How to buy Solana (SOL) in the US

What is Solana (SOL)?

Solana is a highly scalable, open-source blockchain network that utilizes a unique consensus mechanism called Proof-of-History (PoH) combined with PoS to achieve lightning-fast transaction speeds. The native cryptocurrency of the Solana network is SOL, which serves as the medium of exchange and powers the ecosystem.

Unlike traditional blockchain networks that rely on Proof-of-Work or Proof-of-Stake, Solana's PoH protocol employs a decentralized clock that allows the network to process and validate transactions in a matter of seconds, rather than minutes. 

This innovative approach to consensus enables Solana to achieve remarkable scalability, with the ability to handle over 50,000 transactions per second.

Solana is the sixth largest cryptocurrency by market capitalization, with a total market value of just over $100 billion. The SOL token has gained significant traction among traders and investors, offering exposure to one of the fastest-growing blockchain networks in the industry. 

Why buy and invest in SOL?

If you're an investor seeking exposure to the dynamic world of cryptocurrency, SOL could be a digital asset worthy of your attention. Beyond just being a speculative investment, Solana offers a myriad of real-world use cases that are driving significant market interest and growth potential.

At its core, Solana is a highly scalable blockchain network that powers a thriving ecosystem of decentralized applications (dApps). 

Solana is popular among developers and users alike for the following reasons:

1. High scalability: Solana is able to process over 50,000 transactions per second with minimal latency and ultra-low transaction fees. 
2. Energy efficiency: Utilizing the aforementioned PoH mechanism, Solana significantly reduces energy consumption compared to older blockchain networks like Bitcoin and Ethereum. 
3. Developer-friendly ecosystem: Solana supports decentralized applications (dApps), smart contracts, and NFTs, fostering innovation among developers.

The SOL price remains resilient in 2025, with some predicting even more upside in the near future, fueled by factors like recent ETF filings, an active and growing community and viral momentum from Solana-based memes.

SOL’s recent price uplift also coincided with the announcement of a new update proposal, called ‘Alpenglow’. If realized, the update could cut Solana’s latency from 13 seconds to as fast as a tenth of a second.

As Solana continues to push the boundaries of blockchain technology, investors may find the SOL token to be a compelling addition to their portfolios, offering exposure to the seemingly vast potential of this dynamic cryptocurrency.

How to buy Solana (SOL) in 4 easy steps

1. Choose a trusted exchange
2. Register and verify your account
3. Deposit funds into your account
4. Buy SOL
5. Securely store your SOL

1. Select a secure crypto exchange

Choosing a trustworthy and secure exchange is the most crucial thing for any crypto investor. Crypto.com offers a user-friendly interface combined with industry-leading security features.

Crypto.com is the first crypto company in the world to have obtained ISO/IEC 27701:2019, ISO22301:2019, ISO27001:2013, and PCI:DSS 3.2.1, Level 1 compliance, and independently assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks, as well as Service Organization Control (SOC) 2 compliance.

We have in place a total of US$150 million for insurance protection of our customer’s funds, in addition to generous goodwill protection as part of our Account Protection Programme (APP).

Additionally, we support a non-custodial wallet, which gives users full control of their private keys and funds. This guide tells you everything you need to know about crypto wallets. 

To create an account, download the Crypto.com App from your app store (or visit the Crypto.com sign up page). Enter your email address, click on ‘create an account’, verify your email address, and follow the rest of the guided process to complete the account set-up. 

2. Verify your identity

To ensure a secure trading environment, Crypto.com complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These measures protect users by verifying identities and preventing fraudulent activities.

You will need a few documents:

• A government-issued photo ID (e.g., passport or driver’s license).
• A selfie photo for identity confirmation.
• Proof of residential address (e.g., utility bill or bank statement).

Follow these next steps to complete the verification:

1. Upload your ID: Log into the Crypto.com app or website with your account details, navigate to the verification section, and submit a clear photo of your ID.
2. Take a selfie: Ensure good lighting for a quick and accurate match with your ID.
3. Provide proof of address: Upload a document showing your current residential address.

Verification is typically swift, giving you access to the platform immediately. Following this, you may have to complete a short quiz, depending on regulatory requirements in your country. Complete this crucial step to unlock Crypto.com’s full features.

3. Deposit funds into your account 

Once your Crypto.com account is verified, the next step is to fund it. 

You have multiple options to deposit funds:

• Bank transfer: Transfer your desired amount direct to your Crypto.com account. This method has no deposit fees.
  
• Debit or credit card: Make instant deposits using your Visa or Mastercard, including with Apple and Google Pay. While this is the fastest option, a small transaction fee may apply.
  
• Crypto transfer: Already have cryptocurrency? Easily transfer it from your existing wallet to your Crypto.com account. Deposits are typically processed within minutes, depending on the blockchain network.

For new traders, it’s good to note that minimum deposits may apply based on the method chosen, and fees vary. For example, the minimum amount required per deposit via bank transfer is US$50 while the minimum amount required per deposit via Fedwire is US$1,000.

Do note that while Crypto.com does not charge a deposit fee, your bank may apply a processing fee. Please reach out to your banking institution for more information regarding this processing fee.

Follow these steps for bank transfers:

1. On the Crypto.com App, tap on the menu bar in the top left hand corner of your phone screen. Next, under the ‘Crypto Trading’ header, tap on ‘Cash’.
   
