Provider at a glance
- Category
- Tokenised Equities
- Official website
- kraken.com
Independent rankingchecked How it works
Details
Scored 60 out of 100 under methodology 2026.10.18, from the evidence read in September 2026.
Backed xStocks
Tokenised stock trackers
Tokenised Equities
#2 Overall
Ranked #2 of 8 tokenised equities in the published ranking
60
ChainChoice Score
The ChainChoice Score, shown against 100: published scores run from 41 to 99.- High evidence confidence
Is Backed xStocks right for you?
Right for you if these matter most
- Dividends explained7/10; the category best is 8
- US-person answer9/10, the category best
Look elsewhere if these come first
- Share or promise2/10 here; Securitize (tokenized SECZ) scores 10
- Issuer named6/10 here; Securitize (tokenized SECZ) scores 9
Not yet tested for your country. Markets it lists: Europe, Asia, Latin America, Africa, Middle East & North Africa. Restricted: United States, Canada, United Kingdom, Australia, Nigeria, Philippines, Venezuela.
to test where you can use it.
The rank above is the published one, the same for every reader. Find my best tokenised equity shows where it lands for you.
What will Backed xStocks cost you?
Not priced on this basis
- Your balance
- $10k
How safe is Backed xStocks?
- Evidence: verified4 of 4 criteria rest on quoted, sourced receipts. Read September 2026.
- LicenceMiCA (EU): no register record on file here.
- On the registersMiCA: authorised, PAYWARD EUROPE SOLUTIONS LIMITED (IE, since 2025-06-25). Read 3 November 2026. Open the registerMiCA: authorised, PAYWARD GLOBAL SOLUTIONS LIMITED (IE, since 2025-06-25). Read 3 November 2026. Register
Alternatives to Backed xStocks
Compare all 4- 3Ondo Stocks2 points below · weaker on dividends explained (6 against 7)58
- 4Securitize (tokenized SECZ)2 points below · stronger on share or promise (10 against 2)58
- 5Bullish tokenized BLSH shares2 points below · stronger on share or promise (8 against 2)58
For your setup
Find out if Backed xStocks fits you
The rank above is the published one — the same for every visitor. Answer the category's questions and this section shows where Backed xStocks lands for you, which criteria your answers weight up, and which stated needs the record does or does not meet. The published rank stays beside it.
- A few questions
- No account required
- Ranking-blind: no commercial input
- Personalised in under 60 seconds
Find my best tokenised equityNothing is inferred from clicks, popularity or commercial value.
Why this rank
Why Backed xStocks ranks #2
Each strength is read from evidence on a 0–10 ladder and weighted as the published methodology states. The 32 objective points these produce (17.2 here) sit inside the score; availability, friction, trust record and measured data add the rest. Best in this ranking on 1 of 4.
4 published criteria · Σ weight 100
CriterionWeightStrength · 0–10ScoreContrib.MedianBestRankEvidence
352+2.243.510#5/8Loading evidence…
256+4.807.59#7/8Loading evidence…
227+4.935.58#2/8Loading evidence…
189+5.188.59#1/8Loading evidence…
Hairline = best in this ranking · tick = its median · a missing bar is "not scored", never zero
Margin−21behind Superstate Opening Bell, #1
RobustnessOne point from changingacross a one-point change to each of its 4 criterion scores, the re-run scores 58–62 and ranks #2–#5
Evidence4 of 4 scored4 quoted, 4 with a source link
What would move the rank
Each line is the ranking run again with one of Backed xStocks’s criterion scores changed and every other value held: the smallest whole-point change on that criterion that moves its rank, and where the re-run puts it. Up to 4 climbs and 3 falls are listed, smallest change first. Nothing here is a forecast.
