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Best Places to Buy Solana for 2024

Review Updated
Emma Newbery
Author: Emma Newbery
Emma Newbery
Emma Newbery

Emma lives in Bogota, Colombia, where she owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to Motley Fool Money since the summer of 2019.

See Full Bio

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page.

Solana shot to fame in 2021 with a price increase of over 11,000% across the year. Not only is it one of the fastest cryptocurrencies on the market, it also boasts incredibly low transaction fees. That's made it popular with developers and investors alike. We compared trading fees, accessibility, security, and more to find the best places to buy Solana.

Coinbase
Open Account for Coinbase

On Secure Website.

Top places to buy Solana

Ratings Methodology

Our Rating:

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor

Bottom Line

Coinbase is one of the best-known crypto exchanges in the U.S. It has a wide range of available cryptocurrencies and products to suit every type of investor, from beginners to advanced traders. The fees on Coinbase Advanced are much lower than on the main platform.

Fees:

Variable fees (Coinbase), 0%-1.20% (Coinbase Advanced Trade), $29.99 monthly (Coinbase One)

Account Minimum:

$2

Open Account for Coinbase

Our Rating:

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor

Bottom Line

Kraken is a solid all-around crypto exchange, though the fees on its "instant buy" product are steeper than we'd like. Kraken is known for its strong security and ease of use. What's more, Kraken Pro combines low fees with excellent features for more experienced traders.

Fees:

$10 purchase minimum, other fees charged on a per-service basis. 0.0% - 0.40% maker-taker fees on Kraken Pro

Account Minimum:

Varies by cryptocurrency

Open Account for Kraken

Bottom Line

BitcoinIRA's tax-deferred crypto and gold investing is a simple way to diversify your retirement savings. However, the fees to set up and maintain your account are high. If you're planning to put crypto in your retirement account, volatility could also be an issue.

Fees:

0.99%-2.99% deposit fee, 2% transaction fee, 0.08% monthly security fee

Account Minimum:

$1,000

Special Offer

Sign-Up Today and Earn a $150 Reward

Open Account for BitcoinIRA

Our Rating:

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor

Bottom Line

Crypto.com has a big list of available cryptocurrencies and offers a lot of benefits for investors who hold its native token, Crypto.com Coin (CRO). The app is intuitive and easy to use with features that will suit both beginners and advanced traders.

Fees:

Variable spread

Account Minimum:

Varies based on cryptocurrency

Read Review

TIP

The right crypto investing mindset

Investing in crypto can be extremely risky. We think investors should approach these assets like any other technological investment — with a long-term mindset and the expectation of ups and downs. The Fool realizes there may be opportunities for investors. We do actively recommend select cryptocurrencies to our community. But we encourage everyone to be well versed prior to investing to understand the potential risks and rewards.

Reviews of our favorite places to buy Solana

Coinbase

Our pick for: Staking Solana

Why we picked it: Coinbase is an excellent crypto platform with features for investors of all levels. It's easy to use and has a good range of cryptocurrencies. It's also one of the few U.S. crypto platforms that still allows staking in most states.

What you should know before choosing Coinbase: The biggest downside of using Coinbase is its fees, which can be steep and difficult to understand. Switch to Coinbase Advanced to cut your trading costs. Coinbase is one of several crypto exchanges facing SEC charges.

Open a Coinbase account

Kraken

Our pick for: New crypto investors

Why we picked it: Kraken makes cryptocurrency accessible to users of all levels, but particularly new investors. It's easy to open an account, deposit funds, and buy crypto. Kraken has a solid mix of cryptos and a reputation for security.

What you should know before choosing Kraken: Kraken's Instant Trade feature can be pricey, and it has had to restrict some of its services for U.S. users. Kraken is another of the crypto exchanges facing SEC charges.

Open a Kraken account

BitcoinIRA

Our pick for: Retirement saving

Why we picked it: BitcoinIRA simplifies the process of adding cryptocurrency to your IRA. It offers a number of cryptos, including Solana, as well as physical gold. It's a great option if you're looking for secure tax-advantaged crypto investing.

