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How to buy Solana — the easiest way to get the 'Ethereum killer'

How to buy Solana
How to buy Solana (Image credit: Solana)

Note: This is not investment advice. This is for educational purposes only. Please note that cryptocurrency is a highly volatile asset class.

"How to buy Solana" is a question flooding the Google search engine, likely due to its jaw-dropping, skyrocketing growth in recent weeks. By the end of June, Solana was only $25. As of this writing, Solana is hovering over $175. Naturally, new and seasoned investors are wondering how they can get their hands on SOL (the coin that runs on the Solana blockchain).

The Solana blockchain has been dubbed "the Ethereum killer" by some cryptocurrency pundits. Why? Because Solana aims to soothe many of the pain points Ethereum hasn't been able to alleviate, including ridiculously high gas fees and scalability issues.

How to buy Solana

Solana is arguably an established cryptocurrency, so you don't have to jump through hoops to purchase it on decentralized exchanges such as PancakeSwap or Uniswap. You can buy Solana with the snap of your fingers on Coinbase Pro. Here's how to buy Solana.

How to fund your Coinbase Pro account before buying Solana (SOL)

1. Log into your Coinbase Pro account.

2. Navigate to "Portfolios" and click on "Deposit" (located at the top-right corner).

How to buy Solana on Coinbase Pro

How to buy Solana on Coinbase Pro (Image credit: Coinbase Pro)

2. Click on the currency you'd like to use to exchange for SOL (in this case, it's USD).

How to buy Solana on Coinbase Pro

How to buy Solana on Coinbase Pro (Image credit: Coinbase Pro)

3. Choose how you'd like to fund your Coinbase Pro account. There are two main options: Bank Account and Wire Transfer (there's a $10 fee for wire transfers in addition to whatever your bank charges). For this tutorial, we'll be clicking on "Bank Account."

How to buy Cardano ADA

How to buy Cardano ADA (Image credit: Coinbase Pro)

4. Input how much Solana you'd like to buy and click on "Withdraw."

How to buy Solana on Coinbase Pro

How to buy Solana on Coinbase Pro (Image credit: Coinbase Pro)

How to buy Solana (SOL)

1. Click on "Trade" and click "Select Market." Click on "SOL-USD." 

How to buy Solana

How to buy Solana (Image credit: Future)

2. Make sure the "Buy" button is selected under "Order Form."

3. Input how much Solana you'd like to buy in the "Amount" field.

4. Click on "Place Buy Order."

How to buy Solana

How to buy Solana (Image credit: Future)

There you have it. You've just made your first Solana (SOL) purchase. 

It's worth nothing that I recommend Coinbase Pro over Coinbase because its fees are significantly cheaper. Despite its name, you don't have to pay a premium tier to get Coinbase Pro. It's a free platform like regular Coinbase; the primary difference is that Pro's UI targets professional traders.

Keep in mind that cryptocurrency is a highly volatile asset class. Please exercise sufficient risk management. As with any investment, only invest what you can afford to lose.

Kimberly Gedeon, holding a Master's degree in International Journalism, launched her career as a journalist for MadameNoire's business beat in 2013. She loved translating stuffy stories about the economy, personal finance and investing into digestible, easy-to-understand, entertaining stories for young women of color. During her time on the business beat, she discovered her passion for tech as she dove into articles about tech entrepreneurship, the Consumer Electronics Show (CES) and the latest tablets. After eight years of freelancing, dabbling in a myriad of beats, she's finally found a home at Laptop Mag that accepts her as the crypto-addicted, virtual reality-loving, investing-focused, tech-fascinated nerd she is. Woot!