Crypto Currency News
Bitcoin
Ethereum
Litecoin
DigitalCash
Monero
Nxt
Ethereum Classic
Dogecoin

How to buy Solana (SOL) in Australia 2022

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Buying Solana (SOL) is quick and simple. It’s a lot like buying stocks and can take as little as 15 minutes.

You just need to create an account with a crypto trading platform like Swyftx or CoinSpot.

Keep reading for step-by-step instructions and a list of platforms you can use to buy Solana in Australia.

Before you buy Solana
Buying, selling and owning Solana carries a unique set of risks. Make sure you understand the legal, regulatory and tax status of Solana in Australia before you transact.

How to buy Solana in 4 easy steps

To buy SOL all you’ll need is a smartphone or
computer, an internet connection, photo
identification and a way to pay.

  1. Compare crypto exchanges
    The easiest way to buy Solana is from a cryptocurrency exchange. Comparing in the table below helps you find a platform with the features you want like low fees, ease of use or 24-hour customer support.
  2. Create an account

    To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.

  3. Make a deposit

    Once verified, you can deposit AUD using the payment method that best suits you – bank transfer, credit card, cryptocurrency and debit card payments are widely accepted.

  4. Buy Solana
    You can now exchange your funds for Solana. On beginner-friendly exchanges, this is as simple as entering the AUD or SOL amount you want to purchase and clicking “buy”. If you like, you can then withdraw your Solana to a personal wallet.

How we chose the best places to buy Solana in Australia

“Top picks” are those we’ve evaluated to be best for certain product features or categories – you can read our full methodology here. If we show a “Promoted Pick” it’s been chosen from among our commercial partners based on factors that include special features or offers, and the commission we receive.

Keep in mind that these picks are suggestions and that the best Solana exchange for you will depend on your individual needs. There may be other products on the market not included in our picks.

This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

Where to buy Solana in Australia

If this is your first time buying cryptocurrency you’ll need to look for a platform that accepts Australian dollars, like Swyftx or CoinSpot.

Don’t worry too much about extra features or coins for now – you can always sign up with another exchange later.

Use the table to choose a platform that meets your needs and click the Go to site button to get started.

What will I need to buy Solana?

To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not AUD.

If you want to buy Solana with Australian dollars, you’ll need to pass a Know Your Customer (KYC) check.

This is a standard security procedure for most exchanges in Australia and requires you to upload some photo ID, and in some cases a selfie with today’s date.

KYC is usually approved instantly, but in rare cases, you may have to wait a few hours or days.

What are the best ways to buy Solana?

Once you’ve set up your account, you’ll need to deposit funds to buy Solana with. We’ve listed out some popular ways to buy SOL and what you should know about each payment method below.

  • Buy Solana with a bank account

    Many exchanges support free and instant bank transfers in Australia.

    Some offer other options like PayID, Osko and wire transfers, but make sure you check if you’ll be charged a deposit fee first.

  • Buy Solana with a debit card

    How you transact with a debit card will depend on the platform.

    • Some exchanges let you transfer funds from your debit card to spend as you like.
    • Others will only let you use a debit card to make instant purchases, which often involves higher fees.
  • Buy Solana with a credit card

    Lots of exchanges accept credit cards as an instant purchase method. But you should think carefully before buying Solana with a credit card, because:

    • Credit card fees are higher than using bank transfers.
    • Some card issuers may block cryptocurrency transactions.
    • Your purchasing options will be limited and more expensive.
    • You may end up losing your initial investment and being charged fees and interest by your credit card provider.
  • Buy Solana with cash

    Buying Solana with cash isn’t common in Australia, but it can still be done with a platform like CoinSpot.

    There are a few other ways to buy SOL with cash:

    1. Solana ATMs. You can purchase SOL with cash using a specialised Solana ATM. These can be found in many major cities in Australia. You will still need to hand over some photo ID and pass a Know Your Customer (KYC) check.
    2. blueshyft. A handful of Australia exchanges like CoinSpot and CoinJar let you deposit cash via blueshyft. You’ll be issued a QR code to take to a participating newsagent to complete your cash payment.
    3. Peer-to-peer (P2P). You can use a P2P platform to find someone who will sell you SOL directly in exchange for cash. Beware that this comes with a high risk of fraud if you attempt to settle the transaction in-person or without an escrow service. Look for an established and reputable platform that provides an escrow service and facilitates your trade online.
  • Buy Solana with another crypto

    You can swap any cryptocurrency you already own for SOL using the “swap” or “convert” service on some platforms. This lets you instantly exchange one crypto for another even if there is no trading pair on the spot market.

