Today we will talk in a little detail about the different ways to buy Solana coin, whether on a centralized platform or a decentralized platform. Let us know more.
Buy Solana Coin
Solana coin is one of the largest cryptocurrencies in the crypto market. It currently occupies a position among the ten largest projects in the crypto market.
The currency’s price is currently approximately $70 and its market value is $30 billion. This makes it one of the largest and most important projects in the world of cryptocurrencies. This is why it is important to talk about buying Solana coins.
But first, you should know that Solana coin will most likely not bring you crazy gains. This is because the currency has already generated crazy gains for investors.
In the past, its price was less than $1 and increased until it reached above $240.
After the correction, the price fell to approximately $7 before rising to $70.
More details can be found in the Solana coin price analysis article.
But the currency is now considered one of the largest projects in the crypto market, as we said, and this means that the risk of investing in it is much lower than the rest of the currencies in the market.
As a general rule, the larger the market value of a project, the less chance it will increase, but also the lower the risk of investing in this project.
This means that the currency is considered one of the relatively stable currencies in the market compared to others, and this is due to the large market value and the large daily trading volume of the currency.
Ways to buy Solana coin
Solana coins can be purchased through either decentralized or centralized exchanges. In this article, we will talk about three different ways to buy the currency:
- The first method is through a decentralized platform, and this method is considered the worst method, we will explain its only benefit.
- The second way is through centralized platforms.
- The third method is directly via credit card.
Each of these methods has advantages and disadvantages, and we will talk about the best method and the worst method as well.
1. Buy Solana coin on a decentralized platform
Solana coin can be purchased on a decentralized platform, but the method will not be easy.
This is because the currency can only be purchased on the Solana blockchain, and to purchase it on a decentralized platform, gas fees must be paid.
Gas fees on the network must be paid in Solana. This means that you will not be able to purchase it directly.
Therefore this solution will not suit everyone. This solution will only suit those who have currencies on the Ethereum network, for example, and want to transfer them to the Solana network to purchase and use the network for any reason.
Therefore, the solution is suitable for those who want to avoid using central platforms so as not to share their private data with those platforms.
On the other hand, if you do this, you will pay a lot of fees to transfer currencies from Ethereum to Solana.
But all traditional bridges are very expensive. What if there was an easy solution?
Easy way
There is a decentralized platform known as Rocketx, through which you can buy Solana coins directly with Ethereum. You will only pay gas fees.
Just log in to the platform and connect to it via your hot wallet. After this, deposit the Solana wallet address to which you want the coins.
Here, for example, you can place an address on a central platform such as Binance. You will receive the coins immediately. This is the fastest and cheapest way to buy currency in a decentralized way.
2. Buy Solana coins via a centralized platform
The easiest way to buy Solana is through a centralized exchange. But this method, of course, requires you to create an account on a platform and then go through knowing your customer or KYC procedures on that platform.
After completing these procedures and of course, after making sure that trading in cryptocurrencies is permitted in your country, you can easily buy Solana currency.
You can buy the currency directly via credit card. However, not all platforms provide this feature.
Therefore, the alternative is to buy USDT or USDC currencies. After this, you will receive the coins immediately in your wallet on the platform.
Via the spot market on the platform, you will go to place a buy order on the USDT/SOL pair.
After this, you can place a limit buy order when the price falls to a certain limit that will be executed. You can buy at the market price, whatever the price, with a slightly higher fee depending on the need.
You will receive the coins in your wallet on the platform, and you can then transfer them to another platform, a hot wallet, or even a cold wallet. But always remember to keep the password if you do this so you don’t lose your coins.
Also, remember that purchasing Solana coins via derivatives does not give you the right to own the coin. Here you are speculating on the currency and the direction of the currency price only and thus you will never make this mistake.
3. Purchase via credit card
If you want to buy Solana coins with a credit card, you can do so through several different outlets.
This can be done via a central platform such as Binance directly with a bank card. Through a platform such as OKX, currency can be made indirectly by paying on the Moonpay or Simplex platform. But you will need to go through KYC procedures on those platforms as well.
Finally, you can buy the currency directly from some hot wallets such as MetaMask and Phantom, but in some countries not in all of them.
This is done via your credit card, but you must compare the fees for this method with the fees for purchasing on central platforms.
