Some cryptocurrency experts have dubbed the Solana blockchain ‘the Ethereum killer’, as SOL attempts to relieve many of the concerns that Ethereum hasn’t addressed, such as high gas fees and scalability issues.
As a result retail investor interest in SOL in 2021 made it one of the most successful altcoins of all time, rising in value from under $1 to over $200.
How to Buy Solana
Choose a cryptocurrency exchange – we recommend eToro as it’s FCA, ASIC and CySEC regulated
Create an account
Deposit funds into your account
Search ‘Solana’ in the drop-down menu
Click ‘Open Trade’ and select an amount of SOL to buy
Best Cryptocurrency Exchanges in October 2021
Owing to its popularity SOL is listed at the three most well-known, regulated cryptocurrency exchanges.
3 Providers that match your filters
Most deposit methods supported
Most regulated
Free secure wallet - stake 3 cryptos
Most altcoins supported
Margin trading
Low maker / taker fees
Stake 6 Cryptos
Free Bitcoin - $10 when you buy $100
Coinbase Earn - Free Crypto
]]> Compare Crypto Exchanges Spreads 0.075% 0.50% Spreads Spreads Spreads ASIC, CySEC, FCA FCA FCA FCA ASIC, CySEC, FCA CBI, MiFID 1 - 30x 1 - 100x N/A 1 - 30x 1 - 30x 1 - 30x $62271.49 $62189.66 $62504.41 $62228.60 $62327.53 $62483.19 $4135.41 $4055.71 $4068.97 $4059.73 $4062.36 $4072.50 $1.12 $1.09 $0.30 $1.09 $1.09 $1.11 $1.00 N/A $1.00 $1.00 N/A N/A $200.54 $196.78 $196.83 $197.35 N/A $197.98 $635.73 $623.14 $623.44 $622.51 N/A $631.68 $28.28 $28.28 $28.28 $28.27 N/A $28.70 $2.20 $2.14 $2.14 $2.14 $2.14 N/A $1.25 $1.91 $1.91 $1.45 N/A $1.22 $482.67 $471.13 N/A N/A $555.23 N/A $0.38 $0.37 $0.37 $0.37 $0.37 $0.38 N/A N/A N/A $170.01 N/A N/A N/A N/A N/A $1.00 N/A N/A $4.80 $4.67 $4.67 $4.67 N/A $4.74 N/A N/A N/A $124.02 N/A N/A ]]> ]]> How to Buy Solana – Step-by-Step Guide
Do you want to know how to acquire Solana right now? To acquire Solana right now, simply follow these simple instructions.
Open an account: To begin, you’ll need to register with a reputable bitcoin broker. eToro is a platform that we endorse.
Upload ID: eToro, as a regulated brokerage, will require you to upload a copy of your government-issued identification.
Deposit: You can now use a debit/credit card, Paypal, Neteller, Skrill, or a bank transfer to make a deposit.
Buy Solana: Search for ‘SOL’ and click on the ‘Trade’ button. Enter the amount of Bitcoin you wish to buy ($25 minimum) and confirm the order.
You will now have Solana in your eToro portfolio.
How to Buy Solana – eToro Tutorial
The next step after collecting detailed information about Solana is to open an account with a broker company. As Solana is listed on the Blockchain network, it is crucial to find a broker with access to blockchain. Some of the most prominent crypto brokers are listed above.
Below is a more detailed explanation of how to buy Solana online on our most recommended exchange, eToro.
Step 1: Open an Account
The first step is to open the eToro website and register for a trading account by clicking on the “Join Now” button at the center of the screen.
How to signup at eToro
Step 2: Upload ID
eToro will then require you to verify the provided identity with a copy of your driver’s license or passport to comply with government regulations. A copy of the utility bill or bank account statement will also be required to verify the provided address. The verification will then automatically happen once the documents are uploaded.
Step 3: Make a Deposit
The minimum requirement for opening an account with eToro is $200, which can be deposited through various methods, including:
Debit cards
Credit cards
Bank transfers
Skrill
PayPal
Neteller
eToro imposes a flat fee of 0.5 percent on all deposits, regardless of payment method. This is far less expensive than some of its key competitors, such as Coinbase, which charges 3.99 percent to buy Bitcoin with a debit card.
How to Buy SOL
How to Buy Solana on eToro
Furthermore, there is no transaction cost if you are a US resident depositing funds through a USD-backed payment method. The minimum deposit is $50 for residents of the United States and $200 for residents of most other countries.
