How To Buy Solana (SOL)
Solana (SOL) surfaced in the crypto market officially in March 2020. The idea of Solana is to offer a highly functional open-source platform to enable decentralized finance (DeFi) solutions. To put it rather simply, the Solana Protocol aims to facilitate decentralized app (DApp) creation with improved scalability. To accomplish this, Solana (SOL) aims to introduce a proof-of-history (PoH) consensus combined with the proof-of-work (PoS) consensus. This hybrid consensus model is a point of interest for small-time traders and institutions equally. If you are looking to find out how to buy Solana (SOL) easily, we have got you covered with a step-by-step guide below.
Register On Crypto Exchange
Since SOL is an altcoin, it can not be purchased directly with money. You will first need to buy Bitcoin (BTC) or Ethereum (ETH). To do that, you need to register on any of the credible crypto exchanges like Coinbase.
Buy Cryptocurrency With Cash
Once registered on the crypto exchange, you can buy BTC or ETH by paying cash through bank transfer or using an instant cash deposit (applicable in some countries).
Transfer Cryptocurrency To Altcoin Exchange
You will need to transfer your purchased cryptocurrency to an exchange that allows SOL trading. Some of the popular altcoin exchanges include Gate.io, Binance, HotBit, and Poloniex. Just like other crypto exchanges, you will need to register on any of these first. While this may be valid, you may need to first check which of the altcoin exchanges allow SOL trading.
Deposit Your Crypto
After registering for altcoin exchange, you will be eligible to exchange your cryptocurrency. However, the exchange policies may vary depending upon the alt exchange you are using. If you want to deposit BTC to an exchange, you will find a string of random numbers saying ‘BTC address’ in the exchange app. Once you locate it, click on ‘Copy Address’ or simply select the address by right-clicking and copying the address.
Now, head to your crypto exchange e.g. Coinbase, and go to the Portfolio page. Once the page is open, click on your assets list and then click ‘Send’.
You can now paste the copied wallet address to the ‘Recipient’ field and click on ‘Send’ to proceed.
Once your exchange is successfully through, you will receive a confirmation email from your altcoin exchange.
Buy And Trade SOL
You can now open your altcoin exchange and select BTC from the options above the search bar. We choose BTC because we are trading bitcoins to purchase SOL. Now, type “SOL” in the search bar and you will find the available sets of pairs.
Select the pair to see the price chart. Once you are ready to make the purchase, click on the green button ‘Buy SOL’.
Following the above-mentioned steps, you can easily buy Solana (SOL) with your BTC or ETH on any of the altcoin exchanges.