Backpack review 2026
Crypto, perpetuals and real stocks on one regulated platform.
ExchangeFacts verdict
Backpack is one of fewer than five exchanges holding all three EU licences (MiCA, MiFID II and PSD2) and combines spot, perpetuals and real stocks in a single unified wallet. The platform offers the highest yield optimisation (up to ~6.87% VIP) and publishes daily ZK Proof of Reserves. Relatively new (2023) and with less brand awareness than legacy exchanges, but technically the most complete EU proposition.
Best suited for
Overview
Backpack is a crypto exchange aimed at professional traders and institutions, with a focus on regulation and capital efficiency. Through Backpack the platform serves all 27 EU member states with MiCA, MiFID II and Payment Institution licences. Products span spot crypto, perpetuals and tokenized stocks (real shares).
Backpack belongs to a select group of fewer than five exchanges holding all three EU licences.
Licensing & regulation
- MiCA licence: Bank of Latvia (Bank of Latvia)
- MiFID II: Cyprus (CySEC)
- Payment Institution (PSD2/EMI): Bank of Latvia (Bank of Latvia)
- Passporting: active in all 27 EU member states
- Regulator fines: none — clean track record
Products
| Product | Status | Details |
|---|---|---|
| Spot crypto | Live | Under MiCA |
| Crypto perpetuals | Live | True perpetuals (no expiry), under MiFID II |
| Real stocks | Live (beta) | Real shares under NY UCC Article 8, 1,000+ stocks |
| SEPA fiat rails | Live | Direct EUR in/out under PSD2 |
| Prediction markets | Private beta | Limited access for selected users |
Costs
- Spot: 0% maker, 0.025% taker (top VIP)
- Perpetuals: 0% maker, 0.018% taker (top VIP)
- Stocks: free (0% in and out)
- Fee holiday: new market makers receive the MM5 tier for the first month
See the complete Backpack fee schedule for all spot, perpetual, volume and BP tiers.
Yield & capital efficiency
- Yield on collateral: yes — USDC + 17 other assets
- Base APY: ~3.87% · Max VIP: ~6.87%
- SOL staking on collateral: yes
- Yield on unrealized PnL: yes
- Cross collateral: multi-asset (19 assets, incl. real stocks MU and SPCX)
- Unified wallet: yes — spot, perps, stocks, margin in one account
Proof of Reserves
- Frequency: daily public ZK proofs (internal every 10 min)
- Technology: Plonky2 recursive ZK proofs (PoRv2)
- Coverage: all assets, including margin and unrealized PnL
- Monitoring: OtterSec — open source
Track record
- No regulator fines
- No known incidents
- Founded 2023 (US/CA operators)
Pros / cons
Pros
- All three EU licences (MiCA + MiFID II + PSD2)
- Real stocks under NY UCC Article 8
- Highest yield optimisation (base 3.87%, VIP 6.87%)
- Daily ZK Proof of Reserves
- Unified wallet — one account for everything
- Clean regulatory track record
Cons
- Relatively new (2023)
- Smaller asset set than e.g. Binance (7,000+ stocks)
- No dedicated Dutch-language interface
- Lower brand awareness than legacy exchanges
Score breakdown in detail
Every point is traceable per methodology v1.6 (as of 23 August 2026):
Frequently asked questions
Is Backpack available in the Netherlands?
Yes, under MiCA passporting. The licence is valid in all 27 EU member states.
Can I use SEPA?
Yes, under Backpack’s own Payment Institution licence (PSD2).
Are the stocks on Backpack real?
Yes. They are real shares under NY UCC Article 8, not wrapper tokens. See Real stocks vs wrapper tokens.