How To Buy Solana: Easy 5 Steps Guide

No doubt Solana experienced a bumpy drive when the market turned downward. But there is still room for growth, and the Solana token (SOL) appears to be weathering the test of time. If you're interested in buying, selling, or trading SOL, Binance is one of the most trusted exchanges. In this post, we'll walk you through a step-by-step process on how to buy Solana on Binance.

Where To Buy Solana?

Solana (SOL) has made waves in the crypto space since 2019. Its solid technology and interchain security make it stand out. Binance is a trusted and popular exchange to buy and sell SOL. In this article, we'll take you through a step-by-step process on how to buy Solana on Binance, arming you with the knowledge and resources you need.

Where To Buy Solana?

Some of the most popular exchanges to buy SOL include Binance, Coinbase, KuCoin, and Kraken. When choosing an exchange to purchase SOL, it's essential to consider factors such as fees, security, user interface and supported payment methods. It's also important to note that some exchanges may only be available in some countries or regions.

Step-By-Step Guide On How To Buy Solana:

Follow the below steps to buy Solana using the Binance exchange.

Step 1: Register for a Binance account

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The first step is to register for a Binance account; if you already have a Binance account, you can skip this step.

To register, visit the Binance website and click on the "Register" button at the top right-hand corner of the page. You will then be prompted to enter your email address and create a password. You can also use the main sign-up with an email or phone option.

After completing this step, you will receive an email confirmation from Binance.

Create an account using your personal phone number or email address on Binance. Registering as an entity if you want to buy Solana as a Limited company business on the Binance exchange is also an option.

Step 2: Verify your identity on Binance

Before you can buy SOL on Binance, you will need to verify your identity. To do this, click the "Profile" button on the top right-hand corner of the page and select "Identity Verification."

Follow the instructions provided by Binance to complete the verification process.

To complete your Binance registration process and start buying crypto on the Binance platform, you must submit a valid government-issued passport or Driving license based on your country of residence.

Step 3: Buy SOL

There are numerous ways to buy Solana on the Binance exchange, and it all comes down to your preference. We will explore some popular methods to buy Solana on Binance.

Option 1: Fund your Binance account with crypto

This method is helpful for anyone who owns crypto on other platforms or wallets. Once you have transferred your Bitcoin to a Binance account, you can buy Solana with Bitcoin as Binance supports trading BTC/SOL pair.

After verifying your identity, you can fund your Binance account with crypto. To do this, click the "Deposit" button on the top right-hand corner of the page. You will then be prompted to select the cryptocurrency you want to deposit. Select the cryptocurrency you wish to deposit and follow the instructions provided by Binance. Once your cryptocurrency has been deposited, you can proceed to buy SOL.

On the deposit Crypto page, choose the crypto (in this case, we selected bitcoin) and its network. Binance will generate a bitcoin address to deposit your BTC. Copy the deposit address and initiate a withdrawal on the withdrawal platform. Once the transaction is confirmed, Binance will credit the crypto.

Convert Bitcoin Crypto to Solana (SOL)

After transferring your crypto Binance account, hover over the Trade menu at the top menubar and click on Binance Convert, where you can convert your crypto to SOL.

There are two ways to convert your crypto to SOL: Market order or Limit order.

Buying SOL with market order: Market order allows you to convert your assets at the current market price based on the quoted price in the conversion.

Buying SOL with limit order: A limit order allows you to place an order to convert your assets at a specified limit price. However, limit orders are executed subject to market conditions and may not be completed even if the market price reaches or crosses your limit price momentarily.

The above screenshot shows an example of placing a limit order to buy Solana using BNB. You can click on the bars icon next to the limit button to display the price chart of your selected crypto convert pair. Click on Confirm order to get 900 SOL tokens into your account.

Congrats! You have now bought Solana by funding your Binance account with crypto and using Binance Convert.

Option 2: Fund your Binance account with Fiat

This option will benefit you if you prefer to fund your account with your preferred fiat currency beforehand. Customers can fund their Binance account with fiat currency via direct bank transfer or credit/debit card.

When using the Bank transfer method to fund your account, make sure to follow the below tips:

Your bank account name must match the name registered to your Binance account.

Please include your full name in your bank transfer's Reference/Remark section.

If the deposited amount exceeds your daily limit, Binance will divide the total payment based on your maximum daily limit.

After funding the account with fiat currency, it will be stored as your cash balance on the Binance account. Using the deposited fiat currency, you can now buy crypto using the buy crypto with Cash Balance tool.

As shown above, buy Solana immediately with your preferred fiat currency! You will get an estimated price of SOL based on the currency of choice, and you enter the desired amount of SOL to buy and confirm the order.

Congrats! You have now bought SOL by funding your Binance account with fiat currency and using a Binance Cash balance.

