Solana (SOL) is an open-source functional blockchain platform and a cryptocurrency that provides DeFi solutions.
It takes advantage of blockchain’s open-source infrastructure to facilitate DApp and improve scalability. It is a fourth-generation Blockchain that uses exclusive innovative technology to provide extremely fast transactions. It also features high-level security.
Solana’s usefulness in the blockchain network resulted in tremendous growth and adoption over the years. It currently holds the 8th largest market cap and is one of the most influential cryptos, according to Coinmarketcap.
Decentralized finance is always a hot topic in the blockchain and Bitcoin world. Meanwhile, Ethereum, which is the world’s most reliable Blockchain for smart contract execution, has been the most used platform for DeFi applications.
This DeFi is useful for processing trades, financial instruments, and derivatives on the Ethereum blockchain.
However, Solana provides better solutions for dApps and DeFi than Ethereum. It leverages smart contracts to host these applications. Meanwhile, unlike the exorbitant Ethereum fees, Solana provides light-speed transactions at a lower fee.
So you’re now probably wondering how to buy Solana in the UK. Well, we’ve got you covered. The guide below will walk you through the steps to do so.
Where to Buy Solana in the UK?
Binance is a popular peer-to-peer crypto exchange platform and is recognised as the world’s largest and most used. It houses the most important cryptocurrencies with different functionalities and trading perks.
In contrast to other crypto exchanges, Binance features a low trading and exchange fee. It also has high liquidity due to its enormous daily trading volume. This is especially useful to execute trades seamlessly during highly volatile market activities.
Binance is an excellent option to buy Solana in the UK. It is also the best option for traders from Canada, Singapore, Australia, and several other countries.
How to Buy Solana on Binance in the UK
- Create an account: Go to Binance.com to register a new account. Alternatively, you can log in and start trading.
- Secure your account with an extra layer of 2FA security.
- Once you’ve registered your account, complete the KYC verification.
- Proceed to the BUY CRYPTO section and choose the preferred currency, which is GBP.
- Afterward, choose the preferred payment method between cash deposit and debit/credit card.
- Input the amount you desire to spend and choose Solana from the list of cryptocurrencies.
- Proceed by inputting the details of your payment option, be it a card or bank transfer.
- Double-check the details before proceeding. Confirm the transaction once you are done.
- After successfully completing the transaction, your SOL token will reflect in your Spot Wallet.
Other Exchanges to Buy Solana in the UK
Buying Solana in the UK is straightforward, especially with top-tier brokers and exchanges that accept various payment methods. Apart from Binance, here are some excellent alternatives:
Founded in 2013, Huobi Global is one of the world’s largest exchanges that accrues over $1 billion in trading volume daily. Huobi offers several financial and trading tools.
Huobi enables users to perform all sorts of transactions, including lending and borrowing. Thus, it has amassed a trading activity exceeding $1 trillion.
Bitfinex is one of the most liquid crypto exchanges in the world. Notable for its low trading fee, Bitfinex provides access to a long list of crypto listings, including the most popular ones.
Therefore, apart from Solana, you can trade BTC, Ethereum, IOTA, Monero, Dash, Bitcoin Gold, Zcash, Litecoin, and several other listings.
One caveat with Bitfinex is its issues with regulators. It has also been questioned for several security issues.
As one of the earliest exchanges, Gate.io is one of the best exchanges, although it may not be as popular as others. Founded in 2013, Gate.io continues to be a reliable platform for trading cryptocurrencies.
Its simple user interface is very suitable for beginners. It also features an advanced trading interface and tools for technical and experienced traders.
Founded in 2014 by Star XU, OKEx is a Belize-based global cryptocurrency and digital asset exchange platform. Based in Hong Kong and the Republic of Seychelles, the company serves more than 200 countries worldwide.
It is a great option for buying and trading SOL and other popular cryptocurrencies.
Crypto.com is one of the leading companies in the crypto world. This platform is a fast-growing mobile-only exchange for all crypto activities. Additionally, they offer a wide range of products and services under their name.
HitBTC is another good alternative to buying Solana in the UK. The platform features a wide range of crypto listing and trading pairs useful for experienced traders. Meanwhile, it holds huge liquidity for trading convenience.
In addition, you do not have to go through any KYC verification stress with HitBTC.
Uniqueness of the Solana Project
Solana’s important use cases and applications have been the primary driving force behind its extreme price growth since 2021. Meanwhile, Solana continues to be a good investment in 2022.
In fact, a possible competition can be seen between Solana and Ethereum as it is becoming more and more important.
Although Ethereum has proven important in non-fungible tokens (NFTs), leading protocols, Decentralized Finance (Defi), and Decentralized Exchanges (DEXes), Solana has provided better transaction alternatives with the same use cases.
However, if Solana fails to build more important infrastructures before Ethereum levels up its network to proof of stake, Ethereum may oust it.
Solana traded modestly with a $0.75 low in April 2020. However, Solana did not attract mainstream investors and traders until its enormous price rise in Q3/Q4 2021.
It rose past $200 in September 2021 before peaking at an ATH of $259 in November. It became one of the top five largest coins by market cap before diving hard to $90.
Things to Consider Before Buying Solana:
Solana is a trustworthy and reliable trading tool making it extremely important for day-to-day traders. Traders and investors can execute transactions swiftly and with low fee benefits without any transaction or regulatory issues.
Solana is a delegated staking blockchain and, therefore, gives its users additional perks over other delegated staking options. Meanwhile, anybody can earn a passive reward yield by staking their SOL.
How To Store Sol
Choosing a good wallet is an excellent step toward securing your investment. However, mobile wallets are never a good option to store your Solana and other coins. You should use hardware wallets like the Ledger Nano X, a highly secured multi-crypto wallet.
You can also keep your Solana in regular browser-based SPL wallets. Examples are Serum Academy’s Sollet.io wallet and Trust wallets. Finally, you can also stake your SOL in staking-compatible wallets.
Solana has exceeded expectations with its several use cases despite being one of the new cryptocurrencies on the blockchain. Its scalability, low fee feature, and speed continue to boost its adoption for DeFi, dApp, and smart contracts.