How To Buy Solana (SOL) In Australia: A 2023 Guide

Solana is a decentralized coin that massively grew in its value in 2021. The asset is a major cryptocurrency and almost frequents inside the top 10 digital currencies for its trading volume and market capitalization.

Solana is a popular digital asset choice for investors and traders around the world. The coin is available at almost all Australian crypto exchanges, however, you may not be getting the best value for money. If you want to add SOL to your portfolio, then you can follow this step-by-step guide to buy it from a top crypto exchange in Australia.

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What Is Solana?

Solana is a public blockchain platform that possesses smart contract functionality. The platform was founded in 2017 and was designed to host scalable applications on a decentralized network. Compared to the Ethereum blockchain, Solana can process more transactions per second with lower transaction fees. Solana aimed to provide scalable output beyond what is typically achieved on blockchains while keeping costs down.

The native currency of Solana, SOL, is commonly frequented inside the top 10 cryptocurrencies in the world for its market capitalization. At the time of writing, SOL’s market capitalization was more than $33 billion with a daily trading volume of over $3 billion.

What Can Solana Be Used For?

Solana is one of the most popular blockchain ecosystems and has a significant level of adoption and everyday applicability. For the most part, beginner investors would be looking to purchase SOL in the hope that its value increases over time. However, SOL can be used in a variety of ways to provide you with returns or extra utility.

Staking SOL

Staking is a popular way of earning a passive income and is especially useful for crypto that is sitting idle in your wallet. Staking SOL means that your tokens will be transferred to staking supported wallet on an exchange (they cannot be traded during the staking period) and used to validate transactions on the Solana blockchain network. You still retain ownership and in return receive additional SOL tokens as a reward.

In Australia, Annual Percentage Yields (APY) for SOL are in the vicinity of 6.5% (Swyftx).

Participate In The Solana Ecosystem

There is a multitude of Decentralized Apps (dApps) available on the Solana network. These include Non-Fungible Tokens (NFTs), gaming apps, conducting transaction payments, and participating in the governance of the Solana network.

Earn Interest

The Solana network allows you to leverage DeFi earning opportunities to obtain a passive income. Yield farming or providing additional liquidity can earn more rewards than staking however typically carries more risk.

Where To Buy Solana In Australia

There are several ways to buy alt coins in Australia. Solana and other altcoins should be purchased from a trustworthy crypto exchange. We have compared and selected the best Aussie platforms where you can purchase Solana. All our recommended platforms are local, offer competitive trading fees, and are easy to use.

Based on our Swyftx review, Swyftx is the best overall crypto exchange in Australia to buy, trade, and sell SOL. To aid with the explanatory process, we have used Swyftx as the cryptocurrency exchange.

Any affiliate links with our partners may result in MoreCrypto earning a small commission or compensation at no extra cost to you whatsoever.

The 5 Steps To Buy SOL In Australia

An overview of the five steps to buying SOL in Australia is as follows:

1. Open an account with an AUSTRAC registered exchange such as Swyftx.
2. Verify your identity and activate 2 Factor Authentication (2FA).
3. Deposit Australian Dollar (AUD) funds into your account.
4. Enter in the amount of SOL to buy.
5. Review the transaction details and confirm.

Guide To Buying Solana In Australia

Step 1 – Opening An Account With A Crypto Exchange

Go to the Swyftx website and click on the “Sign Up” button. This will redirect you to the registration page where an email address, password, and phone number will be required to be provided. 

Once the details are entered, accept the terms and conditions and click on “Create Account”.

Step 2 – Verify Your Identity

Using the new login details, login into your new Swyftx account to commence the ID verification process. Since Swyftx is an Australian-based crypto exchange, it is legally required under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to obtain customer details and verify identities. This important security process must be completed before any AUD can be deposited into your account wallet.

The following will be required to complete ID verification:

• Email – login into your nominated email account and click on the email verification email sent by Swyftx.
• Phone number – Swyftx will send an SMS message to your nominated phone number.
• Identity – Swyftx will require a copy of either your Australian passport or driver’s license.

The ID verification process with Swyftx takes less than 5 minutes to complete.

After the ID verification process is complete, we strongly recommend you set up 2 Factor Authentication (2FA). 2FA provides a basic level of security for the account where two methods of verification are needed to verify the account and also when funds are withdrawn. The 2FA setup page can be found under the “About” tab on the user account dashboard.

We suggest downloading Google Authenticator on your mobile device. The process will involve the use of the authenticator to scan a QR code or input a provided code to enable authentication of the device.

Tip: If the six-digit code provided by Google Authenticator does not work, then go into the settings and sync the time correction for codes. This should rectify the issue.

Step 3 – Deposit AUD Into Your Account

Before SOL can be purchased, Australian Dollars (AUD) will need to be deposited into your account wallet.

Swyftx offers you the greatest flexibility by supporting several ways to deposit AUD, including direct bank transfer, POLi, PayID, and credit card. Most of these methods will instantly deposit AUD into the account except bank transfers (unless via OSKO which is instant) and deposits made from credit cards.

Swyftx charges zero fees to deposit (or withdraw) AUD funds into the wallet.

Note, that Swyftx will send an automated email notifying you of the successful deposit of AUD funds into the wallet.

Step 4 – Enter In the Purchase

The buying window can be found under “Trade”. Next, click on “Buy” to view the screen below. The page will present the following:

• Amount of AUD in the wallet and available to spend.
• The current market price of SOL in AUD.
• Several order types (market, limit, stop, and recurring)

The default order type is “Market” which allows you to easily and quickly purchase SOL in a single transaction. The other order types are for intermediate to advanced investors and a discussion of each type is detailed in our Swyftx review.

You can either enter in the amount of SOL you want to purchase or the amount of AUD you want to spend.

Step 5 – Review & Confirm The Purchase

After an amount of AUD is entered in, click on “Instant Buy” to review the transaction details and “Confirm Buy” to complete the purchase. The coins will be near-instantly transferred into your account wallet. Note, that once the purchase is confirmed, it cannot be reversed and AUD funds are recovered.

Buying Solana (SOL) In Australia: Things You Should Know

Can You Buy Solana In Australia?

Yes, you can buy Solana from an AUSTRAC registered and reputable crypto exchange in Australia. Swyftx is a good example of a safe and secure place where you can easily purchase SOL using Australian Dollars (AUD).

Where Can I Store Solana?

You can store your Solana tokens in the hot wallet storage provided by the crypto exchange where you bought them from. Almost all reputable Aussie exchanges will allow you to withdraw your SOL and transfer them to external cold wallet storage which provides better security.