Solana has completely taken over the cryptocurrency industry. Its value increased by a whopping 12,000 percent in just one year. As the currency’s popularity grows, more exchanges are hosting it, making it easier to buy and sell.
How to buy Solana
1. Choose a platform to make your purchase.
On different platforms, security, dependability, and liquidity are all at different levels. Before creating an account on any of the platforms, do your research. At the moment, the top cryptocurrency exchanges for trading Solana are Binance, Kraken, Coinbase, Uphold, and FTX. And recently, there was a huge sale on Bidder Black Friday Carnival.
2. Signup for and verify your identity on the platform of your choice.
The signup process is required for most internet registrations. It’ll only require basic information from you, like your name and email address. You would then proceed to verify your email and fill in more information as the platform requires. It takes between one and ten days to get your profile approved. Once your account has been verified, you can now make purchases via peer-to-peer trading, credit card, or bank transfer.
3. Make your purchase on the platform of your choice.
Every platform does things differently. Some platforms are easier to use than others, and each platform has its own set of benefits. Buying crypto with fiat currency, such as the US dollar, is easier than buying it with another cryptocurrency, which is why, in the absence of the USD, people prefer USDT (Tether coin). You’ll need to look for SOL/USDT if you want to buy Solana with USDT. If you want to buy Solana directly instead of converting your savings to USDT, Uphold is a great choice. They also offer a debit card that you can use to access your assets from anywhere in the world. Different exchanges have different processing fees. Kraken charges a processing fee of 0.9 percent for all stable coins and 1.5 percent for all other crypto pairs. Online banking is also available on Kraken, though the company charges 0.5 percent per transaction.
SOL can be purchased using a limit order or a market order. We’ll start with a limit order because it’s more difficult. With a limit order, you can manually set the price at which you want to buy Solana (SOL). To place a limit order, go to the exchange section of the buy page and select “limit.” Enter the price in USDT you want to pay for SOL in the price box, then enter the amount of SOL you want to buy in the “amount” box. You’ll be able to see how much Tether the entire order will cost. From the drop-down menu, choose “purchase SOL.” Only if the price of SOL falls below the price you specify will your order be fulfilled. A market order, on the other hand, automatically fills your order at the best price available at the time. Select “market” in the exchange section of the buy page to buy using a market order. Enter the number of SOL you want to buy; it might be easier to use the percentage icons next to the input space, such as 25%, 50%, 75%, and 100%. This simply means that 25% of your USDT will be exchanged for a certain amount of Solana.
How to sell Solana
Selling Solana (SOL) follows the same process as buying; the only difference is that where you would have clicked on “buy,” you would now click on “sell.” If the exchange doesn’t permit you to convert directly to fiat, check for the BTC or USDT options like the process above, and convert to any of these coins first before you can withdraw to fiat currency. Limit orders and market orders still apply for sales, and the process is the same. If the market is very volatile at the time you want to sell, then a limit order should be preferred.
Because Solana is a new and untested market, evaluating the long-term potential of a crypto investment like Solana, which has gone from an all-time high to an all-time high with only minor lows in between, is always difficult. As a result, market research and monitoring are important. Buying and selling cryptocurrencies is simple, and you’ll get the hang of it in no time. If you get stuck at any point, there are plenty of crypto enthusiasts on YouTube who are more than willing to share their knowledge with you. Always be on the lookout for scammers and phishing sites, and if you’re using the web version, it’s a good idea to type out the entire address by hand.