Solana Trading Platforms

Written by Naylyan Nazifova

Naylyan Nazifova

Naylyan Nazifova is a recognised expert in the online trading field. She has many publications and analysis covering forex trading, stock investing and personal finance. 

, | Updated: October 24, 2024

Cryptocurrency trading has revolutionized the financial world, providing enthusiasts with exciting opportunities to benefit from the volatile yet profitable market. Among the plethora of digital currencies, Solana has emerged as a highly sought-after trading option with its high throughput and low transaction costs. This publication aims to cover everything you need to know about Solana trading, plus the top 10 Solana brokers and exchanges on the market.

1Fusion Markets

Rating: 4.9 ⭐

74-89% of retail CFD accounts lose money

Top Rated

2FP Markets

Rating: 4.8 ⭐

73.85% of retail investor accounts lose money

3IC Markets

Rating: 4.6 ⭐

70.64% of retail investor accounts lose money

4AvaTrade

Rating: 4.5 ⭐

76% of retail investor accounts lose money

5Axi

Rating: 4.0 ⭐

The vast majority of retail client accounts lose money

Best Platforms for Solana Speculative Trading

1. TRADE NOW READ REVIEW
   1. Fusion Markets

   Fusion Markets enables crypto enthusiasts to trade the most popular crypto CFDs with no minimum deposit requirements or fees. The company has waived all commission fees for crypto CFD traders and the only fees they pay are through the spread. Solana is among the 13 crypto trading instruments, currently offered by the brand, with minimum spreads of 0.143 and average spreads of 0.2 for SOL/USD.

   Trading SOL CFDs with leverage is also available, enabling traders to increase their market exposure with less capital. Apart from Solana trading, crypto enthusiasts can benefit from competitive Bitcoin spreads of 0.04% and Ethereum spreads of 0.09%. They can choose between MetaTrader 4 and 5, Trading View, or cTrader platforms to execute their trades.

   Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.
2. TRADE NOW READ REVIEW
   2. FP Markets

   FP Markets is a top-tier broker boasting impeccable regulatory status from the ASIC and CySEC authorities. The company is committed to excellence in customer care, which is also reflected in its high Trustpilot score. Traders can profit from rising and falling prices of crypto CFDs without the need for a digital wallet or crypto exchange.

   Beyond the widely popular Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, traders will find competitive average spreads of 0.903 for the SOL/USD pair. The broker currently has 12 pairs on offer for crypto traders. The total roster of tradable products on FP Markets exceeds 10,000, enabling consumers to diversify their portfolios and spread risk across different assets. They can choose from several advanced platforms, including MT4 and MT5.

   10 per quarter for non-AU traders; 20 per quarter and notional volume of AU$1,000,000 per 4 quarters in the last 1 year 73.85% of retail CFD accounts lose money
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   3. Axi

   Founded in 2007, Axi has gradually expanded its operation and grown into a global broker. The company’s entities hold top-tier authorities’ regulatory approval, including the ASIC and FCA. The broker provides 30 of the most popular cryptocurrencies for 24/7 trading with competitive spreads and no digital wallets required. Traders can increase their market exposure by up to 1:2 leverage, including Solana. Standard Account spreads for SOL/USD start from 0.1.

   The minimum deposit requirements at Axi would depend on the payment method used and vary between $5-$10. However, the company recommends funding accounts with a minimum of $200 to cover the margin requirements of open trades.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
4. TRADE NOW READ REVIEW
   4. IC Markets

   IC Markets offers a first-class trading experience with fast order execution and powerful trading terminals, including MT4, MT5, and cTrader. The broker gives access to a variety of global trading markets, including 21 cryptocurrency CFDs. With a maximum allowable leverage of 1:2, no commissions, and live support, crypto enthusiasts are provided with excellent conditions. Minimum and average spreads of trading SOL/USD at IC Markets stand at 0.10.

