I used to buy it and stake it on Binance in one simple step but currently, the UK regulators stupidly restricted Binance from operating here so I tried Exodus wallet, which makes it super easy to buy and stake in just one click for 7% APY, but the current debit card fees from Ramp and Moonpay (the two services that provide the payment) are way too high. So I was wondering if someone figured out what’s the best way to proceed in the UK to send GBP and get SOL ready to stake with reasonable deposit fees. Thank you for any advice.
Hey mate, Been on Solana for 3 years now and have been writing code on chain for almost a year.
Download the phantom wallet, it’s a chrome extension and there’s also a brilliant mobile app for iOS(not sure about android). It’s so easy to use, mobile friendly, and the most popular Solana wallet by far, use it, seriously. Don’t keep your money on an exchange. Look at what happened with FTX. Let me know if you run into any troubles.
Deposit directly from your bank account into your phantom wallet using moonpay. Click Buy -> USDC -> Moonpay -> enter bank credentials and off you go, it says it could take up to 24 hours but I have never seen it take more than 5 minutes.
Now you should see the USDC you just deposited in your phantom wallet. Phantom has a native dApp friendly browser built into it, if your on mobile it’s the bottom right button/tab that kinda looks like a globe. Click on it, from there head to Jupiter where you can swap your coins seamlessly and instaneously
Swap your USDC to Solana. Jupiter is an aggregator that finds the most efficient path among all Solana dex’s to maximize the value you’re getting. The swap is virtually instaneous, you’ll get a confirmation message and the solana will appear in your wallet before you can blink.
Stake it natively with Marinade, or stake it directly within the Phantom app by clicking on your Solana balance and clicking “start earning SOL”. Marinade is better because it automatically (you don’t have to care or worry about how this works behind the scenes) delegates your solana out to the best validators to maximize both your returns and the network security.
Any questions or issues ping me, happy to help. Welcome to Solana. There’s a ton of epic defi dApps to dig into once you’re comfortable.
Thank you so much for your exhaustive answer! I will try replicating all these steps.
The only problem that I foresee, is the same roadblock I encountered while buying SOL inside the Exodus wallet, Exodus use Moonpay and Ramp as integrated on-ramp services to buy; and whenever I choose “via bank transfer” (to avoid fees), my bank deposits are not approved by any of my UK banks, saying they don’t allow transfers to crypto-related accounts! WTF. Therefore I have to click on the Ramp or Moonpay “debit card” option and that’s when the high fees also arrive.
The only problem that I foresee is the same roadblock I encountered while buying SOL inside the Exodus wallet, Exodus use Moonpay and Ramp as integrated on-ramp services to buy; and whenever I choose “via bank transfer” (to avoid fees), my bank deposits are not approved by any of my UK banks, saying they don’t allow transfers to crypto-related accounts! WTF. Therefore I have to click on the Ramp or Moonpay “debit card” option and that’s when the high fees also arrive.
Hey! Oddly enough, I just ran into similar issues with Moonpay as I was trying to deposit more money into my Phantom wallet. Wouldn’t accept my debit card.
I ended up just depositing USDC into coinbase and then used the coinbase-pay integration inside the Phantom wallet to seamlessly transfer funds from coinbase->wallet.
Is Coinbase an option for you? I am not familiar with UK laws!
I’ve been buying direct via moonpay so will give the USDC option a whirl thanks. From a selling point of view, would you reverse your current buying process or do something else?
My selling process would look like this, although I would not advise you to sell with the imminent bullrun and massive growth of SOL coming, things are just starting to heat up.
Unfortunately, I don’t think there is a better way at the moment, cashing out still involves going through a CEX. However, I don’t think it will be that long (<5 years) before you can skip the centralized exchange altogether and buy things directly from your Phantom wallet with SOL and/or USDC.