A Guide – Forbes Advisor Australia

To buy SOL tokens, follow these three simple steps:

1. Choose a Crypto Exchange

Crypto exchanges are platforms that facilitate trades of cryptocurrency, serving as an intermediary between buyers and sellers. Some exchanges are simple, but others are more suited for experienced investors.

When comparing your options, look for a crypto exchange with low account minimums and trade fees. To help you get started, we researched available options and selected the top cryptocurrency exchanges for Australians.

2. Buy SOL

Once you have an account, you need to fund it. You can fund your account with existing cryptocurrency holdings, or you can fund it with your bank account or debit card.

Some cryptocurrency exchanges do allow you to buy cryptocurrencies with a credit card, but you should think twice before using that payment method; the credit card company will likely view the transaction as a cash advance, and you’ll have to pay cash advance fees and a higher annual percentage rate (APR). Plus, going into debt to invest—particularly in cryptocurrencies—can be a risky move.

Once your account is funded, you can place your first order. Just type in Solana’s ticker symbol—SOL—and the amount you want to invest, such as $25 or $50. Typically, you can select an order type, such as a market or limit order.

3. Store Your SOL

When you invest in Solana or other cryptocurrencies, you must store your tokens using a crypto wallet.

There are several storage options available; which are best for you is based on your risk tolerance level and intended use for your cryptocurrency:

• Hardware Wallets. A hardware wallet is a physical device that resembles a flash drive. Unlike other storage options, hardware wallets are not connected to a network or the internet, so they’re considered “cold” storage and are generally more secure.
• Software Wallets. You may prefer a software wallet if you want more convenient ways to access your cryptocurrency and buy and sell your holdings. With this option, you use a software program or downloadable app to store your crypto. The software is connected to the internet, so it’s less secure than hardware or paper wallets, but you can more easily use your cryptocurrency.
• Crypto Exchanges. Some crypto exchanges, such as Coinbase, will store your crypto holdings. However, relying on an exchange to handle storage can be risky, and it’s usually only a good idea for small amounts and short periods
• Paper Wallets. As the name implies, a paper wallet secures your private keys on a piece of paper or with a printed QR code. If you decide to use a paper wallet, have a plan on where to store it; if you lose that paper, you won’t be able to regain access to your cryptocurrency. Paper wallets were popular before hardware wallets became accessible and are now considered outdated.