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 $348.35 in November 2021.
While this has helped make SOL the #12 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 $30.91, which is slightly up from yesterday's trading price of $30.82. Solana's seen a decrease of -80% 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.
How to buy Solana in 4 steps
To buy SOL all you'll need is a smartphone or
computer, an internet connection, photo
identification and a way to pay.
Compare crypto exchanges
The easiest way to buy Solana is from a cryptocurrency exchange. Comparing in the table below helps you find a platform with the features you want like low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit CAD using the payment method that best suits you – Interac e-Transfer, wire transfer, Cash or debit at Canada Post and Apple Pay payments are widely accepted.
You can now exchange your funds for Solana. On beginner-friendly exchanges, this is as simple as entering the CAD or SOL amount you want to purchase and clicking "buy". If you like, you can then withdraw your Solana to a personal wallet.
"Top picks" are those we've evaluated to be best for certain product features or categories – you can read our full methodology here. If we show a "Promoted Pick", it's been chosen from among our commercial partners based on factors that include special features or offers and the commission we receive.
Keep in mind that these are suggestions and that the exchange that is best for you will depend on your individual needs. There are other products on the market not included in our picks.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
Where to buy Solana in Canada
If this is your first time buying cryptocurrency you'll need to look for a platform that accepts Canadian dollars, like Kraken or VirgoCX.
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.
1 - 5 of 19
What is Solana?
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.
Credit card fees are higher than using bank transfers.
Some card issuers may block cryptocurrency transactions.
Your purchasing options will be limited and more expensive.
You may end up losing your initial investment and being charged fees and interest by your credit card provider.
Buying Solana with cash isn't common in Canada, but it can still be done with a platform like Kraken.
There are a few other ways to buy SOL with cash:
Solana ATMs. You can purchase SOL with cash using a specialised Solana ATM. These can be found in many major cities in Canada. You will still need to hand over some photo ID and pass a Know Your Customer (KYC) check.
Peer-to-peer (P2P). You can use a P2P platform to find someone who will sell you SOL directly in exchange for cash. Beware that this comes with a high risk of fraud if you attempt to settle the transaction in-person or without an escrow service. Look for an established and reputable platform that provides an escrow service and facilitates your trade online.
You can swap any cryptocurrency you already own for SOL using the "swap" or "convert" service on some platforms. This lets you instantly exchange one crypto for another even if there is no trading pair on the spot market.
What is the cheapest way to buy Solana?
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.
Market order. This will buy you the amount of Solana you specify at the lowest possible price available. This makes it like an instant buy order, but with much lower fees.
Limit order. This is the most common order type and lets you purchase Solana at the price you specify. Traders use this to time the market and capitalise on price dips or increases.
How to find the best place to buy Solana in Canada
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:
Where it's registered. Using a locally registered exchange is a good idea. It's more likely to accept Canadian dollars and local payment methods like Interac e-Transfer, which helps avoid foreign exchange fees. Choosing from Canada-based exchanges also means it's likely to be registered with the Financial Transactions and Reports Analysis Centre (FINTRAC) which means it has to comply with local laws in Canada.
Security. Look at the security features the platform has to offer, like 2-factor authentication and PGP-encrypted emails. Cold storage of user funds is considered industry standard, but insurance funds are less common and indicative of good security practices.
Fees. Check the fine print to find out exactly how much your transaction will cost. Depending on the platform you choose, these could include spreads, trading fees and deposit and withdrawal charges.
Transaction limits. Are there any minimum or maximum limits on the amount of Solana you can purchase? Does the exchange restrict the amount of funds you can withdraw from your account in any 1 transaction or 24-hour period?
Other platform features. Look out for other features that suit your investment or trading needs. For instance, many exchanges now let you earn yield on your holdings, while some issue
crypto debit cards to help you spend your coins.
Customer support. If you ever have a problem with a transaction, will you be able to quickly and easily get in touch with the customer support team? Are they based in Canada? Check what contact methods are available and find out how quick the team is at responding to enquiries.
Insurance fund. A small number of exchanges now insure user funds. Beware that policies vary greatly between exchanges, so you'll need to research this thoroughly if insurance is important to you.
Reputation. As a young industry, reputation can provide a lot of clues when choosing an exchange. For instance, who are the founders? Have there been any controversies? Are their business practices transparent? If you can't find any of this information, that may be a red flag.