Fortunately, eToro has recently added Solana (SOL) to their product offerings, and you can trade it just like all the other cryptocurrencies. It means all the major altcoins are now available under one roof, and you don’t need to go somewhere else.
Step 4: Search for Solana
At this stage of our step-by-step guide, you should now have an eToro account that is funded. Now it’s time to buy Solana. The easiest way of doing this is to enter ‘SOL’ into the search box at the top of the page.
The process starts with logging into the account by entering the username and password.
Type Solana or SOL in the search box.
The popped-up search results will bring forward a list, and investors will have to click on the desired cryptocurrency.
Step 5: Buy Solana
You can now buy Solana simply by typing the amount you want to invest in the ‘Amount’ box ($25 minimum).
How to Buy Solana on eToro
Then, click on the ‘Trade’ button and enter the desired amount of money you want to invest in the shares. Finally, clicking on ‘Open Trade’ will execute the function, and investment in Solana coin will be made successfully.
Where to Buy Solana
Solana is a highly functional open source project that provides decentralized finance (DeFi) solutions to banks without the permission of blockchain technology. Fundamental work on the project started in 2017. Solana was officially launched in March 2020 by the Solana Foundation, with headquarters in Geneva, Switzerland. One of the essential innovations Solana brings to the desk is the proof-of-history (PoH) consent developed by Anatoly Yakovenko. This concept allows for greater scalability of the protocol, which boosts usability.
We spent time vetting hundreds of platforms for this guide and ended up with this shortlist. Our list of Solana exchanges provides information about each one’s features, costs, and why it’s different.
To narrow down the research, the review of the most popular online trading platforms in the UK for buying and selling Solana is mentioned below.
- eToro – The Best Broker to Buy Solana in UK
eToro is based in the United Kingdom and it was first launched in 2007, and since then, it has expanded its business throughout the UK. With more than 13 million active traders, eToro is a well-known stockbroker in the UK. Furthermore, it does not charge any commission fees to its investors. eToro is licensed by the FCA, ASIC, and CySEC and is partnered with the FSCS. This platform provides a traditional way of buying shares and offers CFDs that provide leveraged trading with low margin requirements.
It means investors do not only enjoy the benefits of commission-free trading, but they can also avoid monthly/annual charges by choosing eToro. The broker provides trading through 17 different stock exchanges with more than 1700 equities, including NASDAQ. Besides, eToro supports about 30 different cryptocurrencies at a very low fee. It provides a user-friendly social trading platform that enables traders to interact with one another.
The Solana ecosystem is rapidly gaining traction across a variety of platforms and exchanges. According to an official website announcement from the eToro team, eToro is capitalizing on the enthusiasm, announcing support for the SOL cryptocurrency on October 12th.
eToro exchangeInitial Deposit
The minimum investment of $50 means that investors can enjoy the leverage trading facility. In simple words, investors have a chance to own a fraction of a share if they want, and they can also buy shares worth more than the amount deposited through CFD.
Copy trading is also a feature provided by eToro to its customers, which can help beginner traders mirror an experienced investor’s portfolio.
Various Payment Options
Traders can use various payment methods through credit/debit cards, bank transfers, or e-wallets like PayPal, Skrill, VISA, or Neteller. Another exciting service offered by eToro is that investors can also buy and sell a fraction of stocks. For all newbies, it means traders can buy a fraction of stocks and have no need to buy a single share of a company with their share trading account eToro.
Regulation
eToro is regulated in the United Kingdom (UK) and worldwide, holding licenses from the ASIC, FCA, and CySEC. In addition to this, eToro is a member of the Financial Services Compensation Scheme (FSCS) that protects the first £85,000 of investors’ funds in case of the broker’s bankruptcy.
Buying and selling on eToro can be done online as well as on mobile devices through their application. The opening process of an eToro account is straightforward and takes about a couple of minutes. The payment can be deposited in various ways, including debit/credit cards, e-wallet, bank transfer, and Paypal.
Pros & Cons of the eToro platform:
eToro offers copy & social trading
ASIC, FCA, and CySEC regulated
Offers to buy CFDs along with the shares.
Commissionless shares trading.
User-friendly GUI (graphical user interface) stockbroker.
Renowned mobile trading app.
eToro accepts Skrill, VISA, Neteller, and PayPal.
Performing advanced technical analysis can be challenging for pro-traders.