What you should know before choosing BitcoinIRA: You can't buy other assets, such as stocks and ETFs, through BitcoinIRA. Be prepared to pay an initial set-up fee as well as monthly account and trading fees. Make sure you also understand the risks of putting volatile assets in your retirement fund.

Open a BitcoinIRA account

Crypto.com

Our pick for: Crypto debit card

Why we picked it: Crypto.com is a great all-rounder platform with all the features you'd expect from a popular exchange. It has several snazzy prepaid crypto debit cards that you can use to earn rewards. The platform also has an excellent mix of available cryptos.

What you should know before choosing Crypto.com: Several of Crypto.com's features aren'tt available to U.S. users. For example, U.S. residents can only access services through the mobile app, and crypto staking is not available. You also need to lock up Crypto.com's native token, CRO, to access some of the exchange's benefits.

Compare the top places to buy Solana

Offer Best For Commissions Next Steps
Coinbase Offer Image

Coinbase

Security

Variable fees (Coinbase), 0%-1.20% (Coinbase Advanced Trade), $29.99 monthly (Coinbase One)
Open Account for Coinbase
Kraken Offer Image

Kraken

Staking

$10 purchase minimum, other fees charged on a per-service basis. 0.0% - 0.40% maker-taker fees on Kraken Pro
Open Account for Kraken
BitcoinIRA Offer Image

BitcoinIRA

Retirement investing

0.99%-2.99% deposit fee, 2% transaction fee, 0.08% monthly security fee
Open Account for BitcoinIRA
Crypto.com Offer Image

Crypto.com

Active investors

Variable spread
Read Review
Crypto regulation and Solana

In June 2023, the Securities and Exchange Commission (SEC) filed charges claiming a number of popular cryptocurrencies -- including Solana, Cardano, and Polygon -- are unregistered securities. This could impact the way these and other cryptos are traded in the U.S. If you're considering buying Solana, make sure you understand how the SEC cases and other proposed regulatory changes could impact your portfolio.

What is Solana?

Solana is one of several cryptocurrencies that serve as an ecosystem for other applications and cryptocurrency projects. Its super-fast processing times and transaction fees of a fraction of a cent have propelled it into the top cryptocurrencies by market capitalization.

However, the Solana network has experienced technical difficulties, partly because of its rapid rise to fame. These have not stopped the ecosystem from developing, but they did tarnish the Solana shine a little.

Programmable or smart contract cryptocurrencies like Solana have soared in popularity in recent years as people looked for alternatives to Ethereum (ETH).

Smart contracts are tiny pieces of self-executing code that live on the blockchain. Smart contracts power things like the decentralized finance (DeFi) industry and the booming non-fungible token (NFT) market.

How much does it cost to buy Solana?

The cost to buy Solana depends on which top cryptocurrency app or exchange you use. For example, trading fees alone can range from 0% to 2% or more. You'll likely also pay a spread -- the difference between the price you pay and the price you might see elsewhere. Many exchanges charge fees when you deposit and withdraw money, too.

Deposit fees

If you already own cryptocurrency, you can usually deposit it for free. If not, you'll need to deposit some fiat currency (traditional money such as U.S. dollars) before you can buy any Solana.

Fees vary depending on your platform and payment method. Bank transfers are usually free. But if you want to pay by debit or credit card or make a PayPal deposit, the fee might come to as much as 3.5%.

Trading fees

If you're going to buy or sell cryptocurrencies on a regular basis, trading fees can add up. Crypto platforms have to make their money somewhere. Some platforms charge a fixed dollar amount, while others charge a percentage of your trade. High-volume customers also often qualify for discounts, and you can sometimes reduce trading fees by paying with the exchange's token.

Watch out for the spread on platforms that promise zero commission or say they don't charge trading fees. They may not charge a per-trade fee, but they'll likely charge a larger spread or offer a poor rate of exchange. It's a good idea to try out sample trades on different exchanges and see how much Solana you'd get for, say, $100.

Withdrawal fees

The withdrawal fee depends on how you make the withdrawal.

