How to Buy Solana (SOL) in Canada

James HeadshotAuthor: James Page - Last Updated on June 28, 2022

Summary: To buy Solana, all you need is a reliable and trusted cryptocurrency trading platform that has Solana in its list of cryptocurrencies.

We recommend using Bitbuy as it’s a very well-known Canadian crypto exchange (over 400,000 Canadians served) with great support and a very user-friendly platform.

And for a limited time only, you can get FREE $40 when you sign up and fund your Bitbuy account with $250+!

Buy Solana with Bitbuy

Solana

Finding a Canadian cryptocurrency trading platform where you can buy Solana is pretty straightforward these days, there are so many exchanges around.

As mentioned above, we personally really like Bitbuy, but you can use any exchange you want of course. The general process is very similar across most crypto exchanges.

How to Buy Solana in Canada in 2022

1. Choose a crypto trading platform

While there are a lot of cryptocurrency exchanges, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.

The reason we recommend going with Bitbuy is that they’re very easy to use, have fantastic support, and have a quick and seamless verification process to get you started!

Let’s get into it!

Bitbuy site

You can also check out our comparison of the cryptocurrency brokers in Canada If you’re curious to know more about the exchanges we prefer.

2. Create an account on the exchange

The first thing to do is to create an account on the exchange and go through the required verification processes.

Sign up with Bitbuy

Bitbuy sign up form

Bitbuy requires you to verify your identity in order to adhere to Canadian cryptocurrency laws. There is an automated verification system that will check your information against a database.

3. Transfer funds into the account

Transferring funds is also pretty easy as Bitbuy supports Interac eTransfer and Bank Wire.

Bitbuy Fund your account

4. Buy Solana

Once the funds are in the account, you can either use the basic or pro trading interfacing to find and buy Solana.

And that’s it, you now have some SOL, congratulations!

Buy Crypto with Bitbuy

 

Where to Buy Solana in Canada

Aside from Bitbuy, 3 other main crypto exchanges we would recommend are NDAX, Coinberry, and Newton. They all have their own feature-set and fee structures.

How to Sell Solana in Canada

Selling Solana is just as easy as buying it. Start off buying signing into the crypto exchange where you bought Solana.

Then simply head over to the trading section of the exchange, or find Solana in your account, click on it and it should bring you to the trading screen.

Finally, choose the amount you want to trade for either CAD or another cryptocurrency and hit sell.

Frequently Asked Questions

Can I buy Solana with PayPal?

While the majority of crypto exchanges in Canada don’t support PayPal, there are a few, like eToro, that do allow for buying cryptocurrency with PayPal.

That being said, double-check their list of cryptocurrencies first to make sure they have Solana.

How to buy Solana with a credit card?

You can use Bitbuy to buy Solana with your credit card. A lot of Canadian crypto trading platforms do support credit and debit cards.

Is buying Solana in Canada legal?

Buying and selling cryptocurrencies is legal in Canada, just make sure to only use crypto trading platforms that are registered with FINTRAC.

 

More info about Solana

Solana is a functional open-source project that uses blockchain technology's permissionless nature to decentralized finance (DeFi). Solana was launched by the Solana Foundation in March 2020. It is based in Geneva, Switzerland. They officially launched Solana in March 2020, despite the fact that they had started work and the original idea in 2017.

To allow the creation of decentralized apps (DApps), the Solana protocol was developed. It was created to increase scaleability by introducing a proof of history (PoH) and the underlying blockchain proof–of stake (PoS) consensus.

Solana is a hybrid model that attracts both small-time and large-scale traders. The Solana Foundation is a non-profit organization whose main goal it to make decentralized finance more accessible at a larger scale.

Anatoly YakovenkoÂ’s proof-of history consensus (PoH), was one of SolanaÂ’s most significant innovations. This allows for greater scaling, which increases the protocol's usability.

Solana's extremely fast processing times make it a well-known cryptocurrency protocol. Solana's hybrid protocol allows for significantly shorter validation times for transaction processing and smart contract execution. Due to its lightning fast processing speeds, Solana is a favorite choice for institutions.

Solana Protocol can be used by small-time or large-scale customers. Solana won't surprise customers with higher fees and taxes. Protocol was designed to reduce transaction costs and speed up processing.

Solana is ranked 7th in CoinMarketCap rankings, as of September 2021. This is due to the longstanding professional expertise that Anatoly Yakovenko and Greg Fitzgerald have created.

This was due in large part to the extraordinary bull run that saw Solana price rises by more than 700% from mid-July 2021 to now. After the Degenerate Ape NFT collection was launched, the SOL price shot up to $60. Due to greater developer activity and institutional interest, it has risen steadily since. At the end of September 2019, the Solana price was $216.

Solana has received high praise for its speed and performance. It has even been suggested that it could challenge Ethereum, a dominant smart-contract platform, by being able to match it.

 

Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.

Affiliate Disclosure: This site is supported by its users. We may receive commissions for purchases made through the links on our site. This does not impact our reviews, guides or comparisons.

 

Related Posts:

About The Author

James Page

James Headshot

James is the main editor. With a passion for finance and anything blockchain, cryptocurrency is right up his alley. He’s responsible for most of the content on the site, trying his best to keep everything up to date and as informative as possible.