Where to Buy Solana (SOL) in the UK? – Beginner’s Guide

In 2021 alone, Solana coin (SOL), the cryptocurrency running on the Solana blockchain network, had an almost 12,000% increase in value. Currently the seventh-largest cryptocurrency by market cap, Solana bundles exciting blockchain features in a highly decentralized and scalable network.

If you’re wondering how to buy Solana in the UK, this guide explains where to buy Solana, a Solana price prediction, and Solana crypto key features.

How and Where to Buy Solana UK – Step by Step Guide 2024

Below are five trading platforms and cryptocurrency exchanges to buy Solana UK. Let’s go through each platform with its respective trading features and fees.

1. Coinbase – Best Beginner Solana Trading Platform UK

The next best platform to buy Solana UK is Coinbase, the best beginner crypto trading platform from our reviews. With upwards of 74 million users across over a hundred countries, the Coinbase crypto exchange is the most popular crypto exchange in the United States.

As one of the largest crypto exchanges, Coinbase naturally has its own crypto wallet called Coinbase Wallet. However, Solana coin is not supported in their crypto wallet but remains tradable on their platform.

Also, when withdrawing crypto SOL, Coinbase has implemented safeguards to ensure a healthy and efficient network both on-chain and through our platform. A minimum 1.12 SOL and a maximum 19,000 SOL is the range of withdrawal for the exchange.

Fund your Coinbase account via Fast Payments or a SEPA transfer to buy Solana and you may also deposit by linking your UK bank account.

Your money is at risk.

3. Binance – Best Crypto Exchange for Buying Solana

As the largest crypto exchange in the world in terms of sheer trading volume, the Binance platform is our best crypto exchange for new coins. Founded in the same year as the creation of Solana coin, Binance offers one of the most technically adept interfaces for crypto trading. View the SOL crypto price and chart with access to the most advanced trading tools and technical indicators.

Seeing as the Solana coin is traded in crypto markets that operate day and night, it’s good to know that Binance offers 24/7 customer service. Furthermore, Binance users can keep and buy Solana UK through the platform’s own crypto wallet. The Trust Wallet is backed by Binance and can be installed on your iOS and Android mobile devices.

There’s no minimum deposit at Binance if you’re looking to buy Solana and other cryptos. For fiat currencies though to fund your account, a minimum deposit of £15 is required.

Binance fees

Your capital is at risk.

4. OKX- One Of The Most Modern Platforms For Buying Solana In The UK

OKX has become one of the best platforms for buying cryptocurrencies like Solana in the UK. This platform is an excellent choice for all types of traders, regardless of experience.

As for the security of the platform, OKX always has in mind to take care of all its users’ assets, which is why all the funds are stored offline. Although the platform additionally uses semi-offline wallets to keep the rest of the digital assets safe.

Its commissions are particularly very low, which can become an attraction for all those interested in buying Solana. The platform applies 0.08% per creation. Regarding deposits, the platform does not display the information, so, depending on the deposit method used, you should check first if a commission is charged or not.

It offers several features that make trading more convenient and efficient, as well as educational resources and cryptocurrency-backed loans. The combination of all these factors makes OKX one of the best cryptocurrency exchanges in the UK.

OKX fees

Your capital is at risk.

How to Buy Solana – Fee Comparison

Below is a table fee comparison of our top crypto trading platforms to buy the best new crypto coins.

What is Solana?

Before you buy Solana coin, it’s important to understand the inner workings of the Solana network and the goals that the blockchain has. Solana crypto was created by Anatoly Yakavenko, a former senior Qualcomm engineer, and was named after his beloved Solana beach. The coin known as ‘SOL’ is the cryptocurrency of the Solana crypto blockchain.

Solana boasts a block time of 400 milliseconds which, compared to Ethereum’s 10 seconds and Bitcoin crypto’s 10 minutes, is a huge leap in transaction time. In fact, Solana can handle 710,000 transactions per second which are thirty times more than Visa’s 23,666 per second rate. In terms of transaction fees, Solana crypto’s transactions are fast and cheap at hundredths of a penny in cost.

To add, Solana crypto uses a combination of the proof of stake (PoS) consensus model and what they call a proof of history (PoH). Proof of history works by timestamping the blocks of the Solana crypto network so that the nodes can validate information much faster than the likes of Ethereum crypto or Bitcoin.

In terms of the coin being staked, only one Solana coin is required for PoS which would cost around £100 a year for those looking to mine. For reference, Ethereum requires 32 ETH for their PoS model which is estimated to cost £73,000 a year.

Why Buy Solana?

Some crypto investors have argued to buy Solana coin mainly because they believe that Solana crypto is an answer to the blockchain trilemma. The blockchain trilemma is a claim that virtually the best blockchain is one that is highly decentralized, incredibly secure, and blazingly fast.

In any case, Solana offers more than decentralization, security, and speed. Solana crypto’s implementation of SeaLevel allows validators to run smart contracts in a parallel way. This makes processing smart contracts more efficient. And Solana coin and Solana crypto is not limited to software, but rather hardware computational capacity.

