CoinSpot
- Trade SOL and 499 other cryptos.
- Easy deposits and withdrawals.
- Get $20 in BTC when you make a deposit. T&Cs apply.
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.
The easiest and cheapest way for a beginner to buy Solana will be through a crypto exchange that supports Australian dollars. This means you'll be able buy SOL directly using AUD, or deposit AUD to the exchange and place a SOL buy order, which can help you save on trading fees.
However, what's best for you will depend on your preferred payment method and investment goals.
To help you choose, we've analysed 16 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 currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
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 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.
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.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,000+ |
Supported assets 30,000+ |
Price (USD) $149 |
Price (USD) $129 |
Price (USD) $49.99 |
See more of the best crypto wallets
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
There are a few key factors to keep in mind when looking for where to buy 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.
All investments have risk associated. Before you buy Solana, make sure you do due diligence in research and understand these risks:
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.
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