Visit eToro
2- Coinbase
Coinbase is among the most well-known cryptocurrency exchanges in the United States, and it’s one of the world’s largest. Nevertheless, keep in mind the hazards of trading these speculative currencies. Coinbase, the largest cryptocurrency trading platform in the United States, was founded in 2012 in San Francisco.Coinbase Logo
CoinMarketCap.com, a market research website, is also among the top crypto exchanges globally in terms of traffic, liquidity, and trading volumes. Coinbase is a cryptocurrency brokerage that provides custodial services for institutional cryptocurrency storage and a cryptocurrency payments network for businesses. Furthermore, USD Coin (USDC) is a stable cryptocurrency pegged to the US dollar.
Coinbase became the first crypto trading company in the United States to be listed on a US exchange in April, with an IPO valued at roughly $86 billion. While bitcoin brokerages are not covered by the Securities Investor Protection Corporation or SIPC, Coinbase covers its site for any losses incurred due to theft or hacking. Back on June 18, the official team of Coinbase base made an announcement and listed a number of coins, including Solana.
Solana (SOL), Chiliz (CHZ), and Keep Network (KEEP) are now available on Coinbase.com as well as the Coinbase Android and iOS apps. Customers of Coinbase can now trade, transmit, receive, or store SOL, CHZ, and KEEP in the majority of Coinbase-supported regions, with the exception of CHZ and KEEP in Singapore and CHZ in New York State. Coinbase Pro also supports trading in these assets.
Pros & Cons of the Coinbase platform:
It offers access to more than 50 cryptocurrencies.
Low minimum to fund an account.
Cryptocurrency is insured in the event a website is hacked.
Higher fees than other cryptocurrency exchanges.
Visit Coinbase
3 – Libertex
Libertex is a trusted CFD broker with more than 250 tradable assets and 40+ international awards. The broker Libertex has been providing brokerage services for more than 23 years in the market since it was founded in 1997. It has more than 2.2 million clients and provides services in about 110 countries around the world. Libertex delivers a sense of security to its clients by ensuring proper funds protection as it is regulated by the Cyprus Securities and Exchange Commission (CySEC). They offer to trade in commodities, stocks, CFDs, ETFs, indices, cryptocurrencies, and forex.Libertex Logo
Libertex offers a demo account service to its clients to have experience of the real market for newbies. It also provides standard accounts and Islamic accounts to its clients. Unlike eToro, Libertex is not commission-free, which means it charges brokerage commission on trades through its platform.
The commission charged can vary from asset to asset and from trade to trade. On cryptocurrency pairs, Libertex charges commission in a range between 0.47% and 2.5%. While on stocks, it charges a commission of between 0.1% and 0.2%. However, it does not charge spread fees.
There are no hidden fees, deposit/withdrawal fees, or monthly fees for trading. The only fee that Libertex charges is the commission, as mentioned above.
The platform of Libertex can be accessed through mobile apps for iOS and Android devices. The app is clean and user-friendly with easy order placement, the ability to pre-order, a stop-loss feature, live quotes, and profit-taking. Technical analysis is also freely available on the app, along with some recommendations and trading signals.
Libertex allows traders to deposit funds into their accounts through different methods, including bank transfers, Debit/Credit cards, Skrill, Neteller, Sofort, Trustly, GiroPay, iDEAL, P24, Rapid Transfer, and Multibanco.
Traders can find Solana on Libertex by searching for the SOLUSD pair.
Pros & Cons of the Libertex platform:
24 years of experience
Live Chat
Very Low minimum deposit
iOS and Android-friendly apps
Zero Spreads
More than 250 tradeable assets.
Only two account choices.
No copy-trading.
Commission fees
Limited amount of educational resources
Visit Libertex
4 – Capital.com – Trade Solana Commission-Free
Capital.com is a global CFD brokerage with subsidiaries in the United Kingdom, Cyprus, and Belarus. Over 2 million traders call it home, and it has processed over $18 billion in transaction activity. Investors who seek more flexibility in their investments can choose a UK-based trading platform at Capital.com.
It is a CFD specialist platform that offers leveraged trading as well as short-selling. Solana can be traded through Capital.com by putting 50% of the margin.
Capital.com LogoIn simple words, a trade of $100 can be made through an account with a balance of only $50. Capital.com platform not only allows you to long SOL, but investors can also try to short-sell Solana if they think the price will correct in the future or consider that the Solana is overvalued.
Over 3,000 of the most liquid assets are spread across five sectors, making it an appealing option for all sorts of traders.
Initial Deposit
Captial.com requires a minimum deposit of $20 to get an account open. Client funds are fully separated at RBS and Raiffeisen; accounting behemoth Deloitte audits two of Europe’s largest financial institutions and accounts. Through its Prime Capital division, this broker also caters to institutional clients, implying a large liquidity pool. Captial.com offers only a proprietary trading platform.
