- Solana is a third generation cryptocurrency renowned for its speed.
- Solana's token, SOL, has experienced strong growth in value.
- Get details on exchanges where you can quickly and safely buy Solana.
Get a step-by-step guide through the process of buying Solana from Australia.
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Where to buy Solana
Step 1: Choose an exchange where you can buy Solana
Solana is listed on a growing number of crypto exchanges, which is probably the easiest way to buy the token. When comparing exchanges, consider what fees are charged for trades (maker and taker, or a spread), if there is a fee to deposit fiat currency, what order types are available, etc.
Step 2: Get verified
When you open an account on a crypto exchange, you will be asked to provide some personal details such as your name, phone number, email address, etc.
You will then be required to verify your identity for tax purposes. You can authenticate your identity using a valid form of photo ID like your driver’s licence or passport. The verification process takes approximately five minutes. Once your identity has been verified, you can fund your account and start trading.
Step 3: Set a budget
You should only ever invest what you can afford to lose, especially with something as volatile as crypto.
Step 4: Fund your account
You can fund your exchange account with fiat (AUD) transferred from a bank account, debit or credit card. PayID, PayPal, and POLi may also be accepted. If you use a debit or credit card to deposit funds in your account, you will probably have to pay a transaction fee. If you already have an account on a crypto exchange, you can trade stablecoins and other crypto tokens for SOL.
Note that some exchanges only support crypto-to-crypto purchases.
Step 5: Buy Solana
Use a market order if you want to buy Solana as quickly as possible and don’t mind slippage in the price you pay. At most exchanges it’s also possible to configure an order that will be automatically executed when Solana hits a certain target price.
Depending on the exchange you are using, you may have the option of setting up a recurring order which automatically buys more Solana, for example, every week or month so you can take advantage of dollar cost averaging over time.
Where to store your Solana
For easy access to your SOL tokens, store them in the hot wallet at the exchange where you bought them. You can always transfer them out to a hot wallet you control at a different exchange at a later date. Keep in mind that hot wallets, being connected to the internet, are the less secure option and are vulnerable to hacking, theft, and malware.
Cold wallets are specially designed devices that are not connected to the internet and are the safer way to store your SOL tokens.