Kraken Cryptocurrency Exchange
- Trade SOL and 222 other cryptos.
- Instant funding & advanced trading options.
- Join 9M+ users around the world.
Kraken Cryptocurrency Exchange
Solana (SOL) catapulted into the spotlight in 2021 by presenting itself as a high-speed competitor to Ethereum, which helped SOL reach an all-time-high price of $350.95 in November 2021.
While this has helped make SOL the #5 crypto by market cap, Solana is still a highly volatile asset capable of major price swings in a single day.
Today SOL is trading for $140.39, which is slightly down from yesterday's trading price of $136.84. Solana's seen an increase of 333% over the past year.
So before you buy Solana, make sure you understand these unique risks as well as its legal, regulatory and tax status here in Canada.
If you're ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy Solana in Canada.
To buy SOL all you'll need is a smartphone or computer, an internet connection, photo identification and a way to pay.
If this is your first time buying cryptocurrency you'll need to look for a platform that accepts Canadian dollars, like Bitfinex or Bitbuy.
Don't worry too much about extra features or coins for now – you can always sign up with another exchange later.
Use the table to choose a platform that meets your needs and click the Go to site button to get started.
Founded in 2017, Solana (SOL) is an open-source blockchain platform designed to host decentralised and scalable applications.
It grew in popularity rapidly during the 2020 bull run as an Ethereum alternative layer-1 blockchain. Solana's network is significantly faster than Ethereum's due to its unique proof-of-history (PoH) technology. PoH allows transactions to be time stamped and processed quickly while its PoS consensus verifies the transactions and adds blocks to the blockchain.
Solana can process an estimated 50,000 transactions per second (TPS), far more than Ethereum's 10–15 TPS.
While this seems like a drastic improvement, Solana has been scrutinised with suggestions that – unlike Ethereum – its blockchain compromises decentralisation and security in f of speed.
These concerns were amplified when Solana experienced multiple network outages throughout 2022, halting block production for several hours.Read our beginner's guide to how Solana works
To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not CAD.
If you want to buy Solana with Canadian dollars, you'll need to pass a Know Your Customer (KYC) check.
This is a standard security procedure for most exchanges in Canada and requires you to upload some photo ID, and in some cases a selfie with today's date.
KYC is usually approved instantly, but in rare cases, you may have to wait a few hours or days.
Once you've set up your account, you'll need to deposit funds to buy Solana with. We've listed out some popular ways to buy SOL and what you should know about each payment method.
Most exchanges let you buy as little as $5 worth of SOL, if not less. Just type in how much you want to spend in CAD and let the exchange work out the rest.
Some platforms only offer 1 way to buy Solana, while others provide several choices. The 2 most common ways to buy SOL are on the spot market or with an "instant buy" feature.
If it's your first time buying Solana this will be the fastest method – but also the least cost-effective.
You'll usually find the instant buy section under a "Buy now" heading on the platform you've chosen.
It should feature a simple interface that lets you enter the amount of Solana you want to buy, or Canadian dollars you want to spend.
This is usually the only option available for credit or debit card purchases, but you may also be able to make an instant buy if you've pre-funded your account with a bank transfer.
Be prepared to pay a markup on SOL's market rate in exchange for the convenience.
If you see colourful charts with a range of prices, you're probably in the spot market.
The spot market is where buyers and sellers come together to place bids for SOL on the open market. It's usually the cheapest way to buy Solana because it lets traders set their own price.
You'll find the spot market under a "Trade" or "Spot" heading on the site or app menu of the platform you've chosen to use.
There are several different order types that you can make on the spot market.
There are dozens of different trading platforms to choose from when buying Solana in Canada, so to help you find your best option, keep these factors in mind:
There are plenty of places to buy Solana, and people in Canada can choose from platforms registered here at home or in locations all around the world. Opting for a locally registered SOL exchange typically offers more convenience, but may have some downsides depending on your goals.
You shouldn't invest in any asset, including SOL without doing plenty of research first. Before you buy Solana, make sure you understand and weigh up these risks:
Solana (SOL) is set to end 2022 at $35, according to Finder's panel of fintech specialists. Going forward, the panel is projecting SOL to be worth around $116 in 2025 before rising to $236 by 2030.
Compare today's price of Solana ($103.99 USD) against its all-time high (ATH) price of $259.96 USD on November 06, 2021. The closer the bar is to 100%, the closer SOL is to reaching its ATH again.
Solana is considered a digital asset by the Canada Revenue Agency (CRA) and is taxed like an investment. This means you'll be taxed when you dispose of Solana (i.e. sell, gift, exchange or trade it).
For individuals, profits or losses are reported as capital gains or losses. For businesses, Solana earnings are reported as income or capital gains, depending on how a business classifies cryptocurrency.
Learn more in our guide to crypto tax in Canada.
If you want to buy Solana, start by comparing a range of crypto brokers and exchanges available in Canada. Look at their features, fees, security and overall reputation to decide which platform is the right fit for you. Use an exchange registered with FINTRAC for added peace of mind.
Remember that owning and using Solana is not without its risks. Carefully consider investing in SOL as part of a wider strategy, and talk to a financial advisor if you have any questions.
Once you've bought some SOL, think about what your short and long-term goals are. This will help you decide whether to keep it on an exchange, or move it to your own wallet.
Unfortunately, there's no way to know for certain if any asset is a good investment, but there are some things you can do to help build an informed opinion.
Lots of crypto trading platforms can help you buy Solana with CAD, including Bitfinex and Bitbuy.
Check out the full list of exchanges in our comparison table.
There are a handful of ways to earn small amounts of free SOL, including playing online games or using a crypto rewards credit card.
A much more common approach is to stake SOL you already own or lend it to a platform like Nexo to earn a yield.
Read our guide on how to earn free crypto for other potential ways to earn some free Solana.
We've compared 15 trading platforms and exchanges in Canada that sell SOL, including Bitfinex and Bitbuy.
Check out the full list of exchanges that sell SOL in our table.
Are you visiting from outside the US?
Disclaimer: Cryptocurrencies, including Solana, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SOL is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Solana or any other cryptocurrency discussed.
Find out why CoinLedger’s tax reporting is trusted by 300,000 crypto investors.
Learn how to buy Cardano in Canada with our simple step-by-step guide and tips on what to know before you get started.
Find out what the CRA says about crypto taxes in Canada including what type of tax to pay and how to figure out what you owe.
Learn more about security tokens and why some experts consider them the next big thing in the cryptocurrency space.
A comprehensive overview of cryptocurrency stablecoins, including how they work, what they’re used for and why they’re important.
According to our recent survey, 16.55% of us have purchased cryptocurrency. We take a closer look at the types of people who have purchased – as well as the reasons why others haven’t jumped on board.
Compare courses on everything from how blockchains and cryptocurrencies work, to technical analysis and how to successfully trade cryptocurrency.
These sites can help you research cryptocurrency prices, market capitalization, trading volume and more.
From bitcoin to Shit Coin, every term you will come across on your cryptocurrency journey can be found in finder’s A to Z: Ultimate Cryptocurrency Glossary.