Buy Solana (SOL)


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What is Solana (SOL)?

Solana (SOL) is a secure, open-source platform that utilises blockchain technology to provide decentralised finance (DeFi) solutions. Officially launched in March 2020 by the Solana Foundation, Solana was created by the engineers behind Dropbox and Intel who sought to scale transactional speeds without compromising on security or privacy.

Today, the Solana network can support up to 65,000 transactions per second (TPS) as well as thousands of nodes by using the Turbine block protocol. Based in Geneva, Switzerland, Solana aims to improve blockchain scalability by combining Proof of Stake (PoS) and Proof of History (PoH) protocols.  A significant aim of Solana is to improve the accessibility of decentralised finance (DeFi) on a larger scale.

You can buy Solana coin (SOL) in New Zealand directly through Swyftx.

Check out our deep dive on Solana, available on Swyftx Learn.

How to buy Solana in New Zealand

The simplest way to buy Solana in NZ is through a cryptocurrency exchange, such as Swyftx. Our trading platform enables you to purchase Solana tokens as well as a wide variety of other digital assets – all with low spreads. You can also swap and sell your crypto at any point, through our user-friendly app or desktop portal.

To get started, simply sign up, verify and deposit funds into your new account. We accept NZD deposits via bank account transfer, which typically take 1-3 business days to clear. Once your money is cleared, you’ll be able to buy and sell Solana and any other crypto you’re interested in.

What is Proof of stake?

Proof of Stake (PoS) is a consensus algorithm that was created to solve the perceived energy consumption issues of Proof of Work blockchains like Bitcoin. PoS blockchains select users to create new blockchains, as opposed to PoW blockchains that involve multiple computers racing to validate transactions. In order to be selected, users must stake a certain amount of crypto (i.e. Solana) to be considered for selection.

The Solana blockchain relies on a combination of Proof of Stake (PoS) and Proof of History (PoH) consensus algorithms in what is called an innovative hybrid consensus model. PoH records and processes bulk transactions, whereas PoS is responsible for monitoring the PoH mechanism and validating each sequence of blocks used.

Is Solana better than Ethereum

There’s been a lot of discussion around Solana since it launched, with some dubbing it an “Ethereum killer”. Whether or not Solana is actually better than Ethereum (ETH) though, is up for debate. SOL has been designed to address many of the weaknesses of ETH, like its lack of scalability and expensive transactions. Where Ethereum can handle around 30 TPS, Solana can do around 65,000. This is a feat that not even Visa has been able to achieve!

That said, Ethereum has been around much longer than Solana and is continuing to upgrade its network. So, while Solana may be making big strides in the crypto space, it’s still too early to say whether it will ever outpace Ethereum.

How to Buy Solana in New Zealand

  1. Signup for free
  2. Verify your account
  3. Deposit AUD instantly
  4. Buy SOL

Frequently Asked Questions

Where is the best place to buy Solana?

The best place to buy Solana is right here at Swyftx! Swyftx offers a fast, secure, and user-friendly platform that allows traders to easily deposit Australian dollars to trade Bitcoin and other cryptocurrencies instantly. We offer competitive fees and excellent customer support and we are proud to be Australia's highest-rated crypto exchange as per our Trust Pilot Reviews.

Is Swyftx Safe to buy Solana?

Yes, Swyftx is a safe and secure platform to buy and sell Solana (SOL). Swyftx employs a range of advanced security measures to protect user funds and personal information and has been awarded ISO27001 certification for information security.

Swyftx is a AUSTRAC registered exchange that conducts regular security audits and maintains strict compliance with Australian Anti-Money Laundering and Counter-Terrorism Financing Laws.

You can find more information on our security practices here.

How is the price of SOL determined?

The price of SOL is determined by the forces of supply and demand in the market. Similar to other assets, the price of Bitcoin is determined by the number of buyers and sellers in the market at any given time.

Some significant factors that can influence the demand for Bitcoin are adoption rates, Macro economic factors, News events, upgrades and advancements in its tech and investor sentiment.

What deposit methods does Swyftx support?

You can deposit Australian dollars (AUD) into Swyftx via a number of methods including:

  • Bank transfer
  • OSKO
  • PayID
  • POli
  • Credit or debit card

Swyftx also allows you to deposit cryptocurrency from another wallet into your account.

Can I buy Solana with credit card?

Swyftx does not allow you to directly buy Solana with credit card, however, we do support credit and debit card deposits. Once your deposit has arrived in your account, you can then buy SOL instantly.

What are Swyftx's trading fees?

Swyftx has a trading fee of 0.6% for all buy and sell orders. In addition to the trading fee, Swyftx applies a spread to each cryptocurrency trade.

Dislcaimer: The information is for general information purposes only and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to, buy or sell any assets. It has been prepared without regard to any particular investment objectives or financial situation and does not purport to cover any legal or regulatory requirements. Customers are encouraged to do their own independent research and seek professional advice. Swyftx makes no representation and assumes no liability as to the accuracy or completeness of the content. Any references to past performance are not, and should not be taken as a reliable indicator of future results. Make sure you understand the risks involved in trading before committing any capital. Never risk more than you are prepared to lose. Consider our Terms of Use and Risk Disclosure Statement for more.