Last week, we added support for USDT on the Solana network. Fast forward to now, and Solana (SOL) has arrived at BitMEX.
This latest addition means that from today, users can now trade, deposit, withdraw, convert, and buy Solana on BitMEX. What’s more, it’s just one of many cryptocurrencies to arrive on our platform in the coming weeks and months – so stay tuned.
For the lowdown on what BitMEX Mobile and Web users will be able to do the next time they log into BitMEX, read on.
If you haven’t yet created a BitMEX account, you can do so here.
Trade Solana (SOL)
The SOL/USDT spot trading pair is now tradable on BitMEX Spot, on top of TRX/USDT, XBT/USDT, ETH/USDT, APE/USDT, UNI/USDT, MATIC/USDT, LINK/USDT, and AXS/USDT.
To trade SOL/USDT, simply select the SOL trading pair from the ‘Spot Pairs’ section of BitMEX Spot. You’ll then be able to place the following orders on the selected spot pair:
- Limit order: This order type lets users prepare spot trades in advance. Placing a limit order allows traders to set their own price to buy/sell crypto. If the market reaches the limit price, the trader’s order will be executed.
- Example: If the current market price for 1 SOL is 30 USDT, and you want to buy 100 SOL when the price drops to 28 USDT, you can place a limit order.
- Instructions: Select ‘LIMIT’, enter 28 in the ‘Price’ field, and enter 100 in the ‘Amount’ field. Click the ‘BUY SOL’ button to place the limit order.
- Market order: A market order is an order that is executed immediately at current market prices. Traders use this order type when they want to complete their order as quickly as possible. Traders who create market orders will not need to enter in a price.
- Example: If 1 SOL costs 30 USDT, and you wish to buy 100 SOL immediately, you can place a market order.
- Instructions: Select ‘MARKET’, enter 100 in the ‘Amount’ field, review the approximated USDT amount presented in the ‘Order Value’ field, and then click ‘Buy SOL’ to place your market order.
Buy Solana (SOL)
Users can also buy Solana in minutes, in addition to XBT, TRX, USDT, USDC, ETH, APE, MATIC, AXS, UNI, SUSHI, and LINK… The list keeps growing.
To buy Solana or any other crypto on BitMEX, simply select from 30+ fiat currency options, enter the amount that you want to spend, and then choose the cryptocurrency you wish to purchase.
Next, select your preferred payment provider (Banxa or Mercuryo), and follow the instructions set by the selected fiat gateway partner.
Users can buy Solana with the following fiat currencies: AED, ARS, AUD, BRL, CAD, CHF, CZK, DKK, EUR, GBP, GHS, HKD, IDR, INR, JPY, KES, MXN, MYR, NGN, NOK, NZD, PHP, PLN, QAR, SAR, SEK, SGD, THB, TRY, TWD, TZS, UAH, UGX, USD, VND, and ZAR.
For a walkthrough of how to buy crypto via BitMEX Mobile, read our blog here.
Convert Solana (SOL)
Users can now convert SOL into USDT (SOL) – and vice versa – with no hidden fees. All crypto conversions on our platform happen instantly, so there’s no need to worry about slippage. This new addition means users can quickly and easily convert their SOL into USDT, freeing up time to focus on trading Tether-margined crypto derivatives and/or access spot trading pairs.
To convert crypto on BitMEX, simply select the crypto you want to convert, the crypto you’d like in return, and enter the amount you wish to convert or receive. Check the conversion rate quoted on the screen, and if you’re happy with it, click ‘Confirm’. Once the conversion has been successfully executed, your converted crypto will appear in your wallet and be available for use immediately.
You can learn more about how to convert crypto via BitMEX Mobile here.
Deposit and Withdraw Solana (SOL)
Depositing and withdrawing Solana on BitMEX is easy. Simply head over to your Wallet, and click the ‘Deposit’ button. Then, select Solana and copy or scan your Solana wallet QR code to transfer SOL into BitMEX.
Note: The minimum amount you can withdraw/deposit is 0.02 SOL.
What is Solana?
Solana is an open-source, third-generation blockchain that supports a range of DeFi solutions, including the development of decentralised applications (DApps) and smart contracts.
Unlike other blockchains, Solana uses a unique combination of Proof of History (PoH) and Proof of Stake (PoS) to validate transactions, enabling the network to carry out up to 50,000 transactions per second.
The SOL token is Solana’s native and utility token that provides a means of transferring value as well as blockchain security through staking. SOL is also used to perform micropayments, known as lamports.
Coming Soon: More Spot Trading Pairs, Giveaways, and Listings
In the coming weeks, support for more cryptocurrencies and spot pairs – including ETH/XBT – will arrive at BitMEX. A number of giveaways, crypto derivatives listings, and margining options are also on their way, so stay tuned.
Download the BitMEX Mobile app to trade your favourite crypto derivatives contracts and spot trading pairs on the go, and connect with us on Discord, Telegram, and Twitter to be the first to know about our new listings and giveaways.
In the meantime, if you have any questions please contact Support.