How to Buy Solana in Canada

What is Solana (sol)?

Solana (SOL) is a third-generation layer 1 open-source blockchain that supports a variety of DeFi solutions, including decentralized applications (DApps) and smart contracts.

Also called the “Ethereum killer”, Solana differs from other blockchain technologies because of their use of a hybrid consensus algorithm that combines proof-of-history (PoH) with proof-of-stake (PoS), allowing the network to carry out up to 50,000 per second.

Solana was released in 2020 and created by Anatoly Yakovenko and Greg Fitzgerald.

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Why Solana?

Solana(SOL) uses a diverse set of technologies so it doesn’t have to rely on sharding or any other type of layer 2 solution to maintain its speed and scalability. This allows developers to build directly on the blockchain, which is thousands of times faster than working on Bitcoin or Ethereum.

Solana’s native token (SOL) works similarly to how ETH is used on Ethereum, but instead holders stake the token in order to validate transactions through the PoS mechanism. This enables users to participate in governance processes, receive rewards, and pay gas fees.

The network has had unprecedented growth, onboarding multiple projects to their platform, including Chainlink, USDC, USDT, Serum, Terra, and several others.

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Solana Resources

Cryptocurrency is an exciting, new space to get involved in. Find out how to get in on the action.

Where do I buy Solana?

Direct Purchase

You can buy cryptocurrency online, or send and receive it directly from another individual in person or over the web.

Via a regulated cryptocurrency platform

Recommended

Many people find it easier to purchase Solana through a trading platform like Newton.

Why Newton?

‍Newton offers a dead-simple way to buy and sell cryptocurrency in Canada at prices that most other platforms simply cannot afford to compete with.

CREATE AN ACCOUNT

Here's how to buy Solana in Canada

Sign-up in Canada for an account.

Create an account and add funds or choose an amount of your currency to trade.

Trade fiat or crypto for stablecoin.

Trade your chosen currency into a stablecoin.

Send to your desired exchange.

Find an exchange that offers sol, then transfer your crypto to that exchange.

Initiate purchase and you're done.

Go through the steps to purchase, and that's it.

CREATE NEWTON ACCOUNT →

Why use stablecoins when transferring to an exchange?

Because stablecoins are often pegged to FIAT currencies with stable values, they are useful tools for currency conversion. Coins such as USDC, USDT and QCAD won't swing wildly up or down in value between withdrawal and funding another account.

GET STABLECOINS →

It's easy to get started

Buy & Sell Solana quickly on your phone or computer.

1 Create an account.

Provide some basic details about yourself to get verified. This process usually takes less than 5 minutes!

2 Fund your account.

Connect your bank account or utilize Interac e-Transfers to add or withdraw funds seamlessly.

3

Start buying.

You can start buying and selling crypto quickly and easily right away on your phone or on web browser.

Why you'll love trading Solana on Newton.

Newton is Canada's low-cost cryptocurrency trading platform with transparent prices and tight spreads. We offer high liquidity and institutional-grade third party custody for your digital assets.

Some of the best prices in Canada.

On average our prices are 0.5–0.7% above spot at volumes of up to 3 BTC. This makes our overall price 3x lower than a leading competitor who charges approximately 2.25% in spread + fees.

World-class security.

Newton uses machine learning to detect and prevent account takeover attempts, a common form of cryptocurrency fraud.

Low-cost and no-commissions.

Trading and funding your account is absolutely free. Transfer cryptocurrency to and from your account at no cost (we cover up to $5 per daily transaction in network fees).

Unique & functional design.

We take a first principles approach to design, resulting in an easy-to-use experience that is unlike any other platform.

Works on any device.

Get started on your web browser, or download the Newton app for Android and iOS to take control of your crypto on-the-go.

Proudly Canadian.

We want cryptocurrency to be taken seriously, so we go above and beyond to make sure we're compliant with current and anticipated Canadian regulations.

Where do I keep my Solana?

After you've purchased crypto, the next step is to find the best way to secure it.

Wallets are often considered to offer some of the best security for your cryptocurrency. While you have the option of keeping your assets on Newton, Newton is primarily a low-fee cryptocurrency trading platform, and not a wallet service.

While we have institutional third-party custody to keep customers' digital assets safe, many individuals who buy cryptocurrency consider transferring a portion of holdings to external wallets for personal custody.