How to buy Solana (SOL) from the USA

By   |   Verified by Andrew Boyd   |   Updated Oct. 18, 2023

  • 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 America.

Coming up next

Coming up next

Where to buy Solana

eToro Crypto

On website

eToro USA LLC and eToro USA Securities Inc.; Investing involves risk, including loss of principal; Not a recommendation.

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: Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MS

Pros

  • The user-friendly website and app make it easy to trade from anywhere.
  • Trade Bitcoin, Ethereum, and 60+ other crypto assets.
  • With its CopyTrader feature, you can replicate the moves of other investors.
  • Start trading with just $10.

Cons

  • There is a 1% fee that is added to the market price.
  • Other exchanges have more selections of crypto coins and tokens.
Crypto.com

Crypto.com

Highlights

  • Earn up to 8.5% p.a. on your crypto, and up to 14% p.a. for stablecoins.
  • Spend with the Crypto.com Visa Card and get up to 8% back.
  • Shop with Crypto.com Pay and receive up to 10% back, paid in CRO.

Pros

  • Get access to additional features including lending, borrowing, debit cards, and more.
  • Start trading with just $1.
  • Interest-earning deposits are available.
  • There is a USD 2,000 referral bonus.

Cons

  • Lack of educational resources.
Gemini Exchange

Gemini Exchange

Highlights

  • Gemini Exchange makes it simple to research the crypto market, buy bitcoin and other cryptos, and build a portfolio for the future of money.
  • Set recurring buys and dynamic price alerts.
  • All crypto held online in Gemini's exchange wallet is insured and it uses the best-in-industry cold storage coverage with leading insurance providers.

Pros

  • Suitable for both beginner and advanced traders.
  • Supports multiple fiats and cryptocurrencies.
  • You can earn interest on your cryptocurrency balances.
  • Its mobile apps are highly rated.

Cons

  • The fee structure can be expensive for both small trades and higher volume trades.
Coinbase

On website

Finty may be compensated when you click on the link.

Coinbase

Highlights

  • Get $5 in Bitcoin after your first trade on Coinbase.
  • Buy and sell popular digital currencies, keep track of them in the one place.
  • Invest in cryptocurrency slowly over time by scheduling buys daily, weekly, or monthly.
  • Maintains crypto-insurance and all USD cash balances are covered by FDIC insurance, up to a maximum of $250,000.

Pros

  • Get access to a wide variety of altcoins.
  • Start trading with as little as $2.
  • Offers Coinbase card which allows you to spend crypto anywhere.

Cons

  • Fees are higher compared to other exchanges.

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 license 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 (USD) transferred from a bank account, debit or credit card. Payoneer, PayPal, Skrill, Venmo, etc. 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.