How to buy Solana (SOL)
With the addition of NFTs into the Solana ecosystem, the SOL coin is flying. Solanart, the first NFT marketplace built on Solana, launched in June of this year, and has helped stimulate a huge growth in activity on the Solana blockchain.
Solana recently crossed over 2 billion dollars of value locked across its various projects, and as a blockchain aims to be both completely decentralized and also hugley scalable, with a theoretical transaction per second capability of 710,000 TPS.
For a deeper dive into this technically impressive blockchain, you can check out our asset explainer, What is Solana.
In this article we will explain a few different options for how to buy Solana (SOL).
How to buy Solana using Bitcoin, Ethereum or other cryptocurrencies
Buying SOL (the native coin of the Solana protocol) using crypto is easy.
If you have already downloaded the Exodus wallet you can do everything within Exodus, from buying SOL, to storing SOL securely, and even staking SOL to gain a passive income with SOL rewards.
If not, you can download Exodus wallet here, click on the ‘Exchange’ tab at the top of the interface, and then check the list of available assets that you can trade with SOL from the drop down menu:
Once you have selected the asset you wish to exchange for SOL, simply check that the amount is correct, click ‘Exchange’, and then the process will begin:
After a short wait, your shiny new SOL coins will be waiting for you in your wallet! Exchanging assets on the Exodus mobile app is a very similar process.
How to buy Solana using fiat if you don’t already have crypto
The Exodus wallet is for cryptocurrencies only, so you’ll need to convert your fiat currency (dollars, pounds etc.) before you can send it into the wallet.
You can buy SOL using USD, GBP and EUR in Coinbase, which is one of the easiest and most accessible exchanges to use, although the exchange fees are quite high.
Another option is Binance, or Binance.US, where you can buy Solana using credit card or bank transfer payments in USD, GBP, EUR and RUB, although the Binance exchange has limited the amount of crypto that users can move around without having to submit identification and go through the KYC process, so this option may not work so well for people planning to buy large amounts of SOL.
How to store Solana safely in your wallet
While Coinbase and Binance are excellent sources of liquidity for buying SOL, storing your crypto on a centralized exchange is not a good idea in the long term, because of the increased risk of hacks, which may result in loss of funds.
The Exodus wallet not only allows you to send, receive and exchange SOL within a beautifully-designed wallet, but it also allows users to store their own private keys, keeping them away from the cloud, and even from our own internal servers.
Being responsible for your own financial assets is the most foolproof way to protect your funds, because you don’t have to put your trust in third parties. But it’s super important that you write down and safely store your 12 word secret phrase!
The Exodus wallet is updated every two weeks, allowing us to fix bugs, strengthen our security, and introduce new assets to the wallet. There are currently over 145 assets supported on Exodus, and we offer 24/7 customer support from helpful (human!) support staff.
How to stake Solana on Exodus
Did you know that you can also stake your Solana in Exodus?
With one click on “Start Earning” inside our Rewards tab, you can put your Solana tokens to work, and start earning a passive income:
Your rewards should start to arrive in your wallet after two epochs on the Solana blockchain (approx 4 days).
With Exodus, simplicity has never been so beautiful!
We hope this guide on how to buy Solana was helpful. Don’t forget to subscribe to our blog updates for more useful content.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.