How to Buy Solana – Beginners Guide for 2024

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Solana is a popular blockchain project that offers fast, scalable, and low-cost transactions. Its native cryptocurrency, SOL, is trading 85% below prior all-time highs. Now could be a great time to gain exposure to Solana before the next bull run.

This guide explains how to buy Solana in under five minutes with a regulated broker. We also assess whether Solana is a viable investment, exploring its use cases, upside potential, and risks.

How to Buy Solana in 4 Simple Steps

Let’s begin this guide with a quick walkthrough on how to buy Solana in 2024.

  • Step 1 – Open an Account With MEXC: Open a new MEXC account by connecting to the website with a crypot wallet, or by entering your email address/phone number.
  • Step 2 – Verify your Account: Upload a passport copy/driver’s license and verify your MEXC account.
  • Step 3 – Deposit Funds: Choose a suitable payment method to make a deposit. Options include Visa, MasterCard, SWIFT, SEPA, and bank transfers. Enter the deposit amount, and confirm the transaction
  • Step 4 – Buy Solana: Search for ‘Solana’ on the navigation bar, and hit ‘Enter.’ Enter the purchase amount, and confirm the transaction.

A more detailed walkthrough can be found further down in this guide.

Where to Buy Solana – Best SOL Exchanges Reviewed

Solana is one of the largest cryptocurrencies by market capitalization – so it’s listed by many exchanges and brokers. We’ll now discuss the best places to buy Solana in terms of low fees, safety, payments, and other important factors.

1. MEXC – Overall Best Place to Buy Solana

MEXC logoWith over 10 million global users located across 170 countries – MEXC is our top pick for the best Solana cryptocurrency exchange. This cryptocurrency exchange allows investors to trade over 1,000 crypto tokens, access thousands of crypto pairs, and benefit from low trading fees. 

MEXC home

Investors can start with as little as $5 on MEXC. Payments can be made using debit/credit cards, SEPA, P2P trading, and SWIFT. Notably, MEXC charges 0% spot trading fees and futures trading fees starting from only 0.02% per transaction. (0% on limit orders). 

Investors can also access unique features such as swap farming – where thousands of crypto pairs can be accessed by connecting to liquidity pools. Other features such as the MEXC launchpad allow one to invest in new crypto projects. 

MEXC uses high-performance mega-transaction matching technology to support fast and efficient trades. The platform is capable of processing 1.4 million transactions per second. Tokens can also be staked to earn high annual yields. 

Experienced traders can trade futures contracts – and apply leverage to maximize their earnings potential. Advanced charting indicators can be used to help in technical analysis. To support customers with any queries, MEXC offers a 24/7 customer support team.

MEXC staking

MEXC complies with Anti-Money Laundering (AML) policies and is compliant in multiple countries such as Switzerland and Australia. For user protection, MEXC also uses two-factor authentication and KYC forms. 

Fee to Buy Solana  Top Features 
0% spot trading fees
  • 0% spot trading fees and futures trading fees starting from 0.02% per transaction.
  • Adheres to anti-money laundering policies.
  • Gives users access to new crypto tokens through the MEXC launchpad.

Pros pros

  • Does not charge any spot trading fees
  • Supports more than 2,000 crypto pairs
  • Advanced trading tools supported
  • Executes 1.4 million transactions per second
  • High staking APYs

Cons cons

  • Charges 2% fees per transaction on credit cards

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. Kraken – Impressive Security Record With Substantial Pedigree

Kraken logoFounded in 2011, Kraken is one of the first cryptocurrency exchanges established in the United States and currently supports more than 246 different tokens.

Since its humble beginnings Kraken is now the world’s sixth largest exchange by volume and provides an extensive suite of products and features for the modern crypto investor.

Best Kraken Trading Bots

Kraken supports a broad range of payment methods in order for you to buy Solana. Alongside bank transfer, debit card and crypto deposit, Kraken allows the use of third party providers such as Apple Pay and Google Pay. Fees are competitive with 3.75% charged for debit card purchases and 1.5% for bank transfer.