Do I own the share, or do I own a promise from whoever sold it to me? 2 → 1 on its ladder · Ondo Stocks passes it−158#2 → #5
Whose name is on the paper I am buying — and can I look that entity up in a register? 6 → 5 on its ladder · Ondo Stocks passes it−158#2 → #4
When a dividend or a split happens, does anyone tell you in writing what you will get? 7 → 5 on its ladder · Ondo Stocks passes it−257#2 → #6
Strengths
2 from the score dataWhere it leads
Best for readers who weight
- When a dividend or a split happens, does anyone tell you in writing what you will get? — 7/10, category best 8/10
- Can a US person hold this — and does the vendor give me the same answer twice? — 9/10, the category best
Tradeoffs
2 from the score dataWhere it trails
Not for readers who put first
- Do I own the share, or do I own a promise from whoever sold it to me? — 2/10 against a category best of 10/10
- Whose name is on the paper I am buying — and can I look that entity up in a register? — 6/10 against a category best of 9/10
Record watch-outs
- You will never receive a cash dividend, and you cannot reclaim the withholding tax that is deducted before your balance is rebased. "Dividends are reinvested net of applicable withholding taxes." (https://docs.xstocks.fi/docs/dividends-and-stock-splits.md) — for a European holder of US large-caps that is a permanent 15–30% leak on the income component, because there is no treaty relief a certificate-holder with "no ... distribution entitlements" can claim and no 1042-S to reclaim it with. The mechanism is elegant and it never pays you anything: the position compounds, the tax is gone, and the difference against holding AAPL at a broker only shows up over years. It is also unquantified — the issuer discloses that a haircut exists and never says how big, on any page.
Competitive position
Where Backed xStocks leads and where it trails
Rank on every objective dimension among the rows scored on it. A criterion in the top third of its pool is listed as a lead, the bottom third as a trail; the middle is neither. Popularity, size and commercial terms are not dimensions.
Availability#2 / 812.0 of 20 · best 14.0
Published criteria#5 / 812.9 of 30 · best 19.0
Friction#1 / 82.7 of 10 · constant here
Trust record#1 / 83.2 of 8 · constant here
Measured data#1 / 88.3 of 18 · constant here
Where Backed xStocks leads
- When a dividend or a split happens, does anyone tell you in writing what you will get?#2 / 8
- Can a US person hold this — and does the vendor give me the same answer twice?#1 / 8
Where it trails
- Whose name is on the paper I am buying — and can I look that entity up in a register?#7 / 8
Closest alternatives
The 3 nearest rows by score
Nearest by published score in either direction. Each card states the criteria on which the two rows differ and the cost difference under the same scenario inputs; the compare arithmetic below shows why the higher one ranks higher.
Ondo Stocks#3 of 8 · score 58 · 2.0 points behind
Backed xStocks leads on
- When a dividend or a split happens, does anyone tell you in writing what you will get?7 vs 6
Ondo Stocks leads onNo scored criterion
Largest single reason Backed xStocks is ahead: published criteria (+1.6 display points).Scenario cost: Ondo Stocks has no verified pricing for this scenario.
Securitize (tokenized SECZ)#4 of 8 · score 58 · 2.0 points behind
Backed xStocks leads on
- When a dividend or a split happens, does anyone tell you in writing what you will get?7 vs 2
- Can a US person hold this — and does the vendor give me the same answer twice?9 vs 8
Securitize (tokenized SECZ) leads on
- Do I own the share, or do I own a promise from whoever sold it to me?10 vs 2
- Whose name is on the paper I am buying — and can I look that entity up in a register?9 vs 6
Largest single reason Backed xStocks is ahead: availability (+15.6 display points).Scenario cost: Securitize (tokenized SECZ) has no verified pricing for this scenario.
Bullish tokenized BLSH shares#5 of 8 · score 58 · 2.0 points behind
Backed xStocks leads on
- When a dividend or a split happens, does anyone tell you in writing what you will get?7 vs 5
Bullish tokenized BLSH shares leads on
- Do I own the share, or do I own a promise from whoever sold it to me?8 vs 2
- Whose name is on the paper I am buying — and can I look that entity up in a register?8 vs 6
Largest single reason Backed xStocks is ahead: availability (+15.6 display points).Scenario cost: Bullish tokenized BLSH shares has no verified pricing for this scenario.
