How to Buy Solana on Poloniex

How to Buy Solana on Poloniex

If you never bought a crypto asset on Poloniex before and need some help figuring out what to do, we have the perfect guide for you.

You can buy Solana on Poloniex in three easy steps. But before we move on, we advise you to read our Poloniex review and do some more research on the platform. Poloniex is known for its predatory actions towards users and may not be the best place to buy SOL.

If you feel confident about using the exchange, here is how to buy Solana on Poloniex.

A Step-By-Step Guide on How to Buy Solana on Poloniex

1. Register an Account

Visit the Poloniex website and open an account.

2. Verify Your Account

People often prefer Poloniex thanks to its lax approach to KYC regulations. All users can buy and trade cryptocurrencies on Poloniex without verification.

However, completing ID verification allows you to increase your deposit and withdrawal limits to  500,000 USD.

However, if you don’t plan on trading huge sums on the exchange, skip this step. If you want to continue with verification, hit the profile icon on top of your homepage and select “Profile” from the menu.

As you can see, crypto deposits, card purchases, and futures trading are already enabled. To increase your withdrawal limits, click “Get Started.”

Verification takes only a few minutes. You must fill out a personal information form and upload a government-issued ID to the platform.

3. Buy Crypto

Due to its lax KYC policies, Poloniex can’t accept direct cash deposits. However, you can still buy Solana on the exchange with fiat currency through third-party processors. 

Hit the “Buy Crypto” tab on the upper-left corner of your homepage. You’ll be redirected to the third-party buy form.

In the “Pay” column, select the fiat currency you want to use. Set the “Receive” column to Solana. If Solana is not among the offered assets, you can buy USDT and trade it for SOL on the spot market.

You can select Simplex or Mercuryo to pay for your purchase. Both payment channels accept bank transfers, and you can use Mastercard and Visa cards on Mercuryo.

Click “Submit” to go to the Simplex or Mercuryo website. Sign in to your account (if you don’t have an account, you should register) and confirm your purchase.

4. Spot Trading

As we said above, Solana may not always be available through third-party processors. If so, you can buy USDT or USDC and trade it for Solana on the spot market.

Click on the “Trade” tab on your homepage and select “Spot Trading.”

In the Spot Market interface, select your pairing. You can see the various pairings by clicking on the USDT/BTC ticker in the upper-left corner of the page. Search for SOL to see all the available pairings.

Poloniex offers BTC/SOL, USDT/SOL, and USDC/SOL markets. Once you select the pairing you want, go to the buy form on the right side of the page and enter your order details. 

With limit orders, you can select the price you’ll pay for SOL. Your order will be processed when a trader accepts your price.

For quick purchases, you can place a market order. Your order will be immediately executed at the best available market price.

And that’s how to buy Solana on Poloniex! If you want to learn how to buy Solana on other exchanges, check out our How to Buy Solana guide.