Range of coins. If you're thinking about adding other cryptos to your portfolio in the future, check to see what other coins you can buy through the platform.
Read reviews. Finder's
crypto exchange reviews include user feedback, which helps you get a better idea of what the exchange is like to use for other people starting out just like you.
Using FINTRAC-registered exchanges
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.
Canada-based exchanges must comply with FINTRAC Anti-money Laundering (AML) and Counter-terrorism Financing (CTF) reporting obligations.
You can usually buy Solana with CAD.
Exchanges in Canada typically support local payment methods, such as iDEAL, SWIFT and Interac e-Transfer.
You may be able to access local customer support.
Subject to local laws.
You'll need to provide your personal details and proof of ID – a disadvantage if you want to trade anonymously.
Overseas trading platforms may provide better liquidity.
CAD-to-crypto prices are often slightly higher than USD-to-crypto prices, meaning you sometimes pay a premium for buying directly with Canadian dollars.
Some features are simply not available on FINTRAC-registered exchanges. For example, high leverage margin trading, DeFi features and some altcoins.
Recent Solana developments
31 January, 2022: Solana, which was heavily impacted by the collapse of Bahamian-based crypto exchange, FTX, has bounced back close to 200% from its December 2022 lows. After starting 2023 below $10, SOL has been one of the best-performing altcoins throughout January and is on track to reclaim its 200-day moving average if the bullish momentum continues. January 2023: In 2023, Solana plans to roll out the Android-compatible Saga phone that has a Secure Element chip – the same chip found in passports and credit cards – to store the seed phrase in a way that Android can't read. This will allow dapps to seamlessly connect with wallets on the phone. 3 August, 2022: Several major wallet providers were hacked with millions of dollars of user funds being stolen. The affected wallets include Phantom, Slope and TrustWallet. At the time of writing 8,000 users have been affected and the cause of the breach is not clear. January 2022: Upcoming social media/NFT marketplace hybrid Artrade has announced it is partnering with Solana to host the platform’s infrastructure. January 2022:Solana experienced 3 network malfunctions throughout 2021 and 2022, with the most recent January issue resulting in thousands of failed transactions. The potential server attack affected third-party platforms too, with Coinbase reporting its users would be unable to withdraw SOL tokens for 24 hours. December 2021: Solana Ventures alongside Forte and Griffin Gaming Partners announced a funding initiative worth US$150 million to incentivise developers to build blockchain-based games for the network. This announcement came on the back of Solana’s focus on cornering the GameFi market as it moves into 2022.
Is Solana safe to invest in?
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:
Price volatility. Solana's price is largely based on speculation, which means it can rise or fall in a short time. It's not uncommon for SOL to lose more than 10% of its value in a single day.
Perceived value. SOL is a unique asset that does not have any tangible value. It derives most of its value from utility and speculation.
Exchange vulnerabilities. Leaving your Solana on a crypto platform exposes you to several counterparty risks, including:
Scams. Scammers frequently try to trick exchange users into handing over their username and password, often by phishing with malicious emails or fake website links. Use 2FA and encrypted emails to help protect your funds.
Hacks and theft. Exchanges are vulnerable to hacks and theft, so choose one with good security practices and a track record of safety.
Fiscal mismanagement. In mid-2022 a number of crypto platforms froze user funds after it was revealed they had engaged in irresponsible funds management.
Insurance. Unlike stocks, only a small handful of exchanges provide insurance on your cash deposits.
Regulatory uncertainty. The regulatory environment for Solana and other cryptos is constantly changing. It's important to understand how international rulings have the potential to impact Solana's future – for better or worse.
Novel technology. Solana was created in 2017 which makes it relatively new as a form of technology and as a currency. SOL doesn't yet have the same track record or performance history as some other asset classes.
Technical learning curve. Evaluating the tech behind SOL before you invest is important, but requires a deep understanding of the blockchain and other aspects of decentralised finance. You should be prepared to do plenty of research.
Persistent outages. The Solana network has been known to go offline for hours at a time. While the network is offline, you cannot transact with your SOL – the native asset of the Solana blockchain – or even send it from wallet to wallet.
Few validators. As of August 2022, Solana only has about 1,000 validators compared to Ethereum's approximately 350,000 validators. Fewer validators mean that a network is more centralised and therefore less secure.