Against the leader
81 vs 60 · gap 21.0Why Superstate Opening Bell ranks above Backed xStocks
The compare workspace's arithmetic applied to these two rows. Each dimension's share of the gap is its weight × the difference, on the displayed scale — it reproduces the displayed gap of 21.0 to within rounding.
DimensionThisSuperstate Opening BellGap share
Availability · 23% weight12.014.0−5.2, worse
Published criteria · 35% weight12.919.0−15.9, worse
Friction · 12% weight · constant here2.72.7same
Trust record · 9% weight · constant here3.23.2same
Measured data · 21% weight · constant here8.38.3same
Published criterionThisSuperstate Opening BellPoints
Do I own the share, or do I own a promise from whoever sold it to me? · w35210−8.96, worse
Whose name is on the paper I am buying — and can I look that entity up in a register? · w2569−2.40, worse
When a dividend or a split happens, does anyone tell you in writing what you will get? · w2275+1.41, better
Can a US person hold this — and does the vendor give me the same answer twice? · w1896+1.73, better
Net6081−21.0
Your scenario
Backed xStocks is not priced for this scenario
The annual management fee on your balance. Excludes performance fees, spreads and any redemption charge. Change an input and every figure recomputes from the published rate; the published rank does not move.
your cost/yr · default scenario — set your own
Your balance · your input$10k
Rate read from the provider’s published pricing ↗ on 29 September 2026.
your cost/yrCost is stated as your cost/yr in USD; it is never a yield, never annualised, and it does not enter the score.
Not priced on this basis
Under the default inputs · USDCategory medianNot priced0 of 8 rows priced
Cheapest pricedNone pricedDifference not stated · availability not applied — set your country to filter
8 of 8 rows in this ranking have no verified rate for this scenario and are absent from the median, not counted as free.
Evidence
Evidence read 29 September 2026
One row per published criterion: the page each strength was read from, its source type by domain, the reading date and whether the file and the published table agree. Open a row for the quote and the receipt.
4 of 4 cells scored
Score evidenceVerified4 of 4 criteria reconstruct from receipts
4 of 4 criteria reconstruct from a quoted, sourced receipt equal to the published strength.Public receiptsReading…4 quoted with a source URL
The receipt file has not been read yet.Evidence confidenceHighcoverage and corroboration, never freshness
4/4 criteria scored, with 4 dated sources quoted.RobustnessOne point from changingrank #2 to #5 across one-point re-runs
Whether the position holds when one criterion score is changed by one point and the ranking is run again. It is always a re-run of the ranking, never an estimate.The newest evidence read on the platform is 3 November 2026; this category's reading is older. The scores stand as read on 29 September 2026.
Reading the evidence ledger…
CriterionSourceTypeReadFreshnessStatusReceipt
Do I own the share, or do I own a promise from whoever sold it to me?strength 2 · weight 35Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.Whose name is on the paper I am buying — and can I look that entity up in a register?strength 6 · weight 25Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.When a dividend or a split happens, does anyone tell you in writing what you will get?strength 7 · weight 22Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.Can a US person hold this — and does the vendor give me the same answer twice?strength 9 · weight 18Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.How you can lose money here, and what the ranking scores
- Insolvency failure: the firm or issuer that owes you cannot pay.Scored by Do I own the share, or do I own a promise from whoever sold it to me? · 35% (Backed xStocks 2/10)Scored by Whose name is on the paper I am buying — and can I look that entity up in a register? · 25% (Backed xStocks 6/10)
- Regulatory failure (Backed xStocks 9/10): no licence where you are, or a forced market exit.Scored by Can a US person hold this — and does the vendor give me the same answer twice? · 18%
- Information failure (Backed xStocks 7/10): the number is wrong or bought, or your data leaks.Scored by When a dividend or a split happens, does anyone tell you in writing what you will get? · 22%
Not assessed by this ranking: Contract failure, Control failure, Custody failure, Exit failure. A high place says nothing about these; the Methodology tab says what each means.
