Solana (SOL) is a highly sought-after cryptocurrency consistently ranked among the top coins in market capitalisation. This shows its significance for trading and investment purposes. This article will guide you on how to buy Solana in Australia using AUD.
What is Solana (SOL)?
Inspired by California’s coastal area, the Solana project was initiated in 2017 by Anatoly Yakovenko, formerly a Qualcomm operating systems developer. Seeking to address scalability concerns in Bitcoin and Ethereum, which could only handle up to 15 transactions per second (TPS) at the time, Yakovenko designed Solana as a Layer 1 blockchain platform.
Its remarkable innovation lies in “proof of history” (POH), a system using a “crypto clock” to encode time passage with SHA-256 encryption. By May 2022, Solana achieved an average of 2,700 TPS, attracting developers with its speedy processing and low fees. Solana supports decentralised finance projects, NFTs, dApps, and smart contracts.
The SOL token, the native cryptocurrency of the Solana blockchain, is used to facilitate transactions and serve as staking rewards, with a current supply of 342 million SOL out of 508 million. As one of the largest cryptocurrencies worldwide, Solana token ranks among the top 10 by market capitalisation.
How to Buy Solana in Australia?
There are five simple steps to buy Solana (SOL) in Australia:
Step 1: Select a crypto exchange
When buying Solana or any other cryptocurrency, choose a suitable platform. Consider factors such as authenticity, security, supported coins, user interface, trading features, fees, customer support, payment methods, and the ability to purchase directly with AUD. Conduct thorough research, read customer reviews, and opt for transparent exchanges that align with your trading preferences and offer reliability. services.
You can refer to reviews of Australia-based crypto exchanges for further details. But now, to effortlessly follow along, we recommend signing up with CoinSpot, where we will demonstrate how to acquire cryptocurrency through screenshots from a CoinSpot account.
Step 2: Sign up CoinSpot account
To open a CoinSpot account, click the “Register” button to access the registration screen. Provide your email address, password, and optional referral or affiliate code.
Complete the reCAPTCHA verification and read the terms and conditions. Click “Create Account” to proceed.
Once your account is established, you will receive an email. Click the “Confirm Email” button in the email to verify your address and be directed back to the registration page.
Step 3: Deposit AUD in your account
After verifying your account, the next step is depositing AUD into your CoinSpot account. To initiate the deposit process, locate the “Deposit Funds” button in the top left corner of your account interface. Clicking on it will take you to the deposit page.
Once your account is established, you will receive an email. Click the “Confirm Email” button in the email to verify your address and be directed back to the registration page.
Step 3: Deposit AUD in your account
After verifying your account, the next step is depositing AUD into your CoinSpot account. To initiate the deposit process, locate the “Deposit Funds” button in the top left corner of your account interface. Clicking on it will take you to the deposit page.
Step 4: Buy SOL (Solana) in Australia
To choose from over 380+ cryptocurrencies on CoinSpot, click the “Buy/Sell” option. You can see details such as the current price and price change over the last 24 hours. To purchase a diversified portfolio and minimise transaction fees, you can use CoinSpot’s Bundles feature, accessible through the CoinSpot Dashboard.
To buy SOL, navigate to the top menu and search for SOL. Click “Buy SOL” to access the purchase screen, similar to the provided screenshot. The price of SOL will be displayed in the middle of the screen.
Specify the desired amount of AUD you wish to spend on SOL, then click the “Buy” button. A pop-up confirmation will appear, outlining the amount spent, associated fees, and the number of coins you will receive.
Verify that all the information is accurate, and then click “Confirm Buy” to complete the transaction. Congratulations! You are now the proud owner of SOL tokens.
Step 5: Store your SOL safely
By default, when you buy SOL on an exchange like CoinSpot, it will be stored in an in-built CoinSpot crypto wallet. Clicking Wallets at the top of the screen, you can see details such as how much SOL you own and the value in AUD.
Alternatively, cold wallets not connected to the internet are considered the most secure option. They come in external devices like USB drives or hard drives. However, you must handle them carefully, as losing the key code or device could permanently lose your cryptocurrency.
If you prefer enhanced security beyond CoinSpot, you can send your SOL to a personal wallet. Ensure you choose a wallet that meets your security requirements and provides a reliable storage solution for your SOL. Read our reviews of the best crypto wallets for Australia for more details.
Where to Buy Solana in Australia?
In Australia, residents have ample access to diverse crypto platforms that facilitate the acquisition of Solana. Large cities also boast dedicated crypto ATMs. However, some users seek a user-friendly online platform. Where to purchase Solana in Australia? We have compiled a list of the best crypto brokers and exchanges.
CoinSpot
CoinSpot stands out as the best platform to buy Solana in Australia. The platform boasts the most extensive range of coins among crypto exchanges in the country, with over 380 coins, including the Solana (SOL) token. This vast selection enables users to diversify their portfolios and explore various investment opportunities. CoinSpot users can also earn interest on 21 coins, generating passive income while holding their assets.
The AUSTRAC-registered platform offers a user-friendly interface both on desktop and through its mobile app, making it accessible to newcomers in the crypto market. The clutter-free dashboard allows for easy navigation and a smooth user experience. Besides, CoinSpot is highly rated for its excellent customer support through Live Chat, email, and a Help Centre with helpful articles and tutorials.
