- To buy SOL, a cryptocurrency, in Australia, follow these four steps: compare crypto exchanges, create an account, deposit AUD, and buy SOL.
- Recommended exchanges include CoinSpot, which is user-friendly and offers free deposits and withdrawals, over 370+ cryptocurrencies, and staking on 21 coins.
- After buying SOL, store it in a personal wallet for security purposes.
- Buying, selling, and trading SOL is 100% legal in Australia.
- PayPal is not a deposit method on most exchanges.
Where can I buy SOL (Solana)?
There are plenty of crypto exchanges where you can buy SOL (Solana), but the most important thing is to buy SOL from a respectable and reliable exchange so you aren't getting scammed out of your money. This list of crypto exchanges is a good place to start your research, as they are all registered with AUSTRAC to fight money laundering and terrorism financing.
My top recommendation for buying SOL is CoinSpot since it's user-friendly, has free deposits and withdrawals, over 370+ cryptocurrencies, and staking on 21 coins. If you would like to find out more about CoinSpot, read my detailed review here.
How to buy SOL (Solana)?
Buying SOL in Australia is easy. It only takes four simple steps which I will walk you through below:
Step 1: Compare crypto exchanges
Step 2: Create an account
Step 3: Deposit AUD into your account
Step 4: Buy SOL
Step 1 - Compare the best crypto exchanges
The most important step is to find a trusted and secure cryptocurrency exchange that suits your needs. Read my test of the best crypto exchanges, where I determine my top 3 choices, that I list below. In this walkthrough guide on how to buy SOL, I will be using screenshots from my CoinSpot account. If you want the easiest way to follow along how to buy SOL, then I suggest you register on CoinSpot.
Top 3 Recommendations
Best for Demo Mode
Best App for Beginners
If you are still undecided on which exchange is best for buying SOL (Solana), this review of the best crypto exchanges for Australians may help you decide. If you will be buying and selling SOL and other coins using your mobile phone, you may find this article about the best mobile cryptocurrency apps helpful.
Step 2 - Create an account
The process is easy to create an account with CoinSpot. Click on the following link: https://coinspot.com.au/ and you will be taken to CoinSpot's home page. Click on the white "Register" button in the top right, then you will see a page like the screenshot below. Simply enter your email address, choose a password, click the box to show you’re not a robot, then Create Account.
Once you have created your CoinSpot account, the next step is verification. Click the "Complete Verification" button and follow the prompts. First you verify your email address, then fill out your personal details and then verify your driver license. After you have completed those steps, it may take some time before your verification is finished. While you are waiting, feel free to browse CoinSpot's account so you can get used to how it works.
Step 3 - Deposit AUD into your account
After your account verification is complete, you can deposit AUD into your CoinSpot account. Under the CoinSpot logo in the top left, you will find the "Deposit Funds" button: click this, and you will be taken to a page like the screenshot below. There are 5 different deposit methods, and you can select which one you prefer. Most users like to use POLi as it is instant, convenient, and free of charge. Choose how much you want to deposit, select the bank you use, and click "Continue to POLi" to make the payment.
Step 4 - Buy SOL
When your money has arrived in your CoinSpot account, it's time to buy some SOL. Click on "Buy/Sell" in the menu along the top, search SOL, then click the Buy SOL button.
You will be taken to the purchase screen, where the price of one coin is displayed in the middle of the screen. Select how much AUD you want to spend on SOL, then click the blue "Buy" button.
You will see a pop-up which shows you a summary of the purchase. It tells you how many coins you will receive, the price for each coin, the fee charged, and the total amount you will pay. In my example, I have input $500 worth of SOL. When you are happy with the details, click "Confirm Buy" to complete the transaction. Congratulations, you now own some SOL!
Frequently Asked Questions:
Where do I store my SOL (Solana) after buying?
After purchasing SOL on any of the best crypto platforms it will be automatically stored in your SOL wallet address on the exchange. It is not recommended to leave your SOL or any cryptocurrencies on the exchange since it's not as secure as having it in your personal wallet. To hold your SOL securely, you can send it from your crypto exchange account to your personal wallet (either a hot wallet app or a hardware cold wallet). Be sure to check that the wallet you are sending to supports SOL. For example, some wallets are only for Bitcoin, and if you try to send your SOL there, it will be lost and can never be recovered! It's worth noting that the crypto exchange you use may charge a fee for transferring your SOL to your personal wallet.
Is buying SOL in Australia legal?
Yes, it is 100% legal to buy, sell and trade SOL in Australia.
Can I use this method for all cryptocurrencies or only SOL?
If the coin that you want to buy is offered on the cryptocurrency exchange you are using, you will be able to use the same method to purchase it. CoinSpot offers over 370+ different digital assets so there is a good chance you can use this guide to buy the coin you like. If you are interested in buying Bitcoin, you can also read my simple guide on how to buy Bitcoin.
How to buy SOL with PayPal?
Unfortunately, Paypal is not supported as a deposit method on most of the top Aussie crypto exchanges. I suggest finding an alternative payment method; CoinSpot supports bank transfer, POLi, PayID, BPAY and Cash deposit.
If you are not able to use any other payment methods, and you only have access to PayPal, eToro Australia accepts PayPal. If you want to find out more, you can read this review of eToro Australia.
How to buy SOL with credit card?
Swyftx is one of the few Aussie crypto exchanges that accept credit card purchases. You can easily buy SOL using your credit card, after signing up with Swyftx, our #2 recommended crypto platform.
How to buy SOL with debit card?
Most crypto exchanges in Australia do not support debit card deposits, but Swyftx is one of the few that does. Buying SOL with your debit card is easy, just open an account with Swyftx, the #2 top crypto exchange in Australia.
How do I buy SOL instantly?
If you want to buy SOL immediately, without depositing money first, have a look at an Aussie exchange called Easy Crypto Australia. With Easy Crypto Australia, when you buy crypto, you pay for it straight out of your bank account, and your coins are sent straight to your personal wallet. You don't need to deposit money into an exchange first, and your crypto is never held on their exchange. You always have control over your fiat and crypto assets. If you want to find out more, there's a detailed review you can read here.
How do I buy Bitcoin?
Buying Bitcoin is easy, it is similar to buying SOL. For an easy-to-follow guide, click here.
How to buy SOL with USDT?
To buy SOL with USDT, you need to send your USDT to a cryptocurrency exchange that offers coin swaps (I recommend using the secure CoinSpot exchange for Aussies). Send your USDT to the USDT wallet address in your CoinSpot account. Once your USDT is in your CoinSpot account, click Swap in the menu on the top, then search for USDT and select Tether USD.
Choose SOL as the coin you want to swap to, then choose how much USDT you want to spend. To complete your purchase of SOL using USDT, click the blue Swap button on the right.
Is buying SOL in Australia safe?
Yes, if you are using one of the best Aussie crypto exchanges, then it is safe to buy, sell and trade SOL in Australia. All of the best cryptocurrency exchanges (such as CoinSpot) feature multi-layered security, and are registered with AUSTRAC so you can buy and sell with peace of mind. Take a look at the summary comparison table below which outlines important information about the best Australian crypto exchanges.
Comparison Table of the Best Crypto Exchanges in Australia
Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.