 Backpack |  Kraken |  Coinbase |  OKX | |
|---|---|---|---|---|
| Key comparison | ||||
| Available in the EU | ✓Yes | ✓Yes | ✓Yes | ✓Yes |
| EU spot licenceMiCAR CASP: required since 1 July 2026 to offer crypto spot trading in the EU. | ✓Yes | ✓Yes | ✓Yes | ✓Yes |
| Cost to buy €5,000 BTC€5,000 BTC · market order · EUR via SEPA · no withdrawal fee. Spread and slippage are not included.As of: 25-08-2026 | —Not yet calculable | Trading fee: €40.00 (0,80%) SEPA deposit: €0.00 As of: 25-08-2026 · Sources: fee · SEPA | —Not yet calculable | Trading fee: €17.50 (0,35%) SEPA deposit: €0.00 As of: 25-08-2026 · Sources: fee · SEPA |
| SEPA depositSending euros to the exchange via SEPA: fee and the processing time stated by the exchange. As of 6 Sep 2026. | Processing time: instant (SEPA Instant) · Minimum: € 100 · SEPA Instant: yes · Source: Backpack EU (6-9-2026) | Processing time: instant (SEPA Instant) or 0–3 business days · Minimum: € 1 · SEPA Instant: yes · Source: support.kraken.com (17-8-2026) | Processing time: 1–3 business days · SEPA Instant: n/a · Source: help.coinbase.com (6-9-2026) | Processing time: instant (SEPA Instant) or 1–2 business days · Maximum: € 100,000 (SEPA Instant) · SEPA Instant: yes · Source: okx.com/en-eu (5-8-2026) |
| Crypto perpetualsWhich crypto derivatives are offered: perpetuals, dated futures, options. In the EU view via the EU entity. As of 6 Sep 2026. | Trek Labs Europe Ltd · CySEC | Also: dated futures · Payward Europe Digital Solutions (CY) · CySEC | Perpetual-style futures (5-year expiry, hourly funding) via Coinbase Financial Services Europe (CySEC 374/19) · Also: dated futures | X-Perps (expiry perps, MiFID II) · OKX Europe Markets · MFSA |
| Stocks | Backpack Securities (real US stocks and ETFs) is not offered on Backpack EU; only via Backpack Global outside the EU, US, UK, UAE and Japan. Source: support.backpack.exchange (6 Sep 2026) | xStocks: 1:1 backed tokens from Backed Assets, for eligible EEA clients after an appropriateness test, via Payward Europe Digital Solutions (CY), CySEC. Source: blog.kraken.com (10 Sep 2025) | Coinbase Stocks (real US stocks and ETFs) is available to US residents only. Source: help.coinbase.com (6 Sep 2026) | Tokenized stocks (xStocks) are not available to customers in Europe; X-Perps on stocks and ETFs are available as a derivative after the appropriateness assessment. Source: okx.com/en-eu/learn (17 Jul 2026) |
| Stock perpetuals | Just launched | xStocks Perps | ×No | ✓Yes |
| ExchangeFacts-score | 8.8 Highest score | 6.5 Lowest | 7.1 | 7.6 |
| Regulation & safety | ||||
| EU spot licenceMiCAR CASP: required since 1 July 2026 to offer crypto spot trading in the EU. | ✓Yes | ✓Yes | ✓Yes | ✓Yes |
| EU futures licenceMiFID II: the investment-firm licence needed for perps and other derivatives. | ✓Yes | ✓Yes | ✓Yes | ✓Yes |
| Country of originWhere the brand was originally founded; often a different country from the one you now contract with. | United States | United States | United States | China |
| Country of EU entityThe entity you actually sign the user agreement with, not the head office the exchange puts in the shop window. | Latvia / Cyprus | Ireland | MiCA hub; derivatives: Coinbase Financial Services Europe Ltd, Cyprus (CySEC) | Malta |
| PSD2 / EMI | ✓Yes | EMI — Payward Ireland (CBI, 2023) | EMI — Coinbase Luxembourg S.A. (CSSF, 2026) | ×No |
| Publicly listed | ×No | ×No | ✓Yes | ×No |
| Available in the EU | ✓Yes | ✓Yes | ✓Yes | ✓Yes |
| Available in the US | 20 states | ✓Yes | ✓Yes | ×No |
| KYC required | ✓Yes | ✓Yes | ✓Yes | ✓Yes |
| Proof of Reserves | Daily | Quarterly | Annually | Monthly |
| ReservesVisible reserves on the addresses the exchange controls. Per CoinGecko, 19 August 2026. It says nothing about liabilities. | $ 390M | No total amount · ratio per asset: BTC 102,9% · ETH 100,5% | No total amount · listed company; SEC reporting | $ 26.3B |
| Hacked | ×No | ×No | ✓Yes | ✓Yes |
| Active since | 2023 | 2011 | 2012 | 2017 |
| Regulation pillar score | 9.0 Highest score | 7.0 Lowest | 9.0 Highest score | 7.0 Lowest |
| ExchangeFacts-score | 8.8 Highest score | 6.5 Lowest | 7.1 | 7.6 |
| Products & liquidity | ||||
| Spot trading | ✓Yes | ✓Yes | ✓Yes | ✓Yes |