CoinSpot prioritises security and compliance, being a certified member of Blockchain Australia, registered with ASIC, and regulated by AUSTRAC. This ensures the platform meets all KYC/AML obligations, giving users peace of mind when conducting transactions such as buying and selling SOL tokens. For further details, please refer to our CoinSpot review.
eToro
eToro is a mobile app-based social investing platform that offers a convenient way to buy cryptocurrency. With its social and copy trading features, users can benefit from the investment decisions of experienced peers. eToro provides access to over 70 coins, including Solana, and other investment assets like stocks and commodities.
Direct conversions from fiat to crypto on eToro incur a 1% transaction fee, with additional fees for specific cases such as Luna Classic transactions. Multiple deposit methods, including credit cards, PayPal, and bank transfers, are available, although certain limitations and conversion fees may apply.
Deposits on eToro are free, but payment providers may charge their fees. The minimum initial deposit is $10, and subsequent deposits have minimum thresholds. eToro is regulated in Australia by ASIC and the Australian Financial Services.
Binance
Binance is a leading global crypto exchange with a vast selection of over 600 cryptocurrencies, NFTs, vanilla options, and automated trading services. Given its low fees compared to competitors, it is renowned as a go-to platform for crypto enthusiasts. Buying Solana on Binance’s classic trading terminal incurs a fee of only 0.1%, making it highly cost-effective.
Deposits on Binance can be made in AUD through bank transfers, credit cards, and third-party providers like Simplex and Poli. Various deposit limits apply, ranging from 25 AUD to 20,000 AUD for credit card payments, with a minimum of 75.41 AUD for local bank transfers. Payment providers may impose additional fees, such as a 1.8% fee for credit card transactions and a $1 fee per transaction for bank transfers.
Binance offers a peer-to-peer market that connects buyers and sellers globally, allowing for fee-minimal transactions. Through this market, users can exchange fiat and cryptocurrencies directly with each other, while Binance acts as an escrow service. In addition to buying Solana coins, Binance also provides Solana futures, enabling users to engage in derivatives trading based on Solana’s price movements.
Swyftx
Swyftx, an Australian crypto exchange, offers a diverse range of over 310 assets, a convenient mobile web app and engaging features like portfolio tracking. The platform facilitates local deposits, enabling users to deposit and withdraw AUD free of charge through multiple payment channels such as bank transfers, credit cards, PayID, Poli, and Osko. Transactions across these channels are instantaneous.
When converting fiat to crypto on Swyftx, users encounter two kinds of fees: conversion fees and spreads. The conversion fee is a fixed rate of 0.6% based on the transaction value, while spreads are variable but typically start at 0.41%. It’s important to note that purchasing Solana incurs both spread and conversion fees.
Swyftx offers additional functionalities, including depositing in USD and trading popular cryptos like Solana and USDT. Users can also change their account’s base currency to USD, set up recurring buys, invest in crypto bundles with customisable proportions, and practice trading using a demo account.
Coinbase
Coinbase, a prominent US-based crypto exchange, offers a wide range of over 190 cryptocurrencies, including Solana, making it a suitable choice for users. The platform is incredibly user-friendly, making it an excellent option for beginners.
Depositing funds on Coinbase is simple, supporting popular methods such as bank transfers, credit cards, and wire transfers. Credit card transfers incur a fee of 2.49%, while wire transfers cost $10. Withdrawals also have fees, with credit card transfers charged at 2.49% and wire transfers at $25.
Coinbase allows users to use their bank accounts to add funds, make direct crypto purchases, receive sales proceeds, and receive balance transfers. Credit card transfers, on the other hand, are limited to direct crypto purchases. While the minimum trade size on Coinbase is $2, initiating an initial deposit of $50 for bank account verification and PayID creation is advisable.
Coinbase imposes a 1% conversion fee for direct fiat-crypto conversions, while the trading terminal charges fees ranging from 0.05% to 0.60% for trades. For further details, please refer to our Coinbase review.
Should I Buy Solana in Australia?
Considering these factors and the associated risks, you can decide whether buying Solana aligns with your investment goals and risk tolerance.
Decentralisation: Solana’s decentralised nature provides independence from government control and traditional financial limitations, offering lower fees and greater transaction freedom.
Liquidity: Cryptocurrencies like Solana offer high liquidity, allowing for easy movement of wealth across exchanges and borders.
Store of Value: Solana, with its deflationary mechanics, can serve as a long-term store of value comparable to traditional assets like gold, as its limited supply may lead to increased value over time.
Portfolio Diversification: Including Solana in a diversified portfolio can provide exposure to a digital asset with equity potential.
High Return Potential: Solana has a history of delivering high returns driven by volatility, growing adoption, and institutional interest. The potential for growth in the blockchain industry further enhances its investment appeal.
Risks: Volatility is a significant risk associated with investing in Solana and other cryptocurrencies. There is also the potential for rug-pulls, blockchain attacks, and wallet hacks, posing security risks. Additionally, regulatory challenges may impact the growth and adoption of cryptocurrencies.
Final Thoughts
To buy Solana in Australia, you must compare crypto brokers and exchanges. Evaluate their features, fees, security measures, and overall reputation to determine the most suitable platform. Opting for an exchange registered with AUSTRAC can provide additional reassurance regarding compliance. It’s important to note that owning and using Solana carries inherent risks. Therefore, consider integrating SOL into a broader investment strategy and seek guidance from a financial advisor. After acquiring SOL, assess your short- and long-term objectives to determine whether it’s preferable to store it on the exchange or transfer it to a personal wallet.
