On chain trading guide step by step tutorial
Full guide Trading Solana
On chain trading on Solana we already gave you some insights on what to watch out for, why you would need to use a trading bot and much more. Here we will give you a full guide on how to start trading on the Solana blockchain today.
We advice you to also read our article about on chain trading and especially the part how to spot scams on SOL.
Step by Step Guide to Trade on Chain with Solana
1. Create a Wallet
Both wallets are easy to use and offer a mobile app so you have access to your wallet every moment of the day. When you download the app or the browser extension don’t forget to back up your private key!
Because unlike all other platforms you might sign up for, your wallet is not connected to any email address. So when you lose your phone or it get’s damaged you will lose your funds if you don’t have the private key.
2. Create a Telegram Account
9 out of 10 new Crypto projects start in Telegram, if you want to be early Telegram is the way to go! You can copy and paste a new Contract address (CA) with just 2 clicks into your trading bot. If you turn on auto buy (which most bots offer) you have already bought the token when you pasted the CA in the bot.
There is no way to trade faster, unless your bot has a scraper function or a sniper function. Not all Telegram trading bots offer these functions.
If you are new to on chain trading we recommend to start with BONK bot, since it’s simple and just offers less options than many other bot’s do. These extra options could feel overwhelming thats why our advise; is start with simple and go from there.
3. Find a Trading Bot
Now that you have set up Telegram we can find some Bots to add to your Telegram account. We have the best and most trusted telegram bots on this website and we will continue to add more trading bots when we find them.
If you know what kind of options you are looking for check out our comparison table, it will give you a good overview of what Bot offers which function. Incase you have no clue yet on what you want browse through our Trading Bots menu.
4. Safety first!
When we say safety first we mean: Export your private Key from your trading bot to the wallet which you created in step one. Some bots also allow you to import your private key incase you chose this option you can forget this step.
The reason we strongly recommend you to export your private key to your main wallet is because Telegram could ban your account if other members complain about your actions. If you haven’t exported your Private key and do get banned, you will lose your wallet and will never be able to recover it since the Trading Bot (which is also your wallet) is connected to your Telegram account.
5. Fund Your Wallet
Now that you followed all previous steps you can start trading, but before we do you would need to add some funds to your wallet. Since we are trading on Solana it would be wise to add Solana. Phantom and Solflare offer an option to buy Solana directly from your wallet. If you can’t deposit like that because it’s restricted in your region, you can fund your wallet through a Central Exchange (CEX).
Since we would be trading with a trading bot you would need to send the money to the wallet address of the trading bot. Incase you have chosen to import your wallet to the trading bot your funds will be ready in the bot after completing your purchase.
6. Ready to go!
If you followed all steps as described above you are now ready to start trading on chain with Solana! But be aware for scammers and rugs because when money is involved ppl can’t be trusted!
There are a few ways to find tokens:
- Dextools live pairs (risky)
- Call channels on Telegram
- Influencers on X (please don’t trust all of them)
- Live pair channels on Telegram (risky)
- Burn channels on Telegram (less risk)
Don’t buy more than you can afford to lose and on chain trading offers a lot of gains but it can drop as fast as it pumps.
1. BONKbot
BONKbot is one of the most used bots on the Solana chain, its easy to understand because there are not many options. It’s just buy and sell and see your portfolio.
2. Maestro
Meastro Trading bot can be used for many chains and is already used by a lot of people. They ain’t that big on SOL but we think this will change. This bot offers scraping and limit orders.
3. Trojan
Trojan is a great bot if you know what your’e doing. Incase you are new it is also easy to understand the basics so most will manage. Also there are some tutorials that can help you.
4. Magnum
Magnum can be used as your trading bot on multiple chains. This bot also has an app and development is still an ongoing process. Providing faster trading and more stability.
5. TradeWizz
TradeWizz one of the best copy trading bots for Solana. TradeWizz Provides you with a fast and secure trading experience on the Solana Blockchain. Start today with TradeWizz.