> For the complete documentation index, see [llms.txt](https://support.backpack.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://support.backpack.exchange/backpack-securities/faqs.md).

# FAQs

This page collects the short, frequently-asked questions. Many of them have a dedicated article with more detail - those are linked inline. For an overview of the product, start with the **Backpack Securities** introduction at the top of this section.

***

**Getting started**

<details>

<summary><strong>Where do I find Backpack Securities?</strong></summary>

You'll find it on the Backpack website (backpack.exchange) in your browser. Stocks and ETFs are available to eligible customers wherever Backpack Securities is offered. If you can't see it, check that your region is supported — Backpack Securities isn't available in the United States, the United Kingdom, the United Arab Emirates, or Japan, and isn't offered on Backpack EU. See Eligibility & Access for the full picture.

</details>

<details>

<summary><strong>Do I need to do anything before my first trade?</strong></summary>

Just two things. Your Backpack account needs to be verified (the same KYC you've already completed for crypto — there's no extra stocks check), and you'll accept a one-time agreement the first time you place a stock order. On the order form the button reads **Enable Trading** until you've acknowledged it, then becomes **Preview**. See [Eligibility & Access.](/backpack-securities/eligibility-and-access.md)

</details>

<details>

<summary><strong>Is there a minimum amount to start?</strong></summary>

Yes — a small one. During regular U.S. market hours you can trade fractional shares down to **0.01 of a share** (in 0.01-share steps), and every order needs to be worth at least **$1**. Outside regular hours, the minimum is **1 whole share**. Because fractional shares are available during regular hours, you can still start small. See [Trading Hours & Fees.](/backpack-securities/trading-hours-and-fees.md)

</details>

<details>

<summary><strong>Is Backpack Securities in beta?</strong></summary>

Yes — Backpack Securities is in **public beta**. It's open to eligible users, web-only for now (mobile is coming), and some shareholder features (like cash dividends and external transfers) are still being added. Everything covered in these guides — buying, selling, and holding real U.S. stocks and ETFs — works today.

</details>

***

**What you can trade**

<details>

<summary><strong>What stocks and ETFs can I trade?</strong></summary>

A broad range of U.S.-listed stocks and ETFs — major companies across the market, plus ETFs spanning equity indices, commodity products (such as gold and oil), and regional market benchmarks. Coverage is U.S.-listed only (other markets, such as Hong Kong listings, aren't supported) and keeps expanding over time. The home page lets you browse by category, see the most active stocks by volume, and filter between individual stocks and ETFs. See [Finding & Researching Stocks.](/backpack-securities/finding-and-researching-stocks.md)

</details>

<details>

<summary><strong>Are these real stocks, or synthetic exposure?</strong></summary>

They're real U.S.-listed stocks and ETFs — not CFDs, perpetuals, structured products, synthetic derivatives, or tokenized wrappers. When a trade fills, the shares are held for you as genuine security entitlements, the same private property rights you'd have at firms like Schwab, Fidelity, Vanguard, and Robinhood. For the full custody and legal structure, see [Real Ownership & Legal Framework.](/backpack-securities/real-ownership-and-legal-framework.md)

</details>

***

**How trading works**

<details>

<summary><strong>Why don't I see an order book?</strong></summary>

Backpack Securities is quote-based, not order-book based. You request a price, Backpack returns a live quote, and you accept it. There's no other side of the trade to match against the way there is on a crypto market — so there are no maker/taker mechanics or slippage settings to manage. See [How to Buy & Sell Stocks on Web.](/backpack-securities/how-to-buy-and-sell-stocks-on-web.md)

</details>

<details>

<summary><strong>Why did the price refresh on its own?</strong></summary>

Quotes are valid for only a few seconds. When one expires while you're reviewing the order form, Backpack automatically requests a fresh quote, and the new price replaces the old one. This keeps the price you accept current with the market.

</details>

<details>

<summary><strong>Can I set a stop-loss or take-profit on a stock order?</strong></summary>

Not yet. Stock trading uses the quote flow only — you review a live quote and confirm. Conditional order types like stop-loss and take-profit aren't available for stocks.

</details>

<details>

<summary><strong>Can I use trading bots, copy trading, or the API with stocks?</strong></summary>

Not yet. Automated and programmatic tools — including the Grid bot and the API — aren't available for stocks. Stock trading is manual through the quote flow for now.

</details>

***

**Quotes & order results**

<details>

<summary><strong>What does "No quote available" mean?</strong></summary>

The broker didn't return a price within a few seconds. The most common reasons are that the market is closed, the stock has very low liquidity, or there was a brief momentary issue. You can simply retry.

