How to Buy Solana (SOL) in 2 Minutes | Step-by-Step

Solana (SOL), a native cryptocurrency of a blockchain platform designed to host decentralized and scalable applications, experienced a sharp drop in price in November 2022 and remained pretty volatile until November 2023 when it began its steady growth. Furthermore, due to its quick blockchain technology and efficient transactions, some investors remain hopeful that the token will benefit from the widespread adoption of crypto.

If you want to buy SOL, you will need to use the services of a third-party cryptocurrency investment platform such as BYDFi.

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About Solana

Solana was deployed in 2017 by Anatoly Yakovenko to tackle Ethereum’s dominant but inefficient blockchain technology. While Ethereum is the second most popular cryptocurrency network, it still has room for improvement, especially within the domain of speed, energy efficiency, and mining consensus mechanism. Solana, in comparison, deals with these issues by introducing Proof of Stake (PoS) in combination with Proof of History (PoH).

With PoS dealing with security and decentralization and PoH increasing transaction throughput, Solana can perform over 3,300 transactions for every single transaction in Ethereum.

Solana’s native cryptocurrency is SOL, and it is vital to running and maintaining its ecosystem. Investors can use SOL in staking, receiving gas fees, trading in NFTs, and decentralized finance apps such as Solend and Apricot Finance.

Where to buy Solana (SOL)?

Solana is the 6th largest cryptocurrency by market cap (as of December 2023), which is no mean feat and makes the altcoin a popular investment asset for reputable cryptocurrency exchanges. 

You can invest in SOL by active day trading for minor price swings or passively waiting for its value to rise by hodling. In any case, the best way to buy Solana is with the help of BYDFi, a licensed crypto investing platform that provides the following:

• Over 400 different crypto assets;
• Copy trading;
• Advanced features such as pot, leveraged pairs, and perpetual with up to 150x leverage;
• A significant degree of regulation (such as MSB and FINTRAC registration for the US and Canada);
• User-friendly interface.

Furthermore, BYDFi maintains tight security measures and adheres to the ‘Know Your Customer’ policy, making it a safe platform to trade cryptocurrencies.

Now, let’s get straight into the process and explain it in detail:

How to buy Solana coin (SOL) in 2 minutes: step-by-step

With BYDFi, buying SOL is simple, straightforward, and done within two minutes.

Step 1: Create a free account on BYDFi website or app

Go to the BYDFi website and click the [Get Started] button in the top right corner.

Alternatively, use the email sign-up method you can see in the center of the page. Type in your email address, then click the [Get Started] button.

Now you’ll get two account registration options: the first with an email address and the second with a phone number. 

Email registration:

If you choose registration with email, provide the address and press [Send] to initiate verification. Once you do this, BYDFi will send an email message with a six-digit verification code – copy and paste it into the box. 

Continue to create a login password and check the circle if you have no objections to the terms and conditions. Optionally, provide an invitation code here as well.

Once finished, click on the orange [Get Started] button.

Mobile registration:

The process is nearly identical for registration with a phone number. BYDFi will send the verification code by SMS; the rest of the process is just as described above.

You have now successfully created a BYDFi account. You’re a step closer to buying SOL, so let’s continue and fund your account.

Step 2: Fund your account with USDT

Unfortunately, there is no way for you to buy SOL directly with fiat currency on BYDFi. Instead, you will have to purchase some Tether (USDT) stablecoins first.

1. Find and click [Buy Crypto] on BYDFi’s main page near the top left corner. Note that fiat currency deposits and purchases rely on third-party services; they are not processed by BYDFi.

2. In the [Receive] field, find and select USDT, then opt for a fiat currency to buy Tether with. The platform currently supports 54 fiat currencies. Type in the numbers you are comfortable with, either in the ‘receive’ or ‘spend’ field, and the platform will calculate the rest (as long as you meet the purchase limits of the third-party service).
3. Pick the service provider you want to purchase USDT with. Visa, Mastercard, SEPA, as well as Apple Pay and Google Pay transactions are supported.

4. After selecting “Buy Now,” the platform will direct you to the service provider’s site, where you’ll need to perform the KYC process with them as well (BYDFi’s KYC record does not substitute the service provider’s KYC).

