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Best Places to Buy Solana for 2024

Review Updated
Emma Newbery
By: Emma Newbery

Our Cryptocurrency Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Solana shot to fame in 2021 with a price increase of over 11,000% across the year. Not only is it one of the fastest cryptocurrencies on the market, it also boasts incredibly low fees. Solana's popularity means it is available from many cryptocurrency platforms. But how can you choose between them? If you're looking for the best places to buy Solana, check out our picks below.

Coinbase
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On Secure Website.

Ratings Methodology

Our Rating:

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Bottom Line

Coinbase is one of the best-known crypto exchanges in the U.S. It has a wide range of available cryptocurrencies and products to suit every type of investor, from beginners to advanced traders. The fees on Coinbase Pro are much lower than the main platform, and both Coinbase and Coinbase Pro have third party insurance against hacking.

Fees:

Variable fees (Coinbase), 0%-0.80% (Coinbase Advanced Trade), $29.99 monthly (Coinbase One)

Account Minimum:

$2

Our Rating:

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Bottom Line

Crypto.com has a big list of available cryptocurrencies and offers a lot of benefits for investors who hold its native token, Crypto.com Coin (CRO). Beginner traders may be put off by the slightly unintuitive interface. But it may be a good option for more advanced traders who want to use its app and additional products.

Fees:

Variable spread

Account Minimum:

Varies based on cryptocurrency

Our Rating:

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Bottom Line

Kraken is a solid all round crypto exchange, though the fees on its "instant buy" product are steeper than we'd like. What makes Kraken stand out is that it offers some of the best Solana staking rates in the U.S. Staking is where you tie up your coins to contribute to overall network security and earn interest as a reward.

Fees:

0.0% - 0.26% maker-taker fees (Kraken Pro)

Account Minimum:

Varies by cryptocurrency

TIP

The right crypto investing mindset

Investing in crypto can be extremely risky. We think investors should approach these assets like any other technological investment — with a long-term mindset and the expectation of ups and downs. The Fool realizes there may be opportunities for investors. We do actively recommend select cryptocurrencies to our community. But we encourage everyone to be well versed prior to investing to understand the potential risks and rewards.

What is Solana?

Solana is one of several cryptocurrencies that serve as an ecosystem for other applications and cryptocurrency projects. Its super fast processing times and transaction fees of a fraction of a cent have propelled it into the top cryptocurrencies by market capitalization.

Programmable or smart contract cryptocurrencies like Solana soared in popularity in recent years. A big reason for their success is that Ethereum (ETH), the leading smart contract crypto, struggles with high gas fees and heavy network congestion. As a result, Solana and other Ethereum alternatives have taken considerable market share.

Smart contracts are tiny pieces of self-executing code that live on the blockchain. Smart contracts power things like the decentralized finance (DeFi) industry and the booming non-fungible token (NFT) market.

How much does it cost to buy Solana?

If you're looking for the best places to buy Solana, there are various fees that could come into play. The one that's right for you will depend on how you plan to deposit money, how often you plan to buy Solana, and whether you want to withdraw your crypto. Let's break down some of the possible fees.

Fees to deposit fiat currency (traditional money)

Unless you already own cryptocurrency, you'll need to deposit some fiat currency such as U.S. dollars before you can buy any Solana. Fees vary depending on the platform and payment method you use. For example, if you want to pay by debit or credit card, the fee might come to as much as 4.5%. Bank transfers are usually free, and fees for other methods -- such as a PayPal deposit -- are similar to card payments.

READ MORE: Top Cryptocurrency Apps and Exchanges

Trading fees

If you're going to buy or sell cryptocurrencies on a regular basis, trading fees can add up. Some platforms charge a fixed dollar amount, while others can charge anything from 0.01% to 1.49% per trade. Some exchanges also charge a spread -- the difference between the buy and sell prices quoted for that crypto. You can sometimes reduce trading fees by using the exchange's token to pay, and high volume customers also often qualify for discounts.

Watch out for the spread on platforms that promise zero commission or say they don't charge trading fees. They may not charge a per trade fee, but they will likely charge a larger spread or offer a poor rate of exchange. Crypto platforms have to make their money somewhere. It's a good idea to try out sample trades on different exchanges and see how much Solana you'd get for, say, $100. You don't need to deposit any money to see what rate you'd get.

