How to buy Solana (SOL) in Australia

Solana (SOL) is one of the biggest cryptocurrencies in the world and has become one of the most popular networks for trading memecoins, which have boomed over the last 12-18 months.

This means anyone looking to buy Solana memecoins (or invest in Solana) will need to buy the SOL token.

The easiest way to do this is via a crypto exchange that lets you buy SOL directly with Australian dollars using your preferred payment method, whether that's bank deposit or card.

How to buy Solana in 5 steps

1. Choose a payment method
   There are many different ways to buy Solana. For beginners, the first things to consider is usually fees and payment methods. The cheapest way to buy SOL is to use a bank deposit or PayID and then buy Solana on a crypto exchange. You also have the option of buying Solana instantly via debit or credit card, but this normally attracts higher fees.
2. Choose an exchange
   Dedicated crypto exchanges are often the easiest and most cost-effective way to buy coins like Solana, but some online share trading platforms and banks also let you purchase crypto.
3. Create an account
   Once you've chosen the platform you want to use you will need to create an account. You will need to provide some photo ID like a driver's licence or passport to complete the process. You may also be required to take a selfie to prove your identity in accordance with Australian law.
4. Purchase your Solana
   Depending on which platform you choose, you'll now be able to buy Solana via either an instant purchase or buy order. The spot market is typically where fees are lowest but it may require some getting used to if you've never used an investment platform before. As we've already mentioned, the easiest method is usually using the "instant purchase" option, but this generally means you'll pay fees.
5. Store your Solana
   You can choose to keep your SOL on the platform you bought it from, but this could put it at risk in the case of a hack or insolvency. Instead, learn how a cryptocurrency wallet works and consider transferring your funds into your own possession.

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Where to buy Solana in Australia

In Australia, you typically buy Solana from dedicated crypto exchanges, which can be accessed via computer or mobile.

Crypto exchanges specialise in buying and selling cryptocurrencies and sometimes offer additional services dedicated to cryptocurrency.

You can also buy cryptocurrencies like Solana via online share trading platforms, which usually sell shares, ETFs and commodities alongside cryptocurrencies.

These platforms tend to be focused on traditional assets rather than crypto and will have fewer coins and tokens available than a specialist crypto exchange.

The majority of cryptocurrency exchanges and share trading platforms now offer smartphone apps.

You can also buy Solana from a cryptocurrency wallet or a peer-to-peer (P2P) marketplace, although these options are less beginner-friendly.

Buying Solana from a crypto exchange

Buying SOL on a crypto exchange is the most common way to invest in Solana.

Exchanges such as CoinSpot, Swyftx and Kraken are some of the most widely used crypto exchanges. They also enable you to buy other cryptocurrencies if you want to expand your portfolio beyond SOL.

Most Australian exchanges let you buy Solana instantly using cash deposited from a bank account.

Some also let you buy with debit card or credit card. Be aware though that purchasing Solana with a card is typically the most expensive option.

Spot market trading is offered by some exchanges in Australia. It is a slightly advanced way to buy SOL and it requires placing bids and offers. Trading fees are often lowest when you use this method, but it will take a bit of getting used to if you've never traded on a spot market before.

Holding your Solana on a centralised platform like an exchange means trusting the exchange to protect your assets. Assets held on an exchange are at risk of hacks, phishing attacks and potential mismanagement by the exchange operators.

To help avoid these risks and have complete control over your Solana, consider withdrawing your funds to a personal wallet after you have completed your purchase.

Buying Solana from a crypto wallet

Cryptocurrency wallets are specialised software applications or physical devices designed for managing cryptocurrencies and keeping them highly secure.

Many of these wallets offer you the ability to purchase Solana and other cryptocurrencies through a third party.

These apps typically accept credit or debit card payments.

Hardware wallets provide a secure and private way to hold your Solana personally, rather than being entrusted to a third-party exchange or platform.

Although the Solana blockchain is more secure than exchanges and has never been hacked, your security depends on you. You are responsible for managing your private key or seed phrase, which, if lost, may result in lost funds.

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Buying Solana from a P2P marketplace

A P2P crypto marketplace is a platform that allows individuals to buy and sell cryptocurrencies directly with one another through offers, a bit like eBay.

P2P marketplaces typically support a wide range of fiat currencies, including AUD.

Low or no fees are common for P2P trades. Since order prices are fixed, you can potentially find Solana below market value.

