Please keep in mind that cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. You could lose all the money you put into them. Capital gains tax may apply to profits from cryptocurrency sales.

How to Buy Solana in the UK

Updated On: Sep 23, 2022
How to Buy Solana UK

Contents:

How to Buy Solana

You can buy Solana from crypto exchanges such as eToro, Coinbase or Uphold.

Follow the steps below to buy and store Solana securely:

  1. Create an account with a crypto exchange: To buy Solana (SOL), you need to create an account with a crypto exchange. Crypto exchanges allow you to buy, sell, hold, and gift many kinds of cryptocurrencies, including popular coins like Solana, Bitcoin, Ethereum, USD Coin and Dogecoin.
  2. Verify your details: To complete your registration with a crypto exchange, you would need to verify your personal information. This is usually done by providing your government-issued ID card or national insurance number.
  3. Add a payment method: Most crypto exchanges in the UK allow you to deposit funds using your GBP debit card, via a bank transfer or through Open Banking.
  4. Fund your account: Once you’ve completed the steps above, you need to deposit some money into your account. Whilst most crypto exchanges listed on Koody allow you to buy and sell crypto in your native currency, GBP, for example, others require you to trade in US or Canadian dollars. The crypto exchanges that do this will typically convert your GBP to the required trading currency. This may come at a foreign exchange cost on top of any market spread.
  5. Choose and configure your wallet: Wallets are extremely important as they help you store your SOL tokens and other cryptoassets. It is better to store your cryptocurrencies in a wallet instead of a crypto exchange because wallets are typically independent of exchanges. If the exchange goes bust, for example, you can rest assured that your money is safe on the blockchain and separated from the crypto exchange. You should keep in mind that if the private key for a wallet is lost, any tokens that have been sent to that wallet’s address are permanently lost too. Hence, we recommend spreading your crypto holdings across two or more wallets, so if you lose access to one wallet, you do not lose your entire crypto holding. Examples of Solana crypto wallets include Coinbase Wallet and some of the ones listed here.
  6. Buy Solana: Once you’ve signed up to a crypto exchange and configured your wallet, you are now ready to buy Solana. Simply navigate to the trading section of your preferred crypto exchange and buy some SOL tokens.
  7. Transfer your Solana to a secure wallet: Once you’ve completed your purchase, transfer your SOL tokens to a secure wallet for safekeeping. You can always transfer them back to the exchange when you are ready to convert your Solana to cash.

Where to Buy Solana

We’ve put together a list of some of the best crypto exchanges to buy Solana in the UK. These are apps, wallets, platforms and websites where you can buy Solana, Bitcoin, Ethereum, Cardano and other cryptocurrencies in the UK.

Please remember that cryptoassets like Solana are highly volatile, unregulated investment products with no UK or EU investor protection. You could lose all the money you put into them. Additionally, capital gains tax may apply to profits from cryptocurrency sales.

Here are some of the best apps to buy Solana in the UK:


Coinbase - Good for beginners; Live prices; Wallet; Popular coins

Coinbase logo
Minimum Deposit
£0
Trading Fees (Maker/Taker)
0.50% - 0.00% / 0.50% - 0.04%
Withdrawal Fees
Green check mark indicating yes
FX Fees
Green check mark indicating yes
FCA Registered
Green check mark indicating yes

Coinbase is a cryptocurrency exchange that allows you to buy, sell and earn popular digital currencies, and keep track of them in one place. With Coinbase, you have over 500 cryptocurrencies and other digital assets to choose from, including popular coins and tokens like Bitcoin, Ethereum, USD Coin, Tether, Dogecoin and Cardano. You can set up recurring trades and invest in cryptocurrency slowly over time by scheduling buys daily, weekly, or monthly. You can also track your trades and monitor market movements via the web app or iOS and Android mobile apps. The Coinbase Wallet allows you to store all your crypto and NFTs in one place, trade 500+ assets on DEXes and earn interest.

There are multiple fees involved when trading crypto on Coinbase. Fees are calculated at the time you place your order and may be determined by a combination of factors, including the selected payment method, the size of the order, and market conditions such as volatility and liquidity.

Please note: Cryptocurrency is not regulated by the Financial Conduct Authority (FCA) and is not subject to protection under the Financial Services Compensation Scheme or within the scope of jurisdiction of the Financial Ombudsman Service. Investing in cryptocurrency comes with risk and cryptocurrency may gain in value, or lose some or all value. Capital gains tax may apply to profits from cryptocurrency sales.

