Solana (SOL) is one of the world’s most popular blockchain networks and cryptocurrencies. Learn more about Solana, how to buy SOL and where to store it.
Introduction to Solana (SOL)
Created by Anatoly Yakovenko, Solana is a cryptocurrency platform that looks to improve on the shortcomings of Ethereum and other blockchain networks. It is a fast, cost-effective and decentralised blockchain with a 0% carbon impact.
You can find out more about Solana and its native cryptocurrency SOL in our “What is Solana (SOL)?” article.
Solana is engineered for widespread, mainstream use by being energy efficient, lightning fast, and extremely inexpensive.
Solana
Where to buy Solana
A number of cryptocurrency investors have chosen to invest in SOL since the network was launched. However, not every cryptocurrency exchange or trading platform offers investors the opportunity to do so.
There are different options available for investors interested in buying Solana (SOL). Most cryptocurrency exchanges or trading platforms, including eToro, allow you to purchase SOL using fiat currencies. Other platforms, usually decentralised exchanges (DEXs), will enable you to trade or swap one cryptocurrency for another.
Decentralised exchanges will often provide a wider array of cryptocurrencies to purchase, but centralised platforms usually have additional security infrastructure that helps to keep your funds secure. Regardless, due to Solana’s increasing popularity, most cryptocurrency exchanges will offer the SOL token.
Tip: Some cryptocurrency exchanges will charge hidden fees when purchasing cryptoassets, so make sure to do your research before buying Solana (SOL).
How to keep and store Solana
After buying Solana (SOL), it is important that you store it safely. Many cryptocurrency exchanges or trading platforms will enable you to store SOL directly on the platform itself. Alternatively, some of these platforms operate their own cryptocurrency wallets, on which investors can safely store their cryptoassets.
For Solana specifically, there are a range of options for keeping your cryptocurrency secure:
- Phantom: A self-custodial, multichain wallet that allows investors to store Solana (SOL), Polygon and Ethereum -based cryptoassets.
- Solflare: The first Solana wallet ever created, which allows investors to buy and store SOL and swap tokens and NFTs.
- Ledger: Hardware wallets that allow investors to store SOL, and other cryptocurrencies, offline. Hardware wallets are widely considered the most secure.
Learn more about Solana
Before investing in Solana, it is important to understand how the network and cryptocurrency work. Solana is an open-source project that was founded in 2017. The project is overseen by the Solana Foundation, while the blockchain was created by Solana Labs.
Solana is a fast, affordable and carbon-neutral network that looks to increase the wider adoption of blockchain and Web3 technology. To learn more about Solana, consider accessing any of the following resources:
| eToro Academy | Online | A beginner-friendly, educational platform for learning about how Solana and other cryptocurrency platforms work. |
| Solana.com | Website | The Solana website, which contains all the necessary information about Solana and its native cryptocurrency |
| Validated | Podcast | A podcast produced by Solana Labs that covers the wider decentralised finance (DeFi) industry, including an episode with Greg Fitzgerald and Anatoly Yakovenko. |
How to buy Solana (SOL) on eToro
For both new and experienced traders and investors, eToro could be a suitable platform for those looking to invest in Solana, alongside other major cryptocurrencies such as bitcoin and Cardano.
eToro does not charge any hidden fees, and investors can take advantage of stop-loss and take-profit features when using the eToro platform. But how do you buy Solana (SOL) on eToro?
- Create an account
Register for an eToro account by selecting a username and inputting your email address and password. For additional security, eToro requires users to verify their identity with industry-standard Know Your Customer (KYC) checks.
- Deposit funds
If you are using the desktop version of eToro, click the “Deposit Funds” button on the left-hand side of the page. For eToro mobile users, this button can be found on the navigation bar on the top left-hand side. Decide how much of your chosen fiat currency to deposit, and then click “Deposit.”
- Buy Solana (SOL)
Visit the Solana page and click “Invest.” By selecting “Trade,” investors will purchase the underlying asset immediately. Alternatively, clicking “Order” will allow you to purchase SOL at a set price in the future. Decide how much SOL you want to buy and open the trade.
Final thoughts on investing in Solana
Solana is one of the most widely talked-about blockchain networks, with huge potential to disrupt the DeFi and cryptocurrency industries. With that in mind, some investors are confident in SOL’s upside potential and will consider buying the cryptocurrency as a result. Remember, cryptocurrencies are a very volatile asset class, which can aid in portfolio diversification, but also comes with risks attached.
Learn more about cryptoassets on the eToro Academy.
FAQ
- Should you buy Solana (SOL)?
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It is up to individual investors whether they invest in Solana. However, Solana has a proven track record, with the ability to conduct fast, cheap transactions, alongside a thriving non-fungible token (NFT) ecosystem. The price of SOL skyrocketed during the 2021 cryptocurrency bull market, but fell heavily in the years following. There are risks involved when investing in Solana, as with any cryptoasset, but many crypto investors are confident in its ability to replicate its previous success.
- Is Solana (SOL) a better investment than Cardano (ADA)?
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Solana and Cardano are often compared to each other. Solana is faster and cheaper than its counterpart, but Cardano is widely considered the more reliable network of the two. Both blockchains are serious Ethereum competitors, although it is unclear whether either Solana or Cardano will surpass Ethereum in the future.
- How many SOL tokens are there?
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At network launch, SOL had a total supply of 500 billion tokens. This supply has been reduced since 2017 following the burning of transaction fees, as well as through planned token reduction events. However, Solana operates using an inflationary model, so the network will automatically create new tokens according to a predetermined schedule.
This information is for educational purposes only and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to, buy or sell any financial instruments.
This material has been prepared without regard to any particular investment objectives or financial situation and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Not all of the financial instruments and services referred to are offered by eToro and any references to past performance of a financial instrument, index, or a packaged investment product are not, and should not be taken as, a reliable indicator of future results.
eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this guide. Make sure you understand the risks involved in trading before committing any capital. Never risk more than you are prepared to lose.