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.

In short: Kraken is one of the oldest crypto exchanges in the world, active since 2011 and licensed under MiCA in the EEA. More than 600 coins, 491 of them directly against the euro, a regular proof of reserves and strong security features speak for the platform. The simple buy costs 1% plus spread; on the Kraken Pro order book you pay from 0.40% as a maker and 0.80% as a taker.

Is Kraken safe and licensed in the EU?

Yes, Kraken may serve customers across the EU. In the EEA, Kraken operates through Payward Europe Solutions Limited, based in Dublin, licensed under MiCA since 25 June 2025 and supervised by the Central Bank of Ireland. Through the EU passport the licence covers 30 EEA countries, including Germany, France and Spain (ESMA register, file of 22 October 2026). It covers custody, exchanging crypto for money and for other crypto, order execution and transfers, among other services. Kraken's parent Payward agreed on 14 October 2026 to buy Lithuania's Saldo Bank; closing is planned for 2027 and needs regulatory approval (our report on the deal).

Reserves and security: Kraken has its proof of reserves prepared regularly by auditors. The snapshot of 30 June 2026 shows coverage of 102.9% for Bitcoin, 100.5% for Ether, 100.6% for Solana and 102.3% for XRP, and 105% or more each for USDC and USDT. Kraken is certified to ISO/IEC 27001:2022, offers two-factor authentication with FIDO2 passkeys and a Global Settings Lock, and does not recover accounts by phone or SMS.

Account freezes and delistings: Between 17 and 24 August 2026, Kraken customers received almost 12,000 tiny deposits from wallets that analytics firms attribute to the sanctioned exchange HTX. Sanctions screening temporarily froze affected accounts; access has since been restored (our report on the dust attack). Kraken also removes tokens from trading regularly, most recently 13 tokens on 23 October 2026; withdrawal deadlines and steps are in our delisting report.

What you can do yourself: turn on a passkey or two-factor authentication and the Global Settings Lock, leave tiny deposits of unknown origin untouched and keep larger amounts on your own hardware wallet.

Who is Kraken for?

Kraken suits investors who want a long-established exchange with a wide choice of euro pairs, a savings plan and staking. Regular traders save with Kraken Pro. For simple euro trading, Bitvavo is cheaper, and Coinbase is an alternative with a listed parent company. All licensed providers are listed in our comparison of regulated crypto exchanges.