Solana is a third-generation, Proof of Stake (PoS) blockchain that supports fast transactions and high throughput. It was established to scale transactional speeds without compromising on security, privacy or decentralisation and supports thousands of nodes. The project first began in 2017 and was officially launched in 2020. Solana aims to improve scalability and create a system for determining the time transactions take place using a Proof of History (PoH) consensus mechanism.
The SOL token is the native cryptocurrency of the Solana blockchain. SOL is used to pay for fees when making a transfer or interacting with smart contracts. The SOL token can also be used for staking as part of the PoS consensus mechanism.
Check out our deep dive on Solana, available on Swyftx Learn.
Solana is one of the biggest cryptocurrencies in the world by market cap and currently sits in the top 10 list. You can buy Solana (SOL) in Australia on the Swyftx Crypto Exchange.
You can buy Solana (SOL) in Australia on a registered cryptocurrency exchange such as Swyftx. The trading platform is designed to create a seamless trading experience for traders of all experience levels. To buy Solana, start by creating your account. Provide a few personal details like your full name, phone number and email address and create a secure password. The next stage is to submit a form of government-issued photo ID (i.e. driver’s license, passport etc.) to verify your account.
Once verified, you can deposit funds into your account via one of the following payment options: POLi, PayID, bank transfer or debit card. Once funds have been deposited, enter the amount of Solana you’d like to buy, or the AUD equivalent you’d like to purchase and then confirm your order.
View the live Solana price (AUD).
If you’re concerned about the financial risk of trading crypto, you can trial Swyftx’s demo mode to mock trade with artificial currency. This is a great option for crypto beginners who are looking to learn the markets before committing themselves financially. The demo gives you $10,000 USD in mock currency to buy, sell and trade Solana (SOL) and other cryptocurrencies.
Swyftx is a AUSTRAC registered cryptocurrency broker. We treat security as a top priority and have implemented a number of advanced security features to ensure our customers can buy, sell and trade crypto in a safe environment. Security features include two-factor authentication (2FA), biometric logins, breached password protection, KYC verification, automatic session expiry and much more.
You can scan safely store Solana in a number of digital wallets. When you buy SOL with Swyftx, it will be automatically stored in the wallet that is integrated with your account. Here you can easily store, send or trade your Solana. Alternatively, you can easily withdraw your Solana and transfer it to an external wallet of your choice. This could be a hardware wallet like a Ledger Nano or a web wallet like MetaMask.
Yes, Swyftx supports deposits made with debit cards. To make a deposit with your card. navigate to the deposit tab in your account and select the debit card option. You’ll then be redirected to the Banxa site, which is one of our payment providers. Once your deposit has been received, you can buy and sell Solana instantly.
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