Solana is one of the world's fastest blockchain platforms. As a result, the Solana (SOL) cryptocurrency has skyrocketed in value, jumping from $4.23 to $200 and above in 2021 alone.
One of the main reasons behind Solana's meteoric rise is the hype around NFTs and increasing adoption throughout the DeFi community. In addition, the Solana blockchain has practical applications and offers unparalleled speeds and security.
Needless to say, investing in Solana right now is a great idea. If you are wondering how to buy Solana, here are the five top exchanges you can buy from.
1. Binance
Binance is the world's largest cryptocurrency exchange, and it's one of the best places for buying Solana.
If you are wondering how to buy Solana on Binance, you need first to create an account. You will need to provide proof of identification when registering your profile. It takes between one and ten days to get your profile approved.
Once that is done, you can buy Solana via P2P trading, credit card, or bank transfer. Binance is incredibly reliable, and has a fantastic mobile app that you can use to trade on the go.
Binance Staking also lets you stake your Solana too. Furthermore, if you already have some crypto holdings, you can trade those on Binance to get Solana. Binance supports between 50 and 591 crypto pairs (varies based on location), so you can easily find a crypto pair to trade for Solana.
2. Kraken
Solana is also available on Kraken, which is another major crypto exchange. Kraken lets you buy cryptocurrencies from as little as $10 and features all the popular pairs, including USDT/SOL.
This means you can buy USDT on Kraken and convert it to Solana. Kraken charges 0.9 percent as its processing fee for all stablecoins and 1.5 percent for all other crypto pairs. Online banking is also available, though the company charges 0.5 percent per transaction.
You can also pay via cards, which costs 3.75 percent per transaction. Like Bitcoin, Kraken also offers staking options and uses top-of-the-line security features, including 2FA and SSL encryption, to secure all transactions.
Like most other major exchanges, Kraken is available in all major countries across the globe, and verification is required before you can start trading.
3. Coinbase
Available in more than 100 countries, Coinbase is one of the world's largest and most trusted crypto exchanges. While not as big as Binance, Coinbase is still an excellent choice for people interested in buying Solana.
If you are a serious investor, you can also go with their premium subscription, known as Coinbase Pro. This gives you access to detailed analyses and charts to better identify opportunities and make informed trades.
Buying Solana on Coinbase is incredibly easy too. Once you sign up and verify your account, you can buy USDT, a stablecoin, and then trade it for Solana.
Like all other crypto exchanges on this list, Coinbase also gives you a hosted crypto wallet and a USD wallet free of charge. This is known as "hot storage" and is generally not preferred, especially for people who want to hold crypto long-term.
The fee varies based on the size of the trade and is shown on the trade preview screen. A Coinbase Card is also available, which incurs a charge of 2.49 percent on all purchases and withdrawals.
4. Uphold
Uphold is one of the largest asset exchanges in the world, dealing in more than just crypto: you can also buy precious metals, environmental assets, and equities on this exchange.
Uphold is available in 35 countries across the globe. They charge a spread on a per-trade basis, usually between 0.8 and 1.2 percent on BTC and ETH.
One of the reasons why Uphold is such a popular choice is because you can buy crypto directly against the US Dollar. They also offer a debit card you can use to access your assets from anywhere.
You can also connect your account with GlobaliD if you have one. One of the reasons why Uphold has become so popular is because they are incredibly transparent. They provide comprehensive details about all assets in their reserve on their website.
If you are interested in buying Solana directly instead of converting your savings into USDT, Uphold is a great choice. Through their mobile app, you can easily buy and sell Solana on the fly.
5. FTX
FTX is one of the largest crypto exchanges right now, and it's gained popularity owing to the plethora of convenient features they have released over the years.
For instance, FTX offers access to more than 100 spot markets, as well as access to more than 250 perpetual and quarterly futures markets. It also supports 11 fiat currencies, including all the major ones, so you can also buy SOL directly.
With a range of analytical data available for each crypto pair, FTX is the ideal choice for people who like doing their research before investing in any cryptocurrency.
Only recently, FTX also launched an NFT marketplace, so you can also explore and buy NFTs directly from the platform.
Using FTX PAY, you can also set up and receive payments in external wallets. It's highly regarded in the DeFi community, and uses state-of-the-art security to protect all transactions. FTX has never been hacked either.
Is Now the Time to Buy Solana?
As more and more people understand the many practical applications of cryptocurrencies like Solana, many Solana holders hope that the price will increase. But, as ever, there is no knowing with crypto investments (or any investment for that matter), so make sure only to invest what you can afford to lose.
You can buy Solana from any of these reliable exchanges. It's a fantastic blockchain platform that's incredibly fast and secure. Above all, it's also environmentally friendly. It's commonly used for buying and selling NFTs, and is big in the digital art space.