How and Where to Buy Solana in Canada 2022 ($50 Bonus)

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by Enoch Omololu

Updated

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Looking to buy Solana in Canada? Below, I cover how and where to buy Solana without hassle.

Solana (SOL) aka “Ethereum killer” is one of the most popular cryptocurrencies in the world right now.

The Solana coin has seen a whopping 12,000% increase in its price this year, easily surpassing many of its competitors, and is now the fifth-ranked cryptocurrency.

Read on to learn about how to buy Solana on exchanges like CoinSmart, Newton, Bitbuy, Wealthsimple, Binance, Coinbase, and others.

What is Solana?

Solana is a blockchain network that facilitates the creation of other decentralized apps (DApps).

It is a lot faster than Ethereum and Bitcoin and transactions on the Solana protocol are much cheaper.

For instance, while Bitcoin can manage up to 7 transactions per second and Ethereum about twice that, the Solana network can be scaled to process up to 50,000 transactions per second.

This scalability translates to lower gas fees and a big win for early Solana investors.

SOL is the native token of the Solana protocol which uses both proof of stake (PoS) and proof of history (PoH) consensus methods.

Here’s a guide on how Solana works.

How To Buy Solana (SOL) in Canada

If you would like to invest in Solana, the first step is to open an account at a Solana exchange in Canada.

There are several cryptocurrency exchanges that offer SOL directly.

Alternatively, you could also purchase BTC, ETH, or a stablecoin like Tether (USDT) or USDC on an exchange and swap it for SOL on another platform that offers it.

After purchasing SOL, consider moving your holdings offline to a hardware wallet for safekeeping.

Where to Buy Solana in Canada

The best places to buy Solana are covered below.

1. Buy Solana on CoinSmart

CoinSmart offers the best crypto exchange to buy Solana in Canada.

It is a publicly-traded company and its platform supports multiple fiats (CAD, USD, & Euros) as well as funding methods.

  • Coins: SOL, BTC, ETH, UNI, DOT, MATIC, USDC, AVAX, LINK, EOS, XLM, and several others.
  • Funding: Interac e-Transfers, wire transfers, crypto, SEPA
  • Fee: 0.20% trading fee

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2. Buy Solana on Bitbuy

Bitbuy is one of the best crypto platforms in Canada. It supports 25+ coins including Solana, BTC, ETH, LTC, ADA, UNI, USDC, SHIB, MANA, BAT, and several others.

  • Funding: Interac e-Transfer, bank wire, and crypto deposits
  • Fees: 0.20% trading fees

3. Buy Solana on Newton

Newton is one of the top places to buy your Solana tokens in Canada.

Founded in 2018, the Newton Crypto Exchange has grown significantly and now supports 70+ crypto coins and tokens including Solana.

  • Coins: SOL, BTC, XRP, LUNA, MATIC, MKR, BAT, ENJ, and 70 others
  • Funding: Interac e-Transfers, wire transfers, crypto deposits
  • Fees: 0.50% to 0.70%; free deposits and withdrawals.
  • Promotion: Get a $25 bonus after trading $100 worth of crypto

4. Buy Solana on Wealthsimple

Wealthsimple offers a regulated crypto trading platform to Canadians via Wealthsimple Crypto.

This beginner-friendly crypto broker supports Solana and several other popular cryptocurrencies. It also recently introduced its own software wallets.

  • Coins: SOL, ADA, COMP, BTC, ETH, and many others
  • Funding: Electronic funds transfer and crypto deposits
  • Fees: Up to 2% operations fee per transaction
  • Promotion: Get a cash bonus when you trade $150 worth of crypto in your new account

5. Buy Solana on Binance

Binance is the world’s largest cryptocurrency exchange platform.

It offers Solana trading and access to more than 300 coins and altcoins, including many crypto-crypto pairs. You can also use the platform to earn staking rewards.