   Other crypto CFD markets that traders can explore include Bitcoin. Ethereum, Ripple, and Litecoin, to name a few. Deposits are instant and fee-free, with options to choose from VISA, MasterCard, PayPal, Neteller, Skrill, and wire transfers.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
5. TRADE NOW READ REVIEW
   5. AvaTrade

   AvaTrade offers a great trading experience for retail and professional traders across a variety of CFD markets including 20 cryptocurrency pairs. Traders can create live accounts at AvaTrade against a minimum deposit of $100. Among the trading tools this broker offers are Expert Advisers and Copy Trading platforms. Traders can opt for a unique risk management tool called AvaProtectTM or enable the TradingCentral automated analysis add-on.

   SOL/USD is among the supported crypto instruments, with a 1% over-market spread. Retail traders can increase their market exposure by taking advantage of a 1:2 leverage. Market news, blog posts, and social media updates help crypto traders stay in tune with the latest developments in the crypto trading market.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Comprehensive Comparison of the Top 5 Solana Trading Platforms

Best Platforms for Buying and Exchanging Solana

1. Bybit

   Established in 2018, Bybit embarked on a mission to revolutionize traditional finance and facilitate the growth and development of the crypto and Web3 ecosystem. By 2020, the company surpassed $4 billion in daily trading volume. With 30+ million users across 230+ countries, $25+ billion in daily average trading volume, and 24/7 customer support, Bybit is nowadays among the top-rated cryptocurrency exchanges.

   Bybit offers more than 600 cryptocurrencies and 900 crypto trading pairs. The company supports a custodial crypto wallet. Thanks to a user-friendly layout, customers can buy, sell, trade, and stake SOL with just a few clicks.

2. KuCoin

   Founded in September 2017, KuCoin is another secure cryptocurrency exchange enabling crypto traders to buy, sell, and trade Solana plus 750 other coins. The company offers a transparent fee structure for spot and futures crypto trading, based on the account VIP level and the particular cryptocurrency asset.

   The maker/taker fees for Solana spot trading, which is among the top cryptocurrencies supported by the exchange, stand at 0.100% for holders of Vip Level 0 accounts. The maker/taker fees for futures trading of SOLUSDM and SOLUSDTM start from 0.020% and 0.060%, respectively. Deposits are fee-free, whereas withdrawals of SOL are charged, with a minimum withdrawal requirement of 0.02 SOL.

3. OKX

   Founded in 2017, OKX is a spot and derivatives exchange with headquarters in Seychelles and multiple offices around the globe. With a portfolio of more than 350 supported cryptocurrencies and 500 trading pairs, OKX currently serves 50+ million consumers in more than 100 countries. However, it is currently not available to US investors.

   The exchange offers a tiered structure, based on users’ 30-day trading volume, with different trading fees. VIP 1 Level users, for example, pay maker/taker fees of 0.090% / 0.180%. Trading fees decrease with higher trading volumes. Consumers can buy Solana and various other cryptocurrencies in a few clicks using bank cards, bank transfers, or digital wallets.

4. MEXC

   Established in 2018, MEXC quickly became the cryptocurrency exchange of choice for 10+ million consumers across more than 170 markets. The exchange stands out for its high performance, with the ability to complete 1.4 million transactions per second and mega transaction matching technology. Besides Solana, MEXC provides its customers with the opportunity to trade a broad spectrum of trading pairs and other cryptocurrencies, including BTC, USDT, and ETH.

   Deposits through the Solana Network are fee-free, whereas withdrawals entail a 1.5 withdrawal fee. The minimum withdrawal amount stands at 10. Spot maker/taker fees stand at 0.000% / 0.000%, whereas Futures maker/taker fees are 0.0000% / 0.010%. To check the hourly interest rate on MEXC for their selected crypto, users should click on the ‘Loan’ button in the transaction interface.

5. PrimeXBT

   PrimeXBT was launched in 2018 and currently has 1+ million users in more than 150 markets. The brand has built an “all-in-one” platform where cryptocurrency enthusiasts can trade Crypto Futures contracts, engage in 100+ CFD markets, copy expert traders’ moves and strategies, or purchase cryptocurrencies using their traditional bank cards.

   The maker/taker fees for SOL Futures trading are 0.01% / 0.02%. Deposits are fee-free, whereas withdrawals start from $0.5 depending on the chosen blockchain. There are no additional fees charged for opening an account, account maintenance, or for the demo trading environment of the exchange.

