- Forex 40 +
Anyone who has already immersed himself in the world of cryptocurrencies knows the dilemma: which cryptocurrency is the best? Which coins have a future? In which projects should you invest your hard-earned money? These questions are not easy to answer, as there are now almost 8000 cryptocurrencies, some of which are successful or forgotten after the launch. With the current trend in cryptocurrencies, it is therefore likely that you have already heard of the DeFi project Solana , which is a promising crypto currency .
Solana is a complex DeFi project to solve previous problems in the cryptocurrency landscape. Solana itself tries to bring security, decentralisation and costs of scalability under one roof.
As an investor, you naturally ask yourself the following questions: What exactly is Solana? How does it work? How to buy Solana? What is the price of cryptocurrency like? And what about the forecasts? We took a closer look at the DeFi project.
Solana (SOL) is a highly complex blockchain that supports smart contracts similar to Ethereum or Tezos. The SOL token can have a role similar to that of ETH in Ethereum. SOL is a cryptocurrency based on the Solana blockchain. It serves as a payment method for the fees or can also be used for coin staking. You should pay attention to the following points when buying Solana so that nothing goes wrong:
You cannot buy and store real coins through ETFinance, which explains the buying and selling of SOL CFDs.
ETFinance is a broker that only offers trading in CFDs. To use the offer, you first need an account on the website. After that, the registration and opening take place step by step, and the website guides the future user through the registration.
After entering some personal data, you finally come to the deposit. Several payment methods are offered on the platform’s homepage. Customers can pay by bank card (debit & credit card), bank transfer, instant transfer, Giropay or Rapid Transfer.
First, you look for SOL using the search field at the top left. A list of available trading pairs then appears, and in the lower area, you already have a live chart from SOL. Then you select the credit to be used and finally confirm the transaction. For example, you can currently bet on the trading pair SOL / USD on ETFinance.
Each user can also create a buy order at a specific price. As soon as the price has reached the desired value, the purchase is made automatically. As with other brokers or exchanges, the platform also offers the sale to be made automatically at a particular loss or profit.
The company behind the Solana project is headquartered in San Francisco, with multiple offices in Boulder and San Diego. Solana is a DeFi project that aims to solve the previous difficulties with cryptocurrencies.
Solana was founded in 2017 by Anatoly Yakovenko, a former Qualcomm employee. Yakovenko also worked as a software engineer for Dropbox. Together with Solana’s CTO Greg Fritzgerald and Eric Williams, they developed a new method to solve previous problems with the blockchain data flow.
The vision behind it was developing an absolutely trustworthy and globally distributed protocol that enables greater scalability. As a result, the previous difficulties, such as in the Bitcoin network or the Ethereum blockchain, should be a thing of the past. Solana uses several methods, including smart contracts.
The intelligent contracts enable developers to create decentralised applications in exchange for Solana Tokens (SOL). SOL is the cryptocurrency based on the Solana blockchain to pay fees and earn rewards for coin staking.
Solana presented a new solution to the community to make a blockchain more decentralised. The Proof of History ( PoH ) system embeds historical records of blockchain transactions to prove that transactions took place before they were recorded in the distributed ledger. In addition, Solana offers 50,000 to 65,000 transactions per second.
The Solana blockchain has embedded transactions with timestamps that can be used to determine the order of events that were processed before the latest status of the blockchain was sent to the entire network.
Transactions are entered in blocks through Solana’s sequential hash, referencing only hashes that cannot be changed. These hashes are then used as input for the next transaction. These entries are then timestamped to record their actual sequence and ultimately save time, as each hash function has to be validated again as a whole.
With cryptocurrencies, as with other financial instruments, you have the option of either buying real coins or in the form of CFDs. Of course, you will not buy the cryptocurrency yourself, but you can rely on the price trend.
After all, CFDs are independent financial products that use specific, underlying values only as a price measure. Theoretically, you acquire a right to buy or sell the asset with these contracts for difference. As a result, the resulting gap between purchase and sales prices is wiped out as profit or loss. Thus, an SOL CFD is an all-or-nothing deal.
With Crypto CFD Broker you can trade cryptocurrencies without actually owning them. This is advantageous because you don’t have to worry about storing it with a crypto wallet. Unfortunately, SOL is currently only available in CFD form on ETFinance. In other words, you can’t buy the coins, but you can speculate on the price development.
Currently, SOL is only available through CFD trading on ETFinance. However, since it is a very popular cryptocurrency. Here is an estimated fee comparison:
With these assumptions, we now go through the fees of the largest providers:
|Purchase fees||free||1.49%||3.08% *|
|Holding fees||free||for free||0.05% *|
|Sales charges||spreads||1.49%||3.08% *|
|Total fees||Reasonable||€ 68.24||€ 92.32|
In general, a wallet is always the safest place to store cryptocurrencies. However, if the coins and tokens are instead on an exchange, you may lose access to them – for example, in the event of a hack attack or if a broker becomes insolvent.
Using a wallet is not necessarily more complicated than using the common stock exchange platforms. A wallet is therefore recommended in any case.
However, the use of a wallet is not mandatory for trading with SOL. Since the Solana coins are currently only available on ETFinance, you do not need your wallet.
However, if you are interested in a wallet, you can get more information about wallets in our crypto wallet comparison. However, if you want to invest in Solana (SOL) CFDs instead of buying the coins, you don’t need a wallet. All you have to do is register at ETFinance and invest in the relevant CFDs there.
Paypal, unfortunately, plays only a minor role related to the company’s warranty conditions. As a result, many brokers do not use PayPal, although it is one of the most convenient payment methods. With PayPal, for example, fees only apply if you top up your PayPal account using your credit card instead of SEPA or an instant transfer. Then a flat rate of € 0.35 transfer costs and 1.9% fees on the amount sent is suggested.
