If you plan to invest in Solana within Australia, the quickest method of buying it is through CoinSpot exchange.
Here, you are allowed to deposit AUD for instant purchase and enjoy the low fees for trading in SOL.
What is Solana?
If you have heard of “Layer 1” blockchain and are wondering what it is, then Solana is a perfect example for this explanation.
It offers developers an easier way of creating user-friendly and scalable applications. Solana has a competitive advantage over other “Layer 1” blockchains such as Ethereum due to its low cost and ultra-fast and easy transactions.
In comparison, Ethereum has recorded high fees within the previous times.
Solana identifies as a project with an open-source by computation resources as a transaction validation method. Solana Clusters are computers connected to run the network. An external viewer sees them as a single system.
One unique challenge lies in scaling blockchain and achieving its adoption globally despite its merits. However, the team behind Solana is confident in its innovative framework, which shows all signs of success in that venture.
How Do I Buy Solana in Australia?
When buying Solana, the Australian Dollar (AUD) is the most suitable cryptocurrency, and it is viable on the platform known as CoinSpot trading.
This is also the leading exchange platform in Australia, with more than two million traders. It has many altcoins to select from and offers a user-friendly experience, resulting in immense popularity.
When using CoinSpot, purchasing SOL takes place in less than five minutes. Here are the steps to follow:
Create a CoinSpot Exchange account: Search for the CoinSpot platform on your browser and sign up as a user. To complete the verification, you’re required to give 100 ID points.
Deposit some funds in Australian dollars: For this step, select the “Deposit Funds” option displayed on your screen’s top side. After that, choose the prefered deposit method for Australian Dollars. The options provided are BPAY, POLi, cash, bank transfers, PAYID/Osko and others.
Buy Solana: To buy Solana, go to the page indicated as “BUY/SELL” within the displayed navigation menu. Click on “Solana” and choose the amount you want to spend on your purchase.
What Should I Do With Solana?
Solana’s popularity has increased within the NFT and decentralised finance communities as part of the cryptocurrency system.
The SOL token holds a high utility and can have many uses in connection to this. If you already bought Solana, it’s advisable to visit the Defi Llama website to see the numerous applications for your investment.
After purchasing Solana on CoinSpot, making an international exchange is an excellent move to stake your SOL tokens in platforms such as FTX. This turns you into a validator, enabling you to verify the network’s transactions. You also receive a 14% APY yield.
Where Can You Buy Solana?
Swyftx ranks among the best platforms for exchanging Australian cryptocurrency. It offers the users a chance to trade over 270 cryptocurrencies with AUD. The exchange is certified under AUSTRAC and compliant with KYC/AML.
The platform has been in operation since 2017 and has since grown into one of the renowned top exchanges. Swyftx app is user-friendly, and the customers can also trade on a desktop platform. The spreads and fees are low with high affordability.
Additionally, Swyftx offers a platform on which novice buyers can intuitively make crypto investments. Along with this comes advanced features suitable for use by highly-experienced users.
Irrespective of the heavy investment channelled towards interface maintenance, Swyftx has maintained a low fee structure of 0.6% on every trade.
It is possible to come across lower fees from other platforms, but when all the costs are summed up, Swyftx has the best offer based on our research.
You should also note the availability of deposits and withdrawals from debit and credit cards without any charges.
Binance leads the list of most popular exchanges in the Australian crypto market. Its clients benefit from large trading volumes. Despite the significant number of registered users on Coinbase, Binance still records the highest trades as more people use its exchanges.
The main contributing factor to the popularity of Binance is its wide altcoins range and its ability of margin or spot trading. This review shows that Binance has the highest number of listed coins and DeFi tokens, ranging above 500.
Similar to Bybit, you will get many technical indicators on this exchange, with advanced and classic modes for professional, beginners and casual traders in that order.
With Binance, you can benefit from yield farming, mining, locked crypto staking and DeFi staging since it supports all these features.
For access, go to the “Binance Earn” option displayed in the website, mobile app or desktop client downloads to learn more on how the features function and improve your passive earnings.
Like eToro, Binance has a Trustwallet, deemed a secure transactional space for all global users.
Binance, like Bybit, restricts social trading, explaining why it has withstood all the trials to emerge as the most reputable crypto exchange since 2017.
eToro has existed in the crypto trade scene since 2006, way before the invention of crypto or Bitcoin. It was used as a forex broker and stock exchange platform. It continues to support this type of trading in addition to crypto, ETFs and other commodities.
The regulation of eToro falls under the Australian Securities and Investments Commission (ASIC). The exchange is also licensed under Australian Financial Services. It has an office in Sydney, New South Wales.
Customers from New Zealand, Australia and many other parts of the world are welcome to trade on eToro owing to its CySEC and FCA certification and regulation. At the moment, this exchange platform offers more than 120 coins in cryptocurrency viable for sale and purchases.
There are multiple features for users to consume on eToro. Its operation style mirrors most accounts on social media, where users can create their profiles and share their views and thoughts regarding crypto assets.
Investors who have attained high yields and returns on eToro are offered a platform to share their professional techniques on achieving their reputable status in the trade.
Other users can learn from them and copy their tactics for better trading. eToro does not charge any management fees to replicate other users’ trades on your portfolio, yet it automatically displays whichever information you select.
eToro also offers you an alternative to copying your portfolio using a specially designed feature.
This approach helps you duplicate portfolio allocation instead of trades, mainly suitable for altcoin traders who deem holding the currency a strategy of investment instead of trading. Such investors believe in buying the market time instead of timing the market.
Coinspot has existed in the Australian exchange since 2013. It stands among the early crypto market players, maintaining its spot despite the emergence of other exchanges such as Digital Surge and Swyftx.
The success of CoinSpot can be retraced back to its platform’s user-friendliness, making it possible for every interested investor to begin the trade. It also has a simplified interface with great functionality on the mobile app and its website.
Additionally, new users receive a warm welcome from support, and they can communicate with customer service agents via chat. This translates to quick assistance and fast sorting of issues on the exchange.
Based on the multiple audits and attainment of ISO 27001 certification, CoinSpot has gained the trust of its users, regarding it a top security crypto exchange.
It also curbs terrorism financing and money laundering with its AUSTRAC registration. CoinSpot safely stores its assets on offline cold storage.
Another desirable feature of CoinSpot is the availability of multiple cryptocurrencies with more than 300 big assets. In addition to many small altcoins, you will get BNB, XRP, LTC, ETH and BTC.
5. Digital Surge
Digital Surge adds to the list of exchanges in Australia that handle the needs of the large pool of users. Traders on this platform enjoy safe cryptocurrency-enabled purchases using AUD.
Its excellence is attached to customer support customisation, user-friendly features, and transparent and affordable fees that enable beginners to start their investment ventures.
Based on personal experience, we spent approximately two minutes on account setup, first deposit and trade, which seems easy and quick.
Digital Surge has many coins you can trade with, including Ripple, Ethereum, Bitcoin and 270 or more altcoins.
The purchase process is easy since you only need to spot a coin you want to buy and pay directly using AUD. This beats some platforms where you first purchase Bitcoins and then buy altcoin.
In addition to the multiple merits mentioned in this context, Digital Surge offers low fees and spreads, translating to more crypto against the deposited funds.
By a commendable margin, these spreads and fees are lower than CoinSpot, Crypto and Swyftx.
A trade feature labelled “Markets” for better coin prices on your screen. It gives you an option of selling or buying at your preferred prices.
For instance, suppose Bitcoins’ price at the time is $50,000, but you only have $49,000 to spend; you have the option to select the later price so that when a willing seller comes across it, they will trade on your terms.