How to buy Solana (SOL) from the UK

By   |   Verified by Andrew Boyd   |   Updated 17th April 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 the UK.

Not sure which exchange to use?

Where to buy Solana

eToro Crypto

On eToro's website

eToro Crypto

Highlights

  • Trade and stake a range of crypto assets with low fees.
  • Copy successful traders. Practice with a demo account.
  • eToro is regulated by CySec, FCA and ASIC.


Disclaimer: Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply. Please give the risk warning sufficient screen time and prominence.

Coinsmart

On Coinsmart's website

Coinsmart

Highlights

  • Get $20 in BTC with your first deposit.
  • Trade major coins and popular altcoins including Dogecoin, Cardano, Solana, Polkadot, and Polygon.
  • Fund your account with wire transfers, credit / debit cards, or crypto with access to trade funds the same day.
Coinbase

On Coinbase's website

Highlights

  • Get £5 in Bitcoin with your first trade on Coinbase.
  • Buy and sell popular digital currencies, and keep track of them in the one place.
  • Invest in cryptocurrency slowly over time by scheduling buys daily, weekly, or monthly.
  • Crypto stored on Coinbase servers is covered by an insurance policy.


Cryptocurrency is not regulated by the UK Financial Conduct Authority and is not subject to protection under the UK Financial Services Compensation Scheme or within the scope of jurisdiction of the UK Financial Ombudsman Service. Investing in cryptocurrency comes with risk and cryptocurrency may gain in value, or lose some or all value. Capital gains tax may be applicable to profits from cryptocurrency sales.

First time buying?

How to buy Solana

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 (GBP) transferred from a bank account, debit or credit card. 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.

After you buy

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.