Backpack vs BSDEX Comparison

Editorial assessment, November 2026: We have downgraded Backpack to 2.0 out of 5 and make no recommendation. The European entity Trek Technologies SIA (Backpack EU) has been authorised under MiCA since 27 May 2026 and is listed in the ESMA register (file dated 5 November 2026). On cost transparency, coin selection and savings features, however, Backpack falls short of the exchanges we recommend: we found no published fees for withdrawals to your own wallet, the offer covers around 50 coins, and there is no savings plan. MiCA-licensed exchanges are listed in our exchange comparison.

Backpack is operated by Trek Labs, a team that also includes former FTX employees. Its European entity is regulated in the EU: on 27 May 2026, the Bank of Latvia granted Trek Technologies SIA two licences, a CASP authorisation under MiCA and a payment institution licence. For derivatives, the provider names Trek Labs Europe Ltd, an investment firm under MiFID II supervised by Cyprus's CySEC, and there is also a VARA licence in Dubai. The low maker fees starting at 0.08% and the integration of wallet and exchange in one ecosystem are appreciated by users.

Cost transparency is seen as room for improvement; in particular, the undisclosed wallet transfer fees and swap fees of 0.85% are occasionally criticized. The selection of around 50 cryptocurrencies is limited compared with larger exchanges, and the lack of a savings plan limits the options for long-term investors.

The connection to former FTX employees is viewed differently in the market. Backpack is aimed primarily at technically savvy users who are looking for low trading fees and integrated wallet features and are willing to make compromises on cost transparency and coin selection.

Editorial assessment, November 2026: We have downgraded BSDEX to 2.3 out of 5 and make no recommendation. The trading venue is regulated (Baden-Württembergische Wertpapierbörse GmbH and Boerse Stuttgart Digital Custody GmbH in the ESMA register, file dated 5 November 2026), but it offers too little: only 10 cryptocurrencies, no savings plan, SEPA transfer as the only payment method and two-factor authentication by SMS only. Buying with a market order costs 0.35 percent according to the BSDEX fee schedule (accessed 8 November 2026); the advertised 0.20 percent applies to maker orders only. MiCA-licensed exchanges with a broader offer are listed in our exchange comparison.

BSDEX is a regulated crypto trading venue of Börse Stuttgart. It is operated by Baden-Württembergische Wertpapierbörse GmbH, which notified BaFin of the venue under MiCA in July 2025. Custody is handled by Boerse Stuttgart Digital Custody GmbH under BaFin supervision, licensed under MiCA since January 2025 (according to the ESMA register, file of 30 October 2026). Euro balances are held at Solaris SE and Deutsche Bank and protected by statutory deposit insurance up to €100,000 per investor and bank. Withdrawals to your own wallet are free. That is solid, but compared with other platforms it is not enough for a good rating.

The offering is narrow: only 10 cryptocurrencies, no savings plan and SEPA bank transfer as the only payment method. BSDEX offers staking for ether and solana, at 2 to 8% a year according to its help centre, with insurance against slashing risk via Munich Re; unstaking takes 1 to 45 days depending on the blockchain. Buying with a market order costs 0.35 %; the advertised 0.20 % applies to maker orders only. Two-factor authentication works via SMS only, authenticator apps are not supported. Users are lukewarm too: the app scores 1.5 stars on Google Play and 3.2 on Trustpilot, with reports of login problems, repeated logouts and issues after updates.

Our verdict: BSDEX suits investors who only want to hold Bitcoin and a few large coins through German exchange infrastructure. If you are looking for a regulated platform with a wider selection or savings plans, Bitpanda or Coinbase are the better choice.