How to buy Solana (SOL) from Canada

Nikita Sheth avatar
Written by   |  
Andrew Boyd avatar
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Updated 21 Oct 2022
  • Solana is a third generation cryptocurrency renowned for its speed.
  • Solana's token, SOL, has experienced strong growth in value.
  • Get details on exchanges where you can quickly and safely buy Solana.

Get a step-by-step guide through the process of buying Solana from Canada.

Where to buy Solana

Bitbuy

On website

Highlights

  • Get a $40 bonus when you sign up via Finty.
  • CAD deposits are free, and you can withdraw via Interac e‑Transfer without paying extra.
  • Choose between Express trades for speed or Pro trades with lower fees and more control.
  • Regulated in Canada, Bitbuy is registered with the OSC and FINTRAC — making it one of the more trusted local platforms.

Pros

  • Fee discounts kick in when you trade more — helpful if you’re regularly moving large amounts.
  • No charge to deposit crypto or CAD, and withdrawing CAD through Interac is also free.
  • Most digital assets are kept offline in cold storage with regular security audits.
  • The Pro platform supports advanced order types, charts, and real-time execution — ideal if you’re looking to step up your trading

Cons

  • Express trades can be costly, especially if you’re just making small or occasional transactions.
  • Crypto withdrawals (especially ETH or ERC-20 tokens) can get expensive.
  • Coin selection is relatively limited compared to global platforms.
Ndax

On website

Highlights

  • Get $10 when you sign up and deposit at least $100 into your account.
  • Quick deposits and withdrawals via Interac e-Transfer and wire.
  • Low flat trading fee of 0.20% across all pairs, making costs predictable.
  • Built for Canadians, with CAD support and compliance with Canadian banking standards.
  • Advanced trading features like limit orders, recurring buys, and real-time charting for more control.

Pros

  • You can fund your account with CAD through Interac, bank transfer, or wire — no need to convert currencies.
  • Offers a clean, intuitive interface that’s friendly to both beginners and experienced traders.
  • Supports a solid list of popular cryptocurrencies, including Bitcoin, Ethereum, Cardano, and more.
  • Cold storage is used to keep the majority of client funds secure offline.
  • Registered with FINTRAC and held to Canadian AML standards, giving it strong credibility locally.

Cons

  • The flat 0.20% trading fee is competitive but not the lowest in the market.
  • No staking or interest-earning options, which could matter to users looking for passive income.
  • Its mobile app works well for basic tasks, but lacks some of the more advanced charting tools on desktop.
Coinberry

On website

Highlights

  • Register in just 60 seconds and start investing with as little as $50.
  • No CAD deposit and withdrawal fees.
  • Coinberry is insured, FINTRAC registered & PIPEDA compliant and is the only digital asset platform trusted by Canadian Government municipalities.

Pros

  • Easy sign-up process and instant verification.
  • No fees to deposit or withdraw fiat.
  • There is a $200 million crypto asset insurance.
  • Easy to use mobile app.

Cons

  • Limited choice of altcoins.
  • High trading spreads.
Crypto.com

Not available for application via this website

Crypto.com

Highlights

  • Trade 250+ cryptocurrencies with CAD support, including Bitcoin, Ethereum, and altcoins.
  • Use the Crypto.com Visa Card to spend your crypto anywhere Visa is accepted, with tiered cashback and perks.
  • The mobile app offers everything in one place: buy, sell, stake, track, and earn.
  • Strong security setup with cold storage, multi-factor authentication, and real-time monitoring.

Pros

  • Fully supports CAD deposits and withdrawals via Interac e-Transfer or wire, avoiding currency conversion fees.
  • Offers competitive rates for staking and crypto interest on over 30 coins, including stablecoins.
  • Detailed price alerts, real-time charts, and DCA tools help users stay informed and consistent.
  • NFT marketplace lets Canadians explore and collect digital art without leaving the app.
  • Visa Card offers airport lounge access and Spotify/Netflix rebates at higher tiers, depending on CRO stake.
  • Licensed in Canada with regulatory compliance through FINTRAC, giving added confidence

Cons

  • Some card benefits require CRO staking, which may not suit casual users or those focused on liquidity.
  • Crypto.com's platform can feel overwhelming for newcomers due to its many features.
  • Customer service is live chat–only and may take time during high-demand periods
  • Lacks educational resources.
Coinbase

On website

Finty may be compensated when you click on the link.

