A Beginner’s Guide to Buying and Selling Solana Cryptocurrency in Australia
If you’re based in Australia and wish to buy Solana coins – the process is very simple. All you need to do is find a regulated exchange, deposit some funds, and decide how many Solana tokens you want to buy.
This year, the crypto market has made notable gains, with different tokens making notable gains and reaching all-time highs. However, one of the coins that have completely distinguished itself this year is Solana. The Solana network and the SOL token have seen overwhelming adoption.
This guide contains all the details that a trader needs to know before investing in the Solana token in Australia. The guide is well-detailed to ensure that even a beginner trader will know what it takes to invest in this token.
The crypto market can be lucrative, but it also comes with a high level of risk. As such, an investor can be in for major losses if they fail to consider these risks and take the necessary steps to mitigate them.
How To Buy In Solana In Australia – Quick Guide
To help you buy Solana coins as quickly as possible, we broke the process down into a few easy steps:
- Step 1: Open an account with eToro – Head to eToro’s website and click join now to open a new account.
- Step 2: Verification – By uploading essential documents that show proof of identity and home address, you will get your account verified in a short time.
- Step 3: Deposit – Fund your new eToro account with a minimum of $10.
- Step 4: Search for Solana on eToro – Search for SOL or Solana in the eToro crypto market.
- Step 5: Buy SOL – Enter the amount of the worth of Solana you want to purchase in United States Dollars (USD), then click Open Trade.
That’s it! By following these easy steps, you can invest in Solana in Australia in less than 5 minutes.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Where To Buy Solana (SOL) In Australia
Are you searching for how to buy Solana in Australia? Well there are hundreds of crypto exchanges and brokers in Australia. This can make it hard to know which platform is right for you.
List of the best Exchanges to buy Solana in Australia:
Looking where to buy Solana in Australia right now? Below you will find 4 of the best brokers that allow you to buy Solana in Australia.
- eToro - Best broker to buy Solana in Australia
- Binance - Best exchange to buy Solana in Australia for asset diversity
- Coinbase - Best exchange to buy Solana for beginners
- OKEx - Best broker to buy Solana in Australia for low-cost
A Step-by-step Guide To Buying Solana (SOL) In Australia
To buy Solana in Australia, you can use cryptocurrencies or fiat currencies.
Buying Solana with other cryptocurrencies
The first option for buying Solana in Australia is through using other cryptocurrencies. Exchanges will list trading pairs, where a trader can exchange one cryptocurrency for the other. Trading pairs are listed in these formats: USDT/SOL, BTC/SOL, ETH/SOL and more.
Buying Solana with fiat currency
You can also buy Solana using fiat currency. However, some exchanges do not support fiat currencies to buy Solana directly. Thereby, if you want to use this option, ensure that you research whether it is available at the exchange.
To buy Solana in Australia, follow the below steps:
Step 1: Register an account
The first thing that you need is to create a cryptocurrency exchange account. This is a simple and fast process. You need to provide your name and contact information to create the account, such as an email address or a telephone number.
Due to regulations, some exchanges will require that you fulfil a Know-Your-Customer (KYC) verification process before starting using the platform. To do this, you need to submit documents that will act as proof of these details. These documents include a government-issued ID or a valid driver’s license.
Step 2: Fund the account
The second step is to fund the account. To do this, you need to link your debit card or credit card to the exchange and then deposit the funds you want to use in your purchase.
As mentioned earlier, some exchanges will only allow you to buy SOL with other cryptocurrencies. In this case, you have to use the deposited funds to buy other tokens that you can later swap for Solana.
Step 3: Buy Solana
The third step is to buy Solana. To do this, you have to create an order on the exchange. There are many types of orders you can place, and the two most common ones are a market order and a limit order.
If you choose a market order, your purchase will be settled instantly. However, with a limit order, your purchase will be filled if the prices reach your selected limit. Once your order has been completed, you will receive a notification of the same.
Don't Miss: Solana Price Predictions
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
How To Sell Solana (SOL)
Once you decide it is the right time to sell some of the SOL tokens you bought, you can go to the exchange and place a sell order. You can sell SOL tokens for fiat currency or for other cryptocurrencies.
After you have received fiat for selling your tokens, you can later make a withdrawal from the exchange and deposit the funds into your local bank account.
Which Wallets Can I Use To Hold Solana (SOL)?
If you don’t want to sell your SOL tokens and would rather hold them, you can do so on a cryptocurrency wallet. You can store your tokens in hardware wallets or software wallets. A software wallet will store your tokens on online platforms. It is usually used by a trader that wants to trade frequently.
The other type is a hardware wallet, also known as a cold wallet. This wallet will store your tokens offline, making it more secure.
How Solana (SOL) Works
Solana is one of the leading blockchains in the crypto market. It is believed to be the fastest blockchain, and it has become prominent among decentralized finance (DeFi) projects. Solana has become popular in the crypto space because it charges low gas fees, and its speeds are exactly what developers in the crypto and blockchain spaces are looking for.
Key Things To Consider When Buying Solana (SOL) In Australia
Before buying Solana in Australia, you need to consider the following factors:
Performance
The first thing to check is the performance of the token. Look at whether the token has been making gains and losses to know what you can expect in the future. The token’s performance over the years will also help you know if it can make new highs.
Volatility
The crypto market can be highly volatile. Therefore, you need to consider this volatility before investing in Solana or any other token.
Usability
The third factor to consider is the usability of the underlying blockchain. Due to the attributes of the Solana blockchain that include speed and low gas fees, it has become one of the most popular ones among developers building in this space.
eToro – The Best Platform To Buy Solana In Australia
eToro have proven themselves trustworthy within the Crypto industry over many years – we recommend you try them out.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
FAQs
Is Solana volatile?
The cryptocurrency market is highly volatile in that the prices of tokens can change unexpectedly. Therefore, ensure you understand the risky nature before investing.
Where can I buy Solana?
If you want to buy Solana, you can do so from a cryptocurrency exchange platform. When choosing an exchange, ensure that it is secure, reliable, and has a good reputation.
What do I need to open an exchange account?
The requirements of opening an account differ between exchanges. However, most exchanges will require that you provide your full name, telephone number and email address. You will also verify these details by submitting a government-issued ID or proof of address.
Read More:
What Is Solana (SOL) And How Does It Work?
Why Do Solana (SOL) Coins Have Value?
Should You Buy Solana (SOL)? 4 Pros, 4 Cons