Summary: We highly recommend using Swyftx to buy Solana. With over 300 cryptocurrencies, fantastic support, and a seamless sign-up process, it’s hard to find a cryptocurrency exchange that beats them at the moment. They’re rated as Excellent on Trustpilot with over 3770+ user reviews!
They also offer free $20 worth of BTC when you start trading 🙂
Finding an Australian cryptocurrency trading platform where you can buy Solana is pretty straightforward these days, there are so many exchanges around.
As mentioned above, we personally really like Swyftx, but you can use any exchange you want of course. The general process is very similar across most crypto trading platforms.
How to Buy Solana in Australia in 2022
1. Choose a crypto exchange
While there are a lot of crypto exchanges, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.
The reason we recommend going with Swyftx is the massive variety of cryptocurrencies on offer, the (genuinely) great support staff, the fantastic app (which they recently revamped), and some of the neat features like bundles and recurring buys.
Or, if you’d like to know more about the exchanges we prefer, read our comparison of the best bitcoin brokers in Australia.
Let’s get into it!
2. Create an account on the exchange
The first thing to do is to create an account on the exchange and go through the required verification processes, which should go very smoothly as they’ve got it all streamlined. Make sure you see the BTC20 promotion message above the sign-up form to grab your free $20 BTC.
3. Transfer funds into the account
To buy Solana, you first need to transfer AUD to your new Swyftx account. You have the choice to use PayID, POLi pay, credit/debit card or bank transfer.
4. Buy Solana
Finally, go to their asset list and either use the search function or scroll down until you find Solana. Click it to enter the trading section, enter the amount you’d like to purchase and hit buy. Both the mobile app and the web version work very similarly.
Where to Buy Solana in Australia
Aside from Swyftx, the 3 other major crypto exchanges we would recommend are Binance, Coinspot, and Digital Surge. All of them have 200+ cryptocurrencies, a user-friendly interface, and competitive fees.
Coinspot is geared more towards beginners and Binance is great for advanced traders and day traders.
How to Sell Solana in Australia
Selling Solana is just as easy as buying it. Start off buying signing into the crypto trading platform where you bought Solana.
Then simply head over to the trading section of the exchange, or find Solana in your account, click on it and it should bring you to the trading screen.
Finally, choose the amount you want to trade for either AUD or another cryptocurrency and hit sell.
Frequently Asked Questions
Can I buy Solana with PayPal?
While the majority of crypto trading platforms in Australia don’t support PayPal, there are a few, like eToro, that do allow for buying cryptocurrency with PayPal.
That being said, double-check their list of cryptocurrencies first to make sure they have Solana.
How to buy Solana with a credit card?
You can use Swyftx to buy Solana with your credit card. Most Australian crypto trading platforms do support credit and debit cards.
Is buying Solana in Australia legal?
Buying and selling cryptocurrencies is legal in Australia, just make sure to only use cryptocurrency trading platforms that are registered with AUSTRAC.
More info 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 was created to increase scaleability by introducing a proof of history (PoH) and the underlying blockchain proofof 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 Yakovenkos proof-of history consensus (PoH), was one of Solanas 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.
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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