What is the cheapest way to buy Solana?

Most exchanges let you buy as little as $5 worth of SOL, if not less. Just type in how much you want to spend in AUD and let the exchange work out the rest.

Some platforms only offer 1 way to buy Solana, while others provide several choices. The 2 most common ways to buy SOL are on the spot market or with an “instant buy” feature.

Instant buy

If it’s your first time buying Solana this will be the fastest method – but also the least cost-effective.

You’ll usually find the instant buy section under a “Buy now” heading on the platform you’ve chosen.

It should feature a simple interface that lets you enter the amount of Solana you want to buy, or Australian dollars you want to spend.

This is usually the only option available for credit or debit card purchases, but you may also be able to make an instant buy if you’ve pre-funded your account with a bank transfer.

Be prepared to pay a markup on SOL’s market rate in exchange for the convenience.

Spot market

If you see colourful charts with a range of prices, you’re probably in the spot market.

The spot market is where buyers and sellers come together to place bids for SOL on the open market. It’s usually the cheapest way to buy Solana because it lets traders set their own price.

You’ll find the spot market under a “Trade” or “Spot” heading on the site or app menu of the platform you’ve chosen to use.

There are several different order types that you can make on the spot market.

  • Market order. This will buy you the amount of Solana you specify at the lowest possible price available. This makes it like an instant buy order, but with much lower fees.
  • Limit order. This is the most common order type and lets you purchase Solana at the price you specify. Traders use this to time the market and capitalise on price dips or increases.

How to find the best place to buy Solana in Australia

There are dozens of different trading platforms to choose from when buying Solana in Australia, so to help you find your best option, keep these factors in mind:

  • Where it’s registered. Using a locally registered exchange is a good idea. It’s more likely to accept Australian dollars and local payment methods like Osko, which helps avoid foreign exchange fees. Choosing from Australia-based exchanges also means it’s likely to be registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) which means it has to comply with local laws in Australia.
  • Security. Look at the security features the platform has to offer, like 2-factor authentication and PGP-encrypted emails. Cold storage of user funds is considered industry standard, but insurance funds are less common and indicative of good security practices.
  • Fees. Check the fine print to find out exactly how much your transaction will cost. Depending on the platform you choose, these could include spreads, trading fees and deposit and withdrawal charges.
  • Transaction limits. Are there any minimum or maximum limits on the amount of Solana you can purchase? Does the exchange restrict the amount of funds you can withdraw from your account in any 1 transaction or 24-hour period?
  • Other platform features. Look out for other features that suit your investment or trading needs. For instance, many exchanges now let you earn yield on your holdings, while some issue

    crypto debit cards to help you spend your coins.

  • Customer support. If you ever have a problem with a transaction, will you be able to quickly and easily get in touch with the customer support team? Are they based in Australia? Check what contact methods are available and find out how quick the team is at responding to enquiries.
  • Insurance fund. A small number of exchanges now insure user funds. Beware that policies vary greatly between exchanges, so you’ll need to research this thoroughly if insurance is important to you.
  • Reputation. As a young industry, reputation can provide a lot of clues when choosing an exchange. For instance, who are the founders? Have there been any controversies? Are their business practices transparent? If you can’t find any of this information, that may be a red flag.
  • Range of coins. If you’re thinking about adding other cryptos to your portfolio in the future, check to see what other coins you can buy through the platform.
  • Read reviews. Finder’s

    crypto exchange reviews include user feedback, which helps you get a better idea of what the exchange is like to use for other people starting out just like you.

Using AUSTRAC-registered exchanges

There are plenty of places to buy Solana, and people in Australia can choose from platforms registered here at home or in locations all around the world. Opting for a locally registered SOL exchange typically offers more convenience, but may have some downsides depending on your goals.

Pros
  • Australia-based exchanges must comply with AUSTRAC Anti-money Laundering (AML) and Counter-terrorism Financing (CTF) reporting obligations.
  • You can usually buy Solana with AUD.
  • Exchanges in Australia typically support local payment methods, such as BPAY, PayID and Osko.
  • You may be able to access local customer support.
  • Subject to local laws.
Cons
  • You’ll need to provide your personal details and proof of ID – a disadvantage if you want to trade anonymously.
  • Overseas trading platforms may provide better liquidity.
  • AUD-to-crypto prices are often slightly higher than USD-to-crypto prices, meaning you sometimes pay a premium for buying directly with Australian dollars.
  • Some features are simply not available on AUSTRAC-registered exchanges. For example, high leverage margin trading, DeFi features and some altcoins.