2. At the top of the ‘Cash’ selection, tap where it says ‘USD account’ or the currency of the country where your account was set up.
   
3. Select the currency you would like to deposit in.
   
4. Tap on ‘Deposit’ in the next row.
   
5. Key in the information provided on the next screen into your banking app to transfer funds to your Crypto.com account.
   
6. Tap on the ‘Accounts’ tab at the bottom of your screen to check your latest total balance. 

4. Buy Solana

Buying Solana on the Crypto.com App is straightforward.

1. Open the Crypto.com App and tap on the ‘Trade’ tab at the bottom of your screen.
   
2. On the next screen, tap on ‘Buy Crypto’ .
   
3. Type ‘Solana’ or ‘SOL’ into the search bar, then select it from the list of search results.
   
4. You will arrive at a page called ‘Buy Solana’. Enter the amount of Solana that you would like to buy.
   
5. Right below it, you can select the order type. Choose between ‘One Time’, ‘Recurring Buy’, Limit Order’, or ‘TWAP’.

• ‘One Time’ orders allow you to purchase SOL once
• ‘Recurring Buy’ lets you buy SOL via a fixed schedule (daily, weekly, bi-weekly, or monthly)
• ‘Limit Order’ lets you buy SOL at your desired price, ensuring you only buy when the price hits your set limit
• ‘TWAP’ is a feature that splits large trades into multiple smaller orders to minimise risk and price slippage
  

6. Choose how you’d like to pay for your order. You can pay via your USD or other currency cash account, via the crypto in your Crypto Wallet, via a linked credit or debit card, or via Apple and Google Pay.
   
7. Tap on ‘Buy SOL’ at the bottom of your screen.
   
8. You will arrive at the ‘Confirm Buy SOL’ page. Here you have 15 seconds to review the details of your purchase before the price of SOL changes. Check the total cost, and tap on the ‘Buy’ button. Congratulations, you’ve just made your first Solana purchase.
   
9. Return to the ‘Crypto Wallet’ tab. The Solana you’ve purchased will now appear in your Crypto.com wallet.

Strengths and weaknesses of SOL

Strengths of SOL

1. High scalability and speed: Solana is renowned for its lightning-fast transaction speeds, capable of processing over 65,000 transactions per second (TPS). This scalability positions it as a strong competitor in the blockchain space, especially for decentralized finance (DeFi) and NFT projects.
   
2. Low transaction costs: One of Solana’s standout features is its affordability. Transaction fees on the network are exceptionally low, often just a fraction of a cent. This makes it an attractive choice for developers and users alike, fostering a growing ecosystem.
   
3. Innovative technology: As mentioned, Solana uses a unique PoH mechanism combined with PoS, which enhances its efficiency and reliability. This cutting-edge approach has attracted more long-term developers and investors, boosting the ecosystem further.

Weaknesses of SOL

1. Network outages: Despite its technological strengths, Solana has faced multiple high-profile network outages over the years, the most significant of which lasted nearly five hours. These downtimes raise concerns about its stability and reliability, which can deter institutional investors.
   
2. Centralization concerns: Critics often argue that Solana’s network is more centralized regarding validator and governance power concentration compared to other blockchains. This can undermine the decentralization ethos that blockchain technology is built upon.
   
3. Ecosystem maturity: While growing rapidly, Solana’s ecosystem is still maturing compared to Ethereum, with fewer time-tested DeFi protocols and developer tools.

The above list is non-exhaustive. Investors should weigh these factors carefully, balancing the risks and opportunities before investing in Solana.

What to know before buying SOL

Before investing in SOL, it's crucial to understand market volatility. Cryptocurrencies can experience dramatic price swings, making risk management strategies essential. Consider setting stop-loss orders to protect your investment and diversifying your portfolio to mitigate potential losses.

Secure storage of your digital assets is paramount. Crypto.com offers robust wallet features that enhance security, including multi-signature authentication and cold storage options. Utilizing these features can help safeguard your SOL from hacks and unauthorized access.

Finally, US investors should be aware of regulatory considerations. The US Securities and Exchange Commission has historically scrutinized cryptocurrencies, and changes in legislation could affect your investment. Stay informed about compliance requirements and potential tax implications to ensure a smoother trading experience.

By understanding these key aspects – market volatility, secure storage, and regulatory considerations – you can make more informed decisions when deciding whether to invest in Solana.

Solana investment tips for beginners 

1. Consider starting small and diversifying your portfolio

If you’re new to investing, starting small can be a useful way to manage risk. Many beginners choose to start  with a modest investment and gradually increase their exposure as they gain confidence. Consider diversifying your crypto portfolio by including other cryptocurrencies to cushion against market fluctuations and reduce the impact of volatility.

2. Monitor price regularly

Regularly monitor the price of your investment to stay informed, but resist the urge to panic buy or sell during market swings. Emotional decisions can lead to losses; maintaining a steady approach is key to successful investing.

3. Take advantage of Crypto.com tools

Utilitize the many tools available on Crypto.com to support your investment strategy. Set up price alerts to notify you of significant changes. Consider using recurring buys to automate your investment process, which can help you take advantage of dollar-cost averaging. Additionally, track your portfolio's performance regularly for better insights into your investments.

Important information: This is informational content only and should not be considered as an investment recommendation. Trading cryptocurrencies carries risks, such as price volatility and market risks. Before deciding to trade cryptocurrencies, consider your risk appetite.