What Is Solana?
Solana is a high-performance blockchain platform designed for speed, scalability, and low transaction costs. Launched in 2020 by Anatoly Yakovenko, Solana was built to solve the scalability challenges that affect older blockchains like Bitcoin and Ethereum.
The platform's native cryptocurrency is SOL, which powers the entire Solana ecosystem. SOL is used to pay transaction fees, secure the network through staking, and interact with the thousands of decentralised applications running on Solana. With a market cap exceeding €70 billion, Solana consistently ranks among the top cryptocurrencies globally.
Why Solana Stands Out
Solana's key innovation is its Proof of History (PoH) consensus mechanism, combined with Proof of Stake. This hybrid approach allows Solana to process up to 50,000 transactions per second with average fees of just a fraction of a cent. For comparison, Ethereum handles roughly 15-30 transactions per second with significantly higher fees.
This speed and affordability have made Solana popular for applications requiring high throughput: NFT marketplaces, decentralised exchanges, meme coins, and payment solutions all thrive on the network. Major partnerships, including integrations with Visa for stablecoin settlements, demonstrate growing institutional interest in Solana's technology.
How to Buy Solana Online in Europe
European buyers can purchase SOL through various regulated platforms using multiple payment methods.
SEPA Bank Transfer
SEPA transfers offer the most cost-effective way to buy Solana in Europe. Standard transfers take 1-2 business days, while SEPA Instant settles within seconds. Most exchanges charge zero or minimal fees for SEPA deposits, making this ideal for larger purchases.
Credit and Debit Cards
Card payments provide instant access to SOL, typically with fees ranging from 2% to 4%. Visa and Mastercard are widely accepted across European exchanges. This method suits buyers prioritising speed over cost.
iDEAL and Local Payment Methods
Dutch buyers can use iDEAL for instant Euro deposits. Other regional options like Bancontact, SOFORT, and Giropay are supported across multiple platforms.
PayPal and Digital Wallets
Several exchanges now accept PayPal, Apple Pay, and Google Pay for Solana purchases. Availability varies by platform and region, but these options offer convenience for buyers already using these services.
What to Consider When Buying Solana
Platform Verification
Choosing a trustworthy exchange is essential. BXWY independently verifies platforms for proper licensing, security measures, and transparent fee structures. Look for exchanges registered with European financial authorities or operating under MiCA compliance.
Fee Transparency
Solana purchases involve deposit fees, trading fees, and potential withdrawal fees. Some platforms hide costs in wider spreads. Always compare the total transaction cost before committing to a purchase.
Security Features
Reputable exchanges implement two-factor authentication (2FA), cold storage for customer funds, and regular security audits. Consider whether you want to keep your SOL on the exchange or transfer it to a personal wallet for maximum control.
Network Considerations
Solana has experienced occasional network outages in the past, though recent upgrades have significantly improved stability. The network's speed means withdrawals typically confirm within seconds once processed by the exchange.
Storing Your Solana
After purchasing SOL, you have several storage options:
- Exchange Wallets: Convenient for active trading but you don't control the private keys. Suitable for smaller amounts or frequent trading.
- Software Wallets: Applications like Phantom provide an excellent balance of security and usability. Phantom is the most popular Solana wallet, offering seamless access to DeFi applications and NFT marketplaces.
- Hardware Wallets: Physical devices like Ledger store your SOL offline. The most secure option for long-term holdings, protecting against online threats and exchange failures.
The Solana Ecosystem
One advantage of holding SOL is access to Solana's thriving ecosystem. The network hosts thousands of decentralised applications spanning DeFi protocols, NFT marketplaces, gaming platforms, and meme coin trading. With SOL in your own wallet, you can interact directly with these applications without intermediaries.
Solana also supports staking, allowing SOL holders to earn passive rewards by delegating their tokens to validators. Current staking yields typically range from 5% to 7% annually, though rates fluctuate based on network participation.
Regulatory Environment
The EU's Markets in Crypto-Assets (MiCA) regulation establishes comprehensive rules for cryptocurrency platforms operating in Europe. This framework ensures fee transparency, licensing requirements, and consumer protections. Purchasing Solana through BXWY-verified platforms means benefiting from this regulated environment.
Is Solana Right for You?
Solana offers exposure to one of the fastest-growing blockchain ecosystems with significant technological advantages. However, like all cryptocurrencies, SOL can experience substantial price volatility. Its all-time high reached nearly €275 in January 2025, demonstrating both upside potential and the importance of understanding your risk tolerance.
Whether you're buying SOL for the first time or expanding your portfolio, comparing platforms ensures you find the best combination of rates, security, and payment options.
