How to Buy Solana (SOL)

Buying Solana (SOL) is a great way to dive into the world of crypto, especially with its fast transactions and growing popularity. If you’re wondering how to buy Solana, it’s pretty straightforward and can be done through well-known exchanges like Binance or MEXC. 

Whether you want to pay with a credit card, Apple Pay, Google Pay, or even other cryptocurrencies, there are plenty of options available. In this guide, we’ll show you the simple steps to get started, from creating an account to securing your SOL coins.

Quick Guide on Buying Solana:

1. Create an Account: Sign up on Binance, complete the KYC process, and verify your identity to start Solana investing.
2. Deposit Funds: Deposit funds using methods like bank transfer, debit/credit card, or crypto transfer to your Binance wallet.
3. Search Solana: Go to the “Markets” section, search for “SOL” and select the trading pair (e.g., SOL/USDT).
4. Place Buy Order: Choose your order type, enter the amount of SOL, and confirm to complete the purchase.

Where to Buy Solana (SOL)?

To buy a Solana token SOL, finding a reliable platform that offers security, minimal price slippage, good liquidity, and low fees is important. Here’s a closer look at 2 popular centralized crypto exchanges where you can purchase Solana easily and securely.

1. Binance: Overall Best Exchange to Buy Solana

Binance is one of the best crypto exchanges to buy Solana. Operating in over 140 countries, it has established itself as one of the most widely available exchanges in the world. It processes over 1.4 million transactions per second, ensuring that you can buy and sell Solana quickly, even during high market activity. 

The platform’s 0.1% standard trading fee is also one of the lowest in the industry. You can reduce costs even further by using Binance’s own token, BNB, for fees. You can lower the fee to 0.075% maker/taker if you choose this option.

Binance offers a wide range of payment options for purchasing Solana, including credit and debit cards, bank transfers, and even peer-to-peer (P2P) payments. It’s known for its strong security features as well. It offers two-factor authentication (2FA), anti-phishing code, withdrawal address whitelisting, and real-time monitoring to keep your account and funds safe. The exchange also offers a $1 billion SAFU fund for insurance.

For more info, read our in-depth review of the Binance exchange including its pros and cons.

2. MEXC: Buy Solana Without Fees and KYC

MEXC is another best crypto platform for buying SOL tokens, especially if you prefer an exchange that doesn’t require extensive identity verification (KYC) or high fees. It is known as the best zero-fee exchange and no-KYC crypto exchange. Unlike many other crypto exchanges that require KYC, MEXC allows you to trade without submitting personal documents. So, if you prefer privacy for Solana trading, it is a solid choice.

Despite its no-KYC policy, MEXC prioritizes security by implementing two-factor authentication, anti-phishing codes, and other important safety measures. It also offers features like 100x Solana perpetual futures contracts, copy trading, and a launchpad for new SOL tokens.

For more info, check out our review on the MEXC exchange.

How to Buy Solana on Centralized Exchanges: Step-by-Step Guide

Step 1: Choose a Crypto Exchange (e.g. Binance)

The first decision in buying Solana involves choosing a trustworthy cryptocurrency exchange. Binance and MEXC are both top choices for purchasing SOL coins. You can also use Coinbase or Crypto.com if you are buying SOL from the United States.

For this guide, we will be buying Solana on Binance. This platform is one of the largest globally, with advanced security measures and a high volume of Solana (SOL) trades every day. Binance has grown to handle nearly $1.7 billion in 24-hour trading volume for SOL alone, demonstrating its liquidity and reliability.

Step 2: Create an Account and Complete KYC

To start, go to Binance’s official website or download the Binance mobile app. It is available for both Android and iOS devices. You’ll see the “Sign Up” button on the home page. Enter your email and create a strong password to open your account.

For referral rewards, you can also use our Binance referral code “QH6V74V5” to get a $100 sign-up bonus.

