Informal:
* Salut, mon ami! (Most common and friendly)
* Coucou, mon pote! (Very casual and friendly, almost like "Hey, buddy!")
* Bonjour, mon copain! (Slightly more formal than "Salut")
Formal:
* Bonjour, mon ami! (If you want to be more polite and respectful)
* Bonjour, cher ami! (Even more formal and respectful)
You can also use:
* Salut l'ami! (Very casual and friendly)
* Bonjour à toi, mon ami! (Slightly more formal but still friendly)
The best way to choose the right phrase depends on your relationship with the person you're talking to and the situation.