Introduction
Bitvavo is the best-known Dutch crypto exchange and works entirely in euros. Backpack charges lower fees, offers perpetuals and real equities, and holds a MiFID II licence on top. Data as at August 2026.
Head to head
| Backpack | Bitvavo | |
|---|---|---|
| Licences | MiCA (Latvijas Banka) + MiFID II (CySEC 273/15) | MiCA (AFM Netherlands) |
| Entity | Trek Technologies SIA (LV) · Trek Labs Europe Ltd (CY) | Bitvavo B.V. (NL) |
| Operating since | 2023 | 2018 |
| Spot fees (entry tier, maker/taker) | 0.08% / 0.10% | 0.15% / 0.25% (EUR pairs) |
| Perpetuals | Yes — 0.02% / 0.05% entry tier | No |
| Currencies | USD pairs only | EUR and USD |
| Capital efficiency | Collateral earns interest while it serves as margin (auto-lend) | Staking, separate from trading |
| Proof of reserves | Daily | Quarterly |
| Hack and loss history | None | Genesis exposure in 2022, customers fully compensated |
| Enforcement history | No enforcement record | No enforcement record |
| Exchange score | 9.0 / 10 | 5.3 / 10 |
Costs
On EUR pairs Bitvavo charges 0.15%/0.25% on the entry tier, Backpack 0.08%/0.10%. Almost half. But mind the USDC pairs at Bitvavo: an unusually wide spread of about 0.11 percent comes on top there, and our comparison counts that as a cost. At Backpack you pay no spread mark-up, but you do pay a conversion from euro to dollar.
Safety and supervision
Both are MiCA-licensed and neither has a single filing with a regulator — a compliment that only four exchanges in our overview earn. The difference lies elsewhere: Backpack holds a MiFID II licence on top and publishes daily proof of reserves. Bitvavo had exposure to Genesis in 2022 that temporarily locked up customer funds; that was fully compensated later but still counts in the safety pillar.
Products
Bitvavo does spot and nothing else. Backpack does spot, perpetuals and real equities. For anyone buying bitcoin every month that difference is irrelevant; for anyone who wants to hedge or hold equities it is decisive. There is one difference that no fee table shows and that bites harder than the rate on larger positions: what your collateral does while it is collateral. At Backpack, deposited funds keep earning interest through auto-lend while serving as margin for your positions at the same time — so it counts twice. At most other exchanges collateral sits idle: it covers your position and earns nothing. One caveat belongs with that: lent-out collateral can only be withdrawn while utilisation of the lending pool allows it. Check the numbers with the yield-on-collateral comparison.
How the scores are built
Backpack scores 9.0 and Bitvavo 5.3. The score is the weighted sum of five pillars: regulation and oversight (25%), safety of funds (25%), product range (20%), costs (20%) and yield (10%). The full build-up is set out in the methodology.
Which one for whom?
Bitvavo if you want to buy in euros at a Dutch company with Dutch support, and spot is enough. Backpack if you steer on fees or need more than spot. Do count the conversion step: Backpack quotes in dollars only.
Frequently asked questions
Is Bitvavo cheaper than Backpack?
Not on EUR pairs: Bitvavo charges 0.15%/0.25%, Backpack 0.08%/0.10%. On Bitvavo's USDC pairs a spread mark-up of about 0.11% also comes on top of the fee.
Can I pay in euros at Backpack?
You can deposit euros, but trading is in USD pairs. That conversion costs money and belongs in your total costs. Bitvavo does trade directly in euros.
What happened in 2022 with Bitvavo and Genesis?
Bitvavo had funds outstanding with lender Genesis, which collapsed in the aftermath of the FTX failure. Customers were temporarily left dry but were fully compensated later. It weighs in our safety score.
What does 'collateral that works twice' mean?
In a unified cross-margin account with auto-lend, your deposited funds keep earning interest in the lending pool while counting as margin for your open positions at the same time. So you earn interest and trade with the same money. The caveat: withdrawal is only possible while utilisation of that lending pool allows it.