What is Solana (SOL)?
Solana is a platform for building blockchain-based products and services. Its unique consensus mechanism, known as ‘proof-of-history’, enables high transaction speed and low settlement times. The web-scale blockchain currently supports 50,000 TPS (Transactions per second) and 400ms Block Times. It is also a governance token, permitting holders to vote on changes to the protocol. SOL is the native token of Solana. The SOL cryptocurrency is involved in transaction processing, and provided as a reward to validators who help maintain the network. You can buy and sell SOL for any major cryptocurrency, like BTC, ETH, and XRP or traditional currency such as Canadian Dollar, US Dollar, and Euro. Trading cryptocurrencies is like foreign exchange of traditional currencies – you trade SOL for BTC the same way you trade CAD for USD. You can also trade SOL to CAD based on the SOL price. To learn how to buy Solana / SOL, scroll down to see how to buy Solana.
How to buy Solana (SOL)?
Here's how to buy Solana on Coinsquare
To buy Solana, simply follow these steps:
1. Sign up for a Coinsquare account and verify your identity
This is the first step to buying SOL. Verifying your identity helps us to properly connect your funds to your account.
2. Fund your account with Canadian Dollars
Funding is like putting gas into a car – it helps you get where you want to go.
3. After funding, select SOL from the list on the trade section
Coinsquare lets you trade SOL without leaving the app. You can also check the Solana price and convert SOL to CAD or USD on the platform.
4. Select a currency you’ve funded and use it to check the SOL price
In the Coinsquare app, all currencies available to trade can be found in the drop down list.
5. Buy Solana (SOL)
Congratulations! You’re now the proud owner of SOL. You can either HODL or use it to exchange SOL to CAD or any other cryptocurrency listed on Coinsquare.
Where do I keep my Solana (SOL)?
At Coinsquare, we offer customers the power of easy transactions and cold storage security. Client assets are securely stored 1 to 1 in cold storage with approved custodians, kept separate from operational funds, and never utilized for lending purposes.
All client assets are held in trust with external, licensed custodians with a combined $680M USD in insurance. Additionally, CCML maintains Vault Risk insurance beyond those of its custodians that cover risks related to the cold storage of its clients’ crypto assets. And the cash held in your account is insured against insolvency by the Canadian Investment Protection Fund (CIPF). This means that in the unlikely event that Coinsquare (CCML) becomes insolvent, CIPF will cover any shortfall of cash held in client accounts up to $1 million CAD per account.
Ready to add Solana (SOL) to your portfolio?
Create your account, fund it with spare change and get a little bit of SOL.
