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Where and How to Buy Solana (SOL) in Nigeria with Naira (NGN)

Solana was one of the blockchains developed to rival Ethereum by offering better speed and cheaper fees. The blockchain is powered by the SOL token.

If you’re looking to buy Solana with naira in Nigeria, we’ve put together this quick guide to help you.

What is Solana?

Solana is a blockchain that belongs to a category of Ethereum competitors called “Ethereum killers.” That’s because Solana was created to solve Ethereum’s issues like high gas fees and low transaction speed. 

You can read more about Solana and how it works in our last blog post. 

What Can You Use Solana For in Nigeria?

Whether you prefer trading crypto or investing in it, SOL offers a couple of opportunities in the crypto market. Here are some actual use cases of Solana in Nigeria:

Crypto Trading 

The most obvious use case of Solana is for trading purposes. You can buy and sell SOL and potentially profit from its price swings if the markets go your way. 

For instance, if you enter the market before the SOL price increases, you’ll benefit from the upward price movement. But if things go the other way, you’ll lose money. That’s why having an effective trading strategy is important to help you find balance. 

Online Payments

Though Bitcoin (BTC) and Tether (USDT) are more popular cryptocurrencies for digital payments, SOL can also be used for paying for things online. With Solana Pay, you can pay merchants and complete real-world transactions using SOL, USD Coin (USDC), and other supported coins.

Solana’s cheaper fees also makes it a good choice for traders moving large amounts of money across exchanges and wallets. 

Crypto Investing 

Solana can be used to access various investment opportunities in the decentralised finance (DeFi) space. These include crypto staking, crypto loans, and liquidity provision. These create avenues for investors to earn rewards or yields that double as profits. 

Buying Solana Meme Coins

SOL can also be used to buy meme coins within its network. These Solana meme coins are similar to big names like Dogecoin (DOGE) and Shiba Inu (SHIB), but they were created on the Solana blockchain by their developers. 

Popular Solana meme coins you can buy using SOL include Official Trump ($TRUMP), Melania Meme ($MELANIA), Bonk Inu ($BONK), and Dogwifhat ($WIF). 

How to Buy SOL in Nigeria

There are two major ways to buy Solana in Nigeria; buy SOL using naira or another crypto. The easiest way to buy SOL with naira is via Quidax. 

How to Buy Solana With Naira on Quidax

You can buy and sell SOL on Quidax using the simple steps below: 

  • Sign up on the Quidax website or app 
  • Complete KYC 
  • Deposit naira directly from your bank account or via the Pocket (Abeg) app. 
  • Search for “SOL” in the “Wallets” section
  • Enter the amount of SOL you want to buy and complete the transaction 

How to Buy Solana on Decentralised Exchanges (DEXs)

  • Set up a Solana wallet like Phantom Wallet, Slope, and Solflare
  • Fund the wallet with USD Coin (USDC) or any other coin on Solana (You can buy this from Quidax and transfer to your wallet)
  • Connect Your Wallet to the DEX
  • Swap the USDC or the other crypto for SOL 

Note that your transaction may be impacted by fees and slippage (the difference between the expected amount from the transaction and what you finally get). 

Why Choose Quidax to Buy SOL in Nigeria? 

Quidax recently got a provisional licence from the Securities and Exchange Commission (SEC). So, it is a reputable African crypto exchange and a top choice for buying and selling SOL in Nigeria. But here are some other reasons to choose Quidax when you want to buy SOL with naira: 

Instant Transactions 

Quidax is unfamiliar with transaction delays and similar issues. You can buy and sell SOL with just a few clicks and your order will be completed instantly. 

High-Level Security

Quidax uses advanced security tools to safeguard its website, data, and funds. These include  secure encryption protocols to protect the website from hacks and two-factor authentication (2FA) to provide customers with an additional layer of security. 

Naira Deposits and Withdrawals 

You can deposit and withdraw naira directly on Quidax with no third party. So, you can easily buy Solana with naira or sell and convert to naira within the same app. 

Reliable Customer Support 

If you have questions or need help, the Quidax support team is always ready to help. All you have to do is contact support, and you’ll get all the help or clarity you need. 

Easy-to-Use Mobile App 

Mobile-focused traders and investors will fancy the Quidax app. The dedicated mobile app is built with a straightforward design and an intuitive interface that allows you to trade on the go without hassles. Anyone, regardless of their experience, can also use the app. 

Final Thoughts

Buying and selling Solana in Nigeria can be as simple as a few clicks when you choose Quidax. Whether you need SOL to buy meme coins or you want to hodl (hold) some tokens for potential future gains, all you need is to sign up on Quidax and get trading!

Disclaimer: This content may cause extreme FOMO (Fear of Missing Out). Side effects of investing include sudden wealth (or, you know, the opposite 😢).
Please do your own research (DYOR) or speak to your financial advisor before making any decisions.

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