Like movie-icon Rocky, $SOL is the crypto that never quits, even after taking a beating. Similar to Ethereum, Solana supports smart contracts and NFTs but at a fraction of the transaction cost found with similar Ethereum transactions. It's faster too.
Want a ticket on the $SOL train? This guide details where to buy Solana and the simple steps to get started.
Milk Road's Picks: Where To Buy Solana (SOL)
Several well-known exchanges offer $SOL, each with its advantages. Here are our top picks:
- Milk Road Swap: Best DEX for low-fee swaps
- Crypto.com: Best exchange for anyone in the US, UK, Canada, Australia and Europe
- Nexo: Best for crypto-backed loans and high-yield savings
- OKX: Best exchange for Asian investors
- Coinbase: Best for beginners and ease of use
- Binance: Best for low fees and wide crypto selection
- Gemini: Best Bitcoin exchange for all 50 US states
- Uphold: Best for multi-asset trading
- Bybit: Best exchange for advanced traders
- MoonPay: Best exchange for beginners
| Marketplace | Basic Trading Fees (Spot) | Basic Trading Fees (Futures) |
|---|---|---|
| Crypto.com | 0.075% maker fee, 0.075% taker fee | 0.017% maker fee, 0.034% taker fee |
| Nexo | 0.20% maker fee, 0.20% taker fee | 0.06% |
| OKX | 0.08% maker fee, 0.10% taker fee | 0.02% maker fee, 0.05% taker fee |
| Coinbase | 0.40% maker fee, 0.60% taker fee | 0.40% maker fee, 0.60% taker fee |
| Binance | 0.10% maker fee, 0.10% taker fee | 0.02% maker fee, 0.05% taker fee |
| Gemini | 0.20% maker fee, 0.40% taker fee | 0.02% maker fee, 0.07% taker fee |
| Uphold | 1.4%-1.6% on $BTC and $ETH | No derivatives products |
| Bybit | 0.10% maker fee, 0.10% taker fee | 0.02% maker fee, 0.055% taker fee |
| MoonPay | 1% on bank transfer, 4.5% on credit / debit card | 1% on bank transfer, 4.5% on credit / debit card |
4.9Pros
- Swap both ERC-20 & Solana tokens in one place
- No charge for failed ERC-20 transactions
- Low trading fees
- Wide selection of tokens
- Protection from MEV
- Makes "Moooo" sound when you swap
Cons
- Limited blockchains
- No limit orders
New to crypto? Milk Road Swap has super-simple guides on how to swap onchain, baked right into the interface. Crypto veteran? Make low-fee 0.15%-0.25% trades with MEV protection
We’ve teamed up with CoW Swap and Raydium to create the first ever DEX that allows you to trade Ethereum (ERC-20) AND Solana based tokens in one place. Plus, with low fees and MEV protection on all Ethereum, Base and Arbitrum swaps, Milk Road Swap helps you save while you trade!
4.6
Pros
- Wide range of features like crypto trading, stock trading and staking all on one platform
- Offers 8% cashback with Crypto.com's debit cards
- Available in the U.S.
Cons
- High withdrawal fees
- Have to hold $CRO for high rewards
- Sports betting on the NFL and NBA 🏈
- Crypto baskets to easily diversify your portfolio 🧺
- Stock trading straight from Crypto.com account 💲
Available globally, Crypto.com is a crypto exchange that also offers a range of products including (but not limited to)crypto debit cards, stock trading, and staking.
4.3
Pros
- Earn up to 12% APY on crypto and fiat savings
- Offers credit card that gives you cashback in $BTC
Cons
- Not available in the US or Canada
- High interest rates often require staking $NEXO tokens
- Nexo Credit Card:Rewards of up to 2% in $NEXO or 0.5% in $BTC
- High-Yield Savings Accounts:Daily interest payouts with no lock-in period.
Nexo is a top choice for borrowing and lending, offering high-yield savings and instant crypto-backed loans with the convenience of its Nexo Card.
4.5
Pros
- Wide range of features like trading, staking, NFT marketplaces on one platform
- Lower trading fees than most exchanges
Cons
- Not available in the US
- OKX Wallet: Offers a non-custodial wallet that supports Ethereum, Solana and BNB Chain.
- OKX Earn: Fixed-term savings accounts to earn passive income on crypto holdings.
- Integrated TradingView:Professional-grade charting tools within the platform.
Available worldwide (except for the U.S.), OKX bridges the gap between centralized exchanges and the DeFi world with its multi-chain Web3 wallet.
4.5Pros
- Easy to use for crypto beginners
- Fund account through PayPal
- Free USDC withdrawals across all supported networks except Ethereum
Cons
- Trading fees are significantly higher compared to other platforms.
- Not available in multiple Asian countries like India, UAE and Philippines.
- Coinbase Pro: Offers advanced trading tools for experienced traders.
- Coinbase Wallet:Self-custodial wallet supporting most EVM-compatible networks.
- Fiat Onramp: Supports deposits and withdrawals in multiple fiat currencies via bank transfers, credit/debit cards, and PayPal.