Recent Solana developments

January 2022: Upcoming social media/NFT marketplace hybrid Artrade has announced it is partnering with Solana to host the platform’s infrastructure.
January 2022: Solana experienced 3 network malfunctions throughout 2021 and 2022, with the most recent January issue resulting in thousands of failed transactions. The potential server attack affected third-party platforms too, with Coinbase reporting its users would be unable to withdraw SOL tokens for 24 hours.
December 2021: Solana Ventures alongside Forte and Griffin Gaming Partners announced a funding initiative worth US$150 million to incentivise developers to build blockchain-based games for the network. This announcement came on the back of Solana’s focus on cornering the GameFi market as it moves into 2022.
3 August 2022: Several major wallet providers were hacked with millions of dollars of user funds being stolen. The affected wallets include Phantom, Slope and TrustWallet. At the time of writing 8,000 users have been affected and the cause of the breach is not clear.
:

Is Solana safe to invest in?

You shouldn’t invest in any asset, including SOL without doing plenty of research first. Before you buy Solana, make sure you understand and weigh up these risks:

  • Price volatility. Solana’s price is largely based on speculation, which means it can rise or fall in a short time. It’s not uncommon for SOL to lose more than 10% of its value in a single day.
  • Perceived value. SOL is a unique asset that does not have any tangible value. It derives most of its value from utility and speculation.
  • Exchange vulnerabilities. Leaving your Solana on a crypto platform exposes you to several counterparty risks, including:
    • Scams. Scammers frequently try to trick exchange users into handing over their username and password, often by phishing with malicious emails or fake website links. Use 2FA and encrypted emails to help protect your funds.
    • Hacks and theft. Exchanges are vulnerable to hacks and theft, so choose one with good security practices and a track record of safety.
    • Fiscal mismanagement. In mid-2022 a number of crypto platforms froze user funds after it was revealed they had engaged in irresponsible funds management.
    • Insurance. Unlike stocks, only a small handful of exchanges provide insurance on your cash deposits.
  • Regulatory uncertainty. The regulatory environment for Solana and other cryptos is constantly changing. It’s important to understand how international rulings have the potential to impact Solana’s future – for better or worse.
  • Novel technology. Solana was created in 2017 which makes it relatively new as a form of technology and as a currency. SOL doesn’t yet have the same track record or performance history as some other asset classes.
  • Technical learning curve. Evaluating the tech behind SOL before you invest is important, but requires a deep understanding of the blockchain and other aspects of decentralised finance. You should be prepared to do plenty of research.
  • Persistent outages. The Solana network has been known to go offline for hours at a time. While the network is offline, you cannot transact with your SOL – the native asset of the Solana blockchain – or even send it from wallet to wallet.
  • Few validators. As of August 2022, Solana only has about 1,000 validators compared to Ethereum’s approximately 350,000 validators. Fewer validators mean that a network is more centralised and therefore less secure.
  • Novel consensus mechanism. Solana uses a novel proof of stake (PoS) consensus mechanism called Tower BFT on top of the novel proof of history (PoH) consensus mechanism. No other blockchain validates information this way, and as such Solana should be considered both new and experimental.

How is Solana taxed?

Solana is treated as an asset by the Australian Tax Office (ATO), which means that if you’ve bought, sold or earned SOL during the financial year, you will need to report it at tax time. Investors will need to declare any profits as capital gains, while losses can be used to reduce your tax bill or offset any future gains.

If you make frequent BTC trades in a professional capacity you may be classified as a trader, which is a bit more complex. Learn more in our guide to crypto tax in Australia or use our round-up of the best crypto tax software to make tax reporting easier.

After you’ve bought Solana

Once you own some SOL, you have 2 options – keep it on an exchange, or move it to a personal wallet. Each comes with its own set of pros and cons.

Keeping your Solana on an exchange

Pros

  • Convenience. Keeping your Solana on an exchange is convenient because you can buy and sell at any time.
  • Security. Holding Solana on an exchange does come with significant counterparty risks, but reputable platforms also invest heavily in security so you don’t have to worry about the pitfalls of self-custody.
  • Insurance. A small handful of exchanges now operate insurance schemes. These can range from insuring user deposits held in cold storage to reimbursing customers if a hack occurs.
  • Earn yield. Many exchanges let you earn yield on your Solana. This is done in 1 of 2 ways: the exchange will either stake your SOL on your behalf, or lend it to other users. Each carries its own set of risks, though lending is generally associated with higher risk. Make sure you understand which method is being used to generate yield before handing over your assets.

