How to Buy Solana (SOL) in Canada

By • • Why Trust Us?
Who writes this: Every review on this site is written by Max Hamburger (pseudonym / sudo anon), an independent Canadian cryptocurrency researcher actively tracking and evaluating platforms since 2018.
How we test: We sign up for real accounts, deposit Canadian dollars ($CAD) via Interac e-Transfer, execute real trades to calculate true spread markups, and test withdrawal times to cold hardware wallets.
Affiliate disclosure: Some links are affiliate links. If you sign up through one, we may earn a commission at no cost to you. This never influences our ratings or fee math. Full disclosure.
Pricing accuracy: Fee schedules and spreads are manually verified against live Canadian order books. Check the verification date on each review for the last confirmed check. Editorial policy.

How to Buy Solana in Canada

On this page

Solana (SOL) is a high-performance blockchain designed for fast, cheap transactions. It's one of the most popular altcoins in Canada. Convert SOL to CAD.

How to Buy Solana in Canada

  1. Set up a Canadian crypto exchange account
  2. Set up a Solana wallet
  3. Buy & send SOL from exchange to your wallet
Platform SOL Spread/Fee CAD Deposit Fee SOL Withdrawal
Newton ~1.25% - 1.45% Free (Interac) Free Lane (nightly)
NDAX 0.20% Free (Interac) Flat network fee
Netcoins ~1.25% - 1.5% Free (Interac) Network fee
Kraken 0.16% - 0.26% 0.5% - 1.5% (Interac) Network fee
Wealthsimple ~1.5% - 2.0% Free (Bank / Interac) Network fee

1. Where to Buy Solana: A Crypto Exchange

A cryptocurrency exchange is where you buy and sell Solana in Canada.

Funding and deposit options: INTERAC e-Transfer, wire transfer or bank draft are the easiest ways to transfer funds between your bank account and the crypto exchange.

Payment options like credit cards and Paypal don't work for most exchanges and banks. E-transfer is the easiest and cheapest way for most Canadians to transfer funds.

There is a fee (spread) for this exchange, rates will vary.

Exchanges and banks in Canada comply with KYC (Know Your Customer) Laws. This means you will need to upload a photo ID and other documentation to verify your identity before you buy Solana.

  1. Newton – Recommended for beginners. Low fees, easy to use, and 75+ altcoins including SOL. Some users report signing up and the verification process can take time.

  2. NDAX – Recommended for buying and selling larger amounts. 0.20% flat trading fee. SOL/CAD order book with limit orders.

  3. Netcoins – Netcoins is the first publicly owned crypto trading platform in Canada. Supports SOL with Interac e-Transfer funding.

  4. Kraken – Global exchange with deep SOL liquidity. 0.16%-0.26% maker/taker fees on Kraken Pro. Also supports SOL staking.

  5. Wealthsimple – Trade stocks and crypto in one app. Convenient if you already use Wealthsimple for investing.

Can I buy Solana on Shakepay? No. Shakepay only supports Bitcoin, Ethereum, and USDC.

Compare Crypto Exchange Fees ➞

2. Set up Your Wallet

A cryptocurrency wallet is software that allows you to securely store, send and receive digital assets.

You can start with a Software Wallet (hot) to hold the keys to your Solana. Some popular and trusted wallets are Phantom, Exodus, and Trust Wallet. Phantom is built specifically for Solana and is probably the most popular option.

Hardware Wallets offer offline storage for more security. Trezor or Ledger are current market leaders. Security Tip: Buy your hardware wallet direct from the manufacturer.

IMPORTANT! Backup Your Wallet with a Seed Phrase

A seed phrase is 12 or 24 simple words the computer randomly generates for you. This is used to backup your crypto funds and allows you to regain access to your funds if something happens to your wallet.

Write your seed phrase on a piece of paper to back up your wallet. Put it somewhere very safe.

3. Send SOL from Exchange to Your Wallet

SEND your SOL from the exchange to your wallet RECEIVE address.

Solana transactions are very fast — usually under a second with fees less than a penny. One of the benefits of Solana over Ethereum is that you won't get hit with high gas fees when moving your crypto.

Tip Confirm the first and last 4 digits of wallet addresses to make sure you copied and pasted the wallet address correctly.

What is Solana?

Solana is a high-performance blockchain founded in 2017 by Anatoly Yakovenko. It uses a proof-of-stake consensus mechanism combined with a unique "proof of history" approach that allows the network to process thousands of transactions per second.

Solana has become popular for NFTs, DeFi, and meme coins. Its low fees and fast speed make it a go-to chain for developers building decentralized applications.

However, Solana has had network outages and congestion issues in the past. It's worth knowing that the network has gone down multiple times — something that doesn't happen on Bitcoin or Ethereum. The team has been working on stability improvements, but it's a trade-off to be aware of.

Is it legal to buy Solana in Canada?

Yes.

Frequently Asked Questions

Is Solana a good investment? I don't know. Do your own research. SOL has had big price swings in both directions.

Can I stake Solana? Yes. Some exchanges like Kraken offer SOL staking directly on the platform. You can also stake SOL in wallets like Phantom. Staking rewards are typically around 5-8% APY, but rates change.

Can I buy Solana through my bank? Not directly. You will need to send an Interac e-transfer or wire transfer to Newton or NDAX from your bank.

What wallet should I use for Solana? Phantom is the most popular Solana wallet. It's free, works as a browser extension and mobile app, and supports staking. Exodus and Trust Wallet also support SOL if you want a multi-coin wallet.

What is the difference between Solana and Ethereum? Both support smart contracts and decentralized apps. Solana is faster and cheaper. Ethereum is older, more established, and has more developers. Think of it like — Ethereum is the safe, proven choice. Solana is the faster, cheaper alternative that's still maturing.

Conclusion - Where to Buy Solana in Canada

Newton is the easiest exchange for beginners to buy Solana in Canada.

Why I recommend Newton:

  • 75+ altcoins including SOL
  • Low spread fees
  • Interac e-transfers for fast deposits and withdrawals
  • Send SOL to your own wallet
  • Get a $20 Sign Up Bonus →

If you're buying larger amounts, NDAX has a 0.20% flat trading fee — much lower than spread-based exchanges.

You may also be interested in: How to buy Ethereum in Canada