Trading fees are competitive and the platform uses the maker-taker fee structure. For spot markets, purchases between $0 and $10,000 cost 0.25% maker and 0.40% taker. The more crypto you trade (over a 30 day period) the lower the trading fee with volumes of $10m+ incurring no maker fee and just 0.10% taker.

Kraken provide a number of features you would expect from a leading cryptocurrency exchange. Kraken users are able to access NFT markets, margin trading and staking services among many others.

Kraken has a sound reputation for security and since inception the platform has had zero security breaches. This impressive track record makes Kraken a popular choice for investors of all levels.

Kraken supported crypto list

The platform incorporates some of the highest security protocols on the market with 95% of funds stored under armed guard in cold storage. Furthermore, all funds are authenticated through a Proof of Reserves audit underlining the deep liquidity necessary to execute trades of all levels.

Kraken’s commitment to security has led to ISO/IEC 27001:2013 and SOC 2, Type 1 certification. This certification demonstrates the platform’s ability to adhere to the highest international security standards.

Fee to Buy Solana  Top Features 
Starting from 0.25%
  • Impressive security record
  • Compliance with international standards
  • Competitive trading fees

Pros pros

  • Solid reputation for reliability and security
  • Deep liquidity and Proof of Reserves
  • Competitive fee structure
  • Caters for traders of all levels

Cons cons

  • Some features not available in certain US states

3. Coinbase – Established Cryptocurrency Exchange With Robust Security Controls  

coinbase logoCoinbase is an established cryptocurrency exchange that was founded in 2012. It has since become one of the largest and most trusted exchanges in the market. Coinbase went public in 2021, which offers increased transparency and accountability. Therefore, we rate Coinbase as one of the best places to buy Solana safely.

Coinbase also offers robust security tools. Two-factor authentication is required when logging in and withdrawing funds. The majority of client cryptocurrencies are kept offline in cold storage, and all customers must go through a KYC process. However, institutional-grade security comes at a price. First, deposits made with debit/credit cards and PayPal cost 3.99%.

Coinbase crypto exchange

This includes the standard commission of 1.49%. Coinbase also charges an unspecified spread – which will add additional fees to your Solana cost price. Nonetheless, Coinbase is also one of the best crypto exchanges for diversification. It also supports Bitcoin and over 100 altcoins, such as Dogecoin and Shiba Inu. Coinbase also offers staking rewards on selected cryptocurrencies.

Fee to Buy Solana  Top Features 
3.99% fee when you buy Solana with a credit card or PayPal, which includes the standard trading commission of 1.49%. Local bank deposits are usually fee-free. Unspecified market spreads also apply
  • Robust security tools include two-factor authentication and cold storage
  • Publicly listed on the NASDAQ for increased transparency and accountability
  • Offers staking rewards on selected cryptocurrencies

Pros pros

  • Established crypto exchange with a NASDAQ listing
  • One of the safest places to buy and sell Solana
  • Beginner-friendly investment dashboard and mobile app
  • Also offers one of the best non-custodial wallets for storing Solana

Cons cons

  • Exorbitant trading commission of 1.49% per slide
  • Instant Solana purchases are charged 3.99%

Offer: Sign up and get up to $200 in crypto¹

Terms: ¹Valid for new users who make a cryptocurrency purchase on Coinbase. Limited while supplies last or Coinbase revokes this incentive at its sole discretion. Coinbase reserves the right to change the terms, eligibility criteria, and payouts for all incentives at any time, for any reason. Void where prohibited or if Coinbase determines that the customer is not eligible for the offer. Terms apply.

4. OKX – Popular Crypto Exchange Offers Trading Discounts Through its Native Token 

buy SHB okx Established in 2014 – OKX is a global cryptocurrency exchange with more than 50 million users. Through OKX, you can trade Solana and over 300 cryptocurrency tokens in a few minutes. One of the tradable assets on OKX is OKB – the native cryptocurrency of the exchange. 

By holding up to 2,000 OKB, investors can earn discounts on their trading fees. While the spot trading fees on OKX start from just 0.1% per transaction, it goes down to 0.08% for OKB token holders. 

OKX Crypto Exchange

Through the OKX ‘Simple Earn’ feature, investors can earn flexible returns by staking tokens. For example, Solana can be locked to generate up to 1% APRs (Annual Percentage Returns). 

