Oleg Galeev

1 week ago

How and Where to Buy Solana (SOL) in Canada in 2022

How to buy Solana featured image

Solana (SOL) has become a popular cryptocurrency investment for Canadians. It has been dubbed as an Ethereum killer due to its fast transaction times and cheap fees. Solana’s price was less than $2 a year ago and today (as of June 6th), the price of SOL is over $53.7 CAD. The network has a unique hybrid consensus model utilizing Proof of History (PoH) and Proof of Stake (PoS), which makes it a popular investment for both small traders and whales. Developers can build decentralized apps on Solana with the aim of making decentralized finance accessible to everyone. 

So… How to Buy Solana in Canada in 2022?

To buy Solana in Canada you can sign up to a crypto exchange that can operate in Canada. Since Solana is a popular cryptocurrency, it can be found on the biggest exchanges. Simply verify your account with a government-issued ID, proof of address and a selfie, and then deposit Canadian dollars into your account. Once you have your fiat money ready, you will be able to trade Solana. 

Where to Buy Solana (SOL) in Canada in 2022?

Purchase Solana at any of the crypto exchanges we have listed below. While we can’t include every exchange that lists Solana, we have picked out some of the best exchanges based on ease of use, reputation and cost:

  • Coinsmart
  • Bitbuy
  • Uphold
  • Binance
  • Crypto.com
  • Kucoin
  • Newton

Coinsmart

Coinsmart is the perfect FINTRAC-regulated platform for Canadians to buy and sell Solana. I personally use them for buying SOL and other crypto assets. It’s easy to register for Canadians and start trading on their platform, with low fees available in addition to an excellent user interface through which you can navigate your account easily without any confusion whatsoever! What’s more important, it’s easy to sell or transfer to your own crypto wallet. In fact, they’re rated as one #1 Canadian crypto exchange in our rating. There was so much research done into these crypto exchanges before ranking them. You can sign up here and claim free $20 in bitcoin that you can trade over Solana.

BitBuy

BitBuy is the #1 cryptocurrency exchange in Canada. They have recently expanded the selection of coins you can purchase through them. Starting December 27, you can buy Solana on BitBuy. In order to do that, simply sign up with BitBuy, verify your account, and start trading Solana. It’s extremely easy to use since BitBuy was designed for beginners and it’s Canada-friendly so you won’t have a problem depositing fiat currency in CAD. You can sign up here.

Uphold

Uphold is a multi-asset platform and a good place to buy Solana. You can make free crypto deposits or free debit card purchases. What’s more, you can trade Solana on Uphold for precious metals or US stocks using Uphold’s swap tool. You can also move stocks to Uphold and trade them for crypto. There are plenty of ways to purchase Solana on Uphold and keep all of your investments in one place. Uphold offers a wide range of cryptocurrencies and has a good reputation for transparency and compliance. You can sign up here.

Binance

Buying Solana on Binance

No crypto exchange list would be complete without Binance. It is the largest crypto exchange in the world offering hundreds of cryptocurrencies. Binance offers some of the lowest trading fees of any exchange and if you hold Binance Coin (BNB) you can get even lower fees. If you choose Binance to buy SOL, you can use debit or credit cards or complete a bank transfer via a third party such as Banxa. Keep in mind that these third parties may charge fees. Binance has a great reputation and is trusted all over the world, so you can buy a Solana coin securely. Keep in mind, that Binance no longer is legal in Ontario. You can sign up here.

Crypto.com

Buying Solana on Crypto.com

A crypto exchange that has become more popular lately is Crypto.com. You can make free deposits with Interac e-Transfer, so you can buy Solana quickly and cheaply. Crypto.com doesn’t have the cheapest trading fees, but it has a number of features such as crypto Visa cards, staking, and NFTs. Crypto.com has an easy-to-use app with a good design so it offers one of the easiest ways to buy SOL in Canada. Crypto.com is Canada-friendly and offers hundreds of altcoins, so it is one of our favourite exchanges in general but also one of the top places to buy Solana in Canada.

You can sign up here

Kucoin

Buying Solana on Kucoin

Kucoin has fast become one of the top crypto exchanges in the world. You can trade SOL on Kucoin as well as hundreds of other cryptocurrencies. You won’t be able to deposit Canadian dollars via Interac on Kucoin but you can deposit crypto for free. If you like, you can use a debit or credit card or third party bank transfer, but there are no fiat to crypto pairs. You will need to buy crypto first such as Tether USDT to then buy a Solana coin. Kucoin offers a fast sign up process and some of the lowest trading fees of any crypto exchange, so we think it’s one of the best places to purchase SOL in Canada. You can sign up here.

Newton

Buying Solana on Newton

One Canadian crypto exchange we like is Newton. It offers a simple, beginner-friendly interface, so even if it’s your first time buying crypto, you’ll be able to buy Solana coin easily. Newton has no fees so it does not charge deposit or withdrawal fees. Unfortunately, it has higher spreads than other crypto exchanges meaning it is not the cheapest place to buy SOL. However, if you’re looking for a beginner-friendly and easy way to buy Solana in Canada, then Newton is a good choice. You can sign up here and get free $25.

How to Keep Solana Safe and Secure in Canada?

Keeping your Solana coin safe is something you must do if you don’t want to risk it being stolen. For safekeeping, use a private crypto wallet to store your Solana. Choose one of the crypto wallets we reviewed in our previous article, and then send your Solana from the exchange you used to buy Solana to your wallet. If you buy Solana or any valuable cryptocurrency, always move it to a private crypto wallet to keep it secure. 

How to Sell Solana (SOL) in Canada?

If you’ve decided to sell your Solana token in Canada you need to do the opposite steps. Transfer your Solana token from your crypto wallet back to the crypto exchange. You can use the same exchange you used to buy SOL. Once you’ve moved your Solana coin back to the exchange, look for the sell button. You should be able to sell Solana for Canadian dollars and then withdraw the money to your bank account (depending on the exchange).  Check more in our article “How to Sell Bitcoin and Other Crypto in Canada“.

Solana (SOL) FAQs

Can you buy Solana (SOL) in Canada?

Yes, Solana has become a popular investment in Canada.

What is the best way and place to buy Solana in Canada?

You can buy a Solana coin on any of the crypto exchanges in this article. Purchase SOL using Canadian dollars via Interac or bank transfer where you can, but you can also use a credit or debit card if you want to buy SOL as quickly as possible. Cards will incur higher fees.

How to trade Solana (SOL) in Canada?

You can trade SOL for other cryptocurrencies on any crypto exchange. Find the trade option and you can swap it for any of the available pairs. 

What is the Solana (SOL) price in CAD?

The price of Solana (SOL) in Canadian dollars as of June 6th is $53.7. Its market cap is $18,256,566,039. It’s changing rapidly and most likely it is different by the time you read the article.

Is Solana a good investment for Canadians?

Any crypto investment is risky and you should do your own research. Solana has good technology, a supportive community, and a unique consensus model that makes it attractive to investors. While Solana may or may not kill Ethereum, we think they both could coexist in the crypto world. 

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Author

Oleg is a crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun.