Solan Buying Guide in 2022

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Do you want to invest in Solana (SOL)? Then you have come to the right place, because in this article we have put together two simple options for you.

Where to buy Solana in 2022?

To be able to buy Solana (SOL), you need to go through the following steps:

  1. ✍️ Choose a suitable trading platform
  2. ✍️ Trade in fiat money, such as dollars, against Solana
  3. ✍️ Withdraw Solana to a safe wallet or.
  4. ✍️ Sell the purchased SOL on the exchange (preferably at a profit).

Choose a Solana exchange

Before you start trading on Solana, the first thing to do is find the right trading platform. It works best if you determine your trading habits beforehand.

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Would you like to buy Solana cryptocurrency once and then transfer it to your wallet and keep it for a long period of time?

Or are you more interested in active trading and plan to sell your Solana tokens after short-term market movements?

Buy Solana

Want to buy Solana but don’t know how to buy the cryptocurrency? In this guide, we will show you how to successfully buy Solana through a trading platform.

In general, CFD brokers offer you many advantages. For example, you can store your assets easily and securely.

You also benefit from government regulation and regular inspections of companies by government regulators.

Therefore, brokers have to meet numerous requirements to be allowed to trade these derivatives.

In turn, the brokers’ clients also benefit from this. As an investor, among other things, your deposits are insured up to $100,000. In case of bankruptcy, uninvested deposits up to USD 100,000 will be refunded. The supervisory authorities monitor the broker’s activities and ensure the safety of its users. Compared to private sector auditing companies, the authorities can convince more objectively.

Currently, you can buy Solana (SOL) on any available exchange. It is possible that other cryptocurrency brokers will follow suit in the future and thus increase supply on the market.

The company offers many products for sale and convinces with a good platform, fair prices, and a large user base.

Deposit options

Compared to crypto exchanges, crypto brokers are more convincing because they offer so many ways to put money in.

Cryptocurrency brokers offer the following options:

  • ☑️ Bank transfer (SEPA).
  • ☑️ Credit card
  • ☑️ Instant bank transfer
  • ☑️ PayPal
  • ☑️ Skrill
  • ☑️ NETELLER

With PayPal and Skrill, there are many ways to make a quick deposit. We particularly like being able to buy Solana via PayPal.

Fees

The commission models for cryptocurrency brokers and crypto exchanges differ significantly. For the most part, exchanges rely on transaction fees, and brokers rely on spreads.The trading commission you pay depends on the volume of your transaction and any additional options you choose.

You can always see how expensive the relevant transaction is before you trade. Always keep in mind that additional options (stop loss or take profit) cost extra. We also recommend that you familiarize yourself with the pricing plan. One platform charges what is known as an “overnight fee” for trades outside normal trading hours.

If you follow these basic rules, you will be able to invest successfully and profitably in Solana.

Regulation and verification

Firms wishing to operate a derivatives trading platform must be authorized to do so.

As a result, all cryptocurrency brokers have received approval from CySEC or the FCA.

Among CySEC is in charge of regulating brokers, which means they are allowed to trade CFDs.The FCA is in charge of final regulation for firms operating in the market.

The regulation of the platform has several advantages for investors. These include regular monitoring of the provider’s balance sheet, compliance with safety standards, and protection of their own investment in the event of the trader’s insolvency.

Please note that the broker is obliged to verify your identity. As a result, you must conduct an identity check and upload your identification documents as soon as you have repaid the loan.

Buy Solana from a cryptocurrency exchange

Do you want to buy real SOL? In that case, the crypto exchange is the perfect place.

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At this point, however, we would like to point out that a cryptocurrency exchange is not the right place for investors who want to invest for the first time.

You should also familiarize yourself with the right Solana wallet before buying one. The wallet securely stores your SOL tokens and protects them from unauthorized access.

The best way to store SOL is with a hardware wallet. In our hardware wallet comparison, we have compared the best models.

Alternatively, you can also use any software wallet. From our point of view, the hardware wallet is the better and, in particular, more secure option because of its cold storage properties.

If you want to be safe, you can also choose a cryptocurrency broker that will take care of storing the cryptocurrencies you buy.

The following aspects should be considered when choosing the right Solana exchange:

Deposit options

In general, you can deposit and withdraw money from a cryptocurrency exchange in different ways.

The main deposit methods are:

  • 💸 Bank transfer (SEPA)
  • 💸 Credit card
  • 💸 Cryptocurrencies

In general, many crypto exchanges support cryptocurrency deposits. However, you can only buy other cryptocurrencies if you have already invested in the market.

You should also pay attention to tax disadvantages, because if your holding period is less than one year, the conversion represents a sale of your cryptocurrencies, and if you make a profit from it, they are taxed.

Debit and credit cards are also popular payment methods among investors. Credit cards are a popular way to pay because you deposit on a credit card, buySolana,ana and pay for the transaction with the card statement.

The problem is how the data is stored, since attackers have repeatedly stolen customer data in the past.

In general, we cannot recommend buying Solana with a credit card.

We go the more classic route and use a traditional bank transfer. Although it may take a few days to publish the transactions, this protects your personal data from intruders, and you do not pay any extra fees.

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Fees

Crypto exchanges have different fee structures. On many exchanges, it depends on the monthly trading volume.

Verification

Even today, many crypto exchanges are unregulated. Accordingly, they are not required to conduct money laundering and identity checks.

From the point of view of state authorities, this is of course a risk because market participants can take advantage of this loophole and engage in money laundering.

For this reason, you should make sure that the crypto exchange you choose meets these requirements. KYC  and anti-money laundering checks are the current standards.

The good news is that many large Solana exchanges already meet the minimum requirements today.

During registration, you will need to upload your ID card and invoices to prove your address.

The exchanges mentioned in our table are regulatory-compliant and therefore ideal for buying Solana tokens.

Regulation

Even now, we are still in the early stages of cryptocurrency development.

Choose a crypto broker if you want to buy SOL on a platform that is regulated by a financial market regulator.

With a broker, you can buy Solana safely and without a long start-up time.

Petros Lorelis
Author and expert: Richard Urban
Contact:
LinkedIn: Richard Urban