How to Buy SOL
You've heard of Solana but have never invested? You're starting out in the world of cryptocurrencies? Follow these simple steps to join the fun!
In order to buy a cryptocurrency, you need to create an account on a platform called an exchange. Several options exist depending on where you live. Here is a non-exhaustive list of exchanges where you can create an account and buy SOL:
In order to create your account, you will need to provide an email address and choose a secure password. Make sure you also enable 2FA (2-factor authentication) whenever possible.
You will then (for most exchanges) have to complete KYC (Know Your Customer) by providing:
- Your full name
- Your country of residency
- Your state, province, or region
- Your birthdate
- A valid phone number
This list is not exhaustive and different exchanges may ask for other information. Some exchanges won't require KYC at all for small transactions.
Once this is completed (this can take from minutes up to a few days depending on the exchange you're using), your account will be validated. You will be able to deposit fiat currencies (dollars, euros, etc.) into your account or directly buy cryptocurrencies.
Some exchanges will let you directly buy a cryptocurrency with your credit card or with a bank transfer. This is the case on Binance, for example. In this case, you simply have to enter the amount of money you want to spend and a payment window will appear.
Direct purchase of SOL on binance.com
On other exchanges, you may not have the possibility to directly buy SOL. First, you will have to deposit fiat currency into your account.
Find your wallet to deposit money into your selected exchange. If you're using Coinbase, go to "My assets", select USD, click on "Add cash" and you'll have the option to deposit USD via your bank account, a wire or Paypal. Most exchanges will have similar processes to top up your USD balance.
You have now deposited USD into your Coinbase account (or on the exchange you're using). You can now find SOL (or mSOL) and exchange your USD for it at the current rate.
Some exchanges won't let you directly trade fiat currency for SOL.
If this is the case, you will need to find a third cryptocurrency that can be traded for SOL on the exchange. In most cases, you will be able to convert or trade your fiat currency to a stablecoin (USDT, USDC, BUSD, etc.) and use this stablecoin to buy SOL on the exchange. This will not be an issue whatsoever, it only mean you'll have to make one more trade.
Make sure to check what cryptocurrencies can be exchanged for SOL on the exchange you are using before making your choice.
mSOL is now available on Kraken, Coinbase and Gate. You can directly buy mSOL, which will accrue in value against SOL. Once you have acquired mSOL, you can move it to a non-custodial wallet in order to use DeFi or hold it in your exchange account.
Keeping mSOL in your exchange account is enough to earn your staking yield, without any added steps needed.