How to Buy Solana (SOL) in Australia

Since its inception in 2017, Solana has seen quick adoption among developers and users, partly due to its potential to offer faster transactions and lower transaction costs than some other cryptocurrencies, like Ethereum. As such, Solana is commonly compared to the second-largest cryptocurrency by market capitalization and is considered one of its main competitors. 

Like Ethereum (ETH), curious participants from Australia can also purchase Solana (SOL) at CEX.IO. In addition to various purchasing gateways, our platform also offers Aussie enthusiasts a plethora of convenient payment methods and a free crypto wallet, allowing them to buy, sell, receive, trade, and store SOL, as well as other 200+ vetted assets. 

In this comprehensive guide, we explore how to buy SOL in Australia with CEX.IO. 

What is Solana?

Solana is a decentralized blockchain platform developed by Anatoly Yakovenko, a former Qualcomm engineer, in 2017. It was created as a response to the common issues associated with Ethereum. As such, Solana is supposed to offer faster and cheaper transactions than its prominent counterpart. 

To achieve faster transaction times, Solana uses a Proof-of-History (PoH) mechanism in conjunction with Proof-of-Stake. This potentially allows it to timestamp transactions without relying on a global clock, which could lead to faster transaction times. 

Like Ethereum, Solana also supports smart contract functionalities, which enables developers to build decentralized applications (dApps) on its platform. 

What is SOL?

Solana’s native cryptocurrency is SOL. This token is used to pay transaction fees on the network. In addition, SOL provides security for the platform through the staking mechanism. 

As one can imagine, this works similarly to the CEX.IO staking functionality and allows eligible users from Australia to potentially earn rewards by allocating a portion of their SOL holdings. 

SOL has experienced significant volatility since its inception. This token had a meteoric rise in 2021, reaching its all-time high (ATH) of nearly $260 in November. However, like many other assets, SOL’s price has since declined. 

Still, despite that price drop from its peak, SOL remains one of the top cryptocurrencies by market cap and continues to attract significant interest from enthusiasts and developers alike. Those interested in observing SOL’s latest market performance can check our cryptocurrency price page for more in-depth insights. 

How to find the best way to buy Solana?

Aussie enthusiasts expect a smooth and secure experience when purchasing SOL. To ensure that, one must conduct thorough research and choose the right platform to buy the preferred crypto. But, it doesn’t end here. 

A part of selecting the suitable exchange is making sure the platform complies with relevant regulations and has implemented measures to protect user funds. Also, curious participants should evaluate available payment methods, compare the fees charged for buying, selling, and transferring SOL, as well as make sure the platform offers a user-friendly interface. 

CEX.IO, a leading cryptocurrency exchange trusted by Australians and users worldwide, offers everything you need for a secure and convenient SOL purchase. With transparent fees, an easy-to-use interface, and diverse staking and savings features, CEX.IO is a top choice for those looking to buy Solana in Australia.

Ultimately, the choice of platform depends on individual preferences and needs.

Step-by-Step Guide: How to Buy Solana in Australia

For those interested in obtaining SOL on CEX.IO, our platform offers diverse opportunities. Crypto-savvy enthusiasts can explore various SOL markets through Spot Trading. This functionality allows eligible participants to trade SOL against other digital and fiat assets, like USD, EUR, GBP, and Tether (USDT). 

Alternatively, for those less familiar with trading, we offer a more straightforward approach, Instant Buy. This feature allows eligible users from Australia to seamlessly connect their favorite payment method with the free crypto wallet, courtesy of CEX.IO. Instant Buy is available through web browsers and mobile apps (iOS and Android). 

Here’s how to buy SOL in Australia through Instant Buy: 

1. Take advantage of our simplified registration procedure to create an account and verify your identity. 
2. Once logged in, navigate to Instant Buy from the dashboard. Alternatively, you can find this feature under the Products tab. 
3. Choose SOL as your preferred cryptocurrency. You can either scroll through the dropdown list of available assets or type in SOL in the search bar. 
4. Select the fiat currency you want to use for the SOL purchase. You can choose between USD, EUR, and GBP. 
5. Specify the amount of fiat you’re ready to allocate towards purchasing SOL. Also, you can choose from predefined allotments. 
6. Choose your preferred payment method from the list of available gateways. 
7. Follow on-screed or in-app instructions to complete the transaction. 

Payment methods

CEX.IO offers diverse funding methods for enthusiasts worldwide, catering to the most distinctive tastes. Our platform supports credit and debit cards, as the most popular method of payment. 

However, Aussie enthusiasts may also fund their SOL purchases through bank transfers from Commonwealth Bank, ING, Bendigo Bank, Westpack, ANZ, HSBC, and other major banks in Australia. 

In addition to these two popular methods, CEX.IO also offers alternative solutions, including:

• Apple Pay
• Google Pay
• Skrill
• Neteller
• MoneyGram

For those more resourceful users, we offer the possibility of funding their wallets with Wise and Revolut cards through our credit/debit card and bank transfer functionalities. 

Disclaimer: While striving to offer our users maximum flexibility, keep in mind that some payment methods may be unavailable due to local/regional jurisdictions. We encourage interested parties to explore the available funding methods in their area before attempting purchases on CEX.IO. 

FAQs

Where to buy Solana in Australia?

Aussie enthusiasts are advised to purchase SOL on licensed and regulated exchanges only. Please avoid fishy platforms that promise quick and fast returns, as those are 100% scam companies. Conduct thorough research to ensure choosing the right crypto platform to keep funds safe and secure. 

What are the fees for buying Solana?

The cost of purchasing SOL may vary between the selected payment methods. While notably convenient and fast, credit cards often incur additional fees for transacting. On the other hand, bank transfers process longer (2-7 business days) but typically offer a fee-less crypto purchasing experience. 

Do I need a Solana wallet?

Yes, like any other digital asset, SOL requires a crypto wallet. Australian crypto aficionados can choose between custodial and non-custodial wallets to store their SOL holdings. Non-custodial wallets usually don’t require any internet connection to function. However, these often come with a hefty price tag. On the other hand, while requiring an online connection, custodial wallets, like the ones eligible users in Australia receive upon registering on CEX.IO, are free of charge.