Option 3: Buy Solana with a Credit/Debit Card (Popular method to buy Solana)

To buy SOL on Binance using a Credit or Debit card, navigate to the Buy crypto via card page using the top navigation menu.

On the buy crypto with card page, you will see various options to choose the fiat currency to buy Solana. Enter the desired amount of SOL tokens to purchase and click Continue.

In the payment method section, if you just created your Binance account, add the card details you will use to purchase SOL.

Once you have entered the card details, you must review the order details to ensure they are correct. If everything looks good, click the "Buy SOL" button to complete the purchase.

Congrats! You have now bought SOL by funding with your Credit/Debit card!

Recurring Plan

Alternatively, you have the choice to buy Solana on a recurring basis.

The recurring model typically allows you to regularly invest in cryptocurrency with a pre-determined amount and accumulate your crypto holdings over time. If you are committed to the long-term growth of a coin/token and bullish on its future price movements, it is an excellent way to DCA into the project.

Step 4: Buy Solana - Payment Methods

Buy Solana with Paypal: Binance does not currently support purchasing Solana (SOL) directly with PayPal. However, you can still use PayPal to buy cryptocurrencies on other platforms and transfer those funds to your Binance account to purchase Solana. Other exchanges, such as Coinbase support Paypal payment methods to buy crypto. If you have an existing PayPal account, you can start transactions on Coinbase immediately.

Buy Solana with a credit card on Binance exchange: To Add a credit card, Go to the "Buy Crypto" page on Binance and select "Credit/Debit Card." Follow the prompts to add your credit card details.

Buy Solana with Debit Card: To Add a debit card: Go to the "Buy Crypto" page on Binance and select "Credit/Debit Card." Follow the prompts to add your debit card details.

How to Buy Solana with Apple Pay and Google Pay on Binance

The following steps will guide you through how to buy Solana using Apple Pay & Google Pay.

1. Log in to your Binance account and click Buy Crypto with Credit/Debit Card.

2. Select the fiat currency according to your country and then select Solana crypto to buy from the list. Enter the amount and click Continue.

3. Select Apple Pay or Google Pay as the payment method after choosing SOL to Buy.

4. Once you have successfully added/chosen your credit/debit card, click Confirm to proceed. Check the payment details carefully and confirm your order within 1 minute, or else after the 1-minute mark, the price and the amount of crypto will be recalculated. You can click Refresh to see the latest market price.

Congrats! You have now bought Solana on Binance using your preferred Google or Apple pay.

Step 5: Withdraw SOL from Binance

After buying SOL on Binance, withdraw it to a hard or soft wallet you control. To do this, click the "Withdraw" button on the top right-hand corner of the page. You will then be prompted to enter the wallet address to which you want to withdraw your SOL. Ensure you enter the correct address, as transactions on the blockchain are irreversible.

You must also enter the amount of SOL you want to withdraw. Once you have entered the correct wallet address and the amount of SOL you wish to withdraw, click on the "Submit" button. Binance will then process your withdrawal request, and your SOL will be sent to the wallet address you provided.

Tips for buying SOL on Binance

1. Always double-check your order details before placing a trade to ensure everything is correct.
2. Consider using the "Limit" order type instead of the "Market" one when buying SOL. With a limit order, you can set the price you are willing to pay for SOL, whereas with a market order, you will pay the current market price for SOL, which may not be the best price.
3. Consider using two-factor authentication (2FA) to enhance security after registration.

10 Reasons To Buy Solana Right Now

Should I buy Solana? If you are considering whether you should buy Solana or not, then the below points may provide some clarity about the project.

1. High performance: Solana is known for its fast transaction processing speed. The Solana blockchain can handle up to 65,000 transactions per second. This high throughput can enable Solana to support large-scale decentralized applications.
2. Low transaction fees: With its high throughput and low fees, Solana has the potential to provide an affordable and efficient alternative to other blockchain platforms.
3. Decentralized finance (DeFi): Solana has a growing ecosystem of DeFi projects and applications, such as lending, trading, and staking platforms. These applications can help provide users with access to financial services without relying on centralized institutions.
4. Scalability: Solana is designed to be highly scalable. It can handle large amounts of network activity without experiencing performance issues.
5. Community support: Solana has a growing and active community of developers and enthusiasts who are committed to advancing the platform and building new applications.
6. Partnerships: Solana has formed partnerships with a number of companies, such as Chainlink and Serum, which can help expand its reach and adoption.
7. Solana Foundation: The Solana Foundation provides grants and funding to support the development of projects and applications on the platform, which can help drive innovation and growth.
8. Experienced team: The Solana team has extensive experience with a track record of success in building and scaling tech companies.
9. Mainstream adoption: With its fast and efficient blockchain, Solana has the potential to attract mainstream adoption from businesses and individuals looking for a reliable and scalable blockchain platform.
10. Potential for growth: Solana has the potential for significant growth and adoption as it continues to expand its ecosystem and attract new users and developers.