Quick Facts About Solana and Solana Blockchain

Solana is a blockchain platform presented to the general public in 2020 by Solana Labs, founded by Anatoly Yakovenko two years earlier. Launching at an initial price of $0.9511, the new cryptocurrency quickly picked up speed thanks to its unique consensus mechanism combining Proof of Stake and Proof of History. Thanks to it, transactions can be processed at phenomenal speed and entail very low costs without compromising security and decentralization. The native cryptocurrency of the blockchain, SOL, is supported by all leading cryptocurrency brokers and exchanges. By November 2021, Solana reached an All-Time High (ATH) of $260.06

The Solana whitepaper, published in November 2017, revealed a major advantage of the blockchain, one that many other cryptocurrencies and conventional payment methods struggled to offer, of scalability. Upon its launch in 2020, the Solana network could process 65,000 transactions per second. The fast processing times of Solana are, indisputably, its biggest asset.

Furthermore, as mentioned above, Solana does not require as many resources as other cryptocurrencies, resulting in lower transaction fees and costs. This, subsequently, makes the Solana Network a more environmentally friendly alternative to other cryptocurrencies.

With a market cap of nearly $70.50 billion and an approximate price of $143.50 as of July 2024, Solana is among the five most valuable cryptocurrencies in the world.

Solana Brokers vs. Solana Exchanges

The introduction of cryptocurrencies into the financial market has sparked the interest of many traders. However, as digital currencies are fairly different from other tradable assets, it is important to be aware of the various methods to trade them. Two of the most popular methods to trade crypto are through brokers and exchanges. Distinguishing between the two will help traders and investors make better-informed decisions.

Solana brokers provide traders with the opportunity to trade crypto Contracts For Differences (CFDs). Instead of directly purchasing the underlying asset, or Solana in our case, traders can profit from the price movements without actually owning it. Through CFDs, brokers and investors speculate on the price movement of a particular cryptocurrency. Traders must choose the amount they are willing to invest and specify if they want to place a buy or sell order.

Traditional crypto trading, through exchanges, was the way crypto trading worked before the introduction of CFDs. Traders must purchase or sell cryptocurrencies through the exchanges, which entails direct ownership of the assets.

Crypto CFD trading and traditional trading both have their benefits and setbacks. One of the greatest advantages of crypto CFD trading is the option to utilize higher leverage, which increases investors’ exposure to the markets, enabling them to trade larger positions with less capital. However, the potential to maximize profits comes with a significant risk of magnifying losses as well. Trading cryptocurrencies through brokers eliminates the need to sign up for an account at an exchange but may sometimes involve higher fees. Trading exchanges, on the other hand, supply investors with a greater range of supported cryptocurrencies compared to CFD brokers.

Both methods entail trading costs. Brokers usually charge a spread, or the difference between the buy and sell price, while some companies charge a commission. Exchanges profit from fees per transaction.

How to Confirm if Solana Trading Platforms Are Regulated?

Traders willing to engage in Solana trading must check several aspects of their selected broker/exchange before they invest any real funds.

First and foremost, they must verify the regulatory compliance of the company. Based on the markets brokers/exchanges operate in, they will comply with the regulatory requirements of different financial monitoring bodies. They are usually mentioned in the footer of their home pages, with links to the respective regulatory authority.

Providing information clearly and transparently also speaks volumes of a company’s trustworthiness. Information about costs and fees, terms and conditions, company contact details, and team members is an important part of building an impeccable reputation.

User reviews on popular platforms such as Trustpilot are yet another way to confirm if a company can be trusted. Checking if the company responds to and deals with negative feedback is also an important part of establishing its reputation.

Other important considerations that we can add to the list are the presence of security measures and technological innovations and knowledgeable customer support.

Ways to Trade Solana Online

With many different ways to trade cryptocurrencies, novice traders should be able to have a basic understanding of the most common methods. Once they grasp their key features, they will be able to pick the most suitable one for them.

Spot trading involves the direct purchase or sale of an asset, such as Solana, at its market price, granting investors immediate ownership. Spot trading requires using the services of an exchange, with no option to utilize leverage. Spot margin trading, on the other hand, enables traders to employ leverage, and buy and sell more assets by borrowing funds from the trading platform. As a whole, spot trading offers simplicity and direct exposure to markets.