Highlights

  • Buy, sell, and hold over 250 cryptocurrencies in a beginner-friendly interface.
  • Regulated and publicly listed in the US, offering peace of mind on security and transparency.
  • Auto-invest lets you set recurring buys for dollar-cost averaging.
  • Coinbase Wallet is available for those who want full control of their crypto and NFTs

Pros

  • The interface is clean, simple, and ideal for beginners—one of the easiest ways for Canadians to get started with crypto.
  • Strong focus on security, with 2FA, cold storage, and insurance on custodial assets.
  • You can earn small amounts of crypto through educational mini-courses via Coinbase Earn.
  • Supports Apple Pay and Google Pay, making fiat-to-crypto purchases more convenient

Cons

  • Trading fees are high compared to other platforms—best for small, infrequent buys.
  • No advanced features like futures or margin trading.
  • Limited customer support options, and response times can be slow during peak periods.
Wealthsimple Crypto

Not available for application via this website

Wealthsimple Crypto

Highlights

  • Buy and sell over 50 cryptocurrencies directly from a user-friendly app.
  • Regulated by the Canadian Securities Administrators (CSA) — custodial assets held with Gemini.
  • Zero deposit and withdrawal fees for CAD funding via Interac e-Transfer or bank transfer.
  • Seamlessly integrated into Wealthsimple’s suite of financial tools including investing, savings, and tax filing.

Pros

  • Ideal for new investors.
  • Real-time price tracking and instant trades are available with no minimum balance.
  • Automatically tracks gains and losses for tax time with integrated reports.
  • Responsive local support and a growing knowledge base tailored to Canadian crypto laws and concerns.
  • Registered with FINTRAC and CIPF-backed, providing added regulatory comfort for Canadian users.

Cons

  • Charges a spread of up to 2% per transaction, which is higher than some global platforms.
  • Crypto withdrawals to external wallets are limited.
  • No advanced charting tools or trading features for technical users.

Step 1: Choose an exchange where you can buy Solana

Solana is listed on a growing number of crypto exchanges, which is probably the easiest way to buy the token. When comparing exchanges, consider what fees are charged for trades (maker and taker, or a spread), if there is a fee to deposit fiat currency, what order types are available, etc.

Step 2: Get verified

When you open an account on a crypto exchange, you will be asked to provide some personal details such as your name, phone number, email address, etc.

You will then be required to verify your identity for tax purposes. You can authenticate your identity using a valid form of photo ID like your driver’s licence or passport. The verification process takes approximately five minutes. Once your identity has been verified, you can fund your account and start trading.

Step 3: Set a budget

You should only ever invest what you can afford to lose, especially with something as volatile as crypto.

Step 4: Fund your account

You can fund your exchange account with fiat (CAD) transferred from a bank account, debit or credit card. Interac e-Transfer and PayPal may also be accepted. If you use a debit or credit card to deposit funds in your account, you will probably have to pay a transaction fee. If you already have an account on a crypto exchange, you can trade stablecoins and other crypto tokens for SOL.

Note that some exchanges only support crypto-to-crypto purchases.

Step 5: Buy Solana

Use a market order if you want to buy Solana as quickly as possible and don’t mind slippage in the price you pay. At most exchanges it’s also possible to configure an order that will be automatically executed when Solana hits a certain target price.

Depending on the exchange you are using, you may have the option of setting up a recurring order which automatically buys more Solana, for example, every week or month so you can take advantage of dollar cost averaging over time.

Where to store your Solana

For easy access to your SOL tokens, store them in the hot wallet at the exchange where you bought them. You can always transfer them out to a hot wallet you control at a different exchange at a later date. Keep in mind that hot wallets, being connected to the internet, are the less secure option and are vulnerable to hacking, theft, and malware.

Cold wallets are specially designed devices that are not connected to the internet. They are the safer way to store your SOL tokens.

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