Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy Solana. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!

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Solana

Australia has a good number of trusted and regulated crypto exchanges, so it’s quite easy finding an exchange that has Solana. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.

Let’s get into it!

How to Buy Solana in Australia

There are only 4 main steps involved and it’s pretty straightforward:

  1. Choose a crypto exchange
  2. Sign up with the exchange
  3. Fund your account with AUD
  4. Buy Solana

1. Choose a crypto exchange

As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has Solana in its list of cryptocurrencies.

Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.

And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.

So for this guide on buying Solana, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer Solana.

Alternatively, if you want to know more about the exchanges we like, check our comparison of the Australian crypto exchanges.

2. Sign up with the crypto exchange

Once you’ve decided on which exchange to use, it’s time to sign up.

Sign up with Swyftx and grab $20 free BTC.

Swyftx has a very streamlined sign-up process in place. The first step is to fill in the sign-up form.

Next up is to go through their basic verification process, called a KYC, which is required by law here in Australia. This should be very quick and easy.

Once done, it’s time for the next step.

3. Funding your account with AUD

To buy Solana, you first need to transfer AUD to your Swyftx account using one of the many deposit methods available. From bank transfer to PayID, POLi pay and credit cards, plenty of options to choose from.

Swyftx Deposit Methods

4. Buy Solana

The final step is to go to their asset list, find Solana, navigate to the buy section, and then trade your AUD for some SOL. Once you’ve bought Solana, you can track how much you’ve gained or lost either in the app (they have a great app), or on desktop on the left-hand side under your cryptocurrency list.

Where to Buy Solana (SOL)

ExchangeRatingCryptocurrenciesSite
Swyftx logo5/5300+ cryptocurrenciesVisit Swyftx
CoinSpot logo4/5200+ cryptocurrenciesVisit Coinspot
binance logo3/5400+ cryptocurrenciesVisit Binance

Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.

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How to Sell Solana

If you’re thinking about selling Solana, just follow the steps below.

  1. Sign in to the cryptocurrency exchange (like Swyftx).
  2. Click on Solana in your list of cryptocurrencies, or find your trading account if you’re using an exchange with different accounts.
  3. FInd the sell section and sell Solana for AUD, or trade it for another cryptocurrency.

Frequently Asked Questions

Is buying Solana in Australia legal?

Yes, you can legally buy and trade cryptocurrencies in Australia. We do of course recommend only using crypto exchanges regulated by AUSTRAC.

How to buy Solana with PayPal?

Unfortunately, most crypto exchanges in Australia don’t support PayPal. The only exchange that you could use is eToro, but their cryptocurrency list is quite limited so you might not find Solana. Have a look on their site first, you might be lucky.

How to buy Solana with a credit card or debit card?

Most top exchanges support buying crypto with a credit or debit card. We would recommend Swyftx to buy Solana with your credit/debit card.

About Solana

Solana is a functional open-source project that uses blockchain technology's permissionless nature to decentralized finance (DeFi). Solana was launched by the Solana Foundation in March 2020. It is based in Geneva, Switzerland. They officially launched Solana in March 2020, despite the fact that they had started work and the original idea in 2017.

To allow the creation of decentralized apps (DApps), the Solana protocol was developed. It is intended to increase scaleability by introducing a proof of history (PoH) and the underlying blockchain proof–of stake (PoS) consensus.

Solana is a hybrid model that attracts both small-time and large-scale traders. The Solana Foundation is a non-profit organization whose main goal it to make decentralized finance more accessible at a larger scale.

Anatoly Yakovenko’s proof-of history consensus (PoH), was one of Solana’s most significant innovations. This allows for greater scaling, which increases the protocol's usability.

Solana's extremely fast processing times make it a well-known cryptocurrency protocol. Solana's hybrid protocol allows for significantly shorter validation times for transaction processing and smart contract execution. Due to its lightning fast processing speeds, Solana is a favorite choice for institutions.

Solana Protocol can be used by small-time or large-scale customers. Solana won't surprise customers with higher fees and taxes. Protocol was designed to reduce transaction costs and speed up processing.

Solana is ranked 7th in CoinMarketCap rankings, as of September 2021. This is due to the longstanding professional expertise that Anatoly Yakovenko and Greg Fitzgerald have created.

This was due in large part to the extraordinary bull run that saw Solana price rises by more than 700% from mid-July 2021 to now. After the Degenerate Ape NFT collection was launched, the SOL price shot up to $60. Due to greater developer activity and institutional interest, it has risen steadily since. At the end of September 2019, the Solana price was $216.

Solana has received high praise for its speed and performance. It has even been suggested that it could challenge Ethereum, a dominant smart-contract platform, by being able to match it.

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