The platform also offers a ‘Learn Section – where you can access online articles about the crypto space and increase your knowledge. One of the unique features of OKX is that it offers crypto loans. 

Investors can offer their cryptos as collateral and earn loans in Bitcoin, Ethereum, and other cryptos. One can start trading on OKX using multiple payment methods such as Apple Pay, Mastercard, VISA, and bank transfers.

Third-party payment methods such as Simplex, MoonPay, and Advcash are also supported on OKX.

Fee to Buy Solana  Top Features 
0.1% fees per transaction/ Fees drops to 0.08% per transaction for OKB token holders
  • Get discounts on trading fees by holding OKB – the native cryptocurrency
  • Stake Solana and earn 1% APRs
  • Supports multiple payment methods – Debit/credit cards, VISA, Mastercard

Pros pros

  • Offers trading discounts for OKB token holders
  • Multiple payment methods suppported
  • Provides online articles and tutorials
  • Offers flexible staking opportunities on SOL and other cryptos
  • More than 300 available cryptos to trade

Cons cons

  • 2.49% fees when using credit cards

5. Binance – Buy Solana and Earn Annual Interest of 7.9% 

Binance logo Binance is the largest cryptocurrency exchange in the market. It has huge market dominance, with over $8 billion traded in the prior 24 hours. In contrast, just $1.8 billion was traded across Coinbase and Kraken collectively. There are many reasons why Binance is so popular.

For a start, investors can buy Solana at a commission of just 0.1%. This is also the case with hundreds of other cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Cardano. Binance also offers Solana interest accounts – enabling investors to earn passive income. Right now, Binance is offering APYs of 7.9%.

Binance markets overview

This is based on a 120-day lock-up period. Flexible Solana accounts come with a much lower APY of just 0.81%. Binance also offers cryptocurrency derivatives, including leveraged tokens, futures, and options. Deposits can be made with debit/credit cards and local bank transfers. Binance also has a peer-to-peer exchange, allowing investors to connect with local sellers.

Fee to Buy Solana  Top Features 
Standard trading commissions of 0.1%. Lower commissions when paying fees in BNB or trading larger amounts. Debit/credit card and bank transfer fees vary depending on the country of residence.
  • Largest cryptocurrency exchange by trading volume
  • Offers APYs of up to 7.9% on Solana savings accounts
  • Never pay more than 0.1% in trading commissions

Pros pros

  • Trade Bitcoin and 350+ other cryptocurrencies from 0.1%
  • Largest crypto exchange for trading volume and liquidity
  • Fast withdrawals – usually processed within 10 minutes

Cons cons

  • Best-suited for experienced traders seeking advanced crypto products
  • The exchange was hacked in 2022 for over $570 million

How we Ranked the Best Places to Buy Solana in 2024

We’ve reviewed the best places to buy Solana based on our own methodology. This includes many important factors, such as safety, fees, payment methods, and the platform’s reputation in the broader cryptocurrency community.

Read on for additional guidance when deciding where to invest in Solana.

Safety and Regulation

Cryptocurrencies like Solana still operate in a ‘gray’ regulatory area. Put otherwise, cryptocurrencies are not legal tender, so exchanges do not follow the same regulatory guidance as traditional investment platforms – such as stock brokers. The result is that most Solana exchanges and brokers are unregulated. Investors should avoid these platforms to ensure they can buy and sell Solana safely.

At the other end of the spectrum, some of the best online stock brokers are regulated, meaning that their actions and offerings are scrutinized by regulatory bodies before being offered to the public. The bodies issuing licenses are different in each country and include FINRA (US), CySEC (EU), ASIC (Australia), and FCA (UK).

Coinbase stock price

Coinbase is an example of a trusted cryptocurrency platform that takes regulation seriously. Not only is Coinbase licensed in most US states but it is listed on the NASDAQ. This offers investors intimate insights into Coinbase, as it’s legally required to release quarterly financial reports.