Purchasing Solana through P2P exchanges regularly can be challenging, as it may be hard to consistently find a seller willing to sell you the exact amount you want each time.

Here are some of our favourite P2P exchanges available in Australia

• Binance P2P – Best P2P exchange overall
• KuCoin P2P – Best P2P exchange for altcoins
• Bybit P2P – Best P2P exchange for low fees

What to look for when buying Solana

There are a few key factors to keep in mind when looking for where to buy Solana.

• 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 PayID, which helps avoid foreign exchange fees.

  Choosing from Australia-based exchanges also means it's likely to be registered with AUSTRAC, which means it has to comply with local laws in Australia.

  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 PayID, POLi and BPAY.
  • 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.

• 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.

• Learn whether the exchange has an insurance fund

  A very small number of exchanges now offer insurance on users' funds. Beware that policies vary significantly between exchanges, so research this thoroughly if insurance is important to you.

• 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.

• Fees

  Check the different transaction types and the corresponding fees before buying Solana, so you know exactly how much it will cost. Fees typically differ depending on whether you use the spot market or an instant purchase option. Depending on the platform you choose, fees may include spreads, trading fees and deposit and withdrawal charges.

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 now let you earn yield on your Solana. This is achieved by lending your SOL so carries its own set of risks. Do your research before deciding if it's the right option for you.

  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.

• 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.

  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 back-up feature.

Is Solana safe to invest in?

All investments have risk associated. Before you buy Solana, make sure you do due diligence in research and understand these risks:

• Price volatility

  Solana's price is largely based on speculation, meaning it can rise or fall quickly. It's common for Solana to move by 10% or more in a single day.

• Exchange vulnerabilities

  Leaving your Solana on a crypto platform exposes you to several counterparty risks, including scams, hacks and theft and fiscal mismanagement, as we saw in the case of FTX in 2022. To reduce this risk, it's best to keep your Solana in a non-custodial wallet.

• Regulatory uncertainty

  The regulatory environment for Solana and other cryptos is constantly changing. In some countries owning and trading Solana is legal and in others, it isn't. Even in countries in which it is legal to own Solana or other cryptos, there can still be some jurisdictions that don't permit certain Solana or crypto services and platforms. For example, only a few crypto companies are permitted to operate in New York state, so there are only certain ways to buy Solana in NY.

• Technological learning curve

  If you plan to invest in Solana and custody the asset on your own, you'll have to learn how to use a non-custodial crypto wallet compatible with the Solana blockchain.

• Wallet vulnerabilities

  The Solana blockchain is highly secure, however it occasionally experiences network outages which raises concerns around reliability. You will also need to use hardware or software wallet to manage your funds which can also be vulnerable. We researched cryptocurrency wallets and shared which ones we felt were best.

• Transactions can't be reversed

  Once you've submitted a SOL transaction on the blockchain, it can't be cancelled or reversed. Double-check the receiving address before sending a SOL payment or moving SOL off an exchange. One good way to do this is to check the first and last 4 digits of the wallet address you are sending to before setting the transaction in motion. There is no way to refund SOL sent to the wrong address.

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. It is a relatively new blockchain and still being developed. Only invest what you can afford to lose.

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

• Where i can buy Solana crypto?

  You can buy SOL instantly using AUD, or on the spot market where fees are usually cheaper.

• 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 Nexo to earn a yield.

  Read our guide on how to earn free crypto for other potential ways to earn some free Solana.

• 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.

• 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 SOL 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.

Written by

James Edwards

Cryptocurrency editor

James Edwards was the cryptocurrency editor at Finder. He led the editorial strategy and reported on the latest industry news to further Finder's mission of helping people make better financial decisions. A relatively early adopter, James has been using Bitcoin since 2013 and began working in the industry in 2017. He takes pride in his ability to boil down complex topics into language his parents can understand. His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think, and he has coordinated a vast number of high-profile interviews with the industry's brightest minds. He is a regular contributor to Nasdaq and is frequently called upon for market commentary in Australia and abroad. See full bio

Co-written by

Thomas Stelzer

Publisher

Tom Stelzer is a publisher and writer for Finder, covering investing and cryptocurrency. He previously worked for Finder as a writer in Australia and the UK, covering things like personal finance, loans, investing, insurance as well as small business and business loans. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney. See full bio