Cons

  • Phishing. Exchange users are frequently targeted by scammers trying to steal login information through malicious emails and fake website links.
  • Hacking. Exchanges are major targets for hackers. While security practices have improved substantially, hacks still occur from time to time.
  • Account freezing. Exchanges have been known to occasionally freeze user accounts, whether due to security concerns, technical issues or market turbulence. This could see you temporarily lose access to your crypto.
  • Limited usability. Solana is a blockchain with a growing ecosystem of Web3 applications. If you want to use these services, you will need to move a portion of your SOL to a Web3 wallet to pay for gas fees.

Moving your Solana to a non-custodial wallet

Pros

  • Self-custody. A mantra repeated by crypto investors is “Not your keys, not your coins.” This comes from the idea that the only way to guarantee ownership of your Solana is to own the private key — which isn’t the case when you hold on an exchange.
  • Security. Solana and cryptocurrency wallets vary greatly in their features and security. For the most secure experience, consider purchasing a hardware wallet, which is usually a small USB device that keeps your private keys offline at all times for an extra layer of security.
  • Utility. If you plan to use your Solana for transactions, daily spending or decentralised finance (DeFi), then storing it in a wallet rather than an exchange will be more convenient.
  • DeFi. When you hold the private keys to your SOL and other tokens on the Solana network, you can partake in the world of decentralised finance (DeFi) on Solana. For example, you can stake assets or yield farm with your assets via decentralised apps (dapps) such as Raydium.
  • Web3 apps. Beyond the DeFi apps on Solana, you can also use your assets on the network to buy NFTs. Plus, you can use your tokens to play upcoming games like Star Atlas or Monkey League.
  • Cheap transaction fees. Compared to other major blockchains like Ethereum, transacting on Solana is very inexpensive. For example, a transaction on Ethereum will likely cost you at least a few US dollars, while a transaction on Solana will only cost you a fraction of a cent.

Cons

  • Learning curve. It’s no secret that learning how to use a crypto wallet takes some time and effort. Spend some time learning how Solana wallets work before transferring any of your funds.
  • Personal responsibility. Owning your own money can be liberating, but it also means the responsibility is all yours. If you lose your private key, the only way to regain access to your wallet is through the seed phrase. Make sure to store both of these privately and securely.
  • Inheritance. A challenge presented by crypto wallets is how to pass access on in the event of death or disability. Several companies are experimenting with ways to solve this problem, like the Trezor Model T wallet’s Shamir backup feature.
  • Still in beta. The Solana network is still running on a mainnet beta version. In other words, it isn’t a finished product and still has its share of glitches to iron out.

Bottom line

If you want to buy Solana, start by comparing a range of crypto brokers and exchanges available in Australia. Look at their features, fees, security and overall reputation to decide which platform is the right fit for you. Consider an exchange registered with AUSTRAC for added peace of mind.

Remember that owning and using Solana is not without its risks. Carefully consider investing in SOL as part of a wider strategy, and talk to a financial advisor if you have any questions.

Once you’ve bought some SOL, think about what your short and long-term goals are. This will help you decide whether to keep it on an exchange, or move it to your own wallet.

FAQs

Is Solana a good investment?

Unfortunately, there’s no way to know for certain if any asset is a good investment, but there are some things you can do to help build an informed opinion.

Read our expert

SOL price prediction as part of your due diligence process to help decide whether the risks of investing in Solana align with your investment objectives.

Can I buy Solana for fiat?

Lots of crypto trading platforms can help you buy Solana with AUD, including Swyftx and CoinSpot.

Check out the full list of exchanges in our comparison table.

Can I get Solana for free?

There are a handful of ways to earn small amounts of free SOL, including playing online games or using a

crypto rewards credit card.

A much more common approach is to

stake SOL you already own or lend it to a platform like BlockFi or Nexo to earn a yield.

Read our guide on

how to earn free crypto for other potential ways to earn some free Solana.

Which exchanges sell Solana?

We’ve compared 19 trading platforms and exchanges in Australia that sell SOL, including Swyftx and CoinSpot.

Check out the full list of exchanges that sell SOL in our table.

Disclaimer: Cryptocurrencies, including Solana, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SOL is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision. Finder, or the author, may have holdings in the Solana or any other cryptocurrency discussed.

Comments are closed.