We found that regulated exchanges and brokers typically have robust security controls. This helps keep accounts safe, not to mention client-owned cryptocurrencies. For example,  MEXC and Coinbase hold SOL tokens offline in cold storage wallets. Additionally, these platforms have internal risk management teams, two-factor authentication, and other security tools.

Accepted Payment Methods

We also ranked Solana trading platforms based on their accepted payment methods. The likelihood is that first-time investors will need to use traditional payment types, such as debit/credit cards and local bank transfers.

This ensures that people can buy Solana without owning other cryptocurrencies. Some platforms even accept e-wallets like PayPal, offering a secure and convenient way to invest.

Fees

We also took fees into consideration when exploring the best way to buy Solana. Trading commissions and deposit/withdrawal fees vary considerably between exchanges.

For example, we found that MEXC’s 0% commission is very low. Other platforms such as Kraken charge o.26% per transaction, and 3.75% on debit/credit card payments.

And then there’s Coinbase, which has some of the highest deposit fees and trading commissions in the market. Debit/credit card purchases are charged 3.99%. Standard commissions amount to 1.49% – and even more when trading below the $200 threshold.

Supported Cryptocurrencies

Solana is one of the best cryptocurrencies to buy right now, especially when you factor in the 85% discount from its all-time high. However, it wouldn’t be wise to invest in Solana alone. On the contrary, seasoned investors will buy a wide range of cryptocurrencies to reduce the risk of financial loss.

With this in mind, we gave preference to Solana exchanges that also offer lots of other cryptocurrencies. For example, Kraken lists more than 200 cryptocurrencies, including Dogecoin, Bitcoin, Litecoin, and Cardano.

We found that MEXC is a great option for up-and-coming cryptocurrencies, such as DeFi coins and Web 3.0 coins. This includes UniSwap, SushiSwap, Decentraland, the Sandbox, and Synthetix.

Best Way to Diversify a Solana Investment 

Diversification will prevent you from being overexposed to Solana, should the project fail to meet your expectations.

Best practices for diversification are as follows:

  • Make sure you have a well-balanced cryptocurrency portfolio. Some investors will allocate the majority of their portfolio in Bitcoin, and the balance split across altcoins like Solana.
  • Avoid allocating 100% of your investment capital to cryptocurrencies. Reduce the risks by investing in other asset classes, such as stocks, index funds, and commodities.
  • That said, ensure you avoid becoming too over-diversified. If your portfolio contains too many investments, it can be counterintuitive.
  • This is because returns on your top-performing assets can be hindered. What’s more, trading fees can eat away at your potential gains.

Account Minimums

Some Solana exchanges install account minimums. This can vary depending on the platform, payment type, and country of residence.

The best approach is to check the minimum deposit for your preferred payment method. Never deposit more than you can realistically afford to lose – especially when investing in volatile cryptocurrencies like Solana.

Investment and Trading Tools

When researching where to buy Solana, we discovered a range of investment and trading tools that could be of interest.

For example, Binance offers Solana savings accounts. Those happy to lock their SOL tokens for 120 days will earn APYs of 7.9%. However, flexible accounts pay just 0.81%.

Experienced traders might like Kraken. It offers Solana margin accounts with leverage of up to 4x. Kraken also lists leveraged Solana futures.

Solana Price Chart on Kraken

Customer Service

Most Solana exchanges offer customer support around the clock, considering they deal with a global audience. However, not all exchanges offer live chat; some deliver support via email.

This won’t be of much use if you have an urgent inquiry that needs solving instantly. Therefore, explore what support channels are available and what hours the customer service team works.

The Basics of Buying Solana

Buying Solana for the first time requires several steps. First, make sure you conduct research on Solana’s investment thesis. Explore its unique features, upside potential, and current valuation. When you’re ready to invest, you’ll need to choose a suitable exchange or broker.

Similar to a traditional stock broker, you’ll be required to open an account and complete a quick verification process. This usually means uploading some ID and a proof of address, like a bank or credit card statement. You’ll then be able to deposit some funds. Many platforms accept debit/credit cards and bank transfers.

You can then search for Solana, choose the investment amount, and complete the purchase. After you invest, the price of Solana will constantly change. Similar to stocks, its value is determined by market forces, including demand and supply. If you sell Solana at a higher price than you originally paid – you’ll make a profit.

