September 24, 2022

How to Buy Solana in Turkey

If you are an investor who is wanting to invest in Solana but has no idea where to start or where you can purchase coins, you’ve come to the right place. This article serves as a comprehensive guide on how to buy Solana in Turkey.

Your success when investing in Solana will significantly depend on the crypto exchange that you choose. Considering the surplus of crypto exchanges available today, picking the best one may be overwhelming. In the same breath, however, if you are cautious with your selection, your trading journey will most likely thank you.

Below will cover three top platforms where you are able to buy Solana with ease.

eToro

You can buy Solana coins using the eToro exchange platform, here’s how:

How to Buy Solana Using eToro

Step One – Sign Up

To invest in Solana via the eToro exchange platform, you are first required to create an account and make a deposit. To register on this exchange platform, head on over to the eToro’s homepage:

  • Click on “Join Now” or “Trade Now,”
  • On the following webpage, you will see an electric form,
  • Fill in all necessary information requested in this form; log in either with Facebook, Gmail, or the other options available.
  • Before submitting, make sure you familiarize yourself with this exchange platform’s terms and conditions, as well as their privacy policy.
  • Once you have completed the review of the above, indicate that you are in agreement with it by ticking the appropriate box.
  • Submit your information by clicking on the “sign-up” button.

Step Two – Verify Identity

Another important and mandatory step when creating your eToro account is the verification phase. Step two requires you to verify your identity. First, you will be required to verify your phone number. eToro will send you an SMS with a unique number code.

Once you have entered this code, you will be taken into the second phase of verifying your account. This phase will require you to submit documents that reflect both proof of ID and proof of address.

With regards to proof of ID, any of the following can be submitted:

  • Driver’s license,
  • Passport, or
  • Any other identification card issued by the government.

In terms of proof of address, the following documents that can be submitted are:

  • A bank statement,
  • Electricity or other utility bills,
  • Social service ID, or
  • Any ID issued by the government showing your current home address.

Step Three – Deposit Funds

Before you can begin to buy Solana, you must have an investment fund to use first. In Turkey, the minimum deposit required by eToro is $200; below are basic steps on how one would deposit this amount or more:

  • Log into your eToro account.
  • In the lower-left section of your screen, click on “Deposit Funds.”
  • Enter the minimum amount or your desired amount.
  • Choose your currency.
  • Select your preferred payment method (Credit or debit cards, Online Banking, Wire, PayPal, or others).
  • Select “Deposit” to confirm your deposit transaction.
  • If your deposit has been processed successfully, you should receive confirmation.

Step Four – Buy Solana

By this step, you are now eligible to purchase Solana:

  • In the eToro dashboard, select “Discover.”
  • Select “Crypto.”
  • Scroll down until you come across “SOL.”
  • Click “Buy” and then select the amount of money you want to invest.
  • Select “Open Trade” to continue.
  • Confirm all the necessary details.

eToro Pros

  • Trading without commission
  • Variety of popular cryptocurrencies offered
  • User-friendly mobile app
  • Demo account
  • FCA Regulation

eToro Cons

  • Technical analysis is not suitable for experienced traders
  • Withdrawal fees
  • Users are charged for inactivity

Binance

An alternative to eToro is an exchange platform called Binance. Below is a step-by-step guide walking you through the process of buying Solana using Binance:

How to Buy Solana Using Binance

Step One – Create an Account

Your Binance account will act as a gateway to buying Solana, but before you are able to do so, you will need to open an account with the exchange platform and complete SMS authentication and identity verification.

You can register using the following:

  • Binance app.
  • Website using email.
  • Website using mobile number.

Step Two – Decide How You Want to Buy the Solana Asset

In the top left section of the Binance website, you will find “Buy Crypto.” You will then be shown the available options of payment in your country, in this case, Turkey:

Credit or Debit Card

Binance supports both Visa and MasterCard. To purchase Solana using a debit or credit card, follow the steps provided below:

  • Log into your Binance account and select “Buy Crypto.”
  • Select “Credit/Debit Card.”
  • Enter the fiat amount you want to spend, and the system will automatically display the amount of Solana you can get for that specific amount.
  • If you are happy with the amount, select “Continue.”
  • Select “Add a new card,” and enter your credit card details.
  • Enter your billing address.
  • Click on “Add Card.”
  • Check your payment details and confirm your order within one minute.
  • You will then be redirected to your bank’s Transaction Page.
  • To verify the payment, follow the on-screen instructions.
  • You should then be able to see the purchased Solana in your Binance Spot Wallet.