Another interesting service offered by Capital.com is that it offers services at a meager cost compared to other brokers. Along with commission-less trading, Capital.com also charges meager spread fees. CFD stock trading is recommended only for experienced investors, but Capital.com offers to help newbies with educational materials, including a trade learning mobile app. Like other brokers, it also accepts payments through debit/credit cards, bank transfers, or e-wallets. It also offers demo-account trading for risk-free trade learning. It is also regulated by the FCA.
Pros & Cons of the Capital.com platform:
Provides access to hundreds of UK and US-listed shares, as well as crypto trading.
A smartphone app for trade education.
AI aid in identifying trading flaws.
Daily trading suggestions are provided.
Trading in advance with charts and an analysis interface.
There are no commissions to pay.
It does not support custom trading strategies.
Visit Capital
6- Plus500 – Trade Solana with Low Fees
The best way to maximize your position in Solana or another UK share is to have an account with the Plus500 stockbroker. The CFD specialized broker offers leverage up to 5:1, which can multiply the actual money in an account by 5 and give investors a relatively larger amount to buy shares with. Thus, traders can take a large position in the market and buy shares of a company with relatively little money in their accounts.
This broker offers share trading for more than 500 companies, mostly based in the United Kingdom and the United States. Just like eToro, Plus500 also has a 100% commission- fee for CFD share trading. The broker does have some account fees and charges very little in spread fees. However, it is considered one of the most cost-effective stockbrokers in the United Kingdom.
The broker provides clients with one of the most popular and user-friendly stock-trading platforms with various unique features. These features include price alerts, risk management tools, an economic calendar, and, most importantly, a built-in charting package. The risk management is provided with the feature of a stop-loss order that, if added to the trade, protects the investor from maximum loss and manages their risk.
Technical charts are very beneficial for newbie traders, and investors can also access about 100 different technical studies. However, the more customized features are restricted to more experienced traders. The Plus500 also offers a stock trading app for mobile phones to make trading easier for investors.
The stockbroker is fully regulated by the UK’s Financial Conduct Authority and approved by other European regulators. The accounts offered by Plus500 are all backed by the Financial Services Compensation Scheme to ensure the safety of funds.Plus500
Initial Deposit – Plus500 requires a minimum deposit of £100 to get an account open.
Payment Methods – Traders can use a debit card, credit card, PayPal, Skrill, or a UK bank account as a payment method.
Regulation – Like eToro, the FCA regulates the Plus500 broker. Therefore, one must not have any concerns related to the safety of his funds and regulations.
Pros & Cons of the Plus500 platform:
A user-friendly platform for share trading.
100% Commissionless share trading
A great mobile trading app.
It offers a demo account feature.
Highly competitive spread fees.
Leverage of up to 5:1 for share trading.
The Financial Conduct Authority (FCA) regulates it.
Charts are limited, which isn’t appropriate for advanced stock traders.
Visit Plus500
7 – AvaTrade
Focusing on CFDs and forex trading, AvaTrade has been operating since 2006. The organisation is headquartered in Australia, although it also maintains offices in Japan, the British Virgin Islands, Canada, and South Africa.AvaTrade
AvaTrade gets a lot of things right. For individuals who want to do some research before investing, it has an easy-to-use interface, interoperability with numerous trading platforms, and a variety of education and research resources.
AvaOptions, a proprietary platform where users may trade FX and retail options, will have to be the crème of the crop for this service. AvaTrade has a high minimum deposit balance of $100, which is one of its disadvantages. Its price structure is extremely convoluted, with a number of settings that determine how much you pay for transactions.
Pros & Cons of the AvaTrade platform:
Excellent security system.
AvaOptions
Regulated platform
A large minimum deposit sum is required.
Visit Avatrade
8 – Binance
Binance is without a doubt the greatest eToro alternative. Binance is the world’s largest cryptocurrency exchange by daily transaction volume, with over $20 billion in deals per day. It gives you access to hundreds of assets as well as a smooth trading service that makes it simple to make money.Binance Logo
The advantages of Binance are pretty astounding. The trading commission starts at 0.0750%, which is extremely low. The more exciting part is, the fee keeps getting lower and lower as your level gets higher. Expert traders can use sophisticated tools including futures and margin trading, and the exchange offers a variety of deposit and withdrawal methods. When you combine this with Binance’s high liquidity, it’s easy to see why it’s so popular.
