How To Buy Solana In Canada (Nov 2021)

November 26, 2021
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To buy Solana (SOL) tokens in Canada, you need to choose one of two methods: you either have to use a cryptocurrency exchange that allows you to buy the digital asset using fiat currencies (or allows you to trade other crypto assets for Solana (SOL) tokens), or you need to use a cryptocurrency broker, a platform that allows you to trade between digital assets in as little as a single click.

Considering that not a lot of crypto exchanges support Solana today, Crypto.com is the ideal crypto exchange pick. With its support for over 100 cryptocurrencies, top-notch security, and lightning-fast digital asset price updates, we can’t recommend Crypto.com enough.

How to Buy Solana (SOL) In Canada

To buy Solana (SOL) in Canada, you’ll need to use one of two methods.

The first would be to use a cryptocurrency exchange. This type of crypto platform allows you to buy Solana (SOL) tokens using fiat currencies (such as CAD or USD), and it also allows you to buy other cryptocurrencies to then trade them for Solana (SOL) tokens.

The second method involves using a cryptocurrency brokerage platform. This type of platform is easier to use compared to a crypto exchange, and it allows you to trade between cryptocurrencies in as little as a single click.

However, this ease of use comes at a cost: cryptocurrency brokers tend to have higher fees when compared to crypto exchanges, so keep that in mind when you’re considering the best option for you between the two.

Top Crypto Exchange To Buy Solana (SOL) In Canada

Here’s our top crypto exchange pick for buying Solana (SOL) in Canada:

1. Crypto.com

Crypto.com: best crypto exchange Canada

Crypto.com is a major global player as far as exchanges go, and it’s recently been having a major impact on the Canadian crypto market. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com also offers some unique features that no other Canadian exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel particularly confident in a coin.

Crypto.com has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is also lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Features

  • Supports 100+ cryptocurrencies
  • Allows up to 10x leverage
  • Trade crypto derivatives (futures and options contracts)
  • Earn daily interest by staking your coins
  • Purchase newly-listed coins at up to 50% off
  • Reasonable trading fees (0.4% per trade)
  • Free deposits from all cryptocurrencies

Cost

  • Trading Fees: 0.4%

Signup Bonus

$10 of CRO when you stake $1,000 of CRO using this link

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

How To Buy Solana (SOL) In Canada FAQs

What Is Solana (SOL)?

Solana is a public blockchain platform that uses proof of stake and proof of history protocols. The digital asset that this blockchain uses is known as SOL. Many consider Solana to be Ethereum‘s rival.

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.

Can I Buy Solana (SOL) In Canada?

Yes. All you need to do is create an account with either a crypto exchange or a crypto broker that supports this token: after that, you’d be set to start trading there.

To do this, I recommend you use Crypto.com. This is one of our top-rated exchanges in Canada, and it allows you to buy and sell Solana at relatively low fees.

How Do I Store My Solana (SOL) Tokens?

There are many ways you can store your Solana (SOL) tokens once you’ve acquired them.

For example, you could leave your tokens inside your crypto exchange account. This would be safer than using a software (or hot) wallet because crypto platforms tend to keep 95% of the coins they hold in cold storage. However, your account might still be subject to hacking and theft, so it’s not guaranteed safety.

You could also store your Solana tokens in a personal crypto wallet that secures your private keys and digital assets. Once again, it’s not guaranteed safety, but a cold wallet is much safer than leaving your funds in the exchange you originally purchased your coins in.

Here are our top 3 cold storage wallet picks:

  1. Ledger Nano X: The Ledger Nano X is the best cold storage crypto wallet on the market today. It’s a hardware wallet that uses a certified secure chip to protect your private keys and it supports more than 1,800 crypto assets.
  2. Ledger Nano S: Similar to the Nano X, the Ledger Nano S is a hardware wallet with extremely positive reviews from its users. 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 T: The Trezor Model T is a hardware wallet and password manager designed and created by the SatoshiLabs team. It supports 1,000+ cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, Zcash (ZEC), and many others.

Is Solana (SOL) A Good Investment?

Solana is a cryptocurrency that seeks to solve some of the Ethereum blockchain’s shortcomings. Considering its transaction speed and its potential, Solana could be a good investment prospect, especially in the future.

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.

In Summary

Despite the fact that not many crypto exchanges support Solana in Canada, there are still a few options out there that allow you to buy, sell and trade this digital asset.

Crypto.com would be the ideal crypto exchange pick in this case. Considering its support for over 100 cryptocurrencies, top-notch security, and lightning-fast digital asset price updates, we can’t recommend Crypto.com enough.

The Best Crypto Exchanges In Canada

#1 CoinSmart

  • Supports 13 cryptocurrencies
  • Lowest trading fees in the industry
  • 24/7 customer support

Signup Bonus: $20 when you deposit at least $100

#2 Crypto.com

  • Supports 100+ cryptocurrencies
  • Trade with up to 10x leverage
  • Earn daily interest by staking your coins

Signup Bonus: $10 of CRO when you stake $1,000 of CRO

#3 Bitbuy

  • Supports 9 cryptocurrencies
  • Extra secure cold storage of coins
  • Instant account verification

Signup Bonus: $20 bonus when you deposit $250 or more