PayPal offers one of the easiest payment methods on the internet and not only that: also one of the cheapest. However, only very few brokers offer PayPal as a means of payment. Unfortunately, SOL on ETFinance cannot be purchased with PayPal.
It is currently not possible to purchase Solana’s tokens via crypto exchanges. However, you can buy SOL CFDs on ETFinance. However, if you want to get hold of real coins, you can opt for the following alternatives:
If you want to invest in cryptocurrencies, you are, of course, spoiled for choice. The most popular alternatives to Solana are:
Another alternative is crypto stocks: chip manufacturers, mining companies, and even the Bitcoin Group have posted substantial profits so far. So if you don’t just want to trade in cryptocurrencies, you can also benefit from stocks. And if you’re going to diversify your portfolio and trade in cryptocurrencies and stocks, you can do this easily via ROinvesting.
Whether you want to hold Solana long-term or trade short-term depends on your trading strategies and risk management. It is essential that you also deal with your investment strategy. If you want to act “aggressively” in the short term, you can make a quick profit. Long-term investments are worthwhile, for example, for speculating on future price increases for SOL.
Both are entirely possible, as SOL is currently gaining more and more importance and popularity. As acceptance continues to increase and further innovations are made, the SOL price could continue to rise.
Solana (SOL) only went to the mainnet in April 2020, so the coins are not yet offered for trading on exchanges. Alternatively, you can already get information about cryptocurrency on the official website. If you find out more about the project, you will find it there. This is definitely worthwhile with Solana, as it is an extremely complex blockchain. Before trading with SOL, you should read up on the project thoroughly.
However, if you want to trade the coins or speculate on their price development, we strongly recommend a secure and intuitive crypto exchange. And here you should pay particular attention to the conditions.
In our large crypto exchange comparison, you can read which brokers we recommend. Since Solana is currently only available on ETFinance, it is worthwhile to take a detailed look at our ETFinance test.
Solana is a project to solve problems in the blockchain. SOL is used in the Solana network for fee payments and rewards. Since SOL is a digital currency, you can not buy it offline.
To buy Solana, you need a good crypto exchange and, if you want to be on the safe side, a wallet. First, however, the currency must be purchased with an existing internet connection.
However, if you want to keep the currency offline, you can buy a hardware wallet.
In the early days of cryptocurrencies, it was still possible to purchase coins anonymously. But only with detours. In the meantime, it is no longer that easy to allow real anonymity to prevail when buying cryptocurrencies. If you take a closer look, you have to say goodbye to anonymous buying.
There are only really serious platforms that allow the purchase of cryptos that ask for user data. You are already in grey areas if you get to a trading platform that doesn’t do this. But then you can quickly get caught up in a fraudster and get rid of your cash but have not received any cryptos. In this respect, one should pay attention to priorities.
We rather recommend the secure and reputable SOL purchase from the online broker ETFinance, instead of 100% anonymity. The lack of anonymity ensures security for everyone involved.
If you want to trade with cryptocurrencies, you can not avoid verification at a crypto exchange. This is for your own protection and also for the protection of the exchange and those involved. After all, you want to trade with real people who have been verified. When you register on ETFinance, verification is quick and easy.
If you want to buy SOL, the easiest way to do this is with a crypto broker. In any case, however, registration is necessary. This offers protection and security at the same time for investors and the stock market. On ETFinance, you can register in minutes and then bet on the course of SOL. In addition, CFD trading is easy to learn on ETFinance.
Similar to buying the SOL CFDs, you can easily sell them on ETFinance.
The first step is to log into the customer account at ETFinance as usual. You can do this either via the computer or via the smartphone or tablet. You can also log in via the app to sell SOL. So you have different options. If you have previously registered with your own Facebook or Google account, you can simply log in here using the two buttons.
In the next step, you click on the positions. If you have previously purchased SOL, this will appear in this area.
All open transactions are listed under the item “Positions”, and you can also find important information about the transactions that have been made.
Selling positions works the same way as buying them. First, you select your original transaction and place the order to sell. But, of course, you can still choose the volume beforehand and immediately see whether the business was profitable or lossy.
Solana is a promising and exciting concept: after all, the project wants to control the previous problems of cryptocurrencies.
Bitcoin and Ripple can be used as an example here: Bitcoin prefers security and decentralisation at the expense of scalability, while Ripple relies on security and scalability and sacrifices decentralisation. Solana wants to solve exactly this. There should be a cryptocurrency that is decentralised, secure and also scalable.
If Solana can do this, it would be a giant precisely leap forward for blockchain technology.
If you want to venture into SOL, we recommend the CFD broker ETFinance. Here you have the opportunity to speculate on the course of the cryptocurrency. A wallet is not possible for this because you do not buy real coins. Although CFD trading is risky, there are high-profit opportunities here.
The Solana tokens will most likely soon be available for purchase on the most popular crypto exchanges. However, if you only want to devote yourself to trading and have little interest in actual tokens, ETFinance is currently an option, as you can purchase SOL there using CFD trading.
Brokers allow you to trade the values through CFDs or options. Then, on an exchange, you exchange currencies with other market participants. To decide on a provider, Securedbrokers has put together important assistance by comparing the best crypto exchanges.
The Solana course was able to show an increase in value of 1378.84 per cent within 10 months. As a result, the expectations of the project are high. Accordingly, one can assume that the price will continue to climb in the future.
This should be considered in advance when choosing a digital wallet. Not all wallets support multiple cryptocurrencies. Certain platforms already offer an online wallet in their offer. But there are also very secure hardware wallets that support both Bitcoin and Solana (SOL).
A trusted broker will contact you today.