Binance, on the other hand, is a crypto-only exchange. The exchange also charges high credit card transaction fees, and the primary portal isn’t particularly user-friendly. Furthermore, the Binance interface is not particularly user-friendly for newcomers. The charts and menu options may be bewildering for first-time Solana buyers. Binance listed Solana (SOL) and began trading for SOL/BNB, SOL/BTC, and SOL/BUSD trading pairs on April 9, 2020. Users can now begin depositing SOL in order to trade. Pros & Cons of the Binance platform:
Very good liquidity
Exceptional security features
Professional traders have access to sophisticated products.
Not suitable for newbies.
Visit Binance
- Revolut
Revolut is a digital financial institution. It began as a travel card with low exchange rates in 2015 and has since evolved into a bank. It is the most rapidly developing digital bank with the most features. For frequent travelers, this is an excellent option. However, it may not be able to completely replace your bank in the United Kingdom.
Revolut has a customer base of over 2 million people. These clients, according to the company’s website, have performed more than 150 million transactions worth more than £15 billion. Due to its genuine exchange rates, Revolut has saved clients £560 million in costs.
Another Fintech service that is gaining deserved attention these days is Revolut. This is a full-scale neobank based in London that offers a full range of financial services to customers. Although Revolut only began offering Solana services in 2021, it is doing a terrific job.
On the platform, users may now purchase, sell, and exchange Solana. The trading interface is one of Revolut’s many advantages. The app’s design and structure are remarkable, allowing users to readily notice buttons and make their way around.
Pros & Cons of the Revolut platform:
Can be topped up in and held in many currencies.
An ever-expanding list of optional features (e.g. crypto trading, disposable virtual cards)
Variety of premium subscription levels, each with its own set of benefits (e.g. travel insurance)
A large number of cryptocurrencies are available.
The user interface is fantastic.
Revolut card comes with delivery fees.
Due to security concerns, customer accounts may be temporarily locked.
Visit Revolut
10 – CryptoRocket
CryptoRocketCryptoRocket is a well-known exchange that has been gaining popularity. CryptoRocket, based in St. Vincent and the Grenadines, gives access to markets such as cryptocurrency, currencies, equities, and indices. It offers leveraged Crypto and Forex trading on the MetaTrader 4 (MT4) trading platform, available for desktop, web, and mobile platforms.
They offer exceptionally competitive trading conditions across a wide range of trading instruments and asset classes, including Forex, cryptocurrency, stocks, indices, and commodities. Clients receive outstanding service 24 hours a day, seven days a week, as well as the option of Bitcoin trading accounts and funding.
The broker also trades equities, indices, and commodities in addition to foreign currency pairs and cryptocurrencies. They provide up to 1:500 leverage, as well as substantial liquidity and great customer service 24 hours a day, 7 days a week. CryptoRocket has received a lot of excellent feedback on the internet, with many clients stating that they are satisfied with the broker’s service.
Furthermore, it has a lot of features that users will appreciate, including the lack of transaction and deposit fees. You won’t have to pay commissions if you use its Live Trader platform.
Pros & Cons of the CryptoRocket platform:
Up to 1:500 leverage
No hidden fees
A trading environment that is quick, stable, and dependable
A wide range of built-in analytical tools for performing in-depth market research
Trading signals, copy trading, and one-click trading are all options.
Expert Advisors are used to automate trading (EAs)
Not available in the United States.
Visit CryptoRocket
What is Solana (SOL)?
Solana (SOL) is a decentralised computing platform that uses SOL to pay for transactions. It aims to achieve high transaction speeds without sacrificing decentralization. Solana (SOL) improves blockchain scalability by using a combination of proof of stake consensus and so-called proof of history. Solana can support 50,000 transactions per second without sacrificing decentralization. Solana was initially launched in April 2020 and has gained popularity over the last 18 months. The price of Solana has climbed from $0.75 to a high of $214.96 in early September.
In August 2021, prices for Solana suddenly rose from around $30 at the start of the month to around $75 three weeks in, drawing mainstream attention to the altcoin. Solana gained its positive traction from one of the biggest crypto trends of the summer: the launch of a primate-themed NFT collectible project. Specifically, the Degenerate Ape Academy NFTs, the first major NFT project to launch on the Solana blockchain.
Solana (SOL) isn’t only a cryptocurrency but a flexible platform for running crypto apps like Ethereum. It’s major innovation is speed, which works through a bundle of new technologies, including a consensus mechanism called “proof of history.” Solana can process 50k transactions per second, compared to 15 or less for Ethereum (the ETH2 upgrade). Although Solana is so fast, congestion and fees remain low. Solana’s founders believe that high speeds and low fees will ultimately enable Solana to scale to compete with centralised payment processors like Visa.
