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Earn 6.8% APY staking with Solana Compass

Help decentralize and secure the Solana network delegating your stake to us and earn an impressive 6.8% APY yield on your SOL, while supporting us to create new guides and tools.

Learn more

Where to buy Solana: How to invest on an exchange or DEX

Published on 2020-10-06

Solana is one of the fastest and most functional web-scale projects that leverage the features of programmable blockchain technology to deliver Decentralized Finance (DeFi) solutions. Read on to learn why this cryptocurrency is making waves


How to Buy or Invest in Solana

Solana is a well-known cryptocurrency. Hence, the steps involved in buying it on decentralized exchanges like Uniswap and PancakeSwap are pretty straightforward. Here’s how to buy Solana:

Open an Online Account

Unfortunately, the most prominent crypto trading platforms are yet to include Solana on their platforms. We can expect Solana to list on more crypto exchanges in the future since it is such a great initiative. Because of these limitations, we’d recommend that you buy Solana on Crypto.com.

To create a Crypto.com account, you'll need to provide an email address and a password. For tax reasons, you'll almost certainly need to give personal identifying information to the website. Once the platform confirms your identity, you can start buying and investing.

Consider using a hardware wallet

Before buying or investing in any cryptocurrency, you’ll need to think about where you’ll store your digital assets. You should avoid keeping your cryptos on an exchange as they are frequent targets for hackers. We only recommend storing your crypto coins on an exchange if you trade in the short term because there has been news of exchange hackings recently.

Thus, we recommend using a software or hardware crypto wallet as your crypto storage. You can download software wallets for free on your mobile devices or computer via your app stores.

However, in the arguments of hardware vs. software wallets, hardware wallets are better choices than software wallets if you’re not thinking of exchanging your coins soon.

On the other hand, software wallets are encrypted, and no one can access them without your password. You can recover and restore your coins with the recovery phrase if you forget your password or your device is hacked or damaged.

Make Your Purchase

It’s possible to buy Solana on Binance using other cryptocurrencies, particularly Bitcoin or USDT (Tether). Tether is a $1-pegged stable coin that mimics investment in fiat currency. Some crypto investors choose to trade their Solana against Bitcoin since it measures how well their investment is doing in terms of Bitcoin.

You can either place your purchase order as a limit order or a market order. While market orders are filled immediately at market price, limit orders will not complete until the cryptocurrency hits a specific fee that you set. However, Solana will cancel your purchase if your cryptocurrency fails to meet the target when you make a limit order.

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