Backpack Exchange Review 2025

Our Verdict

Launched in 2022, Backpack is a Singapore-based crypto exchange offering around 50 cryptos for Spot and Futures trading

📊 Low fees and TradingView integration make it suitable for day trading

🔐 No known hacks; operates under VARA (Dubai, UAE), but lacks advanced security features like deposit insurance

📈 High liquidity score and robust API make it a good fit for algorithmic traders

💸 Limited deposit and withdrawal methods

⚙️ Offers only basic Spot and Futures trading – no bots, Copy Trading, or DCA tools

In my opinion, Backpack is best suited for beginner active traders who value speed and simplicity.

Backpack Pros and Cons

Is Backpack Right for You?

Traders have different goals, from simple mobile access to advanced day trading. Our review process looks at how well each exchange serves seven main trader types, using clear rankings: perfect match, good choice, or not recommended.

Backpack lacks features like auto and copy trading and offers no support for DCA strategies, making it a poor fit for those users. However, it may still meet the needs of certain trader profiles. Here’s our verdict:

Supported Countries and Regions

Backpack operates in 150 countries and is accessible in 11 states in the U.S., including California, Colorado, Wisconsin, Wyoming, and a few others.

A dedicated article on the platform’s official website lists the regions where the exchange does not operate. The article also specifically mentions countries whose residents the platform does not serve but aims to in the future. These include:

• Canada
• Japan
• Most countries within the European Union
• Singapore
• New Zealand

Since the list of prohibited regions may change over time, we recommend visiting the platform’s official website for the latest information.

Backpack Bonuses and Special Offers

Backpack does not offer any welcome bonuses, but it allows users to earn rewards by completing various quests available on the Rewards page. Additionally, the mobile app provides drops for participating in campaign events.

Backpack Background

Establishment: Backpack was founded in 2022 in Singapore. It is a fully regulated cryptocurrency exchange holding a VARA license in Dubai, UAE.

Leadership: Backpack was founded by Armani Ferrante, a former Apple software engineer, and Tristan Yver, who previously served as Head of Strategy for FTX US. The infamous FTX collapsed in November 2022 due to the misappropriation of billions in customer funds, which were lent to its affiliated trading firm, Alameda Research. The FTX estate has since announced plans to repay nearly all customers 100% of their claims, plus interest.

Security & Transparency

Verified Trusted Scores

When evaluating exchange trustworthiness, we rely on ratings from platforms like Cer.Live and Certik, which assess factors such as market liquidity, cybersecurity, and user activity.

Backpack generally ranks above average on these platforms due to its active bug bounty program, a clean security incident history, and strong KYC policies. However, CryptoCompare gives it a slightly lower ranking because of a limited diversity of tradable assets and less publicly available information about its key team members.

In comparison, rivals like Phemex and BIT.com, both offering derivatives, receive lower scores on Cer.Live. Yet, CoinGecko and CryptoCompare often rate their security on par with Backpack.

Cyber Security Measures

Users can protect their accounts via 2FA (email and Google Authenticator), which can only be set up on the desktop version. The mobile app provides an additional layer of protection with a PIN code and Touch ID. While the exchange provides basic protection, it still lacks features like Passkeys and Funding Password, which could improve the security of customers’ assets.

General Reliability

Backpack has a self-hosted bug bounty program duplicated on the security platform HackenProof. The rewards for critical vulnerabilities range between $10,000 and $100,000, significantly exceeding industry standards. Backpack Exchange holds a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). Additionally, Backpack acquired FTX EU, which operates under the entity Trek Labs Europe Ltd. The Cyprus Securities and Exchange Commission (CySEC) recently lifted the suspension on this MiFID II-enabled license, allowing Backpack to offer regulated crypto and perpetual futures services throughout Europe and facilitate repayments to former FTX EU customers.

Corporate Communication Structure and Transparency

The company does not display any information about key team members on its official website. However, its COO, Nicholas Ting, can be found on LinkedIn. Additionally, the company is active on key social platforms like Twitter (X) and LinkedIn.

Know Your Customer (KYC)

Backpack users must complete an obligatory KYC process to access the platform’s main features. The process involves submitting basic details such as the country of residence, name, and date of birth, identifying the source of income, uploading a scan of an ID, and passing facial verification. While testing the platform, I easily completed verification on my laptop. After submitting all the necessary information, my account was fully verified in less than an hour.

Is Backpack Safe to Trade With?

Backpack Exchange shows a strong focus on security with a VARA license, no known breaches, an active bug bounty program, strong AML policies, and regular Proof of Reserves audits by Hacken.

However, it lacks deposit insurance, and the collateral backing for futures profits is unclear. While the platform is a solid choice for spot trading, users involved in higher-risk activities like futures should proceed with extra caution.

