Tutorial by Marcus P
If you are a new crypto investor, in this tutorial I’m going to show you how to buy Solana ( SOL ) in Australia. The fastest and simplest way to buy your own Solana ( SOL ) is to use the popular cryptocurrency exchange Swyftx.
I usually recommend Swyftx as their interface is easy to use, their fees are low and they give you $20 BTC for new customers signing up.
Once you have a Swyftx account and are verified you can then deposit your AUD and start buying Solana.
If you are feeling daunted by the process don’t worry I show you how below in easy to follow steps.
How To Buy Solana With Swyftx
Step 1: Setting Up Your Account
With a simple to use interface, low fees, and over 290 assets, you can see why Australians love the Swyftx exchange. you can also start with a demo account to trade with virtual currency to practice before risking your own capital.
Creating an account at Swyftx is very easy the first steps are to enter an email and create a memorable password.
Just enter your details as instructed on the form and simply click create an account.
You will then be required to verify your account at Swyftx, using your email, phone number and a form of photo ID. You can use a passport or a driving license, my passport had expired so I used my driver’s license.
Now we can go ahead a fund our account with our AUD.
Step 2: How To Deposit AUD
You can fund your Swyftx trading account using a few methods, my preferred method is to do a bank transfer. Although they also accept PayID, POLI and OSKO. There are no charges to Swyftx for AUD deposits and withdrawals.
We can now go ahead and buy our Solana.
Now your account is fully verified, and you have deposited your AUD funds into your account it’s time to buy some Solana.
Once in your Swyftx dashboard, go to the left-hand side and at the top, you will see the blue trade tab click on that and then click on the buy tab immediately below.
Then in the search assets tab just type in Solana, then simply scroll down and enter in the dollar amount you wish to use then hit instant buy.
In the screenshot below you will see I entered 1000 AUD which gives me 5.94 SOL.
Congratulations you now know how to buy Solana ( SOL ) in Australia, and are the proud owner of nearly 6 SOL. Well not really as that is an example but you get the picture.
What is Solana?
Solana is a decentralized layer one blockchain protocol that was initially released in April 2019. It was created to enable scalable applications for the world, and It is fast, in fact very fast and only gets faster as the ecosystem grows.
Solana can process more than 50,000 transactions a second and transaction fees are extremely low which makes it very desirable compared to its established rival Etherium.
Solana is now one of the biggest cryptocurrencies in the world currently sitting in the top ten.
SOL is the cryptocurrency that runs on the Solana blockchain, and there were 489 million SOL tokens released in circulation on its launch.
Should You Invest in Solana?
Solana ( SOL ) had an amazing start when it was launched in April 202O, and quickly became one of the fastest-growing cryptocurrencies in 2021. The price of Solana skyrocketed from $0.75 to a high of $215 in September.
Currently at the time of writing Solana is sitting at $137.10, and is the seventh-largest cryptocurrency in the world by market cap, $43,197,408,286.
On a popular exchange one, Solana investor had written that in his view it will become the top crypto in the next 2 – 3 years due to having the vision and the best technology that is needed for fast transactions.
With Solanas speed, scalability, technology and low fees it’s certainly an exciting opportunity to potentially invest in.
Solana has not been without its hiccups, as some of the technology they use is still in beta so the network may not run as smooth sometimes. In September 2021 the Solana network went offline, due to a massive surge in transactions which caused the network to fork.
So my advice as always is to do your due diligence and never invest more than you can afford to lose.
What Are The Best Exchanges To Buy Solana?
Apart from Swyftx the next exchange we can purchase Solana from that is popular with Australians is CoinSpot. They are Australias biggest exchange with over two million customers. They have a more varied selection of cryptocurrencies and operate with low fees. You can read our full CoinSpot review here.
Etoro is another good Australian exchange that features Solana the platform is very user friendly, you can create a demo account with $100k of free virtual money. There are a number of deposit options, including bank transfer, debit and credit card, PayPal and POLi. For our complete review of Etoro click here.
Digital Surge is another great Australian exchange where you can buy Solana. Established in 2017, this exchange is simple and safe to use even for a new beginner to crypto, there are also low fees, and free $10 BTC just for signing up. For a comprehensive review of Digital Surge click here.
Ok, I hope you enjoyed the article, you should now know how to buy Solana in Australia.
Swyftx is my recommended exchange to use out of all the Australian crypto exchanges. Their trading platform is so simple to use and with $20 worth of BTC free when you sign up and the option of a demo account what’s there not to like.
So if you are ready to purchase your Solana you can create a swyftx account here.