Once registered, Binance will ask you to go through a Know Your Customer (KYC) process. This is a standard identity verification required by most cryptocurrency exchanges. The KYC process is for maintaining a safe trading environment and is good for global regulations to prevent financial crimes.

During the KYC process, you’ll need to provide personal information such as a government-issued ID (passport, driver’s license, or national ID card) and sometimes proof of address (like a utility bill). 

The verification usually takes a few hours but may extend up to 48 hours during high-traffic periods. Completing KYC gives you access to higher trading limits and unlocks all of Binance’s payment methods, including bank transfers, credit/debit card options, and third-party payment providers. 

After verification, Binance will notify you via email, and you can move on to funding your account and purchasing Solana.

Step 3: Choose How You Want to Buy the Solana Asset

Binance offers several payment methods to make buying Solana as convenient as possible. Here’s a closer look at each method:

Buy Solana with a Debit / Credit Card

The fastest and most convenient way to buy Solana (SOL) on Binance is by using a debit or credit card. 

To begin, go to the “Buy Crypto” section on the Binance dashboard and select the “Credit/Debit Card” option. Next, you’ll see a dropdown menu where you can choose both the currency you want to pay with (like USD, EUR, etc.) and the cryptocurrency you’re purchasing, in this case, Solana (SOL).

Once you’ve selected Solana and USD, Binance will show you the current market price of Solana based on the amount you wish to purchase. After selecting “Card” as your preferred payment method, click “Confirm” to proceed. 

If this is your first time using a card on Binance, you’ll need to enter your card details. Simply click on “Add New Card”, fill in your card information, and then click “Confirm” to save the details for future transactions.

After adding your card, you’ll be directed to a payment confirmation page where you can double-check your purchase details. Here, Binance displays a timer since cryptocurrency prices fluctuate constantly, so confirm your order within the time limit to lock in your price. If you need more time, click “Refresh” to get the latest quote before finalizing the order. Once everything looks correct, click “Confirm” to proceed.

Next, you’ll be redirected to your bank’s secure OTP page for verification. Follow the on-screen instructions to complete the transaction, typically by entering a one-time password sent to your mobile or email. Once the payment is verified, Solana will be credited to your Binance Spot Wallet, usually within minutes. 

Note: Using a debit or credit card for purchases on Binance is very quick, though there is a processing fee – typically around 1.8% – which may be worth considering.

Buy Solana with Google Pay or Apple Pay

For mobile users, Binance also supports payments through Google Pay and Apple Pay. This method is straightforward, especially if you’re using the Binance mobile app. 

Once you’re in the “Buy Crypto” section, select either Google Pay or Apple Pay as your payment method, and enter the amount of Solana you want to purchase. Confirm the transaction and your funds will be deducted from your Google or Apple account. This process is ideal for those who prefer mobile transactions or want to avoid entering card details manually each time.

Buy Solana with Third Party Payment Methods

Binance partners with several third-party payment providers, such as Simplex, Banxa, and Paxos, which allow you to pay directly in your local currency. This can be convenient if you’re looking to avoid currency conversion fees or prefer a more direct route to fund your purchase. 

To access third-party options, go to “Buy Crypto” and then select “Third-Party Payment”. Here, you’ll see various options based on your country and payment preferences. It’s wise to check each provider’s fees, as they vary by region and provider, with some being more cost-effective than others.

Buy Solana with USDT or Other Crypto

If you already own cryptocurrency, another cost-effective option is to exchange it for Solana on Binance. You can use stablecoins like USDT (Tether) or other crypto like Bitcoin (BTC) to buy SOL. To do this, navigate to the “Trade” section and select “Convert”.

Select your preferred pair, enter the amount, and confirm the exchange. Crypto-to-crypto trades on Binance are subject to low fees, often around 0.1% for standard users. And, if you use “Convert” features, it’s a zero-fee transaction. Additionally, using USDT or other stablecoins can help minimize price fluctuations while you’re trading.