Coinbase is one of the most trusted names in crypto, and being a publicly traded company brings more transparency than you’ll find with many other exchanges. Coinbase fees can be high but it makes sense for the quality that they provide.
4.4
Pros
- Biggest exchange in crypto
- Lower trading fees than most exchanges
- Available in majority of US through Binance.US
Cons
- Limited features on Binance.US
- Not available in New York, Texas, Vermont andmultiple other states
- Binance Launchpad: Users can earn passive income through staking and liquidity farming.
- Binance Card: Visa debit card that gives you crypto rewards with every purchase.
- NFT Marketplace:Buy, sell, and create NFTs directly on the Binance platform.
- Countless help articles:Learn how to buyBitcoin or get answers to your other crypto questions with Binance’s help pages and the Binance Blog.
Binance has a reputation for not being as people-friendly as other exchanges, but we haven’t found that to be the case at all. The Binance.US exchange is particularly intuitive, even for beginners.
4.9Pros
- Free Bitcoin Lightning Network withdrawals supported
- Low minimum crypto purchase of $5
- Free cash deposits with a $1 minimum (Intermediate and Pro accounts)
Cons
- 0.0005 BTC minimum withdrawal
- 0.0002 BTC withdrawal fee
- Not available in NY or WA
- High Instant Buy fees
- Low Fees For Kraken Pro: Kraken’s low fees available with Kraken Pro make it one of the best places to buy Bitcoin. Pay just a 0.16% maker fee or 0.26% taker fee for trading volume up to $50,000, with additional discounts available for higher trading volumes.
- Proof Of Reserves: Log in to your account to verify Kraken’s crypto assets and ensure your holdings are included in the totals.
- Multiple Funding Methods: Kraken is one of the few exchanges to offer credit card crypto purchases (outside the US). Buy Bitcoin with a credit card or debit card, or fund your account with your bank account.
In an industry where centralized exchanges haven’t been time-tested, Kraken has weathered both bull and bear markets since 2011, making Kraken one of the most trusted Bitcoin investing sites. Fees for Instant Buys are higher than some competitors, but If you use the Kraken Pro, just a click away from the home screen, you’ll enjoy some of the lowest trading fees available.
4.6Pros
- Bank account or PayPay funding (personal PayPal accounts only)
- Low minimum order
- Great for beginners
- Fully operational in the US, UK, and Europe, with growing global coverage.
Cons
- Fewer cryptocurrencies to trade
- Minimum withdrawal of $10 to an external wallet
- Nofutures or margin trading
- High trading fees compared to other exchanges
- Easy-To-Use Trading Interface: Gemini is perfect for quick and recurring $BTC buys.
- Gemini Card: Earn instant crypto rewards on every transaction.
- Gemini Earn: Earn interest on your crypto holdings with competitive APYs
Gemini is a highly-compliant exchange that takes pride in being secure and well-regulated. It has an impressive range of features, including a credit card with crypto-back rewards. Gemini is NY-based and available to traders in all 50 states.
4.7Pros
- Can invest in crypto, metals and even fiat currencies through one platform
- Offers 4.65% APY on USD holdings
- Available in the US
Cons
- Extremely high trading feescompared to other exchanges
- Doesn’t offer leverage ormargin trading
- USD Interest Accounts:Let your funds grow passively while you wait to strike on your next buying opportunity.
- Uphold Vault: A secure self-custody solution for $BTC and $XRP, using a 2/3 multi-signature wallet.
- UpHODL Wallet: Self-custodial web3 wallet that lets you store and manage $BTC, $ETH, $XRP, ERC-20 tokens, and NFTs in one place.
Uphold is an impressively sleek and easy-to-use multi-asset platform, letting users invest in crypto, global currencies, and precious metals in one place.
4.4
Pros
- Best for trading perps and options (offers up to 100x leverage)
- 0 fees for peer-to-peer (P2P) trading
- Lower trading fees than most exchanges
Cons
- Not available in the US, UK or any other countries listedhere.
- Leveraged products can be risky for beginner
- Wide range of trading options:Whether you want to trade spot, futures oroptions, Bybit has it all.
- Advanced tools for traders:Along with 100x leverage, Bybit offers risk management features like trailing stops.
- Competitive fees: Fees starts at 0.10% (10bps).
Bybit is ideal for experienced traders seeking advanced features such as perpetuals and options. It has built a reputation for providing advanced trading tools at low costs. That being said, beginners should tread carefully on Bybit.
4.6
MoonPay is a solid pick for beginners and casual buyers who just want a simple, no-fuss way to buy crypto. The app’s easy to use, offering plenty of payment options, and the MoonPay Balance feature lets you dodge extra fees. It also has strong security, supports NFT purchases, crypto swaps, and over 80 cryptocurrencies in 180+ countries.
Pros
- Beginner Friendly
- Available in 180+ Countries including the USA (except HI, MT, NV, NY, VI, VA)
- Huge variety of fiat payment methods including Apple Pay
- Non-custodial
Cons
- Fees can sting when using instant payment methods
- No special trading tools aside from recurring buys
- Some US states not supported
How to Buy Solana (SOL)
Step 1:Choose A Wallet
To store your $SOL tokens, select a compatible wallet, such as Coinbase wallet, Exodus, or Phantom.Ledger hardware wallets also support $SOL.
