Finder may earn compensation from partners, but editorial opinions are our own. Advertiser Disclosure

How to sell Solana in 4 steps

Learn how to sell Solana (SOL) easily by following a step-by-step guide and compare 10+ crypto exchanges. Get started today.

Solana investors have enjoyed record price gains (from $1.60 to a peak of $2.14) since January 1, 2021, as it began to cement its status as the leading smart contract-powered alternative – and potentially even a successor to Ethereum. This can be attributed to Solana’s high transaction speeds (up to 50,000 TPS) and cheap fees ($0.00025) as well as a migration of new projects and users over to the blockchain network.

Now that you’ve learned in our Solana series how to keep your SOL safe in a wallet, how to stake SOL and where to buy SOL, your next step might be to lock in some profits and sell some of these crypto assets for some US dollars.

While decentralized wallets like Phantom, Sollet, Exodus and Math Wallet help you to exchange SOL for other coins or tokens, you’ll need to use an exchange like Binance or Coinbase to compliantly convert your assets into fiat.

You could also choose to sell your assets directly to another person for cash, but be aware that this could potentially classify you as a money service business (MSB) in the eyes of US authorities if the amounts are significant, which could lead to fines or imprisonment if you don’t report it.

Where to sell Solana in the US

For the purposes of this article, we will be looking at cashing out your SOL for fiat, not other cryptocurrency, on a centralized exchange and withdrawing it to your bank account. Here’s how.

Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. Please check with providers if their services are available in your state.
Name Product Deposit methods Fiat Currencies Cryptocurrencies
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

434
cryptocurrencies

Finder exclusive: Sign up and use code 1xf56 for one month of VIP 1 benefits. Deposit/transfer more than 0.1 BTC to KuCoin within 7 days of registration for 1 month of VIP 2 benefits. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

134
cryptocurrencies

Buy 100+ cryptocurrencies, earn up to 14.5% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

302
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in random tokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
Binance.US Cryptocurrency Exchange
Bank transfer (ACH), Bank transfer, Cryptocurrency, Debit card, Wire transfer
USD

58
cryptocurrencies

Get a US$15 bonus when you trade US$100 or more of any supported crypto. T&Cs apply.
Trade with USD on Binance.US, the American dollar onramp of the world’s largest cryptocurrency exchange. Non-US residents can read our review of Binance's main exchange here.
FTX.US Cryptocurrency Exchange
Bank transfer (ACH), Cryptocurrency, Wire transfer
USD, AUD, EUR, CAD, GBP, SGD

24
cryptocurrencies

Enjoy the local version of the FTX exchange which offers a range of leading cryptocurrencies, up to 10x leverage, access to global liquidity and benefits for FTT token holders.
Huobi Cryptocurrency Exchange
AdvCash, Cryptocurrency, SWIFT, Wire transfer
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+ more

228
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Coinbase Pro
Bank transfer, Cryptocurrency, Debit card, PayPal, Wire transfer
USD, EUR, GBP

80
cryptocurrencies

Formerly known as GDAX, Coinbase Pro is a US-based exchange which offers fiat currency payment options, including wire transfer, ACH bank transfer and SEPA.
loading

Compare up to 4 providers

A step-by-step guide to selling your Solana

    1. Select an exchange that supports SOL/USD trading and register an account.

There are numerous exchanges that support the trading of Solana for other cryptocurrencies and withdrawing in USD. In the United States, you can use regulated exchanges like Crypto.com, Coinbase Pro, FTX, Gate.io, Binance.US or Huobi. Other exchanges might require you to convert your coins to Bitcoin or USDT first and then to fiat.

Please note that government legislation and anti-money laundering (AML) regulations will typically require you to complete a know-your-customer (KYC) process. This includes asking for information such as your name, address and proof of ID before you can begin to sell your digital assets.

Find the right exchange to buy, sell and trade SOL by comparing their deposit methods, supported fiat currencies and fees. Select “Go to site” to sign up directly with the provider.

    1. Deposit Solana into your account.

If you’ve bought and are storing your Solana coins elsewhere, you’ll need to transfer them from the relevant cryptocurrency wallet to the exchange first. Locate and copy your exchange’s Solana deposit address, and use it to transfer funds from your cryptocurrency wallet.

    1. Sell Solana for fiat

After your Solana has been confirmed to be in your cryptocurrency exchange, you can trade it for fiat currency. First, select the cryptocurrency/fiat pair of your choice, then enter the necessary details of your transaction. If your SOL/fiat pairing is not available, you will need to send the cryptocurrency to your wallet, and repeat steps 1 and 2 with a more appropriate exchange platform.

You can also choose to convert your SOL to a cryptocurrency that is part of a supported USD trading pair, for example Bitcoin, Ether or stablecoins like USDT and USDC, after which you then sell that crypto asset for fiat.