  • Moving fiat money to your bank account. This is free on some exchanges; others can charge as much as $25 per withdrawal.
  • Moving cryptocurrency to an external wallet or another exchange. This depends on the blockchain and the exchange. Solana's low transaction fees make it pretty inexpensive.

Where should I store my Solana?

You can store your crypto on the platform where you bought it in what's called a non-custodial wallet. However, many long-term crypto investors use a blockchain or crypto wallet to store the keys to their coins. Some are concerned about the potential for cryptocurrency exchanges to be hacked. Others worry about platform failure after the collapse of FTX and other platforms. Still others want to use their crypto on decentralized finance or other platforms, which is easier to do from a wallet.

If you do decide to use an external crypto wallet, bear in mind you're essentially becoming your own bank. That means ensuring the password and seed phrase are secure. You'll also need to keep your antivirus and malware protection up to date. If you lose your password, you may not be able to access your funds.

Where can you use Solana?

Here are some common ways to use Solana:

  • Spending Solana (SOL) with merchants
  • Using it to earn passive income
  • Using applications on the Solana ecosystem
  • Trading it on crypto platforms

Unlike Bitcoin (BTC), Solana is not designed to act as a form of payment. Nonetheless, some merchants do accept Solana. Plus, some crypto platforms have spending apps or cards that let you transfer your crypto and use it to pay at certain locations.

Is Solana a security?

The SEC has brought charges against several crypto exchanges, in part because it claims they are illegally trading securities. Up to now, most cryptos are classified as as commodities and come under the remit of the Commodity Futures Trading Commission (CFTC). That means they can be bought and sold on crypto platforms that are not registered with the SEC.

The SEC argues that some cryptos -- including Solana -- are actually a type of investment. If Solana is categorized as a security, there are strict rules about how it can be traded and what information it shares. The SEC is in charge of regulating securities. The Solana Foundation disputes the SEC claim.

Is Solana safe?

All cryptocurrencies carry risk, and Solana is no different. Here are some of the common risks associated with buying Solana and ways to reduce them.

Risk How to Protect Yourself
Overall crypto volatility and/or Solana price crash Only invest money you can afford to lose.
Top up your emergency fund and retirement savings before you buy any crypto.
Make sure your crypto and Solana investments only represent a small part of your overall portfolio.
Solana outage or technical failure Solana has grown so quickly, and its blockchain technology is still relatively untested. As a result, it has already experienced several outages and there may be more to come. Don't go all in on Solana or any other cryptocurrency -- if Solana fails, you don't want to have all your eggs in one basket.
Crypto platform hack or exchange collapse Use a reputable crypto exchange and enable two-factor authentication (2FA) and other user level protections.
Look for crypto exchanges that offer third-party insurance.
Consider moving your assets into an external crypto wallet.
SEC's claim that Solana is a security Pay attention to the news to know how the SEC's cases are going. If the SEC wins, be prepared for price volatility and issues with liquidity.

Ultimately, the best places to buy Solana depend on your personal situation. That includes where you live, what payment method you will use, how you plan to use it, and where you want to keep it. No cryptocurrency is a completely safe investment, so make sure you guard against the risks as best you can. If you do buy Solana and want to learn more, spend time exploring its ecosystem and the projects being developed on the Solana network.

FAQs

  • You can buy Solana from several top cryptocurrency exchanges and apps, including Coinbase, Kraken, and Crypto.com. Solana is no longer available from many crypto brokers -- stock brokers that also sell crypto. Several brokerages dropped SOL because of the SEC's claims that it's an unregistered security.

  • All cryptocurrencies, including Solana, are risky investments with uncertain futures. These are relatively new investments, and there's a lot we don't know about how the market and technology will evolve.

    If you're wondering whether Solana is a good long-term investment, research the underlying technology and the team behind it. Pay attention to the number of apps being developed in the Solana ecosystem and the work being done to develop the blockchain.

  • The main risks involved with buying Solana include volatility, technical issues, and regulatory developments. The SEC's concerns about Solana increase the potential for regulatory problems. All cryptocurrencies carry risks, and it's important to understand them before you invest.