Solana is a cryptocurrency and blockchain platform that claims to be able to handle more than 50,000 transactions per second at near-instant speeds. It’s also been called the “Ethereum killer,” as it aims to make Ethereum obsolete by offering similar smart contract functionality but with faster transaction times.
The Solana ecosystem is made up of multiple components – the network token SOL, which is used for staking and paying transaction fees. Then there is the native token SOLANA (SOL), which functions as gas for executing smart contracts. And lastly, the Serum decentralized exchange (DEX) allows users to trade any token that can be represented in Serum.
If you have researched altcoins lately, you would have come across Solana for sure. You must have wondered why I should buy SOL, what SOL is, or how to buy SOL. This article will answer the last question with a list of the best crypto exchanges to trade in Solana.
If you’re looking for an exchange with a large selection of cryptocurrencies, Binance is certainly one to consider. It’s the largest exchange by volume worldwide, with over $1 billion in daily volume. In addition to the major cryptocurrencies like Bitcoin and Ethereum, it has a large number of altcoins available for trading like SOL.
Binance is a centralized exchange, meaning users are required to store their crypto deposits on the exchange itself. This can be useful if you want to take advantage of arbitrage opportunities or trade quickly without transferring coins between exchanges every time you want to make a change. However, this also exposes your account and assets to hacking attempts, which have been successful on several occasions in recent years.
Coinbase is a cryptocurrency exchange founded in 2012 by Brian Armstrong and Fred Ehrsam and is based in San Francisco, California. It’s considered to be one of the most popular exchanges because it has a “clean” and easy-to-use interface for beginners.
Coinbase also offers other services such as a custodial wallet, an institutional arm called Coinbase Prime, and its stable coin (USDC). Coinbase charges fees for buying, selling, converting, or transferring cryptocurrencies. It also applies fees to digital currency transactions sent from its platform.
SoFi is an American online personal finance company that provides tools for its members to invest in crypto assets. The company has built a positive reputation over the years and currently has over $2 trillion in transaction volume. SoFi is a licensed broker-dealer, registered investment advisor, and member of FINRA and SIPC.
This allows them to conduct business in all 50 states within the US while adhering to strict regulations. For example, they must report any illegal activities such as money laundering or tax evasion to authorities immediately. This means that you can buy SOL through SoFi with confidence, knowing that your payments are protected if something goes wrong (e.g., fraud).
Plus, they have 24/7 customer support, so there’s always someone available to help out when needed! SoFi offers buyers an easy way to invest in SOL with just a $1 minimum deposit requirement and no trading fees on purchases made using their site/app interface.
Gemini is essentially the intersection of Wall Street and Silicon Valley. The Winklevoss twins, who famously sued Facebook founder Mark Zuckerberg over the creation of Facebook, founded Gemini as a way to bring Bitcoin to Main Street. Gemini is one of the most trusted cryptocurrency exchanges in the world because it’s regulated by the New York State Department of Financial Services (NYDFS).
Gemini could be a good exchange for you if you’re a beginner because it makes buying and selling cryptocurrencies simple and easy. You can buy cryptocurrencies with fiat currency (money issued by a government like dollars or euros) or with other cryptocurrencies, but not all cryptocurrencies are supported on all exchanges.
Although Bitstamp is one of the larger cryptocurrency exchanges, it’s still a bit unknown to many people. But that doesn’t mean you shouldn’t consider using it as your primary exchange for buying and selling. Unlike some other lesser-known exchanges that have come under fire for faulty operations and poor security practices, Bitstamp has a long history of quality service and stands behind its promises.
The site was founded in 2011 in the tiny European nation of Luxembourg But since then, it has expanded its range of available currencies to include the likes of Ethereum, Bitcoin Cash, Ripple, Solana, and others. With over 2 million users worldwide trading on the platform each month, Bitstamp has established itself as one of the go-to places to turn if you’re looking to buy or sell cryptocurrency online.
And with dozens of different methods by which users can fund their accounts and make transactions—including credit cards and bank transfers—it’s easy to see why many people choose this site over more popular alternatives.
With all these features in mind, along with its reputation as one of the most reliable sites around for both buying and selling cryptocurrencies like SOL tokens—which is no small feat—it’s no surprise that Bitstamp truly deserves its status as one of the best cryptocurrency exchanges available today.
Kraken is one of the longest-running and most reputable cryptocurrency exchanges. It was founded in 2011, meaning it’s been around for nearly as long as Bitcoin. The San Francisco-based company supports fiat deposits from US, Canadian, European, and Japanese customers and trades in 42 different cryptocurrencies. Since the early days of its industry, Kraken has made a name for itself by providing a trustworthy trading platform for cryptocurrency traders.
Despite its history of reliability, Kraken was not immune to the recent spate of scrutiny faced by many cryptocurrency exchanges regarding their security protocols and internal policies. In response to this increased scrutiny that many exchanges faced in 2018, as well as issues with client funds being lost or stolen due to internal errors or malicious employee activity, Kraken underwent an independent audit by the firm SOC 1 Type 1 and has passed with flying colors.
If you’re looking for a low-priced cryptocurrency with lots of potentials, Solana is the one to consider. It’s designed with performance in mind and powered by an innovative consensus mechanism that enables it to process thousands of transactions per second.
It’s also deflationary, which creates conditions where the supply will reduce, and demand will increase — good news for investors. As the platform continues to grow, we expect its price to increase accordingly. If you want to get started buying or selling SOL, this list of exchanges will help you find your way into this exciting market.