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eToro - Live prices; Wallet; Advanced trading tools; Popular coins

eToro Logo
Minimum Deposit
US$10 (£8)
Trading Fees
1%
Withdrawal Fees
Green check mark indicating yes
FX Fees
Green check mark indicating yes
FCA Registered
Green check mark indicating yes

eToro is a multi-asset trading platform that offers both investing in stocks and crypto assets, as well as trading CFDs. With eToro, you have over 120 cryptocurrencies to choose from, including popular coins like Bitcoin, Ethereum, Tether, XRP, Binance Coin (BNB) and Solana. It is entirely free to open an account with eToro, and all registered users receive a US$100,000 demo account for free, which you can use to practice buying crypto and other assets before committing to them. eToro does not charge a deposit fee but charges a 1% trading fee on all buy and sell orders. Trading on eToro occurs in USD, so a conversion fee will apply if you deposit or withdraw in a currency other than USD. Withdrawals incur a fee of US$5, and the minimum withdrawal amount is US$50.

For UK customers, eToro offers an eToro Money app which allows you to convert your GBP to USD free of charge, thereby reducing your foreign exchange costs. The app also functions as a wallet for storing your crypto holdings and allows for easy transfer of your cryptocurrency from one exchange or wallet to another. In addition to cryptocurrencies, eToro offers other products, including 0% commission stocks.

Please note: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. Your capital is at risk. Additionally, 78% 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.

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Uphold - Good for beginners; Cheap Forex rates; Crypto wallet

Uphold Logo
Minimum Deposit
£0
Trading Fees (Maker/Taker)
1.25% - 0.85% / 1.25% -  1%
Withdrawal Fee
Red cross mark indicating no
FX Fees
Green check mark indicating yes
FCA Registered
Green check mark indicating yes

Uphold is a beginner-friendly cryptocurrency exchange that allows you to buy and sell over 90 cryptocurrencies and utility tokens, including majors, altcoins and emerging tokens. You can also buy and sell up to 3 national currencies, including GBP, EUR and USD. With Uphold, you can schedule regular transactions using AutoPilot, which allows you to set up recurring buy or sell orders and reduce the impact of price volatility. Uphold also lets users withdraw funds to bank accounts in 36 countries or to private wallets on five crypto networks - instantly and fee-free. Uphold currently has over 2 million customers worldwide.

There are multiple fees involved when trading crypto on Uphold. Fees are calculated at the time you place your order, so the price you see before your trade is the same price you pay when you trade. The most important fees to look out for are trading fees, FX fees, and market spreads.

Please note: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. Your capital is at risk.

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OKX - Beginner-friendly; Wallets, Advanced crypto trading tools

OKX Logo
Minimum Deposit
£0
Trading Fees (Maker/Taker)
0.08% - -0.005%/ 0.100% - 0.020%
Withdrawal Fees
Red cross mark indicating no
FX Fees
Red cross mark indicating no
FCA Registered
Red cross mark indicating no

OKX is one of the biggest crypto exchanges in the world, and it allows you to buy, sell and store hundreds of popular cryptocurrencies and altcoins. OKX users can trade Bitcoin, Ethereum, Tether, USD Coin, XRP, ADA, SOL, DOGE and many other popular cryptocurrencies. Users can also trade a wide range of DeFi cryptocurrencies such as Uniswap, AAVE, Maker, Synthetix and Compound, as well as NFT-related cryptocurrencies such as ApeCoin, FLOW, Chiliz and MANA (Decentraland). OKX allows you to buy crypto with GBP and over 30 other fiat currencies or with your existing cryptoassets. OKX has crypto trading tools for beginners, advanced traders and institutions. Users can also earn high yields, access new tokens early, join OKX’s mining pool, or use cryptoassets to take out low-interest loans.

OKX charges Maker-Taker fees for trades conducted on the exchange. These fees are different for regular and VIP users. Regular users are categorised into tiers by their total OKB holdings, whereas VIP users are categorised by 30-day trading volumes and daily asset balances. The trading tiers are updated daily.

Promo: Buy or deposit US$50 worth of crypto and get a Mystery Box.

Please note: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. Your capital is at risk.

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Coinsmart - Good for beginners; Advanced crypto trading tools

Coinsmart logo
Minimum Deposit
£0
Trading Fees
0.20% - 0.30%
Withdrawal Fees
Green check mark indicating yes
FX Fees
Green check mark indicating yes
FCA Registered
Red cross mark indicating no

Coinsmart is an easy-to-use crypto exchange on a mission to make cryptocurrency accessible to everyone. It is designed to be a simple crypto-trading platform that anyone can use and understand. With Coinsmart, you can buy and sell Bitcoin, Ethereum, Litecoin and other digital currencies quickly and easily on desktop and mobile. There are multiple fees involved when trading crypto on Coinsmart. Some of the fees include withdrawal fees (depending on your withdrawal method) and trading fees.