Step 2: Choose A Crypto Exchange
Select an exchange where you can buy $SOL, such as Coinbase or Binance. Centralized exchanges generally require ID verification. Also, select a funding method, such as a bank account or debit card, to link to your exchange account.
Note: You can't buy $Solana with a credit card on most exchanges. However, Nexo does support credit cards for crypto purchases, though not in the United States.
Step 3: Decide On The Amount You Want To Purchase
Choose an investment amount and place a market order or limit order to buy $SOL on the exchange you chose. Limit orders typically have lower fees.
Step 4: Store, Transfer, Or Use Your SOL
The exchange where you purchased $SOL can also hold your $SOL tokens in a custodial wallet, but many crypto traders prefer to move their tokens to a self-custody wallet, like those mentioned in Step 1 above.
Why Does Anyone Buy Solana?
In its short history, $SOL rocketed to the top of the crypto market, typically ranked in the top 10 or top 20 projects by market capitalization. Much of Solana’s appeal centers around the network’s ability to run smart contracts combined with faster transaction speeds and lower fees than competing networks like Ethereum.
Investors choose $SOL for several reasons.
- Solana is faster than Ethereum. While Ethereum remains the leading smart-contract blockchain, the network still averages about 12 transactions per second. Solana is built to handle up to 65,000 transactions per second, with blocks validated in just 400 milliseconds.
- Solana is a leading blockchain for NFTs.Non-fungible tokens (NFTs) continue to grow in popularity and scope, and Solana is one of the top blockchains for minting and trading NFTs due to the network’s low costs.
- Solana benefits from an enthusiastic community. A large community of Solana devotees creates a vibrant trading market for $SOL. Solana also trades on most major exchanges.
- Solana offers low fees. Whether you need to send $SOL tokens to another wallet, buy an NFT, or interact with a smart contract, Solana typically costs just a fraction of a penny in transaction fees.
- The Solana ecosystem is growing. High-profile projects like STEPN, a fitness-based play-to-earn app, and Star Atlas, a leading metaverse project, are part of a growing list of Solana-based applications.
Is SOL Being Used?
Current averages show over 2,000 $SOL paid per day in transaction fees throughout the network, half of which are burned. The 24-hour trading volume as of this writing is about $717 million.
- Staking: Solana has one of the highest staking rates in the industry, with nearly 70% of the eligible supply staked.
- Games: Solana’s network speed and low fees make it well-matched to gaming. Mini Royale Nations is one of the best examples, combining a high-action first-person shooter with NFTs.
- DeFi:Decentralized finance (DeFi) applications like Saber allow traders to swap tokens or earn yields. Marinade Finance, another popular Solana DeFi app, enables liquid staking for $SOL tokens.
- NFTs: Solanart brings NFTs to the Solana community, boasting hot projects like Neopets Metaverse and upgrade gear for ev.io, another first-person shooter game.
- Peer-to-peer payments: The Coinbase wallet and Binance Pay (available with the Binance.US mobile app) both make it easy to send $SOL to friends and family who have an exchange account.
Frequently Asked Questions
All crypto investments are speculative, but there are reasons for optimism with Solana. Following the FTX fallout, $SOL saw a rapid price recovery, spiking nearly 70% in two weeks. Development of the Solana network continues, and new projects expand the ecosystem.
The Solana Foundation is a non-profit organization dedicated to growing the Solana network in a secure, decentralized way. The foundation provides validation servers and grants to help grow and support the Solana community.
Solana has over 3,400 validators worldwide, each working independently. However, a larger percentage of $SOL tokens is held by insiders and early investors compared to competitors like Ethereum.
Proof of history is an agreement on which transactions took place at which time, like timestamps. These timestamps play a key role in Solana’s network speed.
You can make up to 7% or more staking Solana, depending on where you choose to stake. Staking through exchanges may provide a lower yield due to fees charged by the exchange. Milk Road’s Solana staking guide details the various options for $SOL staking.
Yes. Kraken offers credit card funding for Solana purchases. Purchases funded by credit cards cannot be withdrawn for 72 hours.
Yes. Several exchanges, including Coinbase and Kraken, offer debit-card funding for Solana purchases.
Yes. Coinbase and Gemini both allow PayPal deposits and offer $SOL tokens for trading.
Crytpo exchanges like Coinbase let you buy Solana instantly with no wait for settlement. However, expect to invest some time in getting your ID verified, a process required by financial product providers that takes about 5 to 10 minutes in most cases. Here are the steps you'll need to take.
- Open an account.
- Verify your identity.
- Set up a funding source, such as a bank account.
- Find $SOL in the trading area of the app.
- Choose your desired amount and make buy S$OL.
Kraken offers lower buying fees compared to Coinbase. As a caveat, Coinbase offers more payment options and multiple ways to access your trading account. Crypto.com now only supports purchases through its mobile app. Buying fees on Crypto.com are 0.0750% for limit or market orders. Kraken's buying fees are 0.16% for limit orders or 0.26% for market orders.
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