Step 4: Store SOL on Binance or Transfer to an External Wallet

After purchasing Solana, you have two main storage options: keeping it on Binance or transferring it to an external wallet.

Storing Solana in your Binance Spot Wallet is convenient if you plan to trade frequently or want easy access to Binance’s services, like staking or lending. 

Binance has robust security features, including 2FA, address whitelisting, and the SAFU (Secure Assets Fund for Users) insurance fund, which provides additional protection for your funds. However, as with any exchange-based wallet, there is always a degree of risk, so this option is best for active traders.

Transferring SOL to Crypto Wallet

For long-term holders or those who prioritize security, transferring Solana to an external crypto wallet may be a better choice. Solana is compatible with both software wallets, like Trust Wallet, and hardware wallets, like Ledger and Trezor. Hardware wallets are often considered the most secure option, as they store your SOL offline.

To transfer SOL to an external wallet, go to your Binance Spot Wallet, select “Withdraw”, and enter your Solana wallet address. Be sure to double-check the address and network (choose the Solana network to avoid compatibility issues) before confirming the withdrawal. Binance may apply a small network fee for withdrawals, so check the fee structure for Solana to avoid surprises.

How to Buy Solana on Decentralized Exchanges?

Buying SOL on decentralized exchanges (DEXs) is a straightforward process, and it lets you stay in full control of your funds since you don’t have to sign up for an account or go through any verification steps. 

Instead, you trade directly from your crypto wallet, which makes the process faster and more private. Solana has several top DEXs, and two of the best-known options are Raydium and Jupiter.

1. Raydium

Raydium is a decentralized exchange built specifically on the Solana blockchain. This platform is popular because it’s fast and has very low fees, both benefits of the Solana network. To get started on Raydium, you’ll need a crypto wallet compatible with Solana, like Phantom Wallet or Solflare Wallet. These wallets make it easy to connect directly to the Raydium site.

Once your wallet is connected, head to the “Swap” section. Here, you can choose which token you want to trade for Solana. If you’re using a stablecoin like USDT, simply select it in the “From” field and pick Solana (SOL) in the “To” field. Enter the amount you want to trade, and Raydium will show you how much SOL you’ll get based on the current rate.

Review the transaction details and confirm it within your wallet. Raydium’s trading fees are tiny – typically under a cent – so it’s an affordable choice for buying Solana, and your new SOL tokens will show up right in your wallet once the transaction is complete.

2. Jupiter

Jupiter is another great option, but it works a little differently than a typical DEX. This platform is a “liquidity aggregator”, which means it checks prices across multiple DEXs (including Raydium) to find you the best possible rate for buying Solana. This way, you don’t have to manually compare prices – you’ll automatically get the best deal.

Just like with Raydium, you’ll need a compatible wallet like Phantom or Solflare. Connect your wallet to the Jupiter platform and select the token you want to swap in the “From” field, with Solana (SOL) in the “To” field. Jupiter will then search for the most efficient route to complete your swap.

Once you review and confirm the details, the transaction will be processed, and your SOL will show up in your wallet within moments. Since Solana’s transaction fees are so low, Jupiter’s service is budget-friendly, even when aggregating multiple exchanges.

How to Buy Solana Meme Coins?

To buy Solana meme coins like BONK or WOOF, you’ll need to use a DEX since these tokens are typically not available on major centralized exchanges. 