Anatoly Yakovenko is the most influential character behind Solana’s development. His professional career began at Qualcomm, where he promptly moved up the ranks and became senior staff engineer manager in 2015. Following that, his professional path changed, and Yakovenko entered a new position as a software engineer at Dropbox.
Yakovenko started working on the Solana project in 2017. He collaborated with his Qualcomm colleague Greg Fitzgerald to launch a project called Solana Labs. Attracting numerous more former Qualcomm colleagues in the process, the Solana protocol and SOL token were released to the public in 2020.
Is it Worth Buying Solana in 2021?
Solana’s price has climbed over 100% since the start of August, making it the 10th-largest crypto by market capitalization. According to the latest data, Solana hit an all-time high of $80.12 on August 18. If you’re interested in buying Solana just because you’re hoping for another 100% jump next month, you might need to think again.
Without a doubt, Solana is a wonderful long-term investment, but investing in the hopes of making a quick profit is never a sensible idea. Alternatively, you should look at the fundamentals and use them to evaluate how Solana stacks up against other investment opportunities. The fact that it is not an old coin could be the cause for this. It is relatively new, so it’s difficult to examine its past performance.
However, it does have the powerful capacity that helps attract some reputable investors. Moreover, there are already approximately 400 projects on the Solana network. Few of the projects like Chainlink, Serum, USDC (the Circle stable coin), and Audius are well known in the crypto world.
Solana Price Chart – Coinmarketcap
Will the Price of Solana (SOL) Go Up in 2021?
Yes, it seems that the price of Solana will go up in 2021, though forecasts vary significantly. Our price prediction offers the most optimistic projections, both believing that SOL still has some spark left to reach or even blast past its current ATH before the end of the year.
How to Choose the Right Crypto Broker
Given the abundance of brokers from which to purchase Solana, it’s critical that you make the best decision possible. As you look for the best broker for you, consider the following factors:
- Fees
When trading cryptocurrencies like Solana , finding a broker with low costs is crucial. What’s the significance of this? Because fees can quickly accumulate. Get a breakdown of the broker’s fee structure before deciding on a trading platform. Fees for withdrawals and deposits, transactions, and trading should all be included.
2 – Safety
To avoid illegal access to your assets, the correct broker should have appropriate safety and security standards in place.
Support
A reputable broker will also have a strong customer service department to assist you with your every requirement.Deposit Options
You want to be able to make as many deposits as feasible. There is always a lot of choice, from bank transfers to credit cards to payment processors. Just keep in mind that each one comes with its own set of expenses.
When you’re considering an investment, follow these things:
Solana is relatively new, so it’s difficult to examine its past performance. However, every cryptocurrency comes with risks, and this is especially true in the case of Solana. So, whenever you invest, it is important that you don’t get drawn into FOMO. It does not make sense that if anyone is investing in something, then you also have to invest in it.
1 – Research, research, research: Investment is an endless adventure. You have to always expect the market, and research is the best way to get that done. Do your research and be confident before you invest.
Set a goal: When investing, always have a goal in mind.
Here are the several methods we looked into:
Explore several social media networks.
Examining the course of forthcoming events.
Look into the fundamentals.
Find out what’s hot & trending right now.
Use specialist forums to your advantage.
Attend cryptocurrency meetups.
Keep an eye on the number of transactions.
2 – Monitor the market: The market could move in a different direction from what you expect. Therefore, you always have to be careful while monitoring the market in order to know how best to react. You can also explore review sites and see what they recommend.
Buying Solana as a CFD Product
Contracts for differences (CFDs) are derivatives that allow you to speculate on multiple financial markets without owning the underlying asset. It is widely used in established markets such as foreign exchange currency pairings, stocks, bonds, indices, and commodities.
Trading CFDs entails more than simply buying and selling; it also entails agreeing to swap the difference in an asset’s price between the time the contract is opened and the time it expires.
CFD trading has made its way into the cryptocurrency industry, and Solana is now available as a CFD product. If you’re having trouble understanding bitcoin trading and where to keep your crypto funds, you may use CFDs to profit from Solana. We recommend trading Solana CFDs on the eToro platform since it is regulated and allows you to choose from a variety of analytical tools.
