Most of these platforms will require you to upload some photo ID using a phone or computer before you can make a purchase.
You can then deposit funds using a payment method like bank transfer, PayID or debit card and buy your Solana.
Beginners will probably find it easiest to buy Solana (SOL) from a crypto exchange that offers instant AUD deposits using PayID or bank transfer.
How to buy Solana in 4 steps
The following steps are for Australian residents and should work with most cryptocurrency exchanges, investing apps and brokers.
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. Fees will depend on the payment method chosen, with purchases via bank deposit or PayID usually the cheapest. Alternatively, you may already have a specific payment method in mind, so you can start by choosing an exchange that supports it – such as finding a platform that accepts PayID or debit card.
Choose a platform and 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.
Purchase your Solana
Depending on which platform you choose, there may be a number of ways to buy SOL. 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. The easiest method is usually using the "instant purchase" menu but the fees are often higher. Most Australian exchanges offer live customer support via webchat in case you need help deciding.
Transfer your Solana to a crypto wallet
Safe storage of cryptocurrency is important for everyone, even beginners. Cryptocurrency exchanges are at risk of hacks or financial mismanagement, which means leaving your SOL on the same platform you purchased it on could put it at risk. Instead, learn how a cryptocurrency wallet works and consider transferring your funds into your own possession.
Solana market news
3 October, 2023: Last week SOL saw inflows of $5 million via investment into institutional funds, possibly due to excitement around its recent partnership with Visa.
1 September, 2023: Solana has integrated with Sophify, providing Solana Pay as a payment option for Shopify merchants.
June 16, 2023: Robinhood, eToro and Bakkt cease trading of Solana in the US, following actions by the SEC which alleged SOL was a security.
8 May, 2023: Solana launches Saga, an Android-based smartphone designed for Web 3 and use with the Solana blockchain.
James Edwards is the global cryptocurrency editor at Finder. He is a regular contributor to Nasdaq and is frequently called upon for market commentary in Australia and abroad.
What's the best way to buy Solana?
The easiest way for a beginner to buy Solana is usually through a crypto exchange.
However, what's best for you will depend on your preferred payment method and investment goals.
To help you choose, we've analysed 25 cryptocurrency trading platforms in Australia on things like fees and payment methods.
Our goal is to help you find the platform that best suits your needs and budget. All of the platforms on this page are registered with AUSTRAC (Australian Transaction Reports and Analysis Centre), which regulates digital currency exchanges in Australia.
We've sought to highlight platforms that have a good reputation, are beginner oriented and offer low fees. You can see a table below for a full list of all the platforms we compared and how their fees stack up.
Fees are ranked as either: very low, low, average, high or very high based on statistical analysis which uses standard deviations to assign bands.
You can read our dedicated methodology page for more detail on how we analyse crypto trading platforms in Australia.
How to buy Solana with PayID, Osko or bank transfer
Many crypto platforms support free and instant bank transfers in Australia. This includes PayID and Osko.
Once you've passed a know your customer (KYC) check, you can deposit AUD from your bank account and will usually be able to swap it for Solana within minutes.
Below is a list of reputable platforms that support deposits via bank transfer, Osko or PayID and offer some of the lowest fees in Australia, based on our research.
Platform
Supported cryptos
Trading fees
Regulator registration
CoinSpot
Finder score
★★★★★
447+
Very low (0.1–1%): Approximately $1.00 of fees per $1,000 SOL purchased using a market order.
An increasing number of Australian cryptocurrency platforms now support buying Solana with a debit card.
A benefit of buying Solana with a debit card is that the process is often simplified and designed for beginners and or people that have never invested in cryptocurrency before.
The downside is that the fees are typically higher than when you pay using a bank transfer or PayID.
Below is a list of reputable platforms that support purchases of Solana using debit card and offer some of the lowest fees in Australia, based on our research.
Platform
Supported cryptos
Trading fees
Regulator registration
CoinJar
Finder score
★★★★★
68+
Average (2%): Approximately $20.00 of fees per $1,000 SOL purchased using a debit card.
Buying Solana with a credit card might seem convenient at first glance, but once you add up the purchasing fees, any interest payments or charges from your card issuer, it may not end up being the most cost-effective option.
Of all the payment methods listed on this page, buying Solana with a credit card is typically the most expensive. To help you, we've put together a list of some of the platforms with the lowest credit card fees in Australia, based on our research.
Platform
Supported cryptos
Trading fees
Regulator registration
CoinJar
Finder score
★★★★★
68+
Average (2%): Approximately $20.00 of fees per $1,000 SOL purchased using a credit card.
They specialise in buying and selling cryptocurrencies and sometimes offer additional services dedicated to cryptocurrency.
The other type of website is an online share trading platform, which usually sells 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 dedicated crypto exchange.
The majority of cryptocurrency exchanges and share trading platforms now offer smartphone apps.
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.
Crypto exchanges: What to consider
Pro: Straightforward and affordable buying and selling of SOL accessible to all experience levels.
Cons: If you leave your SOL in the custody of a crypto exchange, your funds are potentially at risk if issues arise with the exchange.
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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.
Crypto wallets: What to consider
Pro: You have total control over your investment, secured by an encrypted wallet rather than a third party like an exchange.
Con: Learning to use a wallet requires time and effort. Transactions are irreversible and your funds are at risk of human error.
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
Our selection of best P2P crypto exchanges is updated by our editorial team throughout the year to reflect changes in the market.
The global P2P exchanges we've picked are those we've evaluated to be the best for specific product features or categories – you can read our full methodology. If we show a "Promoted" pick, it has been chosen from among our commercial partners and is based on factors that include special features or offers and the commission we receive.
These picks are suggestions. The P2P exchange that's best for you will depend on your individual needs. There are other products on the market not included in our picks and some products may not be available in your country.
P2P marketplace: What to consider
Pro: Interact directly with Solana sellers and choose from hundreds of payment options.
Con: You have to buy the specific amount of Solana the buyer is selling.
What to look for when buying Solana
There are a few key factors to keep in mind when looking for where to buy Solana.
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.
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.
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.
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.
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.
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.
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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance 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 cryptocurrencies discussed.
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.
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