How To Buy Solana In Australia (2023 Beginners Guide)
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Since the launch of the Solana ecosystem, the price of SOL tokens has exploded in value from $19 to $136 at the time of writing, with a price of $258.93 in November 2021. Compared to similar smart-contract networks, Solana has outperformed competitor coins such as Cardano, Polkadot and even Ethereum. Given its popularity, it is no surprise that Solana is one of the hottest coins to invest in. This article will show investors how to buy Solana with AUD and list which exchange supports SOL tokens for purchasing.
How To Buy Solana In Australia
Solana can be purchased using a traditional cryptocurrency exchange or decentralized exchanges (DEX). The latter is suited for experienced investors and traders, therefore the fastest and easiest way to acquire Solana for an investment is to use a centralized exchange in Australia.
To buy Solana, follow these steps:
- Compare and select a crypto exchange. The get started with buying Solana, it is best to search and compare the cryptocurrency exchanges and trading platforms that support SOL coins. There are several options to consider that have a variety of AUD deposit methods, trading fees and user experiences that will suit beginners and experienced investors.
- Register an account with the exchange. Creating an account will require personal information such as a valid email address or mobile number. There is also a Know Your Customer (KYC) process to be completed in accordance with AUSTRAC requirements in Australia. It is also best practice to enable 2 Factor Authentication (2FA) for additional account security.
- Deposit AUD or Bitcoin to the wallet. Once an account has been verified, deposit funds to the wallet using Australian Dollars. The vast majority of exchanges will support bank transfers and debit card purchases. The alternative method is to transfer Bitcoin or a stablecoin (e.g. USD, USDT or BUSD) which can be exchanged for Solana.
- Buy Solana. Find Solana (SOL) in the asset list and create a new order. Enter the amount of funds to spend and click on 'Buy'. The purchased SOL tokens will be deposited to the wallet which can be held on the exchange or transferred to an external wallet.
Exchanges In Australia To Buy Solana: Comparisons
For Australian residents, one of the best methods to obtain SOL is to create an account with a crypto exchange. Most of the top-tier exchanges in Australia offer Solana which can be purchased with AUD or swapped other cryptocurrencies. For existing cryptocurrency investors, Solana can also be purchased by converting other digital currencies.
The following exchanges are easy to use and compliant with AUSTRAC for purchasing crypto in Australia and have been ranked according to our exchange review and rating process. For more information on how to buy cryptocurrencies within Australia besides Solana, read this article.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|$20 Bitcoin for creating a verified account||Visit Swyftx||Swyftx Review|
|350||0.1% (spot) and 0.02% / 0.04% (Futures)|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|380||1% (instant), 0.1% (spot)|
|$20 Bitcoin for creating a verified account and depositing||Visit CoinSpot||CoinSpot Review|
Australian Guide For Buying Solana Tokens
1. Compare and select a crypto exchange
There are several cryptocurrencies available in Australia to buy, trade and sell digital currencies such as Solana. When searching for a suitable platform, it is important to consider aspects such as whether the exchange lists SHIB tokens. Once a list of exchanges that offer SOL has been narrowed down, other important criteria to assess are the platform's AUD deposit methods, trading fees, spreads, security and customer support.
Ease of use and an intuitive mobile app is also critical for monitoring the performance of Solana at any time and place. We have listed the best crypto exchanges in Australia and rated each exchange on these important aspects to help you make an informed decision on selecting the right exchange.
2. Register an account with the exchange
Once a suitable exchange has been selected, the next step is to create an account. The process will typically involve visiting the website and clicking on 'create a new account'. One of the best places to buy Solana in Australia is Swyftx which offers a free $20 BTC bonus for creating an account. Using this example, visit the website and click on the "Sign Up" button. This will redirect using a Swyftx referral code to the registration page that will show the promotion code. Enter a valid email address, set a strong password, full name and phone number. Click "Agree" to the terms and conditions and hit "Create My Account".
To comply with the Australian Government requirements (AUSTRAC), most exchanges will mandate a Know Your Customer (KYC) process to minimize the risk of fraudulent activity. This is compulsory for exchanges in Australia that have a fiat-to-crypto gateway that accepts AUD.
