Introduction
Finst is Dutch, works only in euros and charges one flat rate of 0.15 percent with no extra spread. Backpack starts lower, offers perpetuals and real equities, and holds a MiFID II licence. Data as at August 2026.
Head to head
| Finst | Backpack | |
|---|---|---|
| Licences | MiCA (AFM Netherlands, 24 July 2025) | MiCA (Latvijas Banka) + MiFID II (CySEC 273/15) |
| Entity | Finst (DVAM B.V.), Netherlands | Trek Technologies SIA (LV) · Trek Labs Europe Ltd (CY) |
| Operating since | 2022 | 2023 |
| Spot fees (entry tier, maker/taker) | Flat 0.15% maker and taker | 0.08% / 0.10% |
| Perpetuals | No | Yes — 0.02% / 0.05% entry tier |
| Currencies | EUR pairs only | USD pairs only |
| Capital efficiency | Staking, separate from trading | Collateral earns interest while it serves as margin (auto-lend) |
| Proof of reserves | Not published | Daily |
| Hack and loss history | None | None |
| Enforcement history | No enforcement record | No enforcement record |
| Exchange score | 6.0 / 10 | 9.0 / 10 |
Costs
Finst charges one flat rate of 0.15 percent for maker and taker, and claims it adds no extra spread on top. That is fair and easy to understand. Backpack starts at 0.08%/0.10% and comes down further with volume. So for a maker order Finst is more expensive, and for a taker order considerably more expensive. Against that, Backpack quotes in dollars, which adds a conversion step you have to count in.
Safety and supervision
Both are EU-licensed and neither has a filing with a regulator. The difference is in the depth: Finst has MiCA only, Backpack has MiFID II on top and may therefore offer derivatives. The sharpest distinction is proof of reserves — Backpack publishes daily, Finst does not publish it. That weighs on Finst' score in the safety pillar.
Products
Finst does spot and staking, and nothing further. Backpack does spot, perpetuals and real equities. If you only buy and hold bitcoin and ether, that difference is not there. 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 One caveat belongs with that: lent-out collateral can only be withdrawn while utilisation of the lending pool allows it.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
Finst scores 6.0 and Backpack 9.0. 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?
Finst if you buy in euros, want simplicity and a flat rate without surprises. Backpack if you steer on costs, care about proof of reserves or need more than spot.
Frequently asked questions
Is Finst's flat 0.15% really all of it?
Finst claims it adds no extra spread on top of the rate, and it is one of the few providers to state it that way. We take that claim as published; on a large order, always check the executed rate.
Why does Finst score lower when it has no filings?
The score looks at five pillars. Finst is clean on oversight, but publishes no proof of reserves and offers spot only. That costs points on safety and products.
Which is better for beginners?
Finst is simpler: euros in, one rate, no conversion. Backpack asks an extra step but is cheaper and offers more.
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.