How To Buy Solana

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Took

Like Ripple and XRP cryptocurrency, Solana is a blockchain platform whose native currency is SOL. The project was launched in March 2020 by the Solana Foundation in Geneva, Switzerland.

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Known for relatively quick processing times for transactions and smart contract execution, SOL was priced at $54.99 at the time of writing, down nearly 80% from its June 2021 peak of around $258.

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These types of volatile price movements have prompted regulators in the UK to warn investors about the risks of crypto trading. The Financial Conduct Authority (FCA) says that anyone who buys crypto assets should be prepared to lose their entire investment.

If you are aware of the risks and still want to buy Solana, here’s how to do it.

choose an exchange

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To buy cryptocurrencies, you need to sign up with an exchange like Coinbase or eToro. There are a lot of exchanges to choose from, each with their own advantages and disadvantages.

There are a few things to consider when making your decision.

Payment Method – Check if your preferred payment method is accepted by the exchange, and what it charges for it. For example, some exchanges do not accept PayPal, while most charge a 3.99% fee for debit or credit card payments.

Purse – Check if the exchange provides an integrated wallet to store your SOL. If you prefer to store your crypto in a third party wallet or offline storage device, check whether the exchange allows transfers, and whether (if any) charges apply.

Available Currencies – If you are looking to buy SOL, make sure that the exchange you are considering to trade on.

eToro. do business with

trading in a variety of assets, including stocks, ETFs and cryptocurrencies; For both beginners and experts

Create an account

CFDs are complex instruments and carry a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with eToro. Cryptocurrency investment is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk.

Choose a way to pay

The most cost-effective way to buy cryptocurrencies is usually by direct bank transfer, as no fees are usually levied.

It is possible to pay by debit or credit card, but fees are sometimes levied. Not all credit card providers allow you to buy crypto. For example TSB, Virgin Money and Tesco Bank block transactions with crypto exchanges. Some providers may allow you to use your card to buy crypto, but beware of any fees they may add to the cost of the transaction.

Here’s how other lenders handle crypto purchases:

the providerAllows crypto purchases?Transaction Typecharge
hsbcYesCash Advance2.99%
M&S BankYesCash Advance2.99%
barclaycardYescash transaction2.99%
ReverseYesCash Advanceup to 2.50%
Tesco BankNon/an/a
TSBNon/an/a
virgin moneyNon/an/a
Sainsbury’s BankNon/an/a
NatWestNon/an/a
rbsNon/an/a

PayPal is not widely accepted as a payment method by exchanges in the UK. eToro allows PayPal deposits, but it’s a bit different, and it charges $5 on withdrawals from your PayPal account.

place your order

Once you have selected an exchange and how you will pay, navigate to the Solana page of your exchange’s website or app and enter the amount you wish to invest.

choose storage method

You can keep your SOL in your exchange’s integrated wallet if you wish, but you can keep it elsewhere if you wish and your exchange allows transfers.

You can store your Solana in an online ‘hot’ wallet or offline in a ‘cold’ wallet. Hot wallets are an easier target for hackers than cold wallets because the latter are storage devices such as hard drives and flash drives that are not connected to the web by default.

However, if you have lost your login credentials for Hot Wallet, your exchange or wallet provider can help you regain access to your funds. However, if you have lost your cold wallet access code, or simply misplaced the drive, there will be no one else to help you but yourself.

Of course a third party hot wallet will have to pay for it, but so will a hard drive or flash drive if you don’t already have one.

eToro. do business with

trading in a variety of assets, including stocks, ETFs and cryptocurrencies; For both beginners and experts

Create an account

CFDs are complex instruments and carry a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with eToro. Cryptocurrency investment is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk.

Credit: www.standard.co.uk /

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