In the meantime, you’ll need to think about storage. Most beginners keep their SOL tokens with the platform they purchased them from. This is a suitable option when using a regulated provider like MEXC or Coinbase. Alternatively, some investors choose to withdraw their SOL tokens to a private, non-custodial wallet. This means taking full control of the tokens – including security.

What is Solana?

Founded in 2017, Solana is a blockchain project that is often compared to Ethereum. Just like Ethereum, Solana allows developers to create and deploy smart contracts. This enables decentralized applications to operate without a centralized third party. However, Solana is a lot more advanced than Ethereum, especially when it comes to transaction performance.

For example, Solana can handle up to 65,000 transactions per second. Ethereum can handle just 30. What’s more, Solana transactions take just 400 milliseconds to settle. Ethereum averages 12 seconds. Solana is also cost-effective – transaction fees average just $0.00025. During busy periods, Ethereum fees typically surpass $10.

Solana ecosystem

All that being said, the Solana ecosystem is significantly smaller than Ethereum – with just 205 projects operating on its network. In contrast, there are thousands of cryptocurrencies built on the Ethereum blockchain – which is reflected by its valuation. Nonetheless, Solana’s native cryptocurrency – SOL, offers an attractive upside potential.

Currently, Solana has a market capitalization of just $15 billion. Ethereum is valued at over $215 billion – meaning Solana has a lot more room for growth. SOL’s main use case is as a transactional currency. Developers using the Solana ecosystem must pay fees in SOL. This is also the case when transferring SOL on a wallet-to-wallet basis.

Solana Use Cases 

Let’s take a closer look at Solana’s use cases.

First and foremost, it’s important to understand the difference between Solana and SOL. Solana is the blockchain network that facilitates smart contract transactions. SOL is the native cryptocurrency token backing the Solana blockchain. Therefore, when you invest in Solana, you’ll be buying SOL tokens.

Solana’s blockchain provides a home for decentralized applications.

  • A good example of this is Raydium – considered one of the best decentralized exchanges on the Solana network.
  • Raydium allows users to buy and sell Solana-based tokens without needing a third-party operator.
  • Trades are facilitated via liquidity pools and smart contracts. Every time a trade takes place, this requires a transaction on the Solana network.
  • In turn, users must pay transaction fees in SOL tokens. Therefore, SOL’s main use case is for paying transaction fees.

Raydium is just one example of how Solana could be used. In reality, the possibilities are limitless. For instance, Solana could be used for play-to-earn games, NFT marketplaces, metaverse experiences, and much more.

Solana project selection

Crucially, Solana has the required scalability, low fees, and transaction speeds to become the de facto network for decentralized applications. However, it has a long way to go before it rivals Ethereum – at least in terms of popularity with developers.

Is Solana a Good Investment?

Solana is just one cryptocurrency out of many thousands. This means you should consider its investment thesis before proceeding.

This section covers the main reasons why Solana could be a good investment to make in 2024.

Significant Growth Since Inception 

Solana was first listed on cryptocurrency exchanges in April 2020. According to CoinMarketCap, SOL tokens were initially priced at $0.95. Fast forward to November 2021, and Solana hit an all-time high of $260.06.

This means that in just 19 months of trading, Solana increased in value by over 27,000%. This means an original investment of $1,000 would have been worth over $270,000 at its peak. Although Solana has since declined considerably, it’s still up over 3,600% since its inception.

Solana price chart

This is why cryptocurrencies like Solana are increasingly becoming popular with investors. Traditional markets, like blue-chip stocks and index funds, are unable to offer similar returns. After all, the S&P 500 averages annualized gains of 10%. This might appeal to most investors, but some wish to target much higher growth.

High-Performance Blockchain Network  

Solana is one of the best-performing blockchain networks in this industry. Not only in terms of speed but scalability and cost-effectiveness.

