How to Buy Solana (SOL) - A Step-by-Step Guide for Beginners

Buying Solana (SOL) is a great way to dive into the world of crypto, especially with its fast transactions and growing popularity.

Solana (SOL) is a rapidly growing cryptocurrency that has gained immense popularity in the crypto world. It is known for its fast transaction speeds, low fees, and potential for high returns. If you're interested in joining the Solana bandwagon and purchasing some SOL coins, several methods are available.

In this guide, we'll cover the steps involved in buying Solana, whether you prefer using centralized or decentralized exchanges. We'll also provide some tips on how to keep your purchased SOL coins secure.

Where to Buy Solana (SOL)?

When buying a Solana token SOL, it's crucial to find a reliable platform that offers security, minimal price slippage, good liquidity, and low fees. Here's a closer look at 2 popular centralized crypto exchanges where you can purchase Solana easily and securely.

1. Binance: Overall Best Exchange to Buy Solana

Binance is one of the best crypto exchanges to buy Solana. Operating in over 140 countries, it has established itself as one of the most widely available exchanges in the world. It processes over 1.4 million transactions per second, ensuring that you can buy and sell Solana quickly, even during high market activity. 

The platform’s 0.1% standard trading fee is also one of the lowest in the industry. You can reduce costs even further by using Binance’s own token, BNB, for fees. You can lower the fee to 0.075% maker/taker if you choose this option.

Binance offers a wide range of payment options for purchasing Solana, including credit and debit cards, bank transfers, and even peer-to-peer (P2P) payments. It's known for its strong security features as well. It offers two-factor authentication (2FA), anti-phishing code, withdrawal address whitelisting, and real-time monitoring to keep your account and funds safe. The exchange also offers a $1 billion SAFU fund for insurance.

For more info, read our in-depth review of the Binance exchange including its pros and cons.

2. MEXC: Buy Solana Without Fees and KYC

MEXC is another best crypto platform for buying SOL tokens, especially if you prefer an exchange that doesn’t require extensive identity verification (KYC) or high fees. It is known as the best zero-fee exchange and no-KYC crypto exchange. Unlike many other crypto exchanges that require KYC, MEXC allows you to trade without submitting personal documents. So, if you prefer privacy for Solana trading, it is a solid choice.

Despite its no-KYC policy, MEXC prioritizes security by implementing two-factor authentication, anti-phishing codes, and other important safety measures. It also offers features like 100x Solana perpetual futures contracts, copy trading, and a launchpad for new SOL tokens.

For more info, check out our review on the MEXC exchange.

How to Buy Solana on Centralized Exchanges: Step-by-Step Guide

Step 1: Choose a Crypto Exchange (e.g. Binance)

The first decision in buying Solana involves choosing a trustworthy cryptocurrency exchange. Binance and MEXC are both top choices for purchasing SOL coins. You can also use Coinbase or Crypto.com if you are buying SOL from the United States.

For this guide, we will be buying Solana on Binance. This platform is one of the largest globally, with advanced security measures and a high volume of Solana (SOL) trades every day. Binance has grown to handle nearly $1.7 billion in 24-hour trading volume for SOL alone, demonstrating its liquidity and reliability.

Step 2: Create an Account and Complete KYC

To start, go to Binance’s official website or download the Binance mobile app. It is available for both Android and iOS devices. You’ll see the “Sign Up” button on the home page. Enter your email and create a strong password to open your account.

For referral rewards, you can also use our Binance referral code “QH6V74V5” to get a $100 sign-up bonus.

Once registered, Binance will ask you to go through a Know Your Customer (KYC) process. This is a standard identity verification required by most cryptocurrency exchanges. The KYC process is for maintaining a safe trading environment and is good for global regulations to prevent financial crimes.

During the KYC process, you’ll need to provide personal information such as a government-issued ID (passport, driver’s license, or national ID card) and sometimes proof of address (like a utility bill). 

The verification usually takes a few hours but may extend up to 48 hours during high-traffic periods. Completing KYC gives you access to higher trading limits and unlocks all of Binance’s payment methods, including bank transfers, credit/debit card options, and third-party payment providers. 

After verification, Binance will notify you via email, and you can move on to funding your