Solana coin is one of the most popular currencies currently in the crypto world. This is because the coin’s crazy price increased from $7 at the beginning of 2023 to above $70 by the end of the year.
We talked about this in detail in the Solana price analysis article.
Today we will talk in detail about the different ways to buy Solana from Binance, the famous international platform. Let us know more.
Buy Solana from Binance
The most important thing to look for on a centralized exchange when using it is whether or not your currency is listed on it.
If the platform is good and excellent, but the currency you want to invest in is not listed on the platform, then there is no need for you to use the platform.
Fortunately, the Binance platform is considered one of the most famous platforms in the whole world.
The platform has hundreds of different currencies listed. Solana is listed on the platform.
Therefore, Solana coin can be bought from Binance and its price can also be speculated on.
However since the Binance platform is a centralized platform, you must first create an account on the platform via email.
You should also make sure that using the platform is legal in your country.
For example, if you live in Egypt, we advise you to be patient for a little while until the platform legalizes its status in Egypt in the coming years, as it is expected that Arab countries will begin legalizing cryptocurrencies in the coming years.
If you live in the UAE or Saudi Arabia, you can easily buy Solana through the Binance platform.
The easiest way to buy Solana from Binance
If you have a bank card and live in the UAE, you can easily buy Solana coins from Binance using your bank card.
But first, you will need to go through the KYC or Know Your Customer procedures on the platform.
The platform not only requires you to create an account but also to prove your identity on it.
Once you go through these procedures, which usually end in minutes, you can easily link your card to the platform.
After this, you can buy Solana coins indirectly with the card via Buy Crypto.
Unfortunately, Solana cannot be purchased directly from the platform, but you can purchase USDT. This is the crypto version of the dollar that is used in trading on the blockchain.
After this, you can enter the spot market and place a buy order for the currency.
You can buy the currency at the market price but this will cost a slightly higher purchase fee.
You can also place a buy order when the currency price falls to a certain limit.
Currently, we recommend the second solution, since the price of the currency has risen a lot in the past period, so you may want to buy if the price returns to touch the barrier of $40 or less.
Here, the purchase order will be executed automatically if the price falls to 40.
But beware that if the price reaches, for example, $40.25, your purchase order will not be executed, so be careful when placing the order.
Is it possible to purchase via the P2P free market?
On the free market on Binance, you can buy more than one different cryptocurrency.
But until now, Solana cannot be bought and sold through this market.
Therefore, the ideal way to purchase currency from the duty-free market is identical to the method of purchasing it with a card.
This means that you must first obtain USDT from the free market. After this, you will access the Funding wallet and transfer the funds to the Spot wallet.
Finally, you will go to the spot market and execute the buy order.
Here you should beware of derivatives or futures contracts. This market is intended for speculation only. This means you cannot buy currency through them.
You can only bet or speculate on the direction of the currency price, so be very careful.
You want the spot market to buy and own the currency, not futures contracts for speculation.
Other ways to buy
Finally, if you have USDT or Ethereum on another wallet or platform, you can send these coins to Binance.
But make sure that you choose the correct network and address, and after that, once you receive the coins, you will find them in the Spot wallet.
You can then buy Solana from Binance through the spot market in the manner we discussed above.
