How to buy Marinade staked SOL (MSOL) in the UK
Learn how to buy Marinade staked SOL (MSOL) in our step-by-step guide.
What are the key risks?1. You could lose all the money you invest
- The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets. This is an altcoin and these tend to be even more volatile than Bitcoin.
- The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
- The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
- The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
- There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
- Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
- Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
- You should do your own research before investing. If something sounds too good to be true, it probably is.
- Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
Marinade staked SOL (MSOL) is in the top 1,000 cryptocurrencies by market cap, valued at US$127,004,176.
Marinade staked SOL is a highly volatile asset capable of major price swings in a single day. Today MSOL is trading for $26.32 USD, which is lower than yesterday's trading price of $28.95 USD. Over the past year, Marinade staked SOL's price has seen a decrease of -25%.
So before you buy Marinade staked SOL, make sure you understand these unique risks as well as its legal and tax status here in the UK.
If you're ready to get started, read on for step-by-step instructions on how you can buy Marinade staked SOL.
How to buy Marinade staked SOL in 4 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Marinade staked SOL is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as 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 GBP using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Marinade staked SOL
You can now exchange your funds for Marinade staked SOL. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Marinade staked SOL to your personal wallet.
Where to buy Marinade staked SOL in the UK
Find an exchange to buy, sell and trade MSOL by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
How we keep this Marinade staked SOL guide up-to-date
How do I find the best places to buy Marinade staked SOL?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in the UK to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Marinade staked SOL?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Marinade staked SOL.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing MSOL with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What is the easiest way to buy Marinade staked SOL?
The easiest way to buy MSOL is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying MSOL, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Marinade staked SOL has been performing recently.
Best Marinade staked SOL wallets to store your MSOL
You can keep your MSOL on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your MSOL below.
Is Marinade staked SOL a good investment?
mSOL is a cryptocurrency native to the Marinade Finance ecosystem and, much like the rest of the market, is subject to a high degree of volatility. Here are a few key aspects to consider before investing in mSOL:
- Unique incentive-driven design: mSOL is designed to function as a "frictionless token". After the expiry of each epoch, its value is recalculated and recalibrated depending on the conditions surrounding the market. The total staking rewards that an investor can accrue via their staked SOL is calculated using the following formula: mSOL value = total_staked / tokens_minted.
- Security oriented:Since its market debut, the Marinade protocol has been audited by several blockchain security firms. While the project’s source code is not yet fully open source, its roadmap clearly states that, in the near future, the project’s entire codebase will be made available for public utilisation.
- Amplifying liquidity: In addition to receiving SOL staking rewards, mSOL can be used for a wide array of features within the Marinade ecosystem, including borrowing/lending, liquidity provision, single-asset staking and DEX trading.
- Solid dev foundation:mSOL operates within the Solana ecosystem, a decentralised blockchain that has been built to enable a high degree of scalability. According to Solana’s website, it is able to facilitate more than 1,000 transactions per second while offering extremely low gas fees. If the Solana ecosystem continues to grow, the demand for mSOL and the Marinade protocol may grow with it.
Today's Marinade staked SOL price versus ATH
Compare today's price of Marinade staked SOL ($26.32 USD) against its all-time-high price of $3541.84 USD on 23 August 2021. The closer the bar is to 100%, the closer MSOL is to reaching its ATH again.
ATH date: August 23, 2021
Marinade staked SOL ATH: $3541.84
How to trade, convert or sell Marinade staked SOLYou can convert or sell your MSOL with the same exchange you bought it through:
- Sign in to the exchange you have MSOL on.
- If you store your Marinade staked SOL in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of MSOL you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Marinade staked SOL.
- Complete your transaction and move your MSOL to a wallet for storage.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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