How to Buy Solana (SOL) in Australia
Want to buy Solana but don’t know where to start? We have you covered. This step-by-step beginner’s guide includes everything you need to know before buying Solana for the first time.
Who are we? Cointree is a cryptocurrency exchange here in Australia. Founded in 2013, we’ve helped tens of thousands of Australians enter the exciting world of cryptocurrency and grow their investment portfolio.
Now, we can show you exactly how to buy Solana in Australia and explore the growing Solana ecosystem.
What is Solana?
Solana is a high-performance blockchain that supports smart contracts and decentralised applications (dApps). It has seen rapid adoption as users have flocked to the ecosystem to take advantage of the speed and low transaction fees.
Quick Solana stats:
- Validators: 1,200+
- Average cost per transaction: ~AU$0.00035
- Transactions Per Second: 2,100+ (with capacity to support 50,000+)
The above stats are from December 2021, to see the latest stats visit Solana.com.
Why buy Solana?
When building an investment thesis, it’s important to look at the overall ecosystem, how it compares to competing blockchains, and real-world use cases. The following are some factors that made the venture capitalists Sino Global Capital bullish on Solana.
Solana’s speed and scalability, whilst still being decentralised, make it possible to support a billion users across decentralised social networks, music streaming, gaming, derivatives, cloud computing, and DeFi. Solana’s vision for scalability is important as they aim to serve billions of users.
While the Ethereum network is seeking to scale their blockchain using sharding and other layer-2 solutions, this is unnecessary on Solana. Solana’s scalability means that the dApp ecosystem can stay on the Solana, making it composable so dApps can easily build on top of each other.
- Developer friendly
Developers can write smart contracts on Solana in Rust, which has become one of the most popular programming languages in the world, with a large ecosystem of talented developers to draw from. It’s also one of the reasons the team behind the Brave Attention Token (BAT) decided to focus on integrating their browser with Solana.
- Strong ecosystem
A strong crypto ecosystem is being built on Solana, with a number of popular cryptocurrencies building on the Solana blockchain, including the streaming platform Audius, the oracle ChainLink, the Brave browser’s Basic Attention Token, and the decentralized exchange Serum.
While other blockchains rely on Automated Market Makers (AMM) to swap tokens, Solana has the infrastructure to support Central Limit Order Books (CLOB) like Serum. With high-throughput and sub-second finality, Solana’s DeFi ecosystem could offer performance similar to companies like Visa and NASDAQ.
Where can I buy Solana in Australia?
You can buy Solana on an Australian cryptocurrency exchange like Cointree. A crypto exchange is similar to a stock exchange, but instead of buying and selling stocks like Wesfarmers or BHP, you can purchase digital assets like bitcoin, Ethereum, and Solana.
How do I make my first purchase of Solana?
It’s easy to make your first purchase. As you can purchase fractions of a token, such as 10.5 SOL, you can enter the exact amount of AUD you want to invest. For example with Cointree, you can start investing in SOL with as little as AUD $25.
All you need to do is follow four simple steps:
- Sign up for a free account with Cointree.
Make sure you use a strong password when you sign up, to keep your account safe and secure. Before you start trading, we encourage you to further protect your account with two factor authentication.
- Verify your ID.
As an AUSTRAC regulated exchange, it’s important that we verify the identity of our customers to comply with all Australian regulations. Naturally, we keep your details 100% confidential at all times.
- Deposit AUD instantly with a PayID bank transfer.
Send money from your Australian bank account straight to your exchange account in moments. You can be trading within minutes from when you first sign up.
- Buy Solana in just a few clicks.
Our platform has been designed to make it as easy as possible to trade on. Simply click the coin you want to buy, enter the amount of AUD you want to invest, and confirm your purchase. It’s that easy.
Where can I store my Solana tokens?
Once you buy your coins, you want to make sure they’re stored safely and securely. The easiest place to store your Solana tokens is in the free multi-coin wallet (including a Solana wallet) that you receive when you sign up with Cointree. It’s especially convenient as it makes it quick and easy to swap SOL for another cryptocurrency or sell it for Australian dollars. When you use the multi-coin wallet on our exchange, we always recommend that you secure your account with two factor authentication.
Alternatively, you can store your SOL tokens in a Solana wallet such as SolFlare, Phantom, or Sollet. If you’re going to custody your own coins, many cryptocurrency users strongly recommend that you secure your coins with a hardware wallet such as a Ledger.
How can I sell Solana?
You can sell Solana just as easily on our crypto exchange. In just a few clicks, you can sell it and withdraw AUD to your bank account or convert it to another digital currency, such as bitcoin, USDC, or Ethereum.
Why trade with Cointree?
Since starting in 2013, Cointree has helped tens of thousands of Australians enter the digital economy and grow their portfolio. With a beginner-friendly platform, low fees, and high levels of security, it’s the best place to make your first Solana purchase.
Buy Solana today
Ready to buy Solana? Now that you know how to buy Solana, you can make your first purchase and begin your crypto journey.