  • Coins: SOL, BTC, ETH, and 300 others
  • Funding: Bank transfer, credit card, debit card, crypto deposits
  • Fees: Up to 0.10% and varies with your account level
  • Promotion: Save 20% on trading commissions

Note that Binance is not available to Ontario residents.

6. Buy Solana on Crypto.com

Crypto.com operates in Canada and several other countries.

You can use the platform to buy Solana and 150 other crypto assets using your fiat currency of choice.

Crypto.com also has a crypto prepaid card for connecting your crypto to everyday transactional utility.

  • Coins: 150 + coins including Solana
  • Funding: Bank transfer, credit card, debit card, and crypto deposits
  • Fees: Up to 0.40% and varies with account tier
  • Promotion: Get a $25 bonus when you stake CRO for a Crypto.com Visa

7. Buy SOL on Coinbase

Coinbase is a publicly-traded cryptocurrency exchange and one of the easiest places to buy Solana in Canada and the United States.

If you are also thinking about investing in crypto stocks, you can buy this company (COIN) on the Nasdaq exchange.

  • Coins: SOL, SHIB, BTC, ETH, ADA, and several others
  • Funding: Crypto deposits, debit cards, and wire transfer
  • Fees: 0.50% trading fee; withdrawal and deposit fees may apply.

Learn more in this Coinbase review.

8. Buy SOL on Kraken

Kraken is one of the oldest crypto exchanges in the world. You can use it to trade 99 coins, including SOL.

  • Coins: BNC, KAR, OXY, GHST, SDN, BAL, SOL, and several others
  • Funding: Wire transfer, Etana custody, crypto deposits
  • Fees: Up to 0.26% trading fee on Kraken Pro; Up to 1.50% for Instant Buy; deposit/withdrawal fees vary

Other Ways To Buy Solana

If you are looking at buying a SOL-crypto pair, you could purchase BTC, ETH, USDC, or USDT on one platform and exchange this for SOL on another platform where it is available.

One other top platform that offers these assets is:

You can also use Coinberry and CoinSmart to buy crypto to swap for SOL.

How To Sell Solana in Canada

To sell your Solana coins, visit your crypto exchange account and place a sell order.

If your SOL is being held in a non-custodial wallet, you will first need to transfer it to your wallet on the exchange you plan to use.

Some hardware wallets also offer direct access to trading your coins without leaving the wallet.

How To Store Solana

Looking for where to store your SOL tokens? You can use mobile app wallets like Exodus, Trust Wallet, and Zelcore.

For greater security of your digital assets, cold hardware wallets are recommended.

The top hardware wallet to store Solana (SOL) is Ledger Nano X.

You may also be able to stake your SOL and earn interest while keeping it secured.

Is Solana a Good Investment?

Unlike many of the memecoins out there, Solana has several use cases and is seen by many as a great alternative to Ethereum.

While it has done very well over the last year (easily turning $100 into thousands of dollars), cryptocurrencies remain speculative assets and you could lose your entire capital.

So, is Solana a good investment? It has been so far, but no one knows the future.

Below are its key members as of May 2022:

  • Solana price: $39.55 USD
  • Market capitalization: $13 billion
  • Ranking: #9

Solana Canada FAQs

Where can I purchase Solana?

The best place to buy Solana in Canada is CoinSmart.

Can I buy Solana on Bitbuy and Coinberry?

Yes, Bitbuy and Coinberry do offer Solana. You can also use them to buy Bitcoin and swap BTC for SOL on a different exchange.

Are Binance and Coinbase Solana exchanges in Canada?

Binance and Coinbase are not based in Canada, however, both platforms are available to Canadian residents and can be used to buy Solana. Note that Binance is not available in Ontario.

Is Solana better than Ethereum?

Solana offers much faster transaction speeds than Ethereum and lower gas prices. Many crypto-enthusiasts think Solana will overtake Ethereum and have called it the “Ethereum killer”.

Related:

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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