How to buy Solana (SOL) in Australia
A beginner's guide to buying and selling SOL in Australia.
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How to buy Solana
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Solana.
- Open an account on an exchange that supports SOL.
Jump to our table to compare popular options — just remember that most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Solana.
- Buy Solana.
Complete your Solana purchase and then find the best wallet to store SOL.
What is Solana?
Solana is a blockchain looking to address the scaling issue head-on, allowing users to process a massive number of transactions per second (TPS). To put things into perspective, while Bitcoin, Ethereum and Visa currently offer TPS rates of just 7, 30 and 2000 respectively, Solana allows users to facilitate a whopping 50,000 transactions per second. SOL is the native token of the Solana ecosystem and has a maximum supply cap of 489 million tokens. Since the platform makes use of a Proof-of-Stake (PoS) network, participants can stake their SOL coins to become validators within the network as well as earn passive rewards for their efforts.
Solana (SOL) is the 14th largest cryptocurrency in the world by market cap, valued at $9,595,651,277. The current price of Solana is $35.22, which is -1.081% lower than yesterday. Prices have ranged between $35.91 and $31.53 over the past 24 hours. All prices are listed in US dollars and accurate as of June 21, 2021 09:06 UTC.
Where to buy SolanaFind an exchange to buy, sell and trade SOL by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Solana at a glance
|Total SOL supply||488,630,611|
|All time high||US$58.03|
|Notable team members||Anatoly Yakovenko, Greg Fitzgerald|
|Partnerships||Terra, OKEx, MXC|
|Token uses||Platform fees, staking, governance|
Solana price performance over time
How to sell Solana
You can cash out your SOL with the same exchange you bought it through:
- Sign in to the exchange you have SOL on.
If you store your Solana in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of SOL you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Solana.
What to consider when buying cryptocurrencyBuying cryptocurrency can be a risky endeavor, but there are precautions you can take to help mitigate risk:
- Don't FOMO buy coins: Spend time researching a coin before you decide to invest, particularly if the coin's price is spiking for seemingly no reason.
- Stick with well known exchanges: Unless you're an experienced cryptocurrency trader, stick to more well known crypto exchanges to help avoid the possibility of losing your money in a scam. When possible, store your crypto on a hardware wallet instead of on an exchange.
- Look into the coin's founders and developers: Anonymous teams are often a red flag, so if you can't find details on the creator of the coin you may want to consider investing in a different cryptocurrency.
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