| Crypto perpetualsWhich crypto derivatives are offered: perpetuals, dated futures, options. In the EU view via the EU entity. As of 6 Sep 2026. | Trek Labs Europe Ltd · CySEC | Also: dated futures · Payward Europe Digital Solutions (CY) · CySEC | Perpetual-style futures (5-year expiry, hourly funding) via Coinbase Financial Services Europe (CySEC 374/19) · Also: dated futures | X-Perps (expiry perps, MiFID II) · OKX Europe Markets · MFSA |
| Prediction markets | Private beta | ×No | US only, via Kalshi | ×No |
| Number of spot pairs (crypto)Active spot pairs (crypto) per the exchange’s public API, count 6 September 2026. Tokenized stocks and derivatives are not included. | Backpack API, count 6 Sep 2026; 31 closed markets not counted | count 6 Sep 2026 | count 6 Sep 2026 | crypto, count 6 Sep 2026; plus 94 xStocks tokens |
| Number of perp pairs (crypto) | Backpack API, count 6 Sep 2026 | count 6 Sep 2026; 14 xStocks, 6 commodity and 3 forex perps listed separately | — | count 24 Aug 2026; plus 4 commodity perps (gold, silver, oil) |
| Spot volume (24h)Sum of all active spot markets from the exchange's public API, converted to USD with prices from that same exchange. Snapshot: 2026-08-24 11:40 CEST.As of: 24-08-2026 11:40 CEST | $ 16.2MLowest | $ 1.04B | $ 1.89B | $ 2.03BHighest volume |
| Perp volume (24h)Sum of active crypto perpetuals from the exchange's public API. Expiring futures, options and stock perpetuals are excluded. Snapshot: 2026-08-24 11:40 CEST.As of: 24-08-2026 11:40 CEST | $ 136MLowest | $ 1.19BHighest volume | — | — |
| Stocks | ||||
| Product name | Backpack Securities | xStocks | Coinbase Stocks | xStocks / X-Perps |
| Stock-product availability | Not available in the US, UK, Japan, UAE or on Backpack EU | appropriateness questionnaire required | US residents only | — |
| Positioning | crypto-native | Tokenized stock wrapper | US only | xStocks: spot, Jersey · X-Perps: MiFID derivatives |
| Spot stocks | Backpack Securities (real US stocks and ETFs) is not offered on Backpack EU; only via Backpack Global outside the EU, US, UK, UAE and Japan. Source: support.backpack.exchange (6 Sep 2026) | xStocks: 1:1 backed tokens from Backed Assets, for eligible EEA clients after an appropriateness test, via Payward Europe Digital Solutions (CY), CySEC. Source: blog.kraken.com (10 Sep 2025) | Coinbase Stocks (real US stocks and ETFs) is available to US residents only. Source: help.coinbase.com (6 Sep 2026) | Tokenized stocks (xStocks) are not available to customers in Europe; X-Perps on stocks and ETFs are available as a derivative after the appropriateness assessment. Source: okx.com/en-eu/learn (17 Jul 2026) |
| Stock perpetuals | Just launched | xStocks Perps | ×No | ✓Yes |
| Real stocksYes means a real share entitlement in your name. A token or contract that merely tracks the price counts as no. | Security entitlement, NY UCC art. 8 | No shareholding; tokenized debt security | Real security entitlement, US only | No shareholder ownership; tokenized debt security |
| Voting rights | Where supported | ×No | Whole shares; suspended while on loan | ×No |
| DividendDo you receive the dividend in cash, or is it only reflected in the price? | Cash dividend | Automatically reinvested in additional xStocks | Cash dividend | Reinvested into the token (total return); no payout |
| Tax treaty on dividendsA W-8BEN form lowers US withholding tax for Dutch and Belgian investors from 30% to 15%. | ✓Yes | ×No | product for US residents | ×No |
| Protection in a bankruptcy | Security entitlement protected under UCC §8-503 indirect omnibus SIPC remains a separate risk | Bankruptcy-remote structure and 1:1 reserve at Backed Assets | Direct SIPC customer at Apex | Backed Assets bankruptcy-remote structure and 1:1 reserve |
| Stock trading fee | 0% | Kraken Pro; other purchase routes may differ | $75 for outgoing ACATS | — |
| Number of stock pairs (spot) | Backpack Stocks (real US stocks); plus 4 tokenized spot markets: SPCX, MU, SNDK, SKHY | offering differs by region | — | — |
| Number of stock pairs (perps) | Open: MU, SNDK, NVDA, SPCX, AAPL, QQQ, SPY; 7 more in preparation (post-only): GOOGL, META, AMZN, TSLA, AMD, CRCL, DRAM (count 6 Sep 2026) | count 6 Sep 2026 | 0 | 33 stocks + 7 ETFs; X-Perps (count 24 Aug 2026) |
