Here are six factors to consider before choosing a Solana trading platform.
1. Regulatory status and licensing
Check the provider's Australian regulatory status before opening an account. Cryptocurrency exchanges providing regulated virtual asset services in Australia need to register with AUSTRAC and comply with anti-money laundering (AML) and counter-terrorism financing requirements.
Alongside their AUSTRAC registration, these platforms also have an Australian Financial Services Licence (AFSL), making them able to process financial transactions regulated by the ASIC.
2. Trading fees and spreads
Compare the total cost of using a platform rather than focusing on only trading fees or commissions.
For cryptocurrency exchanges, costs may cut across deposits and withdrawals, spot trading fees, spreads, and Solana network fees. Some platforms charge a percentage of the transaction, while others incorporate their costs into the quoted buying and selling prices.
CFD platforms like Mitrade don’t charge trading commissions, as they incorporate trading costs into the spread. However, crypto trading may attract overnight financing for positions held beyond a specified period.
3. Available trading features
Consider whether the platform offers all the important features you need. Cryptocurrency exchanges may provide spot markets, limit orders, recurring purchases, staking and external wallet withdrawals.
CFD platforms typically focus on price speculation and may provide charting tools, technical indicators, price alerts and different order types. Some also allow traders to open long or short positions, depending on the instrument.
Choose a platform based on your trading objectives and experience rather than multiple unnecessary features.
4. Security and asset protection
Security is crucial when dealing with digital assets. If you're buying SOL directly, find out how the exchange stores customer assets, protects accounts and manages withdrawals.
Look for features such as two-factor authentication (2FA), withdrawal verification, cold storage arrangements and transaction monitoring. If you use a personal wallet, protect your recovery phrase and never share your private keys.
For CFD platforms, review how client funds are handled, what account protections apply and the provider's risk disclosures. Don't assume that protections available for one type of financial product automatically apply to another.
5. AUD deposits and withdrawals
Some cryptocurrency platforms support several deposit methods but restrict withdrawals to particular payment channels.
If you're funding your account from an Australian bank, check whether the platform supports convenient AUD payment methods such as PayID, Osko or bank transfers. Also review minimum deposit requirements, processing times, and withdrawal conditions.