Contracts for Differences (CFDs) enable traders to speculate on the price fluctuations of Solana and other cryptocurrencies without ownership of the underlying asset. Traders can derive profits from both rising and falling prices. They can take advantage of leverage to control larger positions on the market, which, however, magnifies the associated risk.

Futures trading involves the purchase or sale of a Futures contract that derives its value from an underlying asset. When buying or selling SOL Futures contracts, traders do not own the underlying asset. Instead, they are reaching an agreement to buy or sell the asset at a preset price on a specified future date. Profits and losses are determined depending on the difference between the value of assets when traders enter the market and the respective value when they sell the contract.

Each of the above-mentioned trading instruments, spot, CFDs, and Futures, offers particular benefits and setbacks. Traders must carefully weigh their trading goals and risk appetite to pick the most suitable instrument for their trading journey.

Trading Solana with Leverage

Trading Solana and other cryptocurrencies with leverage involves borrowing funds from a broker to increase one’s buying power. Traders use their own capital as a ‘margin’ to get access to the borrowed funds, known as ‘leverage’. They should not forget that using leverage can magnify both potential profits and losses.

Leverage is typically used with crypto CFDs, where traders do not own the underlying asset. They can choose to open a long or short position, depending on their expectations, and profit from their successful predictions. The proportion of margin to leverage is typically presented as a ratio (1:2, 1:5, etc.)

Based on the markets where brokers operate, there are different requirements for maximum allowable leverage for crypto CFD trading. The ASIC and CySEC, for example, have set the maximum allowable leverage for retail traders to 1:2.

To effectively manage the risk associated with crypto CFD trading with leverage, traders can open a demo account to practice or use stop-loss orders. Also, gradually increasing the rate of used leverage and limiting the period of open trades can help mitigate the risks.

What Moves Solana Prices?

Much like other assets and cryptocurrencies, Solana prices can be affected by various factors, developments, and actions on the financial market. Developments within the regulatory domain can directly impact Solana prices in both directions.

While positive feedback from governments, for example, can boost traders’ confidence in the crypto, negative events, such as regulatory restrictions, can have an adverse effect and lead to a reduction in price.

Following a press release in June 2021 regarding Solana Labs completing a $314.15M Private Token Sale, led by Andreessen Horowitz and Polychain Capital, the crypto asset reached an ATH of $260.06, just five months later, in November 2021.

After this, Solana’s price dropped by nearly 96% from its ATH, in response to the collapse of the FTX exchange, the largest holder of SOL. As can be seen, Solana’s price can be impacted by fluctuations and broader developments in the cryptocurrency market. For instance, price swings in Bitcoin and Ethereum can have a direct impact on the SOL/USD pair.

Costs Associated with Solana Trading

It is easy to comprehend why Solana has sparked the interest of many crypto traders, considering its speed, low transaction costs, and scalability. If you are interested in trading Solana for the above-mentioned reasons, then you should familiarize yourself with the trading costs associated with this cryptocurrency.

Brokers profit from spreads, or the difference that exists between the bid and ask prices of an asset. The pricing model that some brokers follow involves charging commissions, or direct fees for opening and closing trades.

Overnight funding fees relate to the costs associated with holding a trading position overnight on leveraged trades, i.e. the interest paid on leverage. Traders should also consider the associated transaction fees to deposit and withdraw funds from their trading accounts. Based on the selected payment method, transaction fees can vary and traders should check them in advance.

Cryptocurrency exchanges charge two types of fees – maker and taker fees. Maker orders are trades that are not executed immediately and add liquidity. Taker orders, in contrast, are executed immediately and take liquidity. Maker/taker fees are determined by the trading pair and the trading volume of traders within a specific period, usually the past month.

Reasons For and Against Trading Solana

With its high throughput, low transaction costs, and innovative Proof of History consensus mechanism, Solana ranks as a strong contender in the cryptocurrency trading market. Below, we have outlined its main advantages and disadvantages, so traders can decide more easily whether to trade the volatile yet potentially profitable coin.

Written by N. Nazifova