As a wallet, Backpack is genuinely good. Multi-account handling is the cleanest on Solana, the interface is fast on both desktop and mobile, xNFT support enables applications to run inside the wallet, and the core client is open source.
The exchange adjacency
The same company operates Backpack Exchange, and the products are deliberately integrated. That convenience is real and so is the confusion risk: an interface that shows self-custodial balances alongside exchange balances makes it easy to forget which funds you control with keys and which you hold as a claim on a company. Keep the distinction explicit in your own accounting.
Security and record
Non-custodial key handling with hardware wallet support, no incidents on record, and audits of the core components. The product is younger than Phantom and has a correspondingly shorter track record, which is the main reason it scores slightly lower on that criterion.
Coverage
Solana primarily, with Ethereum and EVM support added. It remains a Solana-first product and is strongest there.
Who should use it
Solana users who want excellent account management and are comfortable with the exchange relationship. Users who prefer their wallet vendor to have no exchange business should use Phantom or a hardware wallet with Solflare.