Promo: Get C$20 (~£12) in Bitcoin when you fund your account with a minimum of C$100 (~£63). Promo code: getcrypto.

Please note: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. Your capital is at risk.

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Phemex - Live prices, Advanced crypto trading tools, Crypto wallets

Phemex logo
Minimum Deposit
£0
Trading Fees (Maker/Taker)
0.025% / 0.075%
Withdrawal Fees
Green check mark indicating yes
FX Fees
Green check mark indicating yes
FCA Registered
Red cross mark indicating no

Phemex is a crypto trading platform with custom-built trading engines that process 300,000 transactions per second with order response times of less than one millisecond. The founding team consists of ex-Morgan Stanley executives who boast decades of practical Wall Street experience. With Phemex, you can buy Bitcoin, Ethereum, Tether, Dogecoin, Chainlink, Cardano, XRP, Litecoin, and other popular cryptocurrencies with your debit or credit card. The platform is suitable for both beginners and advanced crypto traders. However, advanced traders will find Phemex particularly appealing as you can trade BTC, ETH and over 224 Crypto Pairs with zero trading fees (Premium users only). Users can also boost their crypto knowledge by taking advantage of the 400+ articles on hot crypto projects available on the platform.

There are multiple fees involved when trading crypto on Phemex, including trading and withdrawal fees. These fees depend on whether you trade cryptocurrencies via the Phemex wallets, trading accounts, spot trading platforms or contract trading platforms. Click here to learn more.

Promo: Up to US$180 welcome bonus. Learn more here.

Please note: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. Your capital is at risk.

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What Is Solana?

Solana is a blockchain that employs novel approaches to achieve high transaction speeds without sacrificing decentralisation. Solana’s native cryptocurrency is SOL, and it can be used to pay transaction fees and for staking. It also gives holders the right to vote in future upgrades.

While initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation, headquartered in Geneva, Switzerland.

Solana is very similar to Ethereum. The key difference is that while Ethereum employs proof of stake to validate transactions on the blockchain, Solana employs both proof of stake and proof of history.

Proof of history was first created by the founders of Solana and serves as a timestamp mechanism to speed up the validation of transactions on the Solana blockchain. Proof of history helps reduce transaction processing times, making the Solana blockchain faster and more cost-effective than its predecessors, Bitcoin and Ethereum.

For context, Solana can process around 50,000 transactions per second - compared to 15 or less for Ethereum (Ethereum is currently being upgraded to ETH2 to address speed and cost issues).

Software engineers can also build and run crypto, DeFi and web3 applications on Solana, just like Ethereum. The transaction processing speed and cost efficiency make Solana more appealing to engineers looking to build products that scale.

How Does Solana Work?

Solana is a decentralised blockchain network powered by SOL. It uses a combination of proof-of-stake and proof-of-history consensus mechanisms to validate transactions before they are added to the blockchain. 

Like Ethereum, Solana can interact with smart contracts to power various applications and projects in the crypto ecosystem, including dApps, DeFi, Web3, NFT marketplaces, games, decentralised lotteries and much more.

Solana’s proof-of-history consensus mechanism builds timestamps within the blockchain in order to achieve higher processing speeds. Solana can process around 50,000 transactions per second, making its transaction speeds significantly higher than many other popular blockchains. This also results in a lower transaction cost as a single transaction can cost as low as US$0.0025.

To create a sustainable economy through protocol-based rewards and transaction fees, Solana destroys (or burns) a fixed portion (initially 50%) of each transaction fee paid on its blockchain, with the remaining fee going to the current leader processing the transaction. Additionally, a scheduled global inflation rate provides a source for rewards distributed to validation clients.

What Is Solana Used for?

Solana is used to pay transaction fees on the Solana blockchain, transfer value from one person to another and interact with smart contracts. These smart contracts power many applications and projects in the crypto ecosystem, including dApps, DeFi, Web3, NFT marketplaces, games, decentralised lotteries and much more.

Another characteristic of Solana is that it mainly targets crypto developers and users interested in a fast and censor-free blockchain, providing an open infrastructure aiming at global adoption.

People choose Solana over other cryptocurrencies and blockchains because of its speed and cost-effectiveness.


Frequently Asked Questions

1. What is the difference between Ethereum and Solana?

Solana is very similar to Ethereum. The key difference is that while Ethereum 2.0 employs proof of stake to validate transactions on the blockchain, Solana employs both proof-of-stake and proof-of-history consensus mechanisms.

