How to Buy Solana (SOL) in Australia

Solana is a rapidly growing blockchain platform that has been repeatedly compared to Ethereum due to its purpose of creating a decentralized network for people to host scalable apps.

It features a native cryptocurrency called SOL, which can be bought in fractions called Lamports. Moreover, many people are interested in acquiring this cryptocurrency, and this guide is meant to show how to buy it in Australia.

There are several crypto exchanging platforms out there, but the following list includes five platforms that provide the best prices and overall experience for Australian users to buy Solana.

Using Uphold in Australia

Uphold is a trading platform that allows traders from all over the world to exchange cryptocurrencies and many other assets such as fiat currencies and precious metals. It is effortless to use, allowing traders to quickly convert one asset into another without multiple transactions and fees.

How to Buy Solana Using Uphold

In order to buy SOL through Uphold, traders have to follow three simple steps. This platform is pretty straightforward, so most people aren’t going to have many issues when using it.

Step 1 - Sign Up

The first step is pretty simple. All that needs to be done is to go to Uphold’s website and find the registration form, where users must type in their personal information and read the terms and conditions. After doing that, all that’s left to do is submit the form and jump to the next step.

Step 2 - Verify the Account

Then, they need to verify the account, which is done by replying to the email they send and supplying some financial information about how the account is meant to be used. Moreover, traders must also provide an ID document and a selfie to ensure they’re not stealing someone else’s information.

Step 3 - Buy SOL

Uphold makes it extremely easy for traders to use its platform and buy their favorite cryptocurrencies. All that traders must do is select their payment method and currency. Then, they must choose SOL and type in how much of it they want to buy. The platform automatically calculates all commissions, and traders can even see how much they would spend in other currencies.

Uphold Pros

  • Many cryptocurrencies available
  • Easy cross-asset trading
  • Lack of internal fees, so traders only have to pay blockchain commissions
  • Great educational section
  • Several payment methods are available

Uphold Cons

  • Lack of trading modalities
  • The mobile app isn't as agile as the desktop version

Using Binance in Australia

This cryptocurrency exchange was founded in Hong Kong back in 2017, and it is one of the largest crypto trading platforms in the world. It moved its headquarters to Malta, EU, after China’s government started regulating the crypto market in the country.

Binance has one of the lowest transaction fees and highest liquidity of all crypto exchanges, making it fantastic for most new and experienced traders.

How to Buy Solana Using Binance

Just like other cryptocurrency trading services, Binance makes it as easy as possible for its users to buy their preferred coins.

Step 1 - Create an Account

Firstly, they must register to Binance. It is completely free to open an account on this platform, and traders can either use their email or phone number to finish this process. However, they must check their email to verify their information before being able to trade.

Step 2 - Buy SOL

Then, traders must click the “buy crypto” button and scroll until they find the SOL option. Once they choose it, they must pick their payment method and how much they want to buy. After that, they have one minute to confirm the current price of their transaction and execute it.

Step 3 - Store It

Finally, the SOL they bought is going to be stored in their personal digital wallet as long as it is compatible with Binance. However, if this isn’t possible, Binance provides a native wallet for its users to store their crypto, and they can even use Binance Earn to gain interest.

Binance Pros

  • Low fees
  • Wide collection of assets
  • Several extra services
  • Great customer service
  • Intuitive interface

Binance Cons

  • Account verification can be slow
  • It isn't available in the US

Using Kraken in Australia

This San Francisco-based marketplace is one of the oldest crypto-trading platforms on the market. It allows its users to find high liquidity of their favorite assets and buy them using several fiat currencies.

Moreover, it became popular because it started adding dozens of cryptocurrencies to its platform when most marketplaces only featured the most popular coins. Since then, it has improved its usability to become the great platform it is today.

How to Buy Solana Using Kraken

Kraken is a smart contract platform that allows traders to buy all types of cryptocurrencies, including SOL. This can be safely done by following three simple steps in the trustworthy exchange.

Step 1 - Sign Up

The first step to buying SOL is to create an account on Kraken and verify it. If the trader wants to use cryptocurrency to buy it, they can simply provide their phone number, date of birth, email, and location. However, if they want to use a fiat currency, they must provide a legal ID to verify the account.

Step 2 - Fund the Account

After doing that, the trader must fund the account by choosing one of the multiple payment methods available and selecting how much money they want to transfer. Moreover, the app can detect and select payment methods depending on the trader’s location.

Step 3 - Buy SOL

Finally, after funding the account, the trader gains access to all the cryptocurrencies on Kraken, including SOL. However, Kraken’s team highly encourages traders to store their funds in a safe wallet instead of using the platform.

Kraken Pros

  • Wide cryptocurrency selection
  • Advanced trading options
  • Low fees
  • Strong security protocols

Kraken Cons

  • Limited funding options
  • It isn't available in the whole world

Using Bitpanda in Australia

Bitpanda is an Austrian cryptocurrency marketplace available in several countries, including Australia. It is perfect for new traders, as it is pretty intuitive to use, and it features many payment options for its users.

This exchange was founded in 2014, and although most of its users come from Europe, it has been gaining popularity across the entire world.

How to Buy Solana Using Bitpanda

Bitpanda is an extremely fast platform that allows users to effortlessly trade cryptocurrencies and expand their portfolios. Moreover, people can buy SOL by simply following three steps.

Step 1 - Learn More about Bitpanda

The first thing that needs to be done is learn about the platform and how it works. This is part of the registration process, in which users can check out the platform before deciding to commit to it.

Step 2 - Make the Initial Deposit

Once they register and know everything they should about Bitpanda, it is time to make the initial deposit, which is going to fund the account with the money.

Step 3 - Buy SOL

Finally, traders can go to the live trading section, where they’re going to find a wide variety of cryptocurrencies, including SOL. All they have to do is click on it and select how much they want to buy.

Bitpanda Pros

  • It has more than 1,000,000 customers
  • Traders can fund their account with several fiat currencies
  • It features many withdrawal options
  • High-security standards

Bitpanda Cons

  • Its fees are pretty high
  • Staking isn't available

Using BC Bitcoin in Australia

BC Bitcoin is an online platform that offers several crypto services, such as trading and storing cryptocurrencies. It also allows buying NFTs and other crypto assets, making it one of the most diverse platforms on this list.

How to Buy Solana Using BC Bitcoin

Solana is a highly demanded cryptocurrency that’s surely available on most exchanges, including this one. Therefore, all that BC Bitcoin users need to do to buy Solana is follow these simple steps.

Step 1 - Choose and Set Up the Account

Firstly, traders need to choose the type of account they want to open and provide all the needed information to complete the registration. In order to do this, they are going to talk to an account manager who may guide them through the process.

Step 2 - Deposit the Funds

Then, they must deposit the amount of money they want to invest. This can be done through the several payment methods available on the platform.

Step 3 - Find the Trading Center and Buy SOL

Finally, traders must go to BC Bitcoin’s trading center and select SOL. Then, they must type in how much they want to buy and execute the transaction.

BC Bitcoin Pros

  • Fast verification process
  • Transparent and reliable
  • It supports several payment methods
  • Account manager available for all traders

BC Bitcoin Cons

  • Lack of trading charts
  • It can only be used during business hours

Conclusion

In summary, these are the most recommended exchanges in Australia. However, the best way to find out which one works the best for each trader is to go to the website and test them out.