How to Buy Solana and Place a Bet – Beginner’s Guide
Bookmaker Ratings will tell you how to buy Solana cryptocurrency and bet with these funds in this article. You will also learn what methods of buying SOL are available to investors, what options for storing Solana are the most optimal, how to transfer funds from the exchange to the wallet, and other features of working with this crypto asset.
How to Buy Solana?
Today, cryptocurrency holders can purchase Solana tokens in the following ways:
- OTC markets – Least reliable way. Low rates, high risks of fraud, the need to pay a commission – all these disadvantages fade before the constant opportunity to make a purchase and the high speed of execution of transactions.
- P2P trading – A more reliable option than OTC. But the disadvantages are almost the same – again, unprofitable rates, plus you need to pay commission fees. The speed of transfers is still high.
- Exchangers – When using reputable services with a lot of positive reviews, a pretty good way to buy. But here, the rates are slightly lower than on the exchange; otherwise one of the most suitable options for buying crypto.
- Crypto exchanges – The most optimal way to buy SOL. The course is always relevant, the commission is minimal, and the degree of security of the transaction is high.
How to Buy on the Exchange?
To buy Solana through an exchange, you need to follow these instructions (for this example, we are using the Bybit exchange):
Step 1: Go to the exchange website and click the “Register” button.
Step 2: Fill out the client questionnaire and confirm the account creation.
Step 3: Be sure to verify.
Step 4: Log in, click the “Buy cryptocurrency” button and select the purchase method (for example, in one click).
Step 5: Next, select Solana as an asset to buy and enter the purchase amount in the desired currency.
Step 6: Confirm the operation by entering codes from SMS and e-mail and wait for crediting.
Where to Store Solana?
To store crypto assets in Solana tokens, investors can use the following options:
- Ledger hardware wallet – The most popular storage method for large investors. Ledger has a very high degree of security, and the convenient transportability of the wallet is also one of the advantages – it is no larger than a smartphone.
- Cold wallets – You can use them as a regular PC or laptop that is not connected to the Internet (never). It is also an effective and no less reliable storage method than Ledger.
- Exchange accounts – A slightly more risky option, but if we are talking about large exchanges like Bybit, Huobi, or Binance, the degree of security is high.
- Browser wallets – The riskiest option for storing assets, but quite convenient to use with small amounts of funds. Among the most popular wallets are Phantom, Solflare, Safepal, etc.
Downloading and Installing Phantom
To install Phantom on your browser, you need to go to the official website of the phantom.app service. On the main page, click the Download button and select the browser version.
Then unzip the file and wait for the installation to complete. After it, an icon will appear on the toolbar at the top, by clicking on which you will be asked to create a new wallet, write down a seed phrase, and set a password.
Remember that the wallet can be opened with one click on the icon on the toolbar.
Transferring Funds to a Wallet
After buying tokens on the exchange and creating a Phantom wallet, you need to figure out how transfers between wallets work. To transfer Solana to Phantom from the exchange, do the following:
Step 1: Log in to the exchange website and select a spot account.
Step 2: Open the SOL token in the list and click “Withdraw”.
Step 3: Copy the Phantom wallet address.
Step 4: Paste it in the transfer window on the exchange website, specify the Solana network and enter the number of tokens to transfer.
Step 5: After confirming the operation, expect the assets to be credited in a few minutes.
How to Place a Bet?
Nowadays, there are many sportsbooks that accept Solana. How to find these sportsbooks? We have already done that. We have compiled all TOP online bookmakers that accept SOL. Go to our “5 Best Solana Sportsbooks & Crypto Betting Sites 2022” to learn more.
Solana – has become a popular crypto asset, gradually spreading to many areas of activity, including betting. You can bet on SOL in some bookmakers that accept cryptocurrency. You can buy Solana on exchanges, OTC markets, P2p trading, and crypto exchanges. Storing tokens is a personal matter for everyone. You can use cold, hardware, browser wallets, and exchange accounts for this.
Is it possible to buy Solana in small amounts?
The cost of the SOL token as of September fluctuates in the range of $30-35. Therefore, it is possible to buy an asset not only in large volumes but also tokens in parts.
Where can Solana be stored?
You can hold tokens on hardware, cold, and browser wallets. It is also possible to store assets on an exchange account.
Where to buy Solana?
You can purchase SOL tokens on crypto exchanges, through exchangers, through P2P trading, as well as on OTC markets.
What is the safest way to store Solana?
The best option is a Ledger hardware wallet or cold wallet.
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