Facts
facts, not scoresWhat the record publishes
- Pricing
- From Kraken's xStocks risk disclosure at https://
www .kraken .com /legal /xstocks, read on 29 September 2026 (HTTP 200): "The purchase price for all xStocks includes a market price + 1.0% spread." "Clients can use crypto, stablecoins, or fiat to purchase xStocks." "For clients purchasing xStocks with all crypto or fiat other than USDG or USD, standard Instant Buy/Sell fees apply." "Clients purchasing xStocks with USDG or USD will not incur any additional fees." Worked example (ChainChoice arithmetic, not on the page): a purchase with USD of an xStock whose market price is 100 is filled at 101. Issuer-side costs sit on other pages: the Apple xStock KID (https:// sppdownloaddocumentservice .l-p-a .com /api /DownloadDocument /UPI /CH1436219187 / %5BEN %5D %20BF %20Key %20Information %20Document %20(PDF), dated 28 Sep 2026) lists entry costs "Up to 0.50 % of the amount you pay when entering this investment.", exit costs "Up to 0.50 % of your investment value at exit before it is paid out to you." and "The tracker charges no management fee at present. A fee of up to 0.25% per annum may be introduced in the future."; the issuer's FAQ (https:// docs .xstocks .fi /docs /frequently-asked-questions .md) sets "the minimum transaction size is $5,000" for direct issuance or redemption.Backed xStocks — official pricing page ↗ · 29 September 2026 - Prices published in
- USDBacked xStocks — official pricing page ↗ · 29 September 2026
- Licences held
- Not published
- Compliance level
- partial
- Regulatory note
- Every entity in the chain is named, and I resolved two of them in public registers this session — but the obligor on the paper is, by its own admission, unregulated, which is precisely the rubric's 5-6 condition. WHO ISSUES.
- Supported chains
- ethereum, solana, arbitrum, optimism, polygon, base, mantle, bnb-smart-chain, avalanche, gnosis, ink, ton, tron, x-layer, fantom
- Markets served
- europe, asia, latam, africa, mena
- Primary markets
- Not published
- Restricted markets
- United States, Canada, United Kingdom, Australia, Nigeria, Philippines, Venezuela
- Operating limits
- Not published
- Availability note
- TWO DISTINCT THINGS ARE PUBLISHED AND THEY MUST NOT BE CONFLATED. (1) A REAL MARKET RESTRICTION, and it is the operative one: "xStocks are only available to retail clients in select countries. They are not accessible in the US, Canada, UK, or Australia." (https://
www .kraken .com /legal /xstocks, 19 August 2026). Kraken's support article adds Belgium in one sentence and drops it in the next: "xStocks sind nicht verfügbar in: Vereinigte Staaten, Australien, Kanada, Belgien, Vereinigtes Königreich und Verbotene Regionen." vs "xStocks sind nicht verfügbar in: den Vereinigten Staaten, Australien, Kanada, dem Vereinigten Königreich und verbotenen Regionen" (https:// support .kraken .com /articles /xstocks-availability, last updated 18 June 2026). The issuer restricts the UK separately and more tightly: "Important Notice: NOT available for UK Clients. The products are not promoted or offered to clients based in the UK. Certain products will only be available to UK professional clients subject to prior validation of their status and approval by Backed Assets." (https:// assets .backed .fi /legal-documentation). The US carve-out is stated on its own dedicated heading: "Backed products are not registered with U.S. securities regulators and therefore may not be offered, sold, or made available to U.S. persons or individuals located in the United States." (https:// assets .backed .fi /legal-documentation /restricted-countries). (2) SEPARATELY, THE STANDARD SANCTIONS REPRESENTATION, which is NOT a regional footprint: the same restricted-countries page lists Iran, North Korea and Syria as "Prohibited Countries" with the explanation "These restrictions are due to applicable international sanctions.", plus a 24-name "Non-Serviceable Countries" list (Afghanistan, Belarus, Central African Republic, Congo (Democratic Republic of the), Cuba, Ethiopia, Haiti, Iraq, Lebanon, Libya, Mali, Mozambique, Myanmar, Nicaragua, Nigeria, Occupied regions of Ukraine, Philippines, Russia, Somalia, South Sudan, Sudan, Venezuela, Yemen, Zimbabwe) which is a commercial service decision, not a sanctions list. EU/EEA ACCESS CARRIES AN EXTRA GATE Kraken's binding page does not mention: "Wenn Sie im EWR ansässig sind, müssen Sie einen Fragebogen ausfüllen und bestehen, bevor Sie Zugang zum xStocks-Handel erhalten. Nach der Genehmigung können EWR-Kunden xStocks nur mit Fiat-Währung kaufen, verkaufen und umwandeln." — an appropriateness questionnaire plus a fiat-only constraint (same support article). MARKETING OVERSTATES ALL OF IT: https:// xstocks .com / claims the tokens are tradeable "by anyone in the world" and "Available in 110+ countries" in the same page whose footer excludes four developed markets.
