Solana, launched in 2020 by Anatoly Yakovenko, who began the project in 2017, offers investors a faster and cheaper alternative to cryptocurrencies like Ethereum, which have faced challenges scaling their networks as the markets grow. SOL, the native cryptocurrency of the Solana network, is used to power staking and serves as the project’s governance token. If you're an investor looking to buy Solana in Canada, Netcoins provides a fully regulated, publicly-traded crypto trading platform. With 0% funding fees, free cash withdrawals, and live customer support available seven days a week, we make it easy for Canadians to buy SOL and other cryptocurrencies.
1. Create an Account
Visit the Netcoins website and click on the sign-up button. Or download the Netcoins app from the app store for mobile. Enter your email address, create a strong password, and agree to the terms and conditions. You will receive a confirmation email click on the link to verify your email address.
2. Fund it
Choose your preferred funding method: bank wire transfer, Interac e-Transfer, crypto deposit, or cash deposit. Follow the prompts to transfer funds into your Netcoins account. The process is quick and incurs no fees.
3. Start Trading
Once you have funds in your Netcoins account, you'll find that it's super easy to buy SOL in Canada.
Based on 343 reviews
TrustpilotWhy Buy Solana?
Solana is a project that supports various decentralized finance (DeFi) applications, including smart contracts, NFTs, and decentralized applications (dapps), making it a strong contender in the crypto market. Solana's value proposition lies in its ability to scale efficiently, which is a significant challenge in the broader blockchain market. It achieves this scalability through an innovative hybrid design that leverages different blockchain protocols, offering faster and more cost-effective transactions compared to other blockchain networks. This scalability makes Solana an attractive option for investors looking to tap into the rapidly growing decentralized finance market.
You can also Stake your Solana with Netcoins to earn additional yield on it!
Does SOL have a supply cap?
No, Solana does not have a fixed supply cap. Unlike Bitcoin, which has a maximum supply of 21 million coins, Solana has an inflationary model. This means that new SOL tokens are continuously minted, and its supply grows over time. However, Solana has a built-in deflationary mechanism where a portion of transaction fees is burned, which helps to reduce the supply slightly over time. Initially, Solana's inflation rate was set at 8%, but it is designed to decrease gradually by 15% each year until it stabilizes at 1.5% per year, making it a hybrid inflationary model.
What makes SOL unique?
If you're looking to learn about what Solana is? Click here.
Solana stands out in the market due to its innovative combination of Proof-of-History (PoH) and Proof-of-Stake (PoS) protocols, which enables the network to achieve significantly higher scalability. This hybrid approach allows Solana to process thousands of transactions per second, offering much lower fees and faster transaction speeds compared to other blockchain networks like Ethereum. Solana’s unique infrastructure makes it a competitive alternative for decentralized finance (DeFi) projects, NFTs, and decentralized applications (dApps). By combining Ethereum-like functionality with superior transaction efficiency and cost-effectiveness, Solana offers a compelling proposition for developers and investors looking for a scalable, high-performance blockchain solution.
Why is Solana Called Ethereum Killer?
Solana is often referred to as an "Ethereum killer" because it directly addresses one of Ethereum’s most significant challenges: scalability and speed. While both Solana and Ethereum aim to host smart contracts and decentralized applications, Solana’s unique Proof-of-History (PoH) combined with Proof-of-Stake (PoS) enables it to process transactions much faster and at a fraction of the cost. Ethereum has struggled with network congestion, leading to high gas fees, which can make using the network costly for users. Solana, by contrast, can handle thousands of transactions per second with minimal fees, making it a more efficient and scalable option. This advantage in speed and cost has positioned Solana as a strong competitor to Ethereum, earning it the "Ethereum killer" label in the blockchain market
If you want to learn more about Blockchains, Bitcoin or Ethereum, follow our educational blog!
Why is KYC (Verification) required?
Netcoins Inc. is a licensed money service business under FINTRAC, and a registrant under the Provincial Securities Commissions, and adheres to the strict guidelines set by them for Money Transmitter Businesses and Securities Registrants. We are required to have a Know-Your-Client (KYC) process and compliance program in place. KYC is a process that allows us to verify the identity of our customers.
What do I need to provide for your verification process?
You will have to provide your email address, phone number and personal information including your first name, last name, address, date of birth and a piece of identification (like a driver’s license). Most users are verified at this point through our automated process. If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business.
How can I fund my account?
Your Netcoins account can be funded with a crypto deposit, Interac e-Transfer, or a bank wire transfer. Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy SOL in Canada.
