Description
Backpack is an all-in-one crypto application that combines a self-custodial wallet with a fully regulated cryptocurrency exchange in a single platform.
Backpack Wallet
- Self-custodial — users maintain full control over their private keys and funds
- Supports Solana, Ethereum, Bitcoin, Sui, Monad, and other major blockchains
- Buy, hold, sell, swap, and transfer cryptocurrencies directly within the app
- Built-in dApp browser for interacting with decentralized applications
- View and manage NFTs
Backpack Exchange
- Fully regulated global cryptocurrency exchange
- Spot trading across multiple trading pairs
- Advanced order types for active traders
- Available in 150+ countries with over $400B+ in cumulative trading volume
Availability
- iOS and Android mobile apps
- Chrome, Brave, and Edge browser extensions
- Designed for both beginners and experienced crypto users
Whether you are managing a portfolio, swapping tokens, or trading on an exchange, Backpack provides a secure, user-friendly gateway to the cryptocurrency ecosystem — all from one app.
Highlights
Pros
- Backpack Securities enables trading of US stocks and ETFs alongside cryptocurrency and perpetuals from a single unified account.
- Interest-bearing perpetual contracts automatically earn yield (0.03% on BTC, 0.04% on ETH) while positions remain open, a unique hybrid of centralized and DeFi-style trading.
- Regulated under MiFID II via CySEC in Europe with a Dubai VASP license, and successfully returned funds to 110,000 former FTX EU clients.
- Over $400B in cumulative trading volume and 575M+ transactions completed, demonstrating strong liquidity and widespread adoption across 150+ countries.
- Self-custodial wallet integrated directly with a regulated exchange, giving users full control of private keys while accessing spot, futures, and perpetual trading from one app.
Cons
- Heavy dependence on the Solana ecosystem means any Solana network congestion or outages directly impact trading and wallet functionality.
- Lacks advanced biometric security options such as facial recognition, relying only on standard two-factor authentication for account protection.
- No investor protection or insurance fund to cover user losses in the event of platform insolvency, unlike several major competitor exchanges.
- Lacks Tier-1 regulatory licenses in major jurisdictions such as the US, UK, Germany, and Australia, limiting legal recourse for users in those regions.
- Lending and staking services are unavailable to US residents due to regulatory restrictions, significantly limiting feature access for American users.