SOL Purchase Guide: Buying Solana on Upbit and Transferring to Wallet

To purchase Solana NFTs, you need SOL (Solana’s native token). In Korea, the easiest way to buy SOL is through domestic exchanges like Upbit. This guide explains in detail the entire process of purchasing SOL on Upbit and transferring it to your Phantom wallet.

Upbit Registration and Verification

Upbit is one of the largest cryptocurrency exchanges in Korea. To use Upbit, you must first create an account and complete identity verification.

Proceed with registration on the Upbit website or app. Enter your email address and phone number and agree to the terms of service. Then complete registration with your Kakao account or regular email.

Identity verification is an essential process for financial transactions. Upbit requires identity verification through a bank account. If you have a K-Bank account, verification is immediate, and with other banks, you can verify through the real name confirmation process.

Once verification is complete, you can deposit Korean won (KRW) and trade cryptocurrencies. For first-time registrations, the verification process may take about a day, so it’s good to prepare in advance.

Depositing Korean Won

To purchase cryptocurrency on Upbit, you must first deposit Korean won. Go to the deposits and withdrawals menu on the Upbit app or website.

Select Korean won (KRW) and click deposit. Your Upbit virtual account number will be displayed. Transfer the desired amount to this account. Deposits are only possible from accounts in your own name, and transfers from other people’s accounts will be rejected.

Deposits are usually completed within a few minutes, but may be delayed during bank maintenance times or on weekends. Once the deposit is complete, the Korean won balance will be displayed in your Upbit balance.

Fees are generally free, but transfer fees may apply from your bank. Most banks provide a certain number of free transfers per month, so please check.

Purchasing SOL

Once your Korean won deposit is complete, you can purchase SOL. Go to the exchange menu on Upbit and type SOL or Solana in the search bar.

On the SOL/KRW trading page, you can check the current market price. There are two purchase methods: limit order and market order. Limit order allows you to set your desired price, while market order purchases immediately at the current market price.

For first-time purchases, market order is convenient. Enter the amount you want to purchase and click the buy button. The purchase will be completed within seconds and SOL will be displayed in your assets.

The amount of SOL needed for NFT purchases depends on the price of the NFT you want to buy. It’s good to add some extra for transaction fees and network fees. For example, if buying a 1 SOL NFT, preparing about 1.1 SOL should be sufficient.

Registering a Withdrawal Address

To transfer SOL to an external wallet, you must first register a withdrawal address. Upbit only allows withdrawals to registered addresses for security.

Select SOL in the deposits and withdrawals menu and click withdraw. In withdrawal address management, select register new address. Here, enter your Phantom wallet address.

Open the Phantom app or extension and click the wallet address at the top to copy it. Paste this address into Upbit’s withdrawal address field. Set the address alias to an easily identifiable name like Phantom Wallet.

You must select Solana (SOL) as the network. Selecting another network could result in loss of assets, so caution is needed. After registering the address, complete identity verification through email or KakaoTalk authentication.

Newly registered addresses can be used 24 hours later for security reasons. If you need to withdraw urgently, it’s good to register the address in advance.

Withdrawing SOL

24 hours after registering the withdrawal address, you can transfer SOL to your Phantom wallet. Select withdraw SOL in the deposits and withdrawals menu.

Select your Phantom wallet address from the registered address list. Enter the amount of SOL you want to withdraw. Check the minimum withdrawal amount and withdrawal fee. Upbit’s SOL withdrawal fee may vary, so please check before withdrawing.

After submitting the withdrawal request, complete two-factor authentication (KakaoPay authentication or email authentication) and the withdrawal will be processed. Since the Solana network is very fast, SOL usually arrives in your Phantom wallet within a few minutes.

If the withdrawal is delayed, it could be due to Upbit wallet maintenance or network congestion. Check related announcements in Upbit’s notices.

Confirming the Deposit

Open your Phantom wallet to verify that SOL has arrived properly. The transferred SOL amount should be displayed in your balance. You can also check the deposit record in recent activity or transaction history.

If SOL hasn’t arrived, check the following. Verify that the withdrawal status shows as complete on Upbit. Copy the transaction hash (TxID) and search it on the Solana Explorer (explorer.solana.com) to check the transaction status.

If you entered the wrong address, it’s difficult to recover the assets, so always double-check the address before withdrawing. Especially when copying and pasting, it’s good to develop the habit of comparing the first and last few characters of the address.

Using Other Exchanges

Besides Upbit, you can also purchase SOL on other domestic exchanges like Bithumb, Coinone, and Korbit. Each exchange has different fees and withdrawal policies, so compare and choose.

There’s also the option of using foreign exchanges. Foreign exchanges like Binance and Coinbase offer more diverse features, but they don’t accept Korean won deposits directly, so you need to go through domestic exchanges, which is inconvenient.

Next Steps

Now your Phantom wallet has SOL ready. The next step is connecting to an NFT marketplace to actually browse and purchase NFTs. We’ll learn in detail how to use major marketplaces like Magic Eden and Tensor in the next guide.

Before your first NFT purchase, it’s a good idea to thoroughly explore the market and participate in communities of projects you’re interested in. Careful decisions are the start of a successful NFT journey.