Bank Deposit

You can also purchase Solana via a bank deposit, here’s how:

  • Log into your Binance account.
  • From the Menu bar, select “Wallet” and then “Fiat and Spot.”
  • In the top right corner of your screen, select “Deposit.”
  • From the drop-down menu, select “TL” and then select “Bank Transfer (SWIFT).”
  • After clicking “Continue,” input your desired deposit amount.
  • Select “Confirm.”
  • You will now be prompted to add the account information of the bank account you are using. This bank account will be saved for future deposits.
  • You must include the Reference Code in your SWIFT remittance.
  • Now, you can instruct your bank to process a remittance instruction with the bank details you have provided.
  • Your bank deposit is now complete, and you should have Solana available in your Binance Spot Wallet.

Other Options

You are also able to purchase Solana (SOL) directly from other users by using Binance’s peer-to-peer service. There are also other options for third-party payment channels. To check which ones are available in Turkey, you should visit the BinanceFAQ page.

Step Three – Confirm Your Order

You are given a one-minute time frame in which you are able to confirm your order at its current purchase price. Anything exceeding the one-minute mark will be recalculated based on the current market price. To see the new order amount, you will need to click refresh.

Step Four – Store Your Solana (SOL) In Binance

Now that you have bought your Solana, you can either decide to store it in your crypto wallet or hold it in your Binance account.

Binance Pros

  • Indicators and tools with more advanced features
  • Low spreads
  • Mobile App available
  • Trading platform that is innovative

Binance Cons

  • Some aspects of the interface that are not entirely intuitive for beginners

Coinbase

Another exchange platform that is regarded as a trustworthy place to purchase Solana is Coinbase. Here’s how to buy Solana with the Coinbase app for Turkey residents:

How to Buy Solana Using Coinbase

Step One – Create an Account

To start the signup process, you will first need to download the Coinbase app on your iPhone or Android device. As part of the signup process, you will need a valid ID and proof of address in order to transact; make sure you have those documents ready. Verifying your ID may take a couple of minutes.

Step Two – Add a Payment Method

Next, you will need to connect a payment method. Click on the payment method box and use either your bank account, debit or credit card, or initiate a wire.

Step Three – Start a Trade

To start a trade, you will need to press the blue double arrow icon, then select “Buy” from the list of available options.

Step Four – Select Solana from the List of Assets

Type “Solana” into the search bar to search for the coin you desire. When you see Solana show up in the results, tap on it to be redirected to a purchase screen.

Step Five – Enter the Amount of Solana You Want to Buy

Use the number pad available to enter the amount you want to spend in your local currency, in this case, the Turkish Lira. The app will then automatically convert the fiat amount into a Solana amount for you.

Step Six – Finalize Your Purchase

When you are ready and happy with the amount of Solana, you will then need to tap on “Preview Buy.” Here, you will be shown all the details of your purchase. Read over this and make sure all the information is correct before you confirm your purchase.

That’s it! You have now bought Solana using the Coinbase app.

Coinbase Pros

  • Wallet built into the app
  • There is no minimum deposit requirement
  • Regulated by the Financial Conduct Authority (FCA)
  • Trading SOL through an advanced platform

Coinbase Cons

  • High charges for transactions

Conclusion

In 2022, there is optimism surrounding Solana’s potential to become one of the best cryptocurrencies around. Solana has been in the market for a few years already, but investors are confident with the giant progress that this crypto is making. As such, it is an investment for the future, and the recommended places to purchase Solana would be on the exchange platforms mentioned above, namely eToro, Binance, and Coinbase. This is thanks to their multiple deposit options, copy trading functionality, and interface that is user-friendly.