Buy Solana in Canada
Solana made simple
Everything you need to know about Solana and how to start investing in it.
-$0.16 (-0.56%) past 24 hours
Solana, a network that some believe could rival Ethereum, was created by Qualcomm engineer and former Dropbox employee Anatoly Yakovenko in 2017. It’s an open-source permissionless (open to everyone) blockchain that processes an extremely high number of transactions per second (50,000 to be exact.)
Solana uses a mechanism called proof-of-history to validate transactions. Proof-of-history is sort of like a decentralized time stamp or clock — it helps the network agree on what events occurred and when, and as a result, transactions can be executed super quickly.
Solana’s native asset shares the same name and uses the ticker SOL.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
- Sign up in minutes right from your phone or laptop
- Start trading crypto with as little as $1
- No account minimums
- No clunky dashboards — just one super simple app
- Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Solana?
Similar to Ethereum, Solana is more of a platform than a basic blockchain. That means developers can use it to build apps on top of — and Solana has been pretty popular in that regard. There are over 500 companies that have built on Solana, ranging from DeFi apps (DApps) to NFT marketplaces.
Is Solana a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Solana or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Solana safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Solana prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Solana to your Wealthsimple account in just a few taps.
Other cryptos to explore
- 1 inch (1INCH)
- Celo (CELO)
More info about Solana
Want to take a deeper dive? Check out these articles about Solana and the world of crypto.
What is Cryptocurrency?
Cryptocurrencies are a type of digital asset that run on blockchain technology. Here’s everything you need to know.
Top Cryptocurrencies and Crypto Exchanges
Here’s how to buy and sell cryptocurrencies on crypto exchanges and other trading platforms.
What is Blockchain? The Ultimate Guide
A quick primer on the building blocks needed to understand the basics of blockchain
Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Solana with just $1. It’s that simple.
Solana is a decentralized blockchain built to enable scalable, user-friendly apps for the world.
Solana has announced that 489 million coins will be released, with 300,959,558 currently circulating.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any Solana transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Solana’s current market cap is 15,820,344,396.
The current price for Solana in Canadian dollars is $27.92.
Buying Solana with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Solana 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying Solana. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.