While you will incur a transaction fee in this case for the conversion of SOL to a different asset, it will likely be negligible (around 0.1% on exchanges like Binance) as it’s a crypto-to-crypto transaction. This will save you the hassle of signing up on a new exchange and moving your Solana coins around.

  1. Withdraw your USD or other fiat currency

Now that you’ve converted your SOL into fiat, it’s best to withdraw your USD from the exchange into your bank account since exchanges can be vulnerable to hacks. If you have decided to use your new USD balance to buy other cryptocurrencies, consider moving them off to a secure non-custodial cryptocurrency wallet that gives you control of your private keys at all times.

How to decide the best way to sell Solana

Crypto markets and prices are notoriously volatile, as the value of an asset is usually determined by market sentiments and predictions of future value and adoption, rather than current use cases.

Therefore, you need to decide whether you acquired your SOL as an investor or a trader, and what your end goal is: to make more USD or to accumulate more crypto.

If you feel your crypto asset has a bright future ahead that can survive a temporary bear market, it might be better to just HODL it. Most of the leading cryptocurrencies periodically go through great upward price cycles that allow you to cash out at a greater profit if you’re patient enough. Of course, nothing is guaranteed in the world of crypto, as this list of “dead coins” shows.

Every crypto investor has different needs and objectives, so it’s important to sell your cryptocurrency based on your circumstances.

Pre-selling considerations

Before selling, ask yourself these questions:

  • What are the long-term prospects of the asset you want to sell?
  • Do you have any immediate need for fiat currency?
  • Did you intend “going long”, and were you looking to sell for a big profit that hasn’t materialized yet?
  • Do your finances allow you to keep the crypto?
  • How much of a risk tolerance do you have?

Selling considerations

If you still decide to sell, then these questions can help you make the right decision.

  • Do you prefer to sell your SOL for fiat or trade for another cryptocurrency?
  • How quickly do you want to sell your Solana?
  • Will you accept a price below the current market price or will you be patient to receive the best price possible?
  • If choosing to receive fiat, what payment method will you accept?

Exchange considerations

The exchange you select to register and send your cryptocurrency to will also be important. You will need to consider the following when choosing a cryptocurrency exchange:

  • Fees. How does each individual fee compare from platform to platform?
  • Price. What is the exchange rate for your particular cryptocurrency?
  • Security features. What security features are implemented to protect your funds and private data, such as 2-factor authentication or a reputation-based system for users?
  • Customer support. If something were to go wrong with your transaction, can you easily contact customer support? Is support available at all times of the day or only for the local time zone of the exchange platform?
  • Reputations and reviews. Any product widely used on the Internet will have reviews and a reputation based on feedback from its active users or buyers. The easier this information is to find, the more likely it will accurately represent the truth regarding the product or service.

Read our crypto exchange guide for more in-depth information regarding how to decide on the best exchange for your needs and tips regarding other factors, such as the location of the exchange and how that will affect its government regulations.

What withdrawal options to consider if you plan to sell Solana

Exchange platforms have a wide range of withdrawal options and will almost always have a fiat withdrawal choice. Check to see what withdrawal options are supported. Most commonly these options include the following:

  • Credit/debit card
  • Bank transfer
  • PayPal
  • Cash

There are many factors to consider when choosing the cash-out option:

Fees. Exchange fees, trading fees and deposit/withdrawal fees all vary by exchange platform, and all cut into your profit or increase your loss when trading cryptocurrency. When considering a withdrawal fee, this will depend on the withdrawal method you select.

Withdrawal limits. Often an exchange platform will limit your maximum or minimum amount per withdrawal transaction. This will depend on the exchange selected. It’s possible these limits can be increased if you provide additional information to the exchange.

Processing. Withdrawal fees can change depending on your withdrawal method. Bank transfers can take several days to be approved, while cash withdrawals are instant.

When is the right time to sell your Solana?

Before selling your Solana, it is crucial to analyze the market carefully and consider the optimal time for you to exit your position. It is, of course, impossible to predict the best moment to sell, but our guide to cryptocurrency technical analysis is another useful tool to help you understand and comprehend the cryptocurrency market.

The technical analysis guide will give you all of the necessary information about volume candlesticks and moving averages as well as a better explanation of how the market analysis will help predict future price action.

Of course, it’s equally important to look at a project’s fundamentals. For this, you can look at Solana’s network adoption, transaction growth, roadmap, industry investment and use case in growing sectors like DeFi and NFT. There’s nothing worse than selling too early – other than selling too late of course.

Ultimately, know that you’ll most likely never buy at the bottom or sell at the top. There will always be a better and a worse time to sell your Solana,

Therefore, it might be better to periodically buy and sell SOL in batches in order to gain the benefits of dollar-cost averaging of your transactions.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance 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 cryptocurrencies discussed.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site