Taxation on Solana Earnings
The cryptocurrency market has grown at an exponential rate over the last year, and government authorities are taking notice. The IRS wants a piece of the crypto pie, given the recent surge in the non-fungible token (NFT) sub-sector. How much you pay in taxes is mostly determined by your income tax rate and how long you’ve held on to your digital assets. Transactions in virtual money are taxable under the law, just like any other type of property. Virtual currency transactions may be required to be reported on tax returns by taxpayers. The selling or other exchange of virtual currencies, as well as the usage of virtual currencies to pay for goods or services or the holding of virtual currencies as an investment, all have tax implications that may result in tax liability.
The Internal Revenue Service (IRS) issued IRS Notice 2014-21, IRB 2014-16, providing guidance for individuals and corporations on the tax treatment of virtual currency transactions. Individuals who have bitcoin as a capital asset but are not in the trade or business of selling cryptocurrency might find answers in the IRS’s Frequently Asked Questions on Virtual Currency Transactions.
Profit is referred to as gain in the tax world. It’s the difference between your tax basis (typically what you bought for the shares plus transaction charges) and the amount you get when you sell or exchange them.
Taxable events that are considered property gains tax in the US:
Exchanging your cryptocurrency for fiat money
Making purchases with crypto
Swapping one cryptocurrency for another – whether through an exchange or a peer-to-peer (P2P) channel – is a common practice.
Taxable events that are considered income taxes:
Block rewards from cryptocurrency mining
Crypto assets are earned from liquidity pools (LPs) or staking.
Receiving crypto for services rendered
Getting crypto from an airdrop
Earning interest from lending to decentralised finance (DeFi) platforms
How to buy SOLTaxation of capital gains
Two factors determine the capital gains tax rate:
How long do you plan to keep Cryptocurrency (“holding period”)?
Cryptocurrencies are subject to additional restrictions, such as a tax rate other than the normal capital gains rate.
Holding period:
If you own Cryptocurrency for less than a year, the increase is considered a short-term capital gain.
A long-term capital gain occurs when you own Cryptocurrency for more than a year.
Capital gain rates:
Long-term capital gains are generally taxed at a rate of no more than 15%. (or zero for those in the 10 percent or 15 percent tax bracket; 20 percent for those in the 39.6 percent tax bracket starting in 2014).
Short-term capital gains are taxed at the same rates as your regular earnings. Nevertheless, only net capital gains are taxable; prior to calculating the tax rates, capital gains might be offset by capital losses. Certain cryptocurrency capital gains may not be subject to the 15% /0%/20% tax rate, and instead, be taxed at ordinary income rates or at a different rate.
Automated Trading With Robots
A trading robots is a computer program that, on a computerized basis, executes all of the activities of a professional trader on an exchange. The computer software is a fully automated version of tried-and-true trading techniques. Regardless of the direction in which asset values are moving, robots tend to outperform humans during periods of substantial market volatility. This is because they rely on trading strategies that are meant to generate profits even when the market is down.
In addition, the most successful bitcoin bots in the world are known for their lightning-fast research and execution. As a result, they can complete a huge number of transactions every day and thereby take advantage of any trading opportunities that arise.
Trading Solana can be a difficult profession for anyone, and there is no assurance that your market analysis will result in a profit. There are other sure ways to grow your capital with little to no effort to get around this problem. Ideally, the bots make a profit, and that profit is bigger in risk-adjusted terms than if you had just bought and held the same coins throughout.
Solana Mining: Can You Mine Solana?
No, because Solana is a proof-of-stake coin, it cannot be mined, no matter how powerful your device or how deep your pockets are.
Minimizing Risk in Solana Investment
Every investor needs to find ways to protect themselves from any big loss. If you want to cap your exposure, then follow these rules:
Use multiple exchanges: To reduce risk in crypto trading, I use a variety of exchanges, employ hardware wallets, and invest in a variety of narratives (Oracles, Defi, or Insurance). To reduce risk when trading, trade only when truly strong patterns form or when a coin has reached its bottom.
Fundamental & Technical analysis: When it comes to investing, I prefer to focus on coins with strong fundamentals. I only invest on rare occasions in response to news or other events. If I decide to invest, I will also do technical analysis. I consider things like where the currency is in its life cycle. Are there any trading patterns? For the coin, there is support and resistance, recent price history, news, and forthcoming events. If I invest in fundamentally sound coins, I can stay calm even if the price changes a lot because I know the price will eventually rise.
Hedge your risks: You should always have a well-balanced portfolio of investments. Use financial instruments strategically to mitigate the risk of adverse price movements. On the other hand, the investors hedge one investment by making a trade-in another.
