On February 28, 2022, Gemini has announced the addition of Solana (SOL) into their cryptocurrency exchange platform.
This is definitely a piece of good news, particularly for New Yorkers.
Because they had only one option to buy SOL that is on Coinbase Pro.
Now, buying SOL (also any other coin) on Gemini is cheaper compared to Coinbase Pro.
Maker Fee
Gemini ActiveTrader Fee: 0.25%
Coinbase Pro: 0.50%
Taker Fee
Gemini ActiveTrader Fee: 0.35%
Coinbase Pro: 0.50%
How to Buy Solana on Gemini
To buy SOL on Gemini, you need to select SOL and enter the amount and frequency. Then, click Continue to proceed with the payments.
Alternatively, you can also buy SOL via Gemini ActiveTrader.
In fact, buying SOL via ActiveTrader will result in the lowest fee.
You can compare the Gemini Basic trading interface fee (aka web fee) with the ActiveTrader fee here.
Steps to Buy Solana on Gemini
1. Sign in to your Gemini Account
To buy SOL on Gemini, first, you need to sign in to the Gemini exchange.
Type your email address and password.
Then, click Sign in.
In case you have not created an account on Gemini, you can create one here.
To create an account on Gemini, you need to enter your name, email address, mobile number, and documents like your driving license, national id, or passport.
2. Buy via Gemini Basic
After signing in, you will be landed on the Gemini Basic trading interface, which is the default one.
Now, you need to select your cryptocurrency.
Since we are going to buy SOL, you need to click on SOL.
SOL can be found under Cryptos on your landing page.
Once you have found Solana (SOL), click on it.
Now, you can see the Make a trade option along with the Solana chart.
Select the frequency of your trade under How often? Field. You can select once, daily, weekly, monthly, twice monthly, or monthly.
Just enter the amount in the How much? field.
Then, click Continue.
Next will be your payment method window.
You can pull money from the bank accounts that you have set for deposit and withdraw, debit card, or Gemini balance.
Once you have completed the payment, you can see a buy order notification pop up on your screen.
This is how you can buy SOL on Gemini with the basic trading interface.
3. Buy via ActiveTrader
Buying via ActiveTrader is one of the best ways to buy SOL on Gemini.
Because in this way, you can get any cryptocurrency for cheaper fees.
To start trade via ActiveTrader, you need to go to the Settings.
You can find the Settings under Account, which is located on the top right corner of your computer screen.
Once you are inside the Settings, you can scroll a bit to see the Trading interface.
Click on ActiveTrader.
Then, click Back to Gemini Exchange.
You can see the ActiveTrader interface now.
If you don’t prefer the dark theme, you can change it to light by clicking the Theme button located on the top right corner of your window screen.
Being on the ActiveTrader interface,
First, you need to select the cryptocurrency by clicking the dropdown highlighted in the below image.
Type SOL in the Search pairs box and select the SOL USD pair.
Next, set the order type as Limit.
Lastly, type in either the quantity of SOL or the amount of fiat currency.
Then, click Buy.
Your order will execute once your limit gets triggered.
4. Click Portfolio
Once you have bought SOL, you can go to your Portfolio and check your asset balance.
In case you have bought SOL via Step 3, you need to go the Settings to switch back to the Gemini Basic trading interface, which is easy to navigate.
Then, you can check your Portfolio.
Conclusion
Users can buy Solana on Gemini in two ways.
The first one is Gemini Basic trading and the second is Gemini ActiveTrader.
Gemini ActiveTrader has the lowest fee compared to Gemini Basic and Coinbase Pro.
Hence, buying SOL or any cryptocurrencies via Gemini ActiveTrader could be the best and smart way.
FAQs
1. How do I buy SOL from New York?
Good news for New Yorkers!
With the absence of Kucoin, FTX, and Crypto.com, New Yorkers had the only choice of buying SOL through the Coinbase Pro account.
But now people of New York have more than one option to buy SOL. Yes, SOL can be bought via Gemini exchange.
2. Why Solana (SOL) is not on Gemini?
Solana (SOL) is now available on Gemini. On February 28, 2022, Gemini announced that it will support SOL for trading and lending.
SOL can be traded on Gemini with USD, GBP, EUR, CAD, AUD, HKD, and SGD currency pairs.