Withdrawal fees

The final fee to watch out for is a withdrawal fee. Before you put your money onto a platform, be sure to understand what you'll pay to get it back again. These are the two main ways you might want to withdraw your assets:

  • Moving fiat money back to your bank account. This is free on some exchanges, others can charge as much as $25 per withdrawal.
  • Moving cryptocurrency to an external wallet or another exchange. Withdrawal fees vary from crypto to crypto and exchange to exchange. It's usually pretty inexpensive to move Solana, but look out for platforms that offer a limited number of free withdrawals.

Many long-term crypto investors use a blockchain or crypto wallet to store the keys to their coins. Some are concerned about the potential for cryptocurrency exchanges to be hacked, and want a more secure place for their assets. Others want to use their crypto on decentralized finance or other platforms, which is easier to do from a wallet.

If you do decide to use an external crypto wallet, bear in mind you're essentially becoming your own bank. That means ensuring the password and seed phrase are secure. You'll also need to keep your antivirus and malware protection up to date. If you lose your password, you may not be able to access your funds.

How to compare fees

Cryptocurrency platforms are not always transparent about their costs. Pay attention to deposit fees, trading fees, and withdrawal fees. Some exchanges publish fee guidance, others hide the information in their terms and conditions. Before you deposit your cash, test out a sample trade to see what rate you get.

Where can you use Solana?

Here are some common ways to use Solana:

  • Spending Solana with merchants
  • Using it to earn passive income
  • Using applications on the Solana ecosystem
  • Trading it on crypto platforms

Unlike Bitcoin (BTC), Solana is not designed to act as a form of payment. Nonetheless, some merchants do accept Solana. Plus, some crypto platforms have spending apps or cards that let you transfer your crypto and use it to pay at certain locations.

Earn passive income

For example, you can look for crypto apps or exchanges where you can stake SOL. More experienced investors can stake SOL from a Solana wallet such as Phantom or Sollet. Without getting too technical, staking supports the network validators that verify transactions. By staking your coins, you contribute to the overall network security and earn SOL in return.

You can also earn interest through lend-earn products. Some platforms let you loan out your crypto and earn a cut of the interest paid on the loan. Before you do this, make sure you understand how the platform protects your assets.

READ MORE: Cryptocurrency Availability by Exchange

Spend SOL on the Solana ecosystem

There are over 1,200 projects on the Solana crypto network, including DeFi apps, NFT projects, games, metaverses, and social media apps. Some have their own tokens, but some use Solana. For example, you might need SOL to mint an Solana NFT on its network, or trade on one of its decentralized exchanges.

Is Solana safe?

All cryptocurrencies carry risk, and Solana is no different. Here are some of the common risks associated with Solana and ways to reduce them.

Risk How to protect yourself
Overall crypto volatility and/or Solana price crash Only invest money you can afford to lose.
Top up your emergency fund and retirement savings before you buy any crypto.
Make sure your crypto and Solana investments only represent a small part of your overall portfolio.
Solana outage or technical failure Solana has grown so quickly, and its blockchain technology is still relatively untested. As a result, it has already experienced several outages and there may be more to come. Don't go all in on Solana or any other cryptocurrency -- if Solana fails, you don't want to have all your eggs in one basket.
Crypto platform hack Use a reputable crypto exchange and enable two-factor authentication (2FA) and other user level protections.
Look for crypto exchanges that offer third party insurance.
Consider moving your assets into an external crypto wallet.

Ultimately, the best places to buy Solana depend on your personal situation -- where you live, what payment method you will use, how you plan to use it, and where you want to keep it. No cryptocurrency is a completely safe investment, so make sure you guard against the risks as best you can. If you do buy Solana and want to learn more, spend time exploring its ecosystem and the projects being developed on the Solana network.

Offer Best For Commissions Next Steps

Security

Variable fees (Coinbase), 0%-0.80% (Coinbase Advanced Trade), $29.99 monthly (Coinbase One)

Active investors

Variable spread

Staking

0.0% - 0.26% maker-taker fees (Kraken Pro)

Our Cryptocurrency Expert