Step 3: Use USDT to buy Solana

After you receive the sum of USDT, head over to the [Spot] section on BYDFi’s top bar. The platform will present you with three versions of their spot trading interfaces: we will stick with the classic one for the sake of clarity and accessibility, as it is the most commonly used one.

There are two types of orders available to you:

1. Limit order: Select this one if you wish to designate an acceptable price range. Once placed, the order will go through as soon as it lands within the designated price (provided there’s adequate liquidity). Note that limit orders may also be filled partially;
2. Market order: This order will go through immediately at the best currently available market price. For example, if you specify you want to spend 100 USDT on SOL, the order will immediately get you as many tokens as possible for that price.

Step 4: Review the fees and confirm your order

The BYDFi platform will show the fees, costs, and number of Solana tokens you will get once you confirm the order and execute the transaction. 

BYDFi’s fees are straightforward and competitive – crypto spot trading fees range between 0.1% to 0.3% of the transaction, depending on the cryptocurrency you buy. The platform does not have deposit fees, just a flat fee for each transaction to make up for the costs. Third-party crypto markets and fiat transfer services may charge their own rates, depending on the trading method.

Step 5: Set up storage

So, now that you confirmed your order and got the tokens, the SOL can be kept in your BYDFi account or stored in a personal crypto wallet. 

While you can commit to extra security layers yourself, the BYDFi platform securely stores all their crypto assets in offline, mechanical cold wallets. There are virtually no entry points for unwanted persons to jeopardize your portfolio.

As an additional measure, BYDFi relies on multi-signature technology to handle withdrawing and depositing assets. Even if you lost access to keys or facilities, this measure still keeps your investment secure.

Finally, even in the worst-case scenario where the whole system is hijacked, the hackers wouldn’t be able to steal your funds as no private keys are stored on the cloud servers.

SOL price today

As of December 2023, and according to CoinMarketCap, the SOL altcoin total supply is 565,214,126 SOL. The current price of the token is:

Pros and cons of buying Solana (SOL)

Pros

• Very quick: Solana performs more than 3,300 transactions in the time it takes Ethereum to process one while still maintaining low costs;
• Scalability: Solana’s unique Proof-of-History mechanism, along with several more innovative features, provides high scalability of the network;
• Large network and community: Solana has millions of active users who benefit from the economy of scale and keep the entry fees low;
• Robust infrastructure and solid growth: Solana’s infrastructure supports decentralized apps and DeFi platforms. It also provides powerful tools for developers and smart contract deployment. On top of that, the whole network is growing at a steady pace.

Cons

• Volatile: Cryptocurrencies are a volatile financial instrument and must be handled with attention;
• Regulation: An ongoing SEC securities lawsuit targeting Coinbase and Binance sent ripples across the crypto market, affecting the price of Solana as well;
• Centralization concerns: The benefits of PoH aside, concerns have been raised about its high degree of centralization. The mechanisms has faced criticism that few validation points can create vulnerabilities in the system.

Mistakes to avoid when investing in cryptocurrencies

Making mistakes is to be expected in this industry. However, the fewer you make, the better your end result would be. Learning from common investing mistakes from others is less painful than learning from your own. What crypto traders usually fail to do includes:

• Doing research: A plethora of factors shape the crypto market trends. A significant amount of research is required to keep afloat and ahead of the competition;
• Considering their budget: There are no safe investments – all cryptocurrency prices are volatile, including Solana. Invest only what you can afford to lose;
• Watching for fraud: Frauds and scammers roam all around the crypto market. Trade through licensed platforms only;
• Maintaining security: Securing your portfolio is just as important as expanding it. Consider obtaining a crypto wallet;
• Think long-term: Emotional decision-making can disrupt your financial objectives. Keep a cool head and a steady hand when trading.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about how to buy Solana instantly:

All-in-One Crypto Exchange - Get Your First Coins in 2 Minutes

• Multiple Licenses - Reliable and Regulated

• Service Diversification - One-Stop Trading Platform

• Copy Trading - Get Copied, Get Paid

• Easy Deposit & Withdrawal - From Fiat to Crypto, Fast and Easy

500,000+ Users

Get Started