How To Buy Solana In Canada (May 2022)

March 15, 2022
Blog

Solana is an exciting, relatively new project that has been called “the Ethereum killer.” To buy Solana (SOL) tokens in Canada, you’ll need to use a cryptocurrency exchange.

For that, I recommend using Bitbuy, an easy-to-use, highly respected exchange. Due to its top-notch security, great customer support, and extremely low fees, I can’t recommend Bitbuy enough. Get your $50 signup bonus with Bitbuy by signing up using the link below.

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Free account, instant verification

What Is Solana?

Solana (SOL) is a public blockchain platform that uses proof of stake and proof of history protocols. Many consider Solana to be Ethereum’s rival and have even said that Solana may overtake Ethereum in the coming years.

Solana can interact with smart contracts just like Ethereum does, but the key difference is that the Solana blockchain can handle 50,000 transactions per second, making it significantly faster than the Ethereum blockchain. As more transactions are processed year over year, this speed advantage is becoming a valuable one, and one that Ethereum will have to address if it wants to maintain its prominence as the world’s second-most popular cryptocurrency.

Is Solana A Good Investment?

Solana seeks to solve some of the Ethereum blockchain’s shortcomings. Given its transaction speed and the widespread belief in its future potential, Solana could be a good investment prospect for a crypto investor interested in altcoins.

However, Solana, like most cryptocurrencies, is subject to wild fluctuations in its price. If you’re not sure whether or not you can handle the stress of these investment conditions, investing in Solana may not be for you.

How To Buy Solana In Canada

To buy Solana in Canada, you’ll need to use a cryptocurrency exchange to either a) buy Solana directly, or b) buy Bitcoin which you can then use to buy Solana somewhere else. Of course, the most direct and least expensive method is to buy Solana directly using either CAD or USD.

On top of that, you’ll want an exchange that has strong security, great customer support, and low overall fees to ensure you have a positive trading experience.

My Recommendation: Bitbuy

Lowest Fees

Trading fees: 0.1% – 0.2%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.8/5

Bitbuy is a great option for Canadians looking to buy Solana using a reliable, trustworthy crypto exchange.

Bitbuy’s trading fees are just 0.2%, and go as low as 0.1% for transactions made using their advanced trading platform. It supports 17 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

Bitbuy has processed more than $4 billion in trades across its 400,000+ Canadian users. It’s a Registered Marketplace and Investment Dealer as recognized by the Ontario Securities Commission (OSC), which means it’s a highly safe and secure exchange that offers deep liquidity for all order sizes.

For a limited time, Bitbuy is offering a $50 bonus to Yore Oyster readers who fund their account with $250 or more. If you’re looking for a highly-respected exchange where you can buy and sell Solana, open a Bitbuy account today.

Features

  • Extremely low trading fees (0.1% – 0.2%)
  • Easy to use for both beginners and advanced traders
  • Supports 17 cryptocurrencies
  • Excellent customer support
  • Powerful mobile app (rated 4.6/5 on the App Store)
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.1% to 0.2%
  • INTERAC Deposits/Withdrawals: 1.5%
  • Bank Wire Deposit: 0.5%
  • Bank Wire Withdrawal: 1%

Signup Bonus

$50 when you deposit $250 using this link.

Best For

Investors looking to trade with extremely low trading fees.

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Free account, instant verification

In Summary

Solana is an exciting, relatively new project that has been called “the Ethereum killer.” To buy Solana (SOL) tokens in Canada, you’ll need to use a cryptocurrency exchange.

For that, I recommend using Bitbuy, an easy-to-use, highly respected exchange. Due to its top-notch security, great customer support, and extremely low fees, I can’t recommend Bitbuy enough. Get your $50 signup bonus with Bitbuy by signing up using the link below.

CLAIM MY $50 BONUS
Free account, instant verification

How To Buy Solana In Canada FAQs

Can I Buy Solana In Canada?

Yes—all you need is an account with a cryptocurrency exchange that supports Solana. I recommend Bitbuy, a Toronto-based exchange trusted by 400,000+ Canadians. With bank-level security, extremely low trading fees and a $50 signup bonus, I can’t recommend Bitbuy enough.

How Do I Store My Solana Tokens?

There are several ways to store your Solana tokens once you’ve acquired them. One method is to store them on an exchange like Bitbuy, which is secure given that they keep 95% of their cryptocurrency holdings in cold storage.

You could also store your Solana in a personal crypto wallet that protects your private keys and digital assets. This means you’ll have custody of your coins, which has both pros and cons relative to holding them in a cryptocurrency exchange.

As someone who’s tried out more than a dozen different wallets over the years, here are my top 3 picks for the best crypto wallet for Canadians:

#1 Best Overall

Supports: 70+ crypto assets
Type: Software wallet
Cost: Free

The most secure wallet, period.

★★★★★

Rated 4.9/5

Top Hardware Wallet

Supports: 1,800+ crypto assets
Type: Hardware wallet
Cost: $199 CAD

Rated 4.6/5 on Amazon.

★★★★

Rated 4.3/5

Best For Altcoins

Supports: 1,000+ crypto assets
Type: Hardware wallet
Cost: $75 CAD

Trusted by 1 million+ investors.

★★★★

Rated 4.1/5

  1. ZenGo: ZenGo is a free software wallet that leverages the blockchain to make it significantly more secure than traditional wallets while also being extremely easy to use. Sending and receiving crypto to/from ZenGo is also free, and it takes less than 30 seconds to open your free ZenGo wallet.
  2. Ledger Nano S: The Ledger Nano S is a hardware wallet that uses a certified secure chip to protect your private keys. It supports 1,500+ cryptocurrencies and allows users to hold up to 20 digital assets on the device at any given time.
  3. Trezor Model One: The Trezor Model One is a hardware wallet and password manager that supports 1,000+ cryptocurrencies. Its Trusted Display ensures extremely secure transactions, and its compact design makes it easy to keep your crypto safe.

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5