Notes: This is not investment advice. This is for educational purposes only. Please note that cryptocurrency is a highly volatile asset class.
“How to buy Solana” is a question flooding the Google search engine, likely due to its jaw-dropping, skyrocketing growth in recent weeks. By the end of June, Solana was only $ 25. As of this writing, Solana is hovering over $ 175. Naturally, new and seasoned investors are wondering how they can get their hands on SOL (the coin that runs on the Solana blockchain).
The Solana blockchain has been dubbed “the Ethereum killer” by some cryptocurrency pundits. Why? Because Solana aims to soothe many of the pain points Ethereum hasn’t been able to alleviate, including ridiculously high gas fees and scalability issues.
How to buy Solana
Solana is arguably an established cryptocurrency, so you don’t have to jump through hoops to purchase it on decentralized exchanges such as PancakeSwap or Uniswap. You can buy Solana with the snap of your fingers on Coinbase Pro. Here’s how to buy Solana.
How to fund your Coinbase Pro account before buying Solana (SOL)
1. Log into your Coinbase Pro account.
2. Navigate to “Portfolios” and click on “Deposit” (located at the top-right corner).
2. Click on the currency you’d like to use to exchange for SOL (in this case, it’s USD).
3. Choose how you’d like to fund your Coinbase Pro account. There are two main options: Bank Account and Wire Transfer (there’s a $ 10 fee for wire transfers in addition to whatever your bank charges). For this tutorial, we’ll be clicking on “Bank Account.”
4. Input how much Solana you’d like to buy and click on “Withdraw.”
How to buy Solana (SOL)
1. Click on “Trade” and click “Select Market.” Click on “SOL-USD.”
2. Make sure the “Buy” button is selected under “Order Form.”
3. Input how much Solana you’d like to buy in the “Amount” field.
4. Click on “Place Buy Order.”
There you have it. You’ve just made your first Solana (SOL) purchase.
It’s worth nothing that I recommend Coinbase Pro over Coinbase because its fees are significantly cheaper. Despite its name, you don’t have to pay a premium tier to get Coinbase Pro. It’s a free platform like regular Coinbase; the primary difference is that Pro’s UI targets professional traders.
Keep in mind that cryptocurrency is a highly volatile asset class. Please exercise sufficient risk management. As with any investment, only invest what you can afford to lose.