The exchange will prompt the user to complete the verification process once the account is created. Before funds can be deposited, the KYC process must be approved by the exchange. Getting verified on an exchange should take a few minutes. For example, the process on Swyftx is fast and hassle-free and can be completed within 2 minutes of creating a new account.
To start verification, log in to the account and navigate to the 'Verification' tab under the 'Profile Tab'. A valid email address, mobile phone number and identity document number will need to be provided.
Before depositing AUD or Bitcoin to the account, it's recommended to enhance the account security by activating Two-Factor Authentication (2FA). This enhanced security measure requires two forms of credentials to access and withdraw funds and helps to protect the user from unauthorised access.
On Swyftx, the 2FA option can be found within the user profile settings. Activating the enhanced security option will defer to popular apps for multi-factor authentication such as Authy and Google Authenticator which can be downloaded for both iOS and Android devices.
3. Deposit AUD or Bitcoin to the wallet
Once a new account has been created, verified and secured with 2FA, the next step is to fund the account with Australian Dollars. The vast majority of exchanges in Australia provide a fiat-to-crypto onramp that allows payment using common methods such as:
- Bank transfer (deposited instantly)
- PayID (1 business day)
- POLi Payments (credited instantly)
- Credit Card (approx. 30 minutes to process)
- Cryptocurrency (transfer time depends on the network)
Alternative payment methods include cash deposit at a local newsagency, BPAY and debit cards however are not widely supported. For credit card crypto buys, Swyftx is one of the few exchanges in Australia that allows credit card purchases. Although, the major banks in Australia can block the transaction.
Related: How to invest in crypto with a credit card.
Existing cryptocurrency owners can also transfer Bitcoin, Ethereum and other altcoins or stablecoins to the exchange to convert into Solana. The process involves clicking on 'deposit', choosing SOL and copying the unique wallet address for the coin. The transfer can be made from an external wallet or exchange to fund an account.
4. Buy Solana
The final step to buying Solana is to select the asset from the list of coins to purchase. An order entry window will appear that will allow users to select the currency to purchase SOL tokens with AUD, USD or Bitcoin. In the example below, the Bitcoin wallet is being used to convert into Solana tokens.
Exchanges such as Swyftx provide several options to purchase coins using market, limit, stop limit or recurring orders. For beginners, market and limit are the most commonly used. To make a purchase, enter in how much to spend or choose the number of SOL tokens to buy. Click on 'Instant Buy' to complete the transaction. The purchased coins will be transferred and stored in the user's wallet.
What Is Solana?
Solana is a smart-contract platform that runs on an open-source blockchain that can be used to host decentralized applications (dApps). The ecosystem is widely used for a range of dApps and Non-fungible Token (NFT) marketplaces and also decentralized finance solutions. The native token of the network is the SOL token which is the foundation of the ecosystem and can be used for several functions which include paying transaction fees, staking and as a currency to power dApps.
Combined with its fast transaction speeds, a growing network of applications and the ability to use SOL to provide liquidity, stake or mint NFTs makes it one of the most investable cryptocurrencies on the market. For more information, read our full guide on Solana and how it works.
Can You Buy Solana In Australia?
Australians can purchase Solana (SOL) directly through a regulated cryptocurrency exchange based in Australia. Cryptocurrency exchanges let investors buy and sell Solana with Australian Dollars (AUD) using several payment methods or even trade in another crypto for SOL tokens. Individuals will need to create an account, complete ID verification and deposit AUD to get started.
Frequently Asked Questions
Yes, there are several cryptocurrency exchanges in Australia that support SOL trading against AUD. Platforms such as Swyftx and CoinSpot can be used to convert SOL back into AUD by selling Solana on the exchange.
It is possible to stake Solana using an Australian crypto staking platform such as Binance which offers 6% APY at the time of writing. There are other global exchanges that are available in Australia and support staking Solana such as Bybit, KuCoin and FTX.
Cryptocurrencies are speculative assets and thorough research and financial guidance should be sought before purchasing tokens such as Solana. Within Australia, several popular exchanges provide support for buying, trading, storing, selling and even staking Solana using AUD, Bitcoin or other altcoins. In our opinion, the top-rated platform to get involved with Solana for Australians is Swyftx, which offers a feature-rich exchange, competitive trading fees and a modern website or mobile app.