#68 of 115 in the US ranking · Exchange
Backpack Exchange Review (October 2026): Fees, US States and Licenses
Best for: Daily proof of reserves
5.2/10
By Vahe Hakobyan Verified Medium confidence No affiliate links
- Taker fee0.10%
- US states22 of 51
- New YorkNo
- Coins— Not verified
- CustodyCustodial
- App Store4.4 ★ · 235
Our verdict
Backpack Exchange serves US customers through Trek Labs, Inc., a FinCEN-registered business. As of September 2026 its state list shows 21 states plus DC as available, including California under a DFPI digital asset license, while 29 states such as New York, Texas and Florida are marked coming soon or pending. The site advertises fee-free USD wires and daily proof of reserves verified by OtterSec.
Pros
- California DFPI digital asset license; licensed in 13 jurisdictions
- Daily proof of reserves verified by OtterSec
- USD wire transfers advertised with no fee either way
Cons
- Unavailable in 29 states, including New York, Texas and Florida
- Help center documents USD wires but not ACH
Backpack Exchange fees
- Maker / taker
- 0.08% / 0.10%
- Simple buy
- — Not verified
- Volume tiers
- Tier 1 spot 0.08% maker / 0.10% taker; tiers by 30-day volume or staked BP down to 0% maker / 0.025% taker (VIP 5); USDT/USDC pair 0%
- ACH deposit
- — Not verified
- Wire deposit
- No fee (per Backpack homepage)
- Card purchase
- — Not verified
- USD withdrawal
- Wire: no fee (per Backpack homepage)
- Crypto withdrawal
- — Not verified
- Minimum deposit
- — Not verified
Is Backpack Exchange available in my state?
As of September 2026 Backpack's state page lists 21 states plus DC and the US Virgin Islands as available; 29 states, including New York, Texas and Florida, are marked coming soon or pending.
- AL not available
- AK not available
- AZ not available
- AR not available
- CA available
- CO available
- CT not available
- DE available
- DC available
- FL not available
- GA not available
- HI available
- ID not available
- IL available
- IN available
- IA available
- KS not available
- KY not available
- LA not available
- ME not available
- MD available
- MA not available
- MI available
- MN not available
- MS available
- MO available
- MT available
- NE not available
- NV not available
- NH available
- NJ available
- NM not available
- NY not available
- NC not available
- ND not available
- OH not available
- OK available
- OR available
- PA not available
- RI not available
- SC available
- SD not available
- TN not available
- TX not available
- UT available
- VT not available
- VA available
- WA not available
- WV not available
- WI available
- WY available
Available: CA, CO, DE, HI, IL, IN, IA, MD, MI, MS, MO, MT, NH, NJ, OK, OR, SC, UT, VA, WI, WY, DC and the US Virgin Islands. Puerto Rico is also coming soon; the Tennessee application is pending.
- New York
- No
- ID check (KYC)
- Yes
- Withdraw crypto
- Yes
- Funding
- Wire, Crypto
Is Backpack Exchange regulated?
- FinCEN MSB
- NMLS 2665675
- US operator
- Trek Labs, Inc.
- Parent company
- — Not verified
- State licenses
- Licensed in CA (DFPI Digital Financial Assets Law), DE, DC, IL, IA, MD, MS, MO, NH, NJ, OK, OR and SC; listed as available without a license number in CO, HI, IN, MI, MT, UT, VA, WI and WY
- New York license
- None
- Other
- FinCEN MSB registration no. 31000339714338; non-US affiliates cite MiCA (EU), CySEC/MiFID II and Dubai VARA licenses
- Founded
- — Not verified
- Headquarters
- — Not verified
How secure is Backpack Exchange?
- Proof of reserves
- Yes - daily proof of reserves, verified by OtterSec (per Backpack homepage)
- Audits
- — Not verified
- Insurance
- — Not verified
Incidents since 2019
None found in the sources checked.
Crypto held on a platform is not covered by FDIC or SIPC insurance.
What you can do on Backpack Exchange
- Spot
- Advanced trading
- Self-custody wallet
- API
Backpack's global site advertises spot, perpetual futures, lending and borrowing and 24/7 stock trading; which of these are open to US accounts at Trek Labs, Inc. was not confirmed.
- Apps
- Web, iOS, Android
- Support
- Email, Live chat, Discord, Telegram, Help center
Backpack Exchange FAQ
Is Backpack Exchange available in my state?
Backpack Exchange serves 22 of 51 jurisdictions (50 states and DC). Not available in Alabama, Alaska, Arizona, Arkansas, Connecticut, Florida, Georgia, Idaho, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Minnesota, Nebraska, Nevada, New Mexico, New York, North Carolina, North Dakota, Ohio, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Vermont, Washington, West Virginia.
Can New York residents use Backpack Exchange?
No. Backpack Exchange does not accept New York residents.
What are Backpack Exchange's fees?
On its order-book screen Backpack Exchange charges 0.08% maker and 0.10% taker at the base tier.
Is Backpack Exchange regulated in the US?
US customers are served by Trek Labs, Inc.. Registrations and licenses on record: FinCEN MSB, NMLS 2665675.
Can I withdraw crypto from Backpack Exchange to my own wallet?
Yes. Backpack Exchange lets US users send crypto to an external wallet.
Does Backpack Exchange require ID verification?
Yes. Backpack Exchange verifies your identity before you can trade.
Alternatives to Backpack Exchange
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Not financial advice. Crypto prices are volatile and you can lose everything you put in. World-Crypt earns nothing from the platforms reviewed here.