Novel consensus mechanism. Solana uses a novel proof of stake (PoS) consensus mechanism called Tower BFT on top of the novel proof of history (PoH) consensus mechanism. No other blockchain validates information this way, and as such Solana should be considered both new and experimental.
Where could Solana's price be heading?
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 ($23.07 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.
Current price: $23.07
All-time high: $259.96
How is Solana taxed?
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.
Once you own some SOL, you have 2 options – keep it on an exchange, or move it to a personal wallet. Each comes with its own set of pros and cons.
Keeping your Solana on an exchange
Convenience. Keeping your Solana on an exchange is convenient because you can buy and sell at any time.
Security. Holding Solana on an exchange does come with significant counterparty risks, but reputable platforms also invest heavily in security so you don't have to worry about the pitfalls of self-custody.
Insurance. A small handful of exchanges now operate insurance schemes. These can range from insuring user deposits held in cold storage to reimbursing customers if a hack occurs.
Earn yield. Many exchanges let you earn yield on your Solana. This is done in 1 of 2 ways: the exchange will either stake your SOL on your behalf, or lend it to other users. Each carries its own set of risks, though lending is generally associated with higher risk. Make sure you understand which method is being used to generate yield before handing over your assets.
Phishing. Exchange users are frequently targeted by scammers trying to steal login information through malicious emails and fake website links.
Hacking. Exchanges are major targets for hackers. While security practices have improved substantially, hacks still occur from time to time.
Account freezing. Exchanges have been known to occasionally freeze user accounts, whether due to security concerns, technical issues or market turbulence. This could see you temporarily lose access to your crypto.
Limited usability. Solana is a blockchain with a growing ecosystem of Web3 applications. If you want to use these services, you will need to move a portion of your SOL to a Web3 wallet to pay for gas fees.
Moving your Solana to a non-custodial wallet
Self-custody. A mantra repeated by crypto investors is "Not your keys, not your coins." This comes from the idea that the only way to guarantee ownership of your Solana is to own the private key — which isn't the case when you hold on an exchange.
Security. Solana and cryptocurrency wallets vary greatly in their features and security. For the most secure experience, consider purchasing a hardware wallet, which is usually a small USB device that keeps your private keys offline at all times for an extra layer of security.
Utility. If you plan to use your Solana for transactions, daily spending or decentralised finance (DeFi), then storing it in a wallet rather than an exchange will be more convenient.
DeFi. When you hold the private keys to your SOL and other tokens on the Solana network, you can partake in the world of decentralised finance (DeFi) on Solana. For example, you can stake assets or yield farm with your assets via decentralised apps (dapps) such as Raydium.
Web3 apps. Beyond the DeFi apps on Solana, you can also use your assets on the network to buy NFTs. Plus, you can use your tokens to play upcoming games like Star Atlas or Monkey League.
Cheap transaction fees. Compared to other major blockchains like Ethereum, transacting on Solana is very inexpensive. For example, a transaction on Ethereum will likely cost you at least a few US dollars, while a transaction on Solana will only cost you a fraction of a cent.
Learning curve. It's no secret that learning how to use a crypto wallet takes some time and effort. Spend some time learning how Solana wallets work before transferring any of your funds.
Personal responsibility. Owning your own money can be liberating, but it also means the responsibility is all yours. If you lose your private key, the only way to regain access to your wallet is through the seed phrase. Make sure to store both of these privately and securely.
Inheritance. A challenge presented by crypto wallets is how to pass access on in the event of death or disability. Several companies are experimenting with ways to solve this problem, like the Trezor Model T wallet's Shamir backup feature.
Still in beta. The Solana network is still running on a mainnet beta version. In other words, it isn't a finished product and still has its share of glitches to iron out.
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. Consider 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.
Is Solana a good investment?
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.
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.
James Edwards is the cryptocurrency editor at Finder. He has been using Bitcoin since 2013 and began working in the space in 2017. He takes pride in boiling down complex topics into language his mum can understand.
His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think and has coordinated a vast number of high-profile interviews with the industry's brightest minds.
This guide provides step-by-step instructions on how to buy Coinbase Wrapped Staked ETH, lists some exchanges where you can get it and provides daily price data on CBETH.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.