Tokenomics-wise, Solana is a very interesting token as getting a Solana price prediction can be difficult with the both deflationary and inflationary nature of the Solana coin. 50% of transaction fees from Solana coin positions are burned (deflationary pressure), but Solana crypto has an inflationary schedule where 8% of staked tokens are given out as rewards. However, these rewards will drop down to 1.5% in 10 years.

How Much Does It Cost to Buy Solana?

As of writing, the current SOL crypto price hovers around £100, so if you want to buy Solana UK as a whole, you’ll need that amount. You can divide one SOL just like other cryptocurrencies. Its smallest denomination, what’s called a Lamport, is equal to 0.000000001 SOL.

Because of this, many crypto exchanges and trading platforms allow you to buy Solana for less than £100. For example, on Coinbase, the minimum deposit to open an account is $1 and the minimum amount one can spend to purchase Solana is $10.

How to Buy Solana with Bitcoin

If you own some Bitcoin and you wish to buy Solana with it, you have several options to do so. For one, you can try spot trading on a crypto exchange like Binance where you find the crypto pair SOL/BTC. Here, depending on the SOL crypto price and BTC price, you can use Bitcoin to buy Solana crypto.

If you want to buy Solana through a decentralized finance platform, you can use a decentralized exchange such as LetsExchange to swap your BTC for SOL.

Buying Solana Safely

When planning to buy Solana in the UK or any other cryptocurrency for that matter, you’ll need to follow some general precautions. For one, if you’re using an SOL wallet crypto, make sure not to share your private keys with anyone, this goes with your security phrase as well. Make sure that the trading exchange that you use to buy Solana coin has great security features as well such as two-factor authentication.

Risks of Buying Solana

Even though cryptocurrencies have been around for over a decade, they’re still considered risky assets as their prices remain volatile. Solana, much like other cryptocurrencies, is prone to heavy price fluctuations, meaning any leveraged positions you have can be liquidated when the SOL crypto price moves sharply.

Lately, there have also been a lot of crypto scammers that promise returns for you giving your cryptocurrencies to them. Make sure you research any exchange you use to buy or swap Solana or even swap it to avoid getting scammed.

Selling Solana

Most crypto exchanges and trading platforms will easily let you sell your existing Solana coin positions. If you’re happy with the current SOL price, then simply close your long positions with the coin. If you’re looking to bet against the SOL crypto price, several crypto exchanges let you short SOL too.

Solana Price Prediction

Currently, the SOL crypto price is trading in the $128 to $155 range. If the SOL crypto price breaks below the $128 support then the Solana coin can go as low as the $100 psychological support level. As for if the SOL crypto price breaks the $155 resistance, the next big resistance level would be at around the $170 price level, the same as the 50 moving average.

Note that this Solana price prediction is not financial advice and is just a technical analysis of the chart.

Any past performance or price predictions in no way gives indication of future success

Where to Buy Solana

Here is a list of the crypto platforms that we’ve reviewed in this crypto SOL guide:

1. Binance – Best Cryptocurrency Trading Platform for Day Traders
2. OKX– One Of The Most Modern Platforms For Buying Solana In The UK
3. Coinbase – Best Beginner Crypto Trading Platform

Best Way to Buy Solana – Coinbase Tutorial

Below is a step-by-step tutorial on how to buy crypto SOL using the Coinbase UK platform.

Step 1: Open an Account

Your money is at risk.

To open an account, head to the Coinbase website and press the Create Account button at the top right. Clicking the button will redirect you to a sign-up sheet. Simply fill in your desired username and password or connect an existing Facebook or Google account to register.

Step 2: Upload ID

After registering, you won’t be able to buy Solana yet without having your account verified. Coinbase will ask you to upload valid IDs and proof of address. For valid IDs, government-issued IDs such as a passport and driver’s license are great. For the proof of address, you may use a utility bill or a bank statement.

Step 3: Deposit Funds

Now that you’re fully verified, you can start funding your Coinbase trading account. Click the Deposit button at the top of the site to choose a payment method. Clients in the UK can deposit funds for free via debit card or bank transfer, although, non-USD deposits are subject to conversion fees. After specifying the amount you wish to deposit, tap on the Deposit button to complete the transaction.

You can also send cryptos from an external wallet to your Coinbase account. Click ‘receive’ to find your wallet address and then send the tokens as normal from your external wallet. You may need to pay network fees to send crypto to Coinbase.

Step 4: Buy Solana 

With your account now funded, you can now buy Solana on Coinbase. On the dashboard, search for the Solana and press trade. Once the trade modal pops up, you may put in your desired amount to invest in (minimum at $1) and click on Buy.

Your money is at risk.

Conclusion

With free deposits, low commissions, a highly intuitive user interface, and exceptional solutions like copy trading, Coinbase is a great place to start investing in cryptocurrencies like SOL and even other financial instruments.

If you want to buy Solana in the UK click on the link below and start investing in crypto with Coinbase.

Your money is at risk.

FAQs