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 UK, this guide explains where to buy Solana crypto, a Solana price prediction, and Solana crypto key features.

How and Where to Buy Solana UK – Step by Step Guide 2023

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. eToro – Overall Best Crypto Trading Platform UK To Buy Solana

If you’re looking to trade crypto with zero commissions, a user-friendly interface, and the option of crypto copy trading, then eToro is the best place to buy Solana UK. For most use cases in investing, the eToro all-in-one platform should suit your stock, crypto, and forex needs with even more instruments available.

In terms of crypto SOL and other cryptocurrencies, eToro shows a great technical overview of the coin’s current day volume, year’s trading range, and market capitalization. Easily view the SOL crypto price along with 40 other cryptocurrencies offered on the platform. Bitcoin, Ethereum, Dogecoin crypto, and Litecoin are among the tradable digital assets.

But if trading Solana coin (or any trading instrument for that matter) requires too much research, risk management, and analysis for you to handle, eToro’s Copy Trading solution can give a helping hand.

Basically, copy trading allows users to invest in the portfolios of eToro copy traders, usually professional investors or people with financial backgrounds. View their public portfolios and earn the same percentage as your copy trader of your choice. Each copy trader has a different strategy, mix of assets, and time horizon, so review them well.

Additionally, eToro offers CFD trading for its commodities, stocks, ETFs, indices, and forex trading instruments. If you’re looking to dabble into leveraged trading, eToro offers this as well. Maximum leverage for these instruments are as follows:

• 1:5 maximum leverage for stocks
• 1:5 maximum leverage for ETFs
• 1:10 maximum leverage for commodities
• 1:20 maximum leverage for indices
• 1:30 maximum leverage for forex

Currently, eToro does not have an SOL wallet crypto but has a crypto wallet for other crypto assets such as Bitcoin, Ethereum, and Ripple. When you buy Solana coin on eToro, the broker buys the tokens on your behalf and registers them in a segregated account under your name. On the eToro crypto wallet, however, you have control of your stored cryptocurrencies and can send and receive the tokens yourself.

eToro fees

79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. Alvexo – Best Solana Crypto UK Exchange Without Commissions

Another trading platform to buy Solana UK is Alvexo, a regulated online broker that has zero commission trading. The Alvexo platform has over 372,000 registered users and upwards of 933 thousand opened positions. With CFD trading on the MetaTrader 4 platform, their proprietary web trading site, and mobile app, Alvexo offers 450 different assets ranging from forex, commodities trading, cryptocurrency, stocks, indices, and more. 

For the sale of Solana coin and other crypto assets, Alvexo is regulated by the Financial Services Authority (FSA) of Seychelles and is committed to protecting its investors’ security and interests. If you want to buy Solana coin on the Alvexo exchange, a spread of only 0.07 is needed for all account types.

Perhaps one of Alvexo’s best features is the educational resources it offers for its clients. For example, a crypto SOL overview, trading signals, and chart are available for users.

When signing up for the Alvexo platform, you may choose among four different account types as you wish to buy Solana UK. A minimum deposit of € 500 is required to open the entry-level Classic account.

Alvexo fees:

76.22% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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.

5. 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.

6. Kraken – One of The Largest Cryptocurrency Exchanges to Buy Solana (SOL) in the UK

Crypto OGs know Kraken as one of the oldest crypto exchanges and one of the most trusted platforms. Offering over 50 cryptocurrencies to invest in like Solana crypto, the Kraken exchange boasts fees as low as 0% and lets you fund your account with fiat and cryptocurrency options.

If you’re seeking to buy Solana UK as a seasoned trader that requires more advanced techniques, then Kraken also offers Kraken Pro, an advanced and real-time trading platform for the Kraken exchange. Here, you can better analyze the SOL crypto price as well as better formulate your Solana price prediction. Similar to many crypto exchanges, the Kraken customer support runs 24/7.

Want to buy Solana coin on the Kraken crypto exchange? Create an account in minutes and complete the minimum deposit requirement of $10.

Kraken fees

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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. Solana 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. However, one SOL can be divided 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 eToro, the minimum deposit to open an account is $10 and the minimum amount one can spend to purchase Solana is $10.

How to Buy Solana with PayPal

According to the PayPal site, US PayPal users (except Hawaii) can buy, sell, hold, and pay 4 different cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. This means that if you want to buy Solana UK with PayPal, you’ll need to either swap your Bitcoin and another available crypto for Solana coin using a separate SOL wallet crypto.

Alternatively, you may use PayPal to fund your trading platform or crypto exchange accounts. For example, you can use PayPal to fund an eToro account and then use eToro to buy Solana coin.

79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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 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 and exchange you use to buy 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

79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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.

Where to Buy Solana

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

1. eToro – Overall Best Cryptocurrency Trading Platform
2. Alvexo – Best Crypto UK Exchange Without Commissions
3. Binance – Best Cryptocurrency Trading Platform for Day Traders
4. OKX– One Of The Most Modern Platforms For Buying Solana In The UK
5. Coinbase – Best Beginner Crypto Trading Platform 
6. Kraken – One of The Largest Cryptocurrency Exchanges to Trade in the UK  

Best Way to Buy Solana – eToro Tutorial

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

Step 1: Open an Account

79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

To open an account, head to the eToro site and press the Join Now button at the top right. You’ll then be redirected to the 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. For this, eToro 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 eToro account. Click the Deposit Funds button at the bottom left corner of the site to choose a payment method such as a bank card, Neteller, Skrill, or wire transfer. After specifying the amount you wish to deposit, tap on the Deposit button to complete the transaction.

Step 4: Buy Solana 

With your account now funded, you can now buy Solana UK on eToro! 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 $10) and click on Open Trade.

79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Conclusion

With zero commissions, a highly intuitive user interface, and exceptional solutions like copy trading, eToro is a great place to start investing in crypto SOL and even other financial instruments. 

If you want to buy Solana UK with a 0% commission, click on the link below and start investing in crypto with eToro!

eToro – Best Crypto Exchange to Buy Solana in the UK With 0% Commission

79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

FAQs

What is Solana?

Solana is a blockchain platform built with the intent to host decentralised and scalable applications at much quicker speeds than networks like Ethereum.

Who created Solana?

Solana was created by former Qualcomm Senior Staff Engineer Anatoly Yakovenko in 2017.

What is the market cap of Solana?

At the time of writing, Solana’s market cap is at $70.91 billion.

Do I need a crypto wallet to buy Solana?

Yes, you’ll need a crypto wallet to purchase Solana and other cryptocurrencies. Luckily, some platforms like Etoro have built in crypto wallets.

Can I buy Solana in the UK?

Yes, you can. For example, you can purchase Solana through eToro with a UK account and even store it in the eToro Money crypto wallet.

How much money do I need to buy SOL in the United Kingdom?

The amount will depend on your broker. Even though one SOL costs around $140 at the time of writing, you can buy portions of the coin. For example, you only need $10 to buy SOL on eToro.