Trading Experience

Trading Test

For our trading test, we evaluated the Backpack platform by signing up, completing KYC, logging in, depositing, withdrawing, testing trading pairs, conversions, and fees. This thorough review helps us assess the exchange’s usability, features, and costs. Here’s our analysis:

Step 1: Setting Up and Funding Your Account

Creating a Backpack account is only possible via email. During testing, the process was quick, and my confirmation link arrived instantly.

After signing up, I completed mandatory KYC by submitting basic info, my income source, an ID scan, and facial verification. The account was fully verified in under an hour.

I had some funds on another exchange, so I selected a crypto deposit, generating a deposit address with a QR code and a copy button. The funds arrived in my account within a few minutes.

Step 2: Trading

Backpack uses a unified account, so I could start trading as soon as the funds arrived, no internal transfer needed.

Since all assets trade against USDC, I first exchanged USDT at market price. The trade was fee-free and recorded instantly under “Fill History.

Next, I bought SOL with USDC. This trade had a flat 0.1% fee, matching the platform’s fee page. I also opened a long position on SOL Perpetual Futures with 2x leverage, later closing it for a profit. The taker fee was 0.05% for both entry and exit, again consistent with posted rates.

I also tested crypto lending by lending USDC. There’s no fixed lock-up period, and I could withdraw anytime. However, the APY was just 0.58%, so returns were minimal.

Step 3: Withdrawal and Review

I withdrew USDC to a wallet on another exchange. Backpack charged a flat 0.6 USDC fee, which is lower than the 1 USDT average on many platforms. The transaction was processed instantly, and the funds arrived within minutes.

Desktop Version

Lending & Borrowing

Backpack Exchange offers flexible crypto lending with no minimum or maximum limits, supporting ETH, SOL, BTC, USDC, and USDT.

Users can lend manually or use the auto-lend feature. Interest rates are dynamic, rising with higher asset pool utilization. Interest compounds hourly, and lent SOL also earns weekly staking rewards. Stablecoin lenders may receive monthly yield boosts from Backpack’s internal pool, and all lent assets remain margin-eligible.

Borrowers can access up to 10x leverage with USDC and up to 5x with other supported assets. Borrowing options include manual loans, margin-enabled spot trades, or margin withdrawals. Interest accrues hourly, and users must maintain proper collateral to avoid liquidation.

Backpack Stats

Backpack displays the exchange’s key statistics on a separate page. The platform offers graphs with key data like Total Volume, Open Interest, Total Led, and more. Blockchain analytics and traders who rely on overall trends within the platform when making their strategies may find this tool especially helpful.

Futures trading

For traders looking to diversify their portfolios with higher-risk assets, Backpack offers the opportunity to trade crypto futures. The platform provides around 30 pairs, including futures for popular assets like ETH, BNB, AAVE, and SOL. The maximum available leverage is 50x, which is lower than the one offered by competitors like Bitunix and WhiteBIT in terms of offerings.

Additionally, the platform offers interest-bearing perpetual contracts that allow traders to profit from both market volatility and yield opportunities within a single account. When opening a contract, the platform automatically lends the assets into a pool to generate interest.

Backpack Exchange Overview

Backpack features an integrated TradingView interface for in-platform technical analysis and a clean, user-friendly layout that makes navigation easy. Placing an order takes just two steps: select Market or Limit and enter the price and amount. No confirmation pop-up is required.

The Order Book provides real-time updates on active Buy and Sell orders, and the coin search bar allows filtering by price, 24-hour change, volume, and market cap. For added convenience, a visible withdrawal button is accessible from most pages.

Backpack supports only Market and Limit order types, which may be limiting compared to platforms offering more advanced options. For security, the platform includes an address book and error detection for pasted addresses, reducing the risk of withdrawal mistakes.

My Key Takeaways After Testing Backpack Exchange

Backpack’s clean interface and minimalistic functionality make it a good choice for beginners in crypto trading. So far, it has proven to be one of the most user-friendly exchanges I’ve tested, ranking alongside Crypto.com and Phemex.

However, the limited variety of assets and trading tools (below spot and futures trading) makes it less suitable for active traders.

Backpack Mobile App

The Backpack Mobile App works with both iOS and Android devices. Its tools and features are the same as the desktop version, with just a few minor differences. The interface is clean and simple to use, making it a great choice for beginners.

While testing, I found that the app does not allow changes to certain security settings available on the desktop version. However, it adds extra protection with TouchID and a PIN code.

Key features and tools on Backpack Mobile include:

Trading Features: Supports Market and Limit orders for both Spot and Futures markets. Integrated TradingView charts let users analyze price movements on the go.

Coin Search: A traditional search bar makes it easy to locate specific assets

Portfolio Management: The “Wallet” tab shows total balances in USDT and provides sections for transfers, trades, futures, lending, and referral rewards.