Ethereum 1.0 uses the same technology as Bitcoin: proof of work (or mining), a consensus mechanism used to verify new transactions, add them to the blockchain, and create new tokens. 

Additionally, Solana’s transaction speeds are significantly faster than Ethereum’s. Solana can process around 50,000 transactions per second - compared to 15 or less for Ethereum (Ethereum is currently being upgraded to ETH2 to address speed and cost issues).

Solana also charges a lower transaction cost than Ethereum, with transaction costs as low as US$0.0025. However, Ethereum does maintain better transparency records and holds a much larger market cap.

2. Is Solana better than Bitcoin?

Bitcoin is still the most popular digital currency in the world, with the highest market capitalisation. It is also easily accessible, liquid and transparent. However, like many other cryptocurrencies, Bitcoin’s price is extremely volatile, which poses significant risks to investors. Solana, on the other hand, is not as accessible, liquid or transparent as Bitcoin, which would suggest that it could be even more volatile than Bitcoin. At the time of writing in August 2022, Solana wallets had just been targeted in a multimillion-dollar hack leaving over 8,000 internet-connected “hot” wallets compromised.

Solana does have some positive features that make it more interesting than Bitcoin, including low transaction costs, fast transaction speeds and blockchain scalability. In the long run, Solana might have some more compelling advantages over Bitcoin, but presently, Bitcoin is the biggest and most popular cryptocurrency.


3. Will Solana surpass Ethereum?

Solana has advantages over Ethereum, such as transaction speed and low transaction costs derived from its innovative blockchain technology, proof of history. This, combined with a drastic increase in community size and software engineers utilising Solana, makes Solana a more relevant cryptocurrency and blockchain. However, Ethereum launched in 2015, considerably earlier than Solana. This makes it difficult for Solana to compete with the network effects and number of partners and projects Ethereum has. There is a possibility that Solana will surpass Ethereum if the capability of the blockchain continues to develop. However, this will likely only happen in the long run.

4. Should I buy Solana or Cardano?

Cardano is a top cryptocurrency project utilising the proof-of-stake validation mechanism. Its native token is ADA. Founded in 2017 by former Ethereum co-founders, Cardano also has unique blockchain innovations that make it a worthy competitor for Solana. The Ouroboros proof-of-stake mechanism used by Cardano delegates the validation power to ADA holders, who are rewarded for delegating their tokens to the validation network. This is similar to what Solana is doing as well. 

Just like Solana, Cardano is also known for its low processing times and low transaction cost. Both Cardano and Solana have realised a more than 400-times return since they were launched. However, Solana was launched at least two years after Cardano. Cardano is more decentralised than Solana, with a better security record, with Solana suffering at least six outages since its launch. Overall, Cardano and Solana are both ambitious projects, and investors should decide on which project to invest in depending on their preferences and after thorough research of both cryptocurrencies.


5. How can I buy Solana in the UK?

If you live in the UK, buying Solana is pretty straightforward. Sign up to a crypto exchange such as eToro, Coinbase or Uphold, and purchase SOL tokens.


6. Can I buy Solana with GBP?

Yes, you can buy Solana with your GBP debit or credit card via a cryptocurrency exchange such as eToro, Coinbase or Uphold.


7. What is the current price of Solana?

In April 2020, the price of SOL was just £0.62. By November 2021, SOL had reached an all-time high of £192. As of the time of writing in August 2022, the price of SOL had dropped to £34. The current price of Solana can be found here.


8. What is the Solana blockchain?

The Solana blockchain is a decentralised blockchain network powered by SOL. It uses a combination of proof-of-stake and proof-of-history consensus mechanisms to validate transactions before they are added to the blockchain. 

Like Ethereum, Solana can interact with smart contracts to power a wide range of applications and projects in the crypto ecosystem, including dApps, DeFi, Web3, NFT marketplaces, games, decentralised lotteries and much more.

9. Is Solana safe?

As with most cryptocurrencies, Solana uses cryptographic technology, making it more secure than standard debit or credit card transactions. However, there are some risks involved with SOL transactions. For example, SOL wallets are not necessarily anonymous, and they rely on passwords that, once lost, can never be recovered.


10. Where can I buy Solana?

Here are some of the best places to buy Solana (SOL):

  1. eToro - Live prices; Wallet; Advanced trading tools; Popular coins
  2. OKX - Beginner-friendly; Wallets, Advanced crypto trading tools
  3. Coinbase - Best for beginners; Live prices; Wallet; Popular coins
  4. Uphold - Good for beginners; Cheap Forex rates; Crypto wallet
  5. Coinsmart - Good for beginners; Advanced crypto trading tools
  6. Phemex - Live prices, Advanced crypto trading tools, Crypto wallets


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