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How to Buy Solana Safely: A Complete Guide for 2026
Key Takeaways
- Solana (SOL) is a Layer 1 blockchain known for high transaction speed, low fees, and a growing ecosystem of DeFi and consumer apps.
- The safest way to buy SOL is through a regulated exchange with cold storage, proof of reserves, and strong security controls.
- Solana transactions settle in under a second with fees typically less than $0.01, making it one of the most efficient chains for on-chain activity.
- After purchasing SOL, you can hold it on an exchange, stake it to earn yield, or transfer it to a self custody wallet.
- Spot Solana ETFs launched in late 2025, with total assets surpassing $1 billion — a sign of growing institutional interest.
What Is Solana?
Solana is a high-performance blockchain launched in 2020. It uses a combination of Proof-of-History (PoH) and Proof-of-Stake (PoS) to process thousands of transactions per second with sub-second finality.
Transaction fees are typically a fraction of a cent.
The network has become one of the most active blockchains for decentralized applications, including DEXs like Jupiter and Raydium, memecoin launchpads like Pump.fun and LetsBONK.fun, and a range of NFT and gaming projects.
SOL is the native token of the Solana network. It's used to pay transaction fees, participate in staking to secure the network, and interact with dApps across the ecosystem.
As of February 2026, SOL trades around $87–$88, down significantly from its all-time high of $293.31. The 52-week range spans from roughly $68 to $295. The total market cap sits around $43–$49 billion, with all ~635 million SOL tokens in circulation.
Why Safety Matters When Buying Solana
The same risks that apply to buying any cryptocurrency apply to Solana. Irreversible transactions mean mistakes are permanent. Unregulated exchanges can freeze funds or disappear. Fake tokens and phishing attacks target new buyers constantly.
Solana's ecosystem has also seen its share of scams, particularly around memecoins. Low transaction fees make it cheap to launch tokens, which means both legitimate projects and scams proliferate. Being on a safe exchange doesn't protect you from buying a worthless token, but it does protect you from losing funds to exchange failure or hacking.
How to Choose a Safe Exchange for Buying Solana
The criteria are the same as for any crypto purchase. You want a regulated platform with a clean security record, proper fund segregation, and transparent reserves.
Backpack Exchange is built on Solana. This matters for SOL buyers specifically because deposits and withdrawals on the Solana network are processed natively — fast and cheap. There's no bridging required. Withdrawal fees for SOL on Backpack are as low as 0.0025 SOL (less than a quarter of a cent at current prices).
Backpack holds a VARA license from Dubai's Virtual Assets Regulatory Authority and operates a MiFID II-licensed entity in Europe through CySEC. The exchange maintains full proof of reserves audited by Hacken and has never experienced a security breach. Cold storage holds the majority of customer funds. A bug bounty program rewards security researchers up to $100,000 for critical findings.
The platform offers cross-margined trading accounts, spot and perpetual futures markets, and lending and borrowing, all accessible from the web or mobile app.
Step-by-Step: Buying Solana Safely on Backpack Exchange
Step 1: Create your account. Visit backpack.exchange and sign up with your email address. Use a unique, strong password.
Step 2: Enable two-factor authentication. Set up 2FA using an authenticator app before depositing anything. This protects your account from unauthorized access even if your password is compromised.
Step 3: Complete identity verification. Submit your government-issued ID to complete the KYC process. Backpack serves users in over 150 countries with 500,000+ verified accounts.
Step 4: Deposit funds. Deposit USDT, USDC, or other supported crypto to your Backpack account. If you're depositing on the Solana network, the transaction will settle in seconds with minimal fees.
Step 5: Buy Solana. Navigate to the SOL/USD trading pair. Place a market order for immediate execution or a limit order to buy at a specific price. Maker fees start at 0.02% and taker fees at 0.05%.
Step 6: Decide how to hold your SOL. You have three options after buying:
- Hold on Backpack Exchange: Convenient for active trading. Your funds benefit from the exchange's institutional security.
- Stake your SOL: Delegate your tokens to a validator to earn staking rewards while helping secure the network. The Backpack Wallet supports native Solana staking.
- Transfer to Backpack Wallet: Move SOL to the self-custody Backpack Wallet for full control over your keys. The wallet supports Solana, Ethereum, Sui, Eclipse, Monad, and more.
Avoiding Common Solana Scams
Solana's low fees and fast transactions make it a popular chain for both builders and scammers. Here's what to watch out for.
Fake tokens. Anyone can create a token on Solana for nearly nothing. Before buying any token, verify the contract address through multiple official sources, the project's website, CoinGecko, or CoinMarketCap. Never trust an address posted only on Telegram or by a single person.
Rug pulls. A rug pull happens when a token creator removes all liquidity from a trading pool, making the token unsellable. Warning signs include anonymous teams, no locked liquidity, and tokens that launched hours ago with parabolic price charts.
Phishing sites. Fake versions of popular Solana dApps trick users into approving malicious transactions.
Always double-check URLs and bookmark the sites you use regularly.
Drainer transactions. Some malicious dApps request permissions that allow them to drain your wallet. Use wallets with built-in scam detection, the Backpack Wallet includes alerts that warn you before interacting with known malicious sites.
Solana in Context: Why SOL?
SOL's value proposition comes down to speed, cost, and ecosystem activity. The network processes more daily transactions than most other blockchains, including Ethereum. Solana's DeFi total value locked, DEX trading volumes, and developer activity remain among the highest in the industry.
Institutional interest is growing. Spot Solana ETFs launched in late 2025, with issuers like Bitwise (BSOL) and Fidelity (FSOL) attracting total assets past $1 billion. Forward Industries holds over 6.9 million SOL in its corporate treasury. Galaxy Digital partnered with Superstate to tokenize its stock directly on Solana.
None of this guarantees future price performance. SOL has dropped over 56% from its 52-week high, and the broader crypto market is in a risk-off environment. But the network fundamentals and institutional adoption trajectory are what attract long-term buyers
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Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Backpack. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Backpack is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice.