The key stats for Solana are as follows:

  • Speed: Solana has an average block confirmation time of just 400 milliseconds. Compare this to Bitcoin, which averages 10 minutes. Even Ethereum is much slower, with average confirmation times of about 12 seconds. This makes Solana suitable for many use cases – especially those requiring lightning-fast transaction times.
  • Fees: Solana is also one of the cheapest blockchain networks. Average transaction fees currently amount to just $0.00025. This is the case irrespective of the transfer size. This means Solana is ideal for cross-border payments, especially micro-transactions and remittances. In comparison, Ethereum fees are currently at $0.83. However, when the network becomes congested, Ethereum fees can exceed $10.
  • Scalability: One of Solana’s strongest selling points is scalability. This refers to the number of transactions Solana can handle at any given time. Solana can handle up to 65,000 transactions per second, considerably more than most blockchain networks. For example, Ethereum can still only handle about 30 transactions per second. Bitcoin is capped at around 7.
  • Energy Efficient: Solana is one of the most energy-efficient blockchain networks – especially when compared to Bitcoin. Solana transactions have a net carbon impact on the environment. According to Solana, transactions rarely use more energy than a few Google searches. Bitcoin, on the other hand, consumes more energy than entire countries – including Sweden and Malaysia.

Solana’s efficient, speedy, scalable, and cost-effective network performs better than most blockchains. This means that Solana has strong fundamentals, a crucial factor that will determine its long-term value.

The Future of Decentralized Finance 

Decentralized finance, or DeFi, is one of the fastest-growing industries in the blockchain space. According to the Bank for International Settlements, decentralized finance offers:

“Services such as trading, lending and investing without using a traditional centralised intermediary”

In its current form, the vast majority of DeFi platforms are built on the Ethereum network. But as we’ve established, Ethereum isn’t able to handle the transactional throughout that DeFi demands. Nor is its high fee structure compatible. After all, each DeFi movement requires individual transaction fees.

With this in mind, DeFi projects could begin making the transition to Solana. Not only will they benefit from rock-bottom fees and lightning-fast settlement times, but there are no issues with scalability.

Solana fundamentals

We mentioned that Solana can handle up to 65,000 transactions per second. Visa – the global payments network, can also handle the same throughput. That said, Visa requires just 1,500-2,000 transactions per second on average, even though it serves the global population. As such, Solana has more than enough scalability to serve the DeFi industry.

85% Discount From All-Time Highs 

Some investors believe that at current prices, now is the best time to buy Solana. Its value has capitulated since the 2021 bear market, where Solana hit all-time highs of $260.06. Right now, Solana is trading over 85% below its peak.

Let’s put these figures into relatable numbers.

  • Let’s say you invested $2,000 in Solana on November 7, 2021. Based on a price of $260,06, you would have got about 7.6 SOL tokens
  • Now let’s say you invest $2,000 at current prices of $36.02. In doing so, you’ll get about 55.5 SOL tokens. This is 47 additional SOL tokens than you would have received during the prior bull market.

Solana’s current price point offers an attractive upside potential. For example, if Solana regains its former all-time high of $260.06 – that’s an upside of over 620% based on current prices.

There’s no guarantee that this will happen though. Even if the next bull run attracts unprecedented buying pressure, Solana might not be a beneficiary. This is why diversification is one of the best risk-mitigation strategies you can employ.

What is the Cheapest Way to Buy Solana?

There are several factors that can influence how much you pay when buying Solana online. Fees vary between cryptocurrency exchanges and brokers. While it’s wise to shop around for the lowest fees, regulation and safety should also be factored in.

Nonetheless, you’ll first need to consider fees related to payments. For example, debit/credit cards and e-wallets often cost a lot more than bank transfers.

At Coinbase, ACH deposits (and similar local banking methods) are free of charge. But when using Visa, MasterCard, or PayPal, Coinbase charges 3.99%. However, bank transfers are much slower than other payment methods, so do bear this in mind.

If you’re looking to buy SOL instantly with a debit/credit card or e-wallet, MEXC is the best option in the market. The platform charges no spot trading fees, and just 2% on credit/debit cards.

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Is Investing in Solana Safe & Legal?

There are no specific restrictions prohibiting people from investing in Solana. However, you’ll need to assess cryptocurrency laws in your home country. For example, cryptocurrency investments are banned in China – which would include Solana. As long as cryptocurrencies are legal where you live, you should have no concerns about buying and selling Solana online.