</details>

<details>

<summary><strong>I clicked Buy and the trade failed — what happened?</strong></summary>

A few things can cause this: the price moved past your quote between confirming and filling, the order couldn't be filled within the timeout window and was cancelled, or funds were moved out of your account before settlement so there wasn't enough left to complete the trade. You can re-quote and try again. See [How to Buy & Sell Stocks on Web.](/backpack-securities/how-to-buy-and-sell-stocks-on-web.md)

</details>

<details>

<summary><strong>My trade has been pending for a while.</strong></summary>

Most trades fill within seconds. If a trade has been pending noticeably longer, it's either filling slowly or has timed out. If it doesn't resolve, you can re-quote and place the order again.

</details>

***

**Trading hours**

<details>

<summary><strong>Can I trade fractional shares?</strong></summary>

Only during regular hours (9:30am–4:00pm ET, Monday–Friday). Outside regular hours — including overnight, pre-market, and after-hours — only whole-share quantities are accepted. See [Trading Hours & Fees.](/backpack-securities/trading-hours-and-fees.md)

</details>

<details>

<summary><strong>What's the "overnight" session — I thought stocks didn't trade after 8pm?</strong></summary>

There's an overnight trading window from 8:00pm to 4:00am ET (Sunday night through Friday morning). It's whole-shares-only and pricing is a little wider than during regular hours, but it does run. The pulse indicator on the Backpack Securities page shows when it's active. See [Trading Hours & Fees.](/backpack-securities/trading-hours-and-fees.md)

</details>

<details>

<summary><strong>Why does pricing look wider overnight or in pre-market?</strong></summary>

There's less liquidity outside regular hours, so quotes are naturally wider — especially overnight. During regular hours, pricing is typically tightest.

</details>

***

**Funding & fees**

<details>

<summary><strong>Is there a fee?</strong></summary>

There's no separate commission or platform fee on stock trades — the price you see in the quote is the price you trade at. See [Trading Hours & Fees.](/backpack-securities/trading-hours-and-fees.md)

</details>

<details>

<summary><strong>Can I use my stocks as collateral for other positions?</strong></summary>

Not today. Stock balances don't count toward margin or act as collateral for other positions. Using stocks as collateral is something we're working toward, but it isn't available yet.

</details>

<details>

<summary><strong>Can my stocks be liquidated, or affect my crypto and perp positions?</strong></summary>

No. Stocks aren't traded on margin and can't be used as collateral, so a stock position can't be force-liquidated and doesn't put your other balances or positions at risk. (If you choose to fund a purchase with borrowed USD, the usual borrowing rules apply to that loan — but the stock holding itself isn't margined.)

</details>

<details>

<summary><strong>Can I lend out my stocks to earn yield?</strong></summary>

No. Only USD and supported crypto can be lent through Backpack's lending pool — stock balances can't be lent out.

</details>

***

**Holdings, dividends & corporate actions**

<details>

<summary><strong>Where's my dividend?</strong></summary>

Dividend data is shown on the stock detail page for information today. Cash dividend payouts are still being worked on. See [Your Holdings, Dividends & Corporate Actions.](/backpack-securities/your-holdings-dividends-and-corporate-actions.md)

</details>

<details>

<summary><strong>A stock I own had a 2:1 split, but my balance didn't change. Why?</strong></summary>

Split and corporate-action details are shown on the stock page for information today, but they aren't yet reflected in your balances. Reflecting splits and corporate actions in your balance is still being worked on.

</details>

<details>

<summary><strong>Can I move my stock to an external wallet or another platform?</strong></summary>

Not yet. For now, the way to exit a stock position is to sell it back to USD inside Backpack. External transfers (including ACATS transfers to another broker) are still being worked on. See [Your Holdings, Dividends & Corporate Actions.](/backpack-securities/your-holdings-dividends-and-corporate-actions.md)

</details>

<details>

<summary><strong>What happens if a company I hold is delisted?</strong></summary>

Corporate actions like delistings are handled through the underlying brokerage infrastructure. If a stock becomes unavailable to trade, you may only be able to close (sell) the position, and any action you need to take will be communicated to you. How some corporate actions are reflected in your balance is part of what's still being worked on.

</details>

***

**Taxes**

<details>

<summary><strong>How are my stocks taxed, and do you provide tax documents?</strong></summary>

You're responsible for any taxes that apply to your own trading activity, based on your jurisdiction. Backpack doesn't currently provide tax statements, cost-basis, or profit-and-loss reports for stocks. We recommend keeping your own records and consulting a qualified tax adviser. This isn't tax advice.

</details>

***

Still have a question? To understand how your stock ownership works legally — including security entitlements, custody, and the regulated brokers behind Backpack Securities — see [Real Ownership & Legal Framework.](/backpack-securities/real-ownership-and-legal-framework.md)


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