWallets.

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection.

Best Solana (SOL) Wallets

Now that you know where to buy Solana, you need to understand how to keep it safe. This means acquiring a safe digital wallet. In this section, we introduce you to the most common types of crypto wallets used to keep SOL safe.

Web Wallets

Web wallets are also referred to as cloud-based wallets. They are custodial and mostly provided by crypto exchanges or third-party crypto custody service providers. They hold the private keys on your behalf. These are highly convenient for active traders who have to keep moving cryptos in and out of trading platforms. They, however, aren’t the safest and expose your digital assets to the risk of hackers or misappropriation.

Software Wallets

Software wallets refer to desktop wallets and mobile wallet apps. These are computer programs that have been specially designed to hold crypto private keys. They are non-custodial and encrypt the private keys heavily before depositing them in the root storage of your phone or computer. They, too, are convenient and appeal to active traders and short-term investors.

But they are equally unsafe and expose your keys to several threats. First, is the threat of hacking as the keys are held in an internet-enabled device. They also expose you to such other threats as attacks by malware or ransomware.

Hardware wallets

As the name suggests, hardware wallets are physical devices. These have been specially designed to keep your cryptos safe. These provide you with the safest way to keep your digital assets safe. They hold your keys offline and will only connect to their desktop companion app via either an ultra-secure USB cable or wirelessly via Bluetooth.

We encourage our readers not to leave their private keys in an exchange nor hold them in a software wallet. Note, however, that hardware wallets are not free. But where possible, especially if you intend to hold a large number of cryptos or are a long-term crypto investor.

How to Buy Solana (SOL) on eToro – Step-by-Step Guide

In this section, we walk you through the detailed process of buying cryptos on eToro. It is quick and straightforward and you only need $10 to get started.

Step 1: Create a Free Crypto Account

To buy Solana coins via regulated exchange you need first to open the official eToro website on your browser. Alternatively, download the eToro mobile trading app on the App Store or Google Play Store. On either platform, click on the “Join Now” button and complete the user registration form that appears.

The crypto brokerage will only ask for such basic details as your name, address, phone number, income source, and trading experience. You will then need to come up with a unique username and strong password.

Step 2: Verify your Identity

The trader account registration process on eToro is only considered complete after you have verified your identity. Simply send the brokerage a photo of your government-issued identification document. This could be your passport or driver’s license.

Step 3: Fund the Account

After receiving the account approval notification, log in to the new account. On your user dashboard, click on the “Deposit Funds” icon. A funding tab will pop up, indicating all the payment options available to you based on your country of residence. Click on one and follow the prompts to fund this account.

Step 4: Search for Solana

Once the deposit is reflected in your account, hit the “Discover” tab on the user dashboard. This exposes all the financial instruments supported by eToro. Choose “Cryptos”, and a list of all the digital assets supported on the platform will pop up. Find Solana from this list.

Step 5: Buy Solana Coins

Click on the “BUY” option against Solana tokens. On the trading tab that pops up, indicate how much you intend to invest in the all-popular smart contract network. Then, hit the “Open Trade” button to execute this investment.

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection.

Step 6: Set up and Activate the eToro Money Wallet App

The private keys for the SOL coins you just purchased will be deposited into the exchange-provided crypto wallet. Note, however, that this wallet doesn’t process transfers in or out to third-party wallets and exchanges. If you intend to transfer your crypto out, you will first need to download and activate eToro Money. This is the mobile wallet app for eToro crypto exchange, and it is available for iOS and Android devices.

Use the credentials created in Step 1 above to log in. Link the wallet app with the exchange-provided wallet and choose to move the SOL coins. For every transaction, you will be charged a crypto transfer fee of 0.5% of the crypto value (capped at $50). From the eToro Money wallet, you can transfer Solana cryptos to any third-party wallet or exchange.

How to Sell Solana (SOL)

The process of buying crypto on Solana is equally quick and straightforward. Here is a breakdown of the crypto-selling process on eToro:

• Step 1: Log back into your eToro crypto trading account
• Step 2: Hit the “Portfolio” button on your user dashboard. This shows you all the open trades on your eToro account.
• Step 3: Select Solana and tap the “Close” button against the digital asset.
• Step 4: Decide whether you wish to sell all SOL tokens or just a small portion of this asset. If all, click on the “Close Trade” button to sell your SOL.

Note: The cash equivalent of this crypto will deposited into your eToro cash balance. You may use it to buy cryptos supported on eToro, like Dogecoin, Shiba Inu, Ethereum, or even Bitcoin. Alternatively, withdraw the funds via any of the supported cash-out methods.

Conclusion – Where to Buy Solana (SOL)

There goes everything you need to know about where to buy Solana in 2024. We started by reviewing the best crypto exchanges to buy Solana by exploring their core features and told you what makes them stand out. We also looked at Solana’s past and expected price action and the top reasons to buy SOL coins today and the best ways of buying the popular altcoin on top exchanges.

Want to buy Solana while it sells at a discounted price? Follow the step-by-step guide to buying Solana that we have outlined above. This teaches you how to buy Solana and all popular cryptos on eToro for as little as $10.

Reviewed and Fact Checked by Kamal Masri, Crypto Writer and Investment Analyst.

References:

• https://cointelegraph.com/news/sec-sues-kraken-for-securities-laws-violations
• https://www.cnbctv18.com/cryptocurrency/aptos-everything-you-need-to-know-newly-released-solana-killer-14984021.htm
• https://www.bloomberg.com/news/articles/2022-12-28/solana-sol-founders-scramble-to-move-past-ftx-s-stain-on-their-token
• https://www.nasdaq.com/articles/fox-business:-firms-feel-confident-sec-will-approve-spot-bitcoin-etfs-after-january-8
• https://www.binance.com/en/events/bitcoin-halving