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How to buy Solana (SOL) in Australia

Learn how to buy Solana on 19+ crypto exchanges in Australia.

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Digital Surge Cryptocurrency Exchange

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  • Trade SOL and 371 other cryptos.
  • Get competitive fees (0.5%) on instant buys
  • Receive $10 BTC on sign-up and verification. T&Cs apply.
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There are a number of cryptocurrency exchanges that let you buy Solana (SOL) in Australia.

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.

    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. 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.
    2. 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.
    3. 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.
    4. 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

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.

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.

PlatformSupported cryptosTrading feesRegulator registration
CoinSpot

4.0
★★★★★

459+Very low (0.1–1%): Approximately $1.00 of fees per $1,000 SOL purchased using a market order.AUSTRACGo to site
Kraken

4.5
★★★★★

242+Very low (0.26%): Approximately $2.60 of fees per $1,000 SOL purchased on the spot market.AUSTRACGo to site
Swyftx

4.0
★★★★★

371+Very low (0.6%): Approximately $6.00 of fees per $1,000 SOL purchased on the spot market.AUSTRACGo to site

How to buy Solana with a debit card

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.

PlatformSupported cryptosTrading feesRegulator registration
CoinJar

3.5
★★★★★

70+Average (2%): Approximately $20.00 of fees per $1,000 SOL purchased using a debit card.AUSTRACGo to site
CoinSpot

4.0
★★★★★

459+Average (2.58%): Approximately $25.80 of fees per $1,000 SOL purchased using a debit card.AUSTRACGo to site

How to buy Solana with a credit 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.

There are also a number of additional risks and considerations when using a credit card. Read our dedicated guide on buying crypto with a credit card if you'd like to know more.

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.

PlatformSupported cryptosTrading feesRegulator registration
CoinJar

3.5
★★★★★

70+Average (2%): Approximately $20.00 of fees per $1,000 SOL purchased using a credit card.AUSTRACGo to site
CoinSpot

4.0
★★★★★

459+Average (2.58%): Approximately $25.80 of fees per $1,000 SOL purchased using a credit card.AUSTRACGo to site
Binance Australia

4.0
★★★★★

386+Very high (3.5%): Approximately $35.00 of fees per $1,000 SOL purchased using a credit card.AUSTRACGo to site

Where to buy Solana in Australia

In Australia, you typically buy Solana from an online platform called an exchange, which can be accessed through a website or smartphone app.

The most common type of websites to buy Solana from are called cryptocurrency exchanges.

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.

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.

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.
1 - 5 of 26
Name Product Deposit methods Fiat currencies Cryptocurrencies Offer Disclaimer Link
Finder AwardExclusive
EXCLUSIVE
Coinstash
Bank transfer, Cryptocurrency, Osko, PayID

1

845

Finder exclusive: Get up to $200 BTC when you sign up and trade certain amounts. T&Cs apply.
Go to site

Capital at risk

View details
Exclusive
EXCLUSIVE
CoinSpot
Bank transfer, Credit card, Cryptocurrency, Debit card, PayID

1

459

Get $20 in BTC when you make a deposit. T&Cs apply.
Go to site

Capital at risk

View details
OFFER
OKX
Bank transfer, Credit card, Cryptocurrency, Debit card

1

87

Earn up to AUD$50 in USDT when you deposit and trade. T&Cs apply.
Go to site

Capital at risk

View details
Finder Award
Kraken
Bank transfer, Credit card, Cryptocurrency, Debit card, PayID

7

242

Go to site

Capital at risk

View details
Finder AwardExclusive
EXCLUSIVE
Swyftx
Bank transfer, Credit card, Cryptocurrency, Debit card, PayID

3

371

Get $20 in BTC when you verify your account. T&Cs apply.
Go to site

Capital at risk

View details
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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.

Ledger Nano X Wallet

Trezor Model T Wallet

Go to site
Go to site

Supported assets

5,500+

Supported assets

9,000+

Price (USD)

$149

Price (USD)

$179

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

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.

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.

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:

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

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.

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