| Stock perpetual volume (24h)24-hour volume of contracts in the exchange's stock, ETF or equity-index category. Direct commodity, forex and crypto contracts are excluded. Exchange API, cross-checked with CoinGecko. Snapshot: 2026-08-24 11:40 CEST.As of: 24-08-2026 11:40 CEST | — | $ 1.24M | n/a | — |
| Regular hoursThe US market: 9:30am–4:00pm ET. | ✓Yes | ✓Yes | ✓Yes | — |
| Extended hoursBefore and after the bell: 4:00–9:30am and 4:00–8:00pm ET. | ✓Yes | ✓Yes | ✓Yes | — |
| Overnight8:00pm–4:00am ET, while the US market is closed. | ✓Yes | ✓Yes | ✓Yes | — |
| Weekend tradingSaturday and Sunday. Only possible on an exchange’s own order book, because the US market is shut. | Selected stocks, own order book | Top 10 xStocks 24/7 | ×No | — |
| Transfer to a traditional brokerMoving your shares to a normal broker via ACATS or DTCC, without selling. Some firms charge a flat fee for it. | ✓Yes | ×No | US only: ACATS out | — |
| Withdraw to your own walletCan you move the share or token off the exchange to your own wallet? | Selected stocks via conversion to a Solana token | Withdrawable to a supported on-chain wallet | ×No | — |
| Settlement currency for stocks | USD / funding via USDC | available route differs by region | USDC is converted before purchase | — |
| Court jurisdiction | New York courts | Jersey | United States | n/a |
| Share / token issuer | token line: Superstate (Opening Bell, SEC-registered) | Backed Assets (JE) Limited | The listed company | n/a |
| Introducing broker | Backpack Securities Global Limited New Zealand | n/a | United States | n/a |
| Intermediary broker | United States | Payward Europe Digital Solutions (CY) Limited Cyprus | None documented | n/a |
| Clearing & custody broker | clearing and custody · United States | no individual brokerage account in the user's name | clearing and custody · United States | n/a |
| Account model | Backpack Securities Global Limited is customer of record | no securities account in the user's name | account in the user's name | n/a |
| Governing law for your sharesThe law and the courts your position falls under if things go wrong. | Backpack Securities | Backed Assets (JE) Limited | UCC Article 8 | Backed Assets (JE) Limited |
| Supervision of the stock product | US custody chain via RQD and AVS | Payward Europe Digital Solutions (CY) Limited | Coinbase Capital Markets; custody at Apex | supervises the issuer, not your position |
| Collateral & yield | ||||
| Yield on collateral | ✓Yes | ×No | ×No | ✓Yes |
| Yield on idle stablecoins | ✓Yes | ×No | ✓Yes | ×No |
| Cross-collateral | ✓Yes | — | ×No | — |
| Lending | ✓Yes | ✓Yes | ✓Yes | ×No |
| Fiat & payments | ||||
| SEPA depositSending euros to the exchange via SEPA: fee and the processing time stated by the exchange. As of 6 Sep 2026. | Processing time: instant (SEPA Instant) · Minimum: € 100 · SEPA Instant: yes · Source: Backpack EU (6-9-2026) | Processing time: instant (SEPA Instant) or 0–3 business days · Minimum: € 1 · SEPA Instant: yes · Source: support.kraken.com (17-8-2026) | Processing time: 1–3 business days · SEPA Instant: n/a · Source: help.coinbase.com (6-9-2026) | Processing time: instant (SEPA Instant) or 1–2 business days · Maximum: € 100,000 (SEPA Instant) · SEPA Instant: yes · Source: okx.com/en-eu (5-8-2026) |
| EUR withdrawal to bankWithdrawing euros to your own bank account via SEPA: fee and stated processing time. As of 6 Sep 2026. | Processing time: instant (SEPA Instant) · SEPA Instant: yes · Source: Backpack EU (6-9-2026) | Processing time: instant (SEPA Instant) or 0–5 business days · Minimum: € 2 · SEPA Instant: yes · Source: support.kraken.com (3-9-2026) | Processing time: 1–3 business days · Source: help.coinbase.com (6-9-2026) | Processing time: instant or up to 2 business days · Source: okx.com/en-eu (1-9-2026) |
| iDEAL | ✓Yes | ✓Yes | ✓Yes | ✓Yes |
| Buy with credit cardFunding: deposit or buy crypto directly with a bank card. Not the exchange's own card — see the Own payment card row. | Debit card (USD deposit) | ✓Yes | — | ✓Yes |
| Own payment cardDoes the exchange issue its own Visa or Mastercard to spend your balance in stores? | ✓Yes | Krak Card (Mastercard) | ✓Yes | ✓Yes |
| — = no verified value · n/a = not applicable · No = product exists, feature does not | ||||
| As of 6 September 2026. Every feature comes from the review, the official schedule or a linked source. | ||||