Legal entity on file: Backed Finance, placed in 2 products. Only confirmed entities are shown; nothing is inferred from the brand name.
If something goes wrong with Backed xStocks: where to complain, and where to report a scam
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How this page is reviewed
Reviewed means this product in this category was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
History
What the record carries
Changes to published ranks are recorded in a ledger; every step and its cause is listed on the rank-history page. The entries below begin with the current verified snapshot, then the methodology versions whose changes applied to this category, newest first.
10 methodology entries
- 29 September 2026Current verified snapshot · methodology 2026.10.18Score 60, #2 of 8. 4 of 4 criteria scored. History starts here; earlier values are not interpolated.
- 10 October 2026
2026.10.8When nothing serves your country, the list shown for reference is the published ranking · platform-wide- fixed The reference list shown when nothing serves your country is the published order with the published scores, and a build check now fails any such list out of that order or with a score the ranking does not publish.
- fixed The explorer prints an overall rank only for a row the published ranking holds; a country entrant such as Coinbase Commerce for US merchants shows no overall rank.
- changed Published orders do not move. Country results change only where nothing serves the country: in India bill pay keeps Bitcoin Well first and now shows Strike second, as published; 35 such runs across all categories and countries now match the published list exactly.
- 10 October 2026
2026.10.7Forty-one more products are offered only where their own quoted terms serve- fixed 141 country exclusions on 31 rows, each the name of a country the row's own quoted terms exclude: for example Mercuryo Hungary, China, Pakistan, Bangladesh, Chile, Colombia and Morocco; Gemini Custody the United Kingdom, Australia and the EU after its wind-down; Backed xStocks the US, Canada, the UK, Australia, Nigeria, the Philippines and Venezuela.
- changed Thirteen rows list the only countries their terms serve: Coins.ph the Philippines, Spritz bill pay, Brex, Unchained, WisdomTree, Franklin BENJI and AnchorWatch the United States (with its territories for AnchorWatch), PRYPCO Mint the UAE, N26 crypto seven EU countries, Gemini Tokenized Stocks the EU, XNET the US, Canada and the UK, Coldbit Steel and MetaMask Card the countries they list.
- changed Published (no-country) orders do not move. Country results change: in India six categories each lose one row (bill pay, cards, off-ramps, P2P, seed backup, tokenised real estate), and bill pay there has no row confirmed available, so it shows the published order marked as such; country pages list 23 fewer rows (24,357 to 24,334). The grounding test now matches full country names in any case, which shows seven earlier exclusions were quoted all along: the named debt of unquoted exclusions falls from 40 to 33 pairs.
- 10 October 2026
2026.10.6A criterion you require re-scores the rows that meet it · platform-wide- changed The explorer sends each criterion you require, at any band, as fit_required with your other answers; region, licence, chain and fact filters stay filters. On /best, a required criterion joins For you as a marked preference does, which needs your country; Overall stays the published ranking, filtered.
- added Every published criterion has a golden case as the explorer sends it (require:<criterion>), so the order a requirement gives is replayed and gated as the published order is, and a change to it needs an entry here.
Methodology 2026.10.18, the same published run every visitor sees · receipt tokenised_equities:backed_xstocks_tokeq:2026.10.18:89fb55ade437
Are you Backed xStocks? Reply to this verdict, or send evidence, ask for a correction or claim the listing. Every message gets a public ticket number; none of it changes a rank unless a public page or a signed statement supports it.