Use a stop loss: A stop-loss order is used to restrict an investor’s loss on an adverse move in a security position. You don’t have to monitor your holdings on a daily basis if you use a stop-loss order. An investor’s ally is a stop loss. Be a note of it and make sure you stick to it. When things don’t go as planned when investing, you’ll want to know when to take your money out.
Set a target: Short-term traders who want to manage their risk should employ take-profit orders. This is because they can exit a transaction as soon as their predetermined profit target is met, avoiding the risk of a market decline. Traders that follow a long-term strategy dislike such orders since they reduce their profits.
Solana vs. Other Cryptocurrencies Solana vs. Bitcoin and Ether
Solana is a blockchain network that aims to create a cryptocurrency-powered ecosystem of businesses and services. Solana is not like Bitcoin, although it has some similarities to Ethereum. It distinguishes itself from the Ethereum network by offering faster transaction times, reduced costs, and a programming capability that emphasizes flexibility.
Solana can now process over 50 000 transactions per second, which is more than Ethereum and Bitcoin combined, and at a fraction of the cost. On the Solana blockchain, developers can also create and publish customized applications in a variety of computer languages.
Solana Price Predictions: Where Does Solana Go From Here?
Solana is an efficient, fast, secure, censorship-resistant blockchain that gives the open infrastructure required for global adoption. Solana was trading around $6 at the start of 2021. However, since then, the price of Solana has witnessed a sharp rise. We forecasted Solana’s price at the end of 2021 to be $461.
Solana Price Prediction 2021-2022
Solana’s price began in 2021 at $5.93. Solana is currently trading at $156.83, a 2545 percent rise from the start of the year. The anticipated Solana price at the end of 2021 is $612, with a year-to-year change of +10220 percent. The increase from today through the end of the year is +290 percent.
In the first half of 2022, the Solana price will rise to $1,499; in the second half, the price will rise by $65 to complete the year at $1,564, representing an increase of +897 percent over the current price.
Solana (SOL) Price Chart – Tradingview
Solana Prediction 2023-2027
Over the next five years, the price of Solana would skyrocket from $1,564 to $12,101, a 674 percent increase. Solana will begin 2023 at $1,564, rise to $2,698 within the first six months of the year, and end 2023 at $4,263. That is a +2,618 percent increase from today.
How to Buy Solana on eToro
Solana (SOL) Price Chart – Fibonacci Extension
Solana Prediction 2028-2032
During this time, the Solana price would increase by 105 percent, from $12,101 to $24,754. Solana will begin 2028 at $12,101, then rise to $14,267 in the first half of the year, and finish at $17,025. It is around +10,756 percent higher than now.
eToro – Best Place to Buy Solana
Solana is an efficient, fast, secure, censorship-resistant blockchain that gives the open infrastructure required for global adoption. Solana was trading around $6 at the start of 2021. However, since then, the price of Solana has witnessed a sharp rise. We forecasted Solana’s price at the end of 2021 to be $461.If you’re ready to take the plunge to get in on the action, you can complete your crypto journey using our recommended broker eToro. It only takes three minutes to get your account set up and ready to purchase Solana.
You should also keep the following in mind:
Investing in and trading Solana necessitates extensive research and effort.
Solana is a high-risk investment.
Invest just what you can afford to lose.
Only use registered brokers and exchanges when trading or investing.
You should also consult review sites and online specialists for their thoughts on Bitcoin.
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68% of retail investors lose money when trading CFDs with this provider. FAQs Any risks in buying Solana now?
There's always risks in buying digital assets. The major risk is in the possibility of Solana price falling off the cliff or the asset becoming totally worthless.
Should I buy Solana?
Solana's price began in 2021 at $5.93. Solana is currently trading at $156.83, a 2545 percent rise from the start of the year. The anticipated Solana price at the end of 2021 is $612, with a year-to-year change of +10220 percent. The increase from today through the end of the year is +290 percent.
Where can I spend my Solana?
Solana is still not as widely used as Bitcoin. However, there are an increasing number of stores that are now accepting it. In any case, you can always convert Solana into other cryptocurrencies like Bitcoin, Ethererum, or Tether to make payments online.
Is it safe to buy Solana?
Solana is now one of the quickest programmable blockchains in crypto. It's also one of several coins being considered as prospective heirs to the Ethereum (ETH) throne. Besides, it's audited by a Fortune 500-preferred security firm. Iron-clad immutability for global scale.
Will Solana ever hit $20K?
According to Solana price prediction, Solana price would increase by 105 percent, from $12,101 to $24,754. Solana will begin 2028 at $12,101, then rise to $14,267 in the first half of the year, and finish at $17,025. It is around +10,756 percent higher than now.