Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has Solana, and is trustworthy!
You can find our top 3 exchanges for buying Solana here, alternatively you can also check our comparison of the best Australian cryptocurrency exchanges if you’re generally interested in seeing which exchanges work for Australians.
2. Sign up with the crypto exchange
Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.
3. Fund your account
The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.
4. Buy Solana
And of course, the final step is to find Solana on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.
Where to Buy Solana (SOL)
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How to Sell Solana
- Sign into the exchange
- Find where you stored your Solana, either on a hardware wallet or on the exchange.
- Transfer your Solana to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell Solana.
Considerations when looking to buy Solana.
Solana, a highly functional open-source project, uses blockchain technology's permissionless nature for decentralized finance (DeFi). The Solana Foundation, headquartered in Geneva, Switzerland, launched Solana in March 2020. Although the initial idea and work began in 2017, Solana was officially launched by them in March 2020.
The Solana protocol was created to allow decentralized app (DApps) creation. It is designed to increase scalability through the introduction of a proof-of history (PoH), combined with the underlying blockchain proof-of stake (PoS), consensus.
Solana is a hybrid consensus model that has attracted both small-time traders as well as institutional traders. The Solana Foundation's main focus is to make decentralized financing more accessible on a wider scale.
Anatoly Yakovenko's proof-of-history consensus (PoH), is one of Solana's most important innovations. This concept allows for greater scaling of the protocol, which in turn increases usability.
Because of its extremely short processing times, Solana is well-known in the cryptocurrency industry. The hybrid protocol of Solana allows for greatly reduced validation times for smart contract execution and transaction processing. Solana is a popular choice for institutions due to its lightning fast processing speeds.
Solana Protocol is designed to be used by both small-time and large-scale customers. Customers can rest assured that Solana will not surprise them with higher fees or taxes. Protocol is designed to minimize transaction costs and ensure fast processing.
Solana, ranked 7th in CoinMarketCap rankings as of September 2021, is due to its longstanding professional expertise created by Greg Fitzgerald and Anatoly Yakovenko.
This was due to a remarkable bull run that saw Solana prices rise by more than 700% between mid-July 2021 and now. SOL price soared to $60 after the launch of the Degenerate Ape NFT Collection. It has continued to climb since then, due to increased developer activity in the Solana ecosystem and greater institutional interest. The Solana price reached $216 at the end of September 2019, 2021.
Solana has been highly praised for its speed, performance, and even has been suggested as a competitor to Ethereum that can match it and challenge the dominant smart-contract platform.