How to Buy Solana on Binance

How to Buy Solana on Binance

Do you want to invest in Solana on Binance? You are in the right place! We prepared the perfect guide to show you how to buy Solana on Binance.

Please note that US-based users can’t use the global Binance platform to make purchases. 

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

1. Register an Account on Binance

It should be obvious, but opening a Binance account is the first step. You can use our link to go directly to the Binance sign-up page. 

Here, you can sign up for a Binance account with your email. Use a valid email address, as you will be sent an account activation code to this email address. Use the code to sign in.

2. Verify Your Account

Upon signing in, look for a profile symbol on the upper left side of the dashboard. Click the icon and select “Profile.” 

On your profile page, select “Get Verified.”

Start by selecting your residential country. Verification requirements vary by residence country and usually involve submitting proof of identity in addition to extra documents like proof of address. 

You can see all the necessary documents on this page. Get your documents in order and click “Verify” to start.

Fill out the personal information form, ensuring your name and date of birth match your official ID.  Click “Continue.” Depending on your residential country, you may be asked to upload a photo of a government-issued ID and a selfie for facial recognition.

3. Deposit Funds/Crypto

Go back to your homepage and click “Deposit.”

If you already own crypto assets that you want to trade for Solana, click “Deposit Crypto.” Binance will generate a unique wallet address for your deposit. 

Once you move your assets to your Binance wallet, you can convert them to SOL via the “Convert” feature or use the spot market to exchange them for SOL.

Most beginners don’t own any crypto assets and must buy SOL through other means. For example, you can click “Buy Crypto” to go to the easy-buy feature that lets you buy most digital assets in a few clicks.

You don’t have to make a fiat deposit to use the easy-buy feature. Binance supports credit/debit cards and several third-party channels you can use to make your purchase. However, the easy buy feature comes with expensive fees (1% for your order plus more depending on your payment method).

To avoid paying extra, you can also make a fiat deposit to your Binance account by clicking “Fiat Deposit.”

Let’s see how that works. 

Fill in the deposit order form by selecting the currency and the payment method. Binance supports several local currencies and payment methods, so you probably won’t have to convert your currency.

Bank transfers are usually free or relatively cheap, depending on your country. However, your funds may take a couple of days to arrive.

Bank card payments are instant, although more expensive. However, depositing via a bank card will be cheaper than buying crypto with a bank card, so it is still a preferable option.

Carefully consider your options and click “Continue.” Follow the instructions on the screen to complete your deposit.

4. Navigate to the Relevant Screen to Buy

To buy SOL with fiat currency, click “Buy Crypto” to access the easy buy feature. You can buy Solana and several other digital assets through the easy buy form.

The process is incredibly simple. First, choose the fiat currency you want to use and enter the amount you wish to invest.

Then, select Solana (SOL) as the currency you want to receive.

The form will automatically display how much SOL you’ll receive for your money and the estimated price. Click “Buy SOL.”

You can now select a payment method. If you made a fiat currency deposit, you can select your Binance fiat account as the payment method.

If you skipped making a deposit, you can choose one of the available third-party payment options. Binance supports Banxa and Simplex channels.

Binance Convert

Another way to buy SOL on Binance is to use the Binance Convert feature. Binance Convert allows you to easily trade digital assets without dealing with the complicated spot market interface.

You must have deposited crypto to your Binance account to use Binance Convert.

To start, select the trade tab and click “Binance Convert.”

Next, fill out the order form. In the first panel (labeled “From”), choose your existing crypto balance. Then, select SOL as the receiving currency. Enter the amount you want to convert.

You will see the exchange rate before you finalize your order. You can change the exchange rate by selecting “Limit” on the order form, but it isn’t recommended for beginners. If you set a poor exchange rate, your order may not be fulfilled for a very long time.

Click “Continue.”

If everything looks good, click “Convert” to finalize your order. Your assets will show up in your Binance wallet as soon as your order is fulfilled.

If you enjoyed our How to Buy Solana on Binance, make sure you check out our exchange reviews and how-to guides as well!