Backpack vs Kraken Comparison

Backpack is operated by Trek Labs, a team that also includes former FTX employees. The exchange holds a VARA license in Dubai, but does not have EU regulation – according to comparison data, EU access is provided via FTX EU. 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, coin selection, and regulatory coverage in the EU.

Kraken is considered one of the oldest and most established crypto exchanges and has been active in the market since 2011. With over 380 tradable cryptocurrencies as well as savings plan and staking features, the platform is appreciated by long-term investors. The extensive security protocols, including 2FA and account lock, are rated positively.

The trading fees of 0.99% and total costs of €9.90 per trade are in the middle range compared with cheaper providers. The lack of EU regulation or a BaFin license is occasionally criticized. Cost transparency is regarded as limited, which some users see as room for improvement.

Kraken is considered particularly suitable for investors who value a long-established platform with a wide coin selection and want to use savings plans and staking — even without EU regulation.