Australia defines cryptocurrency as an investment asset rather than as a currency. Around 3 million Aussies trade cryptocurrency, with about a third deriving income from crypto and 29% using it to top their earnings.
Though you may consider bitcoins a top cryptocurrency to trade, you can buy and sell altcoins, such as Solana (SOL), raging in Australia.
Reputed cryptocurrency exchanges offer a sophisticated platform to trade SOL in Australia. They ensure you have a seamless SOL trading experience, whether you are a new or seasoned trader. Here’s why and how you can trade SOL on such registered trading platforms in Australia.
Solana (SOL) Offers Scalability
Solana (SOL) is a third-generation blockchain and cryptocurrency that leverages an open infrastructure, offering greater scalability. Early blockchain’s dependency on the Proof-of-History consensus mechanism has led to severe congestion issues. And congestion increases fees and transaction delays for an average Aussie user.
So, to overcome such issues, Solana introduces systems that allow the network’s transaction throughput to scale proportionally to its bandwidth. Where other altcoins can handle around 12 TPS, Solana is capable of 50k TPS.
Top Australian cryptocurrency exchanges ensure SOL scales your transactional speeds without compromising security and privacy.
Trading SOL Is Censor Resistant
Currently, Australia does not have specific regulations dealing with blockchain or distributed ledger technology. On the other hand, the distributed nature of Solana makes it more suitable for day-to-day commerce. You may carry out global transactions from Australia in seconds, as there is no centralised control over the network.
Leading AUSTRAC registered cryptocurrency brokers allow you to trade SOL in Australia without no one to stop, block, or confiscate your transactions.
Trading SOL Ensures Delegated Staking
The latest survey results reveal that about 6% of Australians trading cryptocurrency consider it their primary source of income. And as a delegated staking blockchain, SOL allows you to gain some advantages over your counterparts. You can secure a passive income by staking your SOL on the network.
Reputed trading platforms in Australia allow you to trade SOL, securing you an income to pay fees while engaging with smart contracts. They ensure you use SOL token for staking as part of the Proof of Stake consensus mechanism.
Where to Trade SOL?
In 2017, the Australian government passed the AML/CTF Amendment Act, bringing cryptocurrencies within the scope of the country’s AML/CTF regulatory framework. While the amendments came into force in 2018, they focussed on digital currency exchanges, the DCEs, a point of intersection between cryptos and the regulated financial sector.
The DCE providers need to register with AUSTRAC to operate, failing which they can face a penalty of two years of jail term or a fine of up to A$111k or both. Experts recommend trading SOL on such registered platforms. It ensures your SOL trading adheres to Australian blockchain laws and regulations.
Renowned cryptocurrency exchanges implement advanced security features, ensuring you can trade SOL in a safe environment. Their security measures include aspects such as 2FA, biometric logins, and KYC verification.
How to Trade SOL on A Registered Cryptocurrency Exchange
Firstly, compare the best crypto exchanges in Australia to find the most reliable and legitimate option. You may then create an account with them; you will have to share your personal information during the process.
Once your account gets verified, you may deposit fiat currency, in Australian Dollars, in your account. You may then start trading SOL, which is well-established and has a high market capitalisation.
Top Australian brokers allow you to choose deposit methods, such as Bank Transfer using Osko, which most Aussies use. Some even accept debit and credit cards without charging any deposit fees.
It’s 100% legal to buy, sell, and trade SOL in Australia. Find a trustworthy cryptocurrency exchange where you can trade SOL, making the most out of Solana blockchain’s native cryptocurrency.Last modified: September 15, 2021