Here’s a simple guide to help you get started:

1. Set Up a Solana Wallet: First, you’ll need a crypto wallet that works on the Solana network. A popular choice is the Phantom wallet. Download the app or browser extension, then follow the instructions to create and set up your wallet. This wallet will store your Solana (SOL) tokens and any meme coins you buy.
2. Fund Your Crypto Wallet with SOL: You’ll need SOL to buy meme coins and cover small transaction fees. If you don’t already have SOL, buy it on a larger exchange like Binance or OKX. After you have SOL, send it to your Phantom wallet by copying your wallet address from Phantom and pasting it as the destination in your exchange.
3. Connect to a Decentralized Exchange (DEX): With your wallet funded, go to a DEX that supports Solana tokens, like Raydium or Jupiter. These DEXs let you trade directly from your wallet without signing up for an account. Click the “Connect Wallet” button on the DEX, select Phantom (or your wallet of choice), and follow any prompts to connect.
4. Select Your Meme Coin: In the exchange interface, you’ll see options to trade different tokens. Select SOL in the “From” field and find the meme coin you want to buy in the “To” field. Enter the amount you want to trade, and the DEX will show you how much of the meme coin you’ll get.
5. Confirm the Transaction: Once you’re ready, review the transaction details and confirm it. A pop-up in your wallet may ask you to approve the transaction, and once you do, it’s processed in seconds. After that, your new meme coins will appear in your wallet balance.

Buying meme coins on Solana DEXs is quick, but always double-check the token contract to ensure it’s the correct one, as there are sometimes scam tokens with similar names.

How to Secure Your Purchased SOL Coins?

• Use a Solana Hardware Wallet: One of the safest ways to store your SOL coins is by using a hardware wallet like Ledger or Trezor. These devices store your private keys offline, making them much less vulnerable to online threats like hacking or phishing attacks.
• OR, Choose a Reliable Software Wallet: If a hardware wallet isn’t for you, choose a secure software wallet like Phantom, which is popular for storing Solana tokens. When you set up your wallet, make sure to enable two-factor authentication (2FA).
• Backup Your Seed Phrase Securely: When you create a wallet, it will generate a seed phrase, which is essentially your backup key. This phrase is extremely important, so write it down on paper and store it somewhere safe. Avoid saving it on your computer or online, as hackers could potentially access it.
• Be Careful When Using DEXs: Scams and phishing attacks are common in the crypto world. Double-check the website’s URL and be wary of any links or pop-ups that ask for your wallet details.

Conclusion

If you’re wondering how to buy Solana, the process is pretty simple and can be done through various exchanges. You can choose from centralized platforms like Binance or Coinbase, or go for decentralized ones like Raydium. 

Depending on your preferences, you can use methods like credit cards, bank transfers, or even other cryptocurrencies to buy SOL. Once you’ve made the purchase, remember to keep your coins safe – using a secure wallet is key. By following these steps, you can smoothly invest in Solana.

FAQs: How to Invest in Solana

How much does it cost to buy 1 Solana?

The price of 1 Solana (SOL) can change a lot depending on market conditions. Right now, SOL costs $188.7 per coin (Binance rate at the time of writing), but the price can go up or down. 

If you’re planning to buy, it’s a good idea to check real-time prices on trusted exchanges like Binance or MEXC. That way, you’ll know exactly how much you’ll need to pay before making the purchase.

How to get free Solana?

Getting free Solana is a bit tricky, but it’s possible through certain methods. Some platforms run promotions, offer staking rewards, or even airdrops where they distribute SOL coins to new users. You could also earn free Solana through referral programs on exchanges, where you get rewards for inviting others.

What Is the best way to buy Solana?

The best way to buy Solana is through Binance if you are a beginner. It allows you to buy SOL with regular payment methods like bank transfers or credit cards.

How much is the fee to buy Solana?

The fees you’ll pay to buy Solana can vary based on where you’re buying it from. If you’re using a centralized exchange like Binance or Coinbase, the fees are usually around 0.1% to 3%, depending on the payment method. For decentralized exchanges like Raydium, the fees are typically lower, but you might encounter additional network fees.

How can I buy Solana in the U.S.?

In the U.S., you have several options for buying Solana. You can use exchanges like Coinbase, Binance.US, or Crypto.com, which let you buy SOL with USD. They offer different payment options, including ACH transfers, debit/credit cards, or even PayPal in some cases.