Watchlist: Users can add or remove favorite assets using the familiar star icon.

Crypto Borrowing on Backpack Mobile

My Key Takeaways After Testing Backpack on Backpack Mobile

Backpack Mobile offers the same tools and features as the desktop version, with a clean and user-friendly interface that makes it perfect for beginners in crypto trading.

During my testing, I found the app’s performance to be excellent, with all pages loading instantly. Additionally, the option to secure the app with biometric authentication provides an extra layer of security.

Fees

Spot Maker/Taker Fees

In our spot fee review, we analyze three trading volume tiers to show how fees vary across user levels. Tier one represents casual traders (under $10,000 per month), while higher tiers cover more active users. We also look at savings from native tokens and discounts, and compare fees against industry standards to assess overall affordability.

Backpack trading fees are lower than the industry average. BitDelta, with a comparable trading volume, charges a flat 0.15% fee for both makers and takers. WhiteBIT, which also supports fiat bank deposits, has a flat trading fee of 0.1%.

Deposit Fees

Backpack offers free fiat and crypto deposits. While it has fewer fiat deposit methods compared to platforms like WhiteBIT and Crypto.com, the absence of fees makes it a more attractive option for traders.

Withdrawal Fees

For crypto withdrawals, a small network fee applies, varying by asset and blockchain. For example, withdrawing USDT costs 5 USDT on Ethereum or 0.6 USDT on Solana, while Solana withdrawals are as low as 0.0025 SOL. Fees are displayed during the withdrawal process, but only for assets with a positive balance.

Futures Trading Fees

Backpack applies the same Maker-Taker fee structure to futures trading as it does for spot trading, with fees starting at 0.02% for makers and 0.05% for takers. In comparison, Bybit offers 0.02% for makers and 0.055% for takers on futures trading.

Fee Discounts

Backpack offers fee discounts for traders with high trading volumes. To qualify for the first-tier discount, users must reach a certain monthly trading volume.

• Spot Trading: $100,000
• Futures Trading: $500,000

Are Backpack Fees Competitive?

While trading on Backpack, I verified that the fees listed on the platform’s dedicated page matched the actual charges. This shows that the exchange is transparent about its fees. In summary, the fees at Backpack are competitively priced, making it a suitable choice for active traders.

Please note that fees may vary, and it’s advisable to check Backpack’s official website for the latest information.

Available Cryptocurrencies

Cryptocurrencies Available on Backpack

Stablecoins

Backpack Exchange supports three stablecoins: USDC, USDT, and PayPal USD (PYUSD). Most trading pairs are denominated in USDC, which serves as the platform’s primary quote asset. Users can also trade USDT and benefit from a zero-fee USDT/USDC pair. Additionally, PYUSD is available for selected spot markets.

Liqudity

Backpack Exchange shows strong liquidity in its top trading pairs.

SOL/USDC accounts for about 49% of trading volume, followed by ETH/USDC at 34% and BTC/USDC at 9%. However, many other pairs have very low volumes, with some under $10,000 daily trades. This can lead to slippage and poor execution.

To improve liquidity, Backpack runs a Market Maker Program that rewards users for adding volume, especially in less active markets. Incentives include maker rebates and a monthly equity reward pool worth around $195,000 for perpetual futures.

Deposits & Withdrawals

Backpack Deposit Options

Backpack allows direct fiat deposits, but the range of supported currencies is limited to USD. The available payment methods include only wire transfer and a debit card.

Platforms like DigiFinex and BitMart offer a broader selection of deposit options and fiat currencies through integration with multiple payment gateways. Binance and KuCoin provide P2P payment services, enabling users to buy crypto with their local currencies.

Backpack Withdrawal Methods

Backpack supports fiat withdrawals via SWIFT transfer for USD only, with a minimum of $100. There are no fees for these withdrawals, and processing typically takes 1-3 business days.

For crypto withdrawals, a small network fee applies, varying by asset and blockchain. For example, a USDC withdrawal incurs a 0.6 USDC fee and is processed instantly.

Customer Service

Backpack Customer Support Test

To evaluate the quality of customer service for diverse user needs, we developed a unique trading test. We personally contact support through all available methods and present hypothetical problems that users might face. Our evaluation focuses on response speed, the quality of assistance, and whether we can speak to a real person instead of a bot. This approach effectively measures the ability of customer support to help both active traders and casual investors.

Live Chat Test

While testing, I contacted Backpack’s support via live chat to ask about third-party insurance for customer assets. Although the question was simple, it took over 20 minutes to receive a vague response. In my experience, platforms like Phemex and Bitunix offer faster and more helpful customer service.

Email Test

Additionally, I contacted support by email and asked the same question. I received a response in less than an hour, although the answer was not very detailed.

FAQ