In terms of safety, there are several aspects to consider. First, the exchange or broker you purchase Solana from. Regulated platforms, like Coinbase, offer a safe and secure way to invest in Solana. However, this isn’t the case when using an unregulated exchange. Or one that’s headquartered in a country with weak consumer protection.

There are also risks associated with storage. Had you kept your Solana tokens in FTX when it declared bankruptcy in 2021, you’d likely have lost the entire investment. This is always the risk when keeping cryptocurrencies with a custodial. Some investors prefer withdrawing Solana to a private wallet with self-custody storage. This also carries risks, as the wallet could get hacked.

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Which is the Best Solana Wallet?

The section above briefly covered the risks associated with storing Solana. Therefore, it’s important to assess which Solana wallet is best for your requirements. Ultimately, it’s a choice between a custodial or self-custody wallet, which we explain below.

Custodial Solana Wallet

Custodial wallets are offered by centralized companies – usually cryptocurrency exchanges. Just like a bank, the custodian is required to keep your Solana tokens safe. This means you need to trust that the custodian has robust security practices and that it operates a legitimate business.

Coinbase Wallet Banner

Custodial wallets are best suited for beginners. There is no requirement to have any prior knowledge of wallet security. But it’s crucial to stick with regulated custodians with a solid track record.

Coinbase is a great option for custodian storage. It’s regulated in most US states, has been operational since 2012, and is now publicly listed on the NASDAQ.

Self-Custody Solana Wallet

If you don’t want to rely on a third party to keep your Solana tokens safe – you’ll need to choose a self-custody wallet. This is comparable to keeping cash in a safe at home, rather than in a bank account.

The main benefit of self-custody wallets is that nobody has access to your Solana but you. Self-custody wallets are secured by private keys – similar to the PIN combination on a safe. However, you’ll be 100% responsible for safeguarding your self-custody wallet.

  • For example, if you forget your PIN and also lose the private keys, you won’t be able to regain access to the wallet.
  • Or, if your device is compromised and a hacker has access to your private keys, they’ll be able to drain your Solana wallet.

Just remember that if something goes wrong, nobody will be able to help. This is because self-custody wallets are decentralized. Not even the wallet provider has access to your funds.

If you choose this option, consider a hardware wallet like Trezor or Ledger. Both are compatible with Solana and always remain offline. Known as ‘cold storage’, this removes the threat of the wallet being hacked remotely.  Read our guide on the best cold wallets for more information.

How to Buy Solana – Detailed Tutorial

We’ve covered everything there is to know about Solana – from its innovative technology and use cases to its upside potential and storage options. We’ll now explain how to invest in Solana in the cheapest and safest way possible.

Our research shows that MEXC is the best option – not only in terms of competitive fees and regulation but user-friendliness. Read on to buy Solana with MEXC:

Step 1: Open a MEXC Account

First, you’ll need to visit the MEXC website to open an account.

Login by either connecting your crypto wallet to the exchange or registering with your Google account. You will be required to enter your email address/phone number.

MEXC register

Step 2: Get Verified 

Verify your MEXC account by uploading documents such as a passport copy/driver’s license. It can take up to 24 hours for the account to get verified.

MEXC verification

Step 3: Deposit Funds 

The next step is to deposit some funds. First, choose your preferred currency and type in the amount you want to deposit.

Choose your preferred payment method; options include debit/credit cards, bank transfers, SEPA, and SWIFT. Enter the amount you wish to deposit, and confirm the transaction.

Step 4: Buy Solana 

Once your account is funded and verified, you can invest in Solana and other cryptos. Type ‘Solana’ on the search bar to continue.

On the order box, enter the number of tokens you wish to purchase and confirm the transaction.

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Conclusion

We’ve explained the best ways to buy Solana in 2024. Overall, MEXC is the safest and most cost-effective option. The platform is regulated and compliant in many counties, and charges no spot trading fees.

Investors can access leverage trading options, advanced charting indicators, and even stake tokens to generate passive income.

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

References 

FAQs

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Kane Pepi
Editor
Kane Pepi
Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…