Bakkt® App Crypto: Buy/Sell Questions and Answers - Bitcoin

Bakkt® App Crypto: Buy/Sell Questions and Answers - Bitcoin

How does the Bakkt®App determine BTC exchange rates and pricing? 

 Bitcoin exchange rates and pricing within the Bakkt® App are provided directly by Bakkt. There are several factors that determine the BTC pricing provided to Bakkt users. Rates are majorly considered by the prevailing market prices at the time in which the bitcoin is sold or purchased. Market liquidity and market volatility also factor into the determined prices for Bakkt consumers.

 

Do you provide tax documentation forms?

Currently, Bakkt does not provide users with tax reporting forms or information specifically designated to disclose information to the IRS, unless, a Bakkt App user has 200 transactions that have accumulated a value of $20,000. In which case, please reach out to customer support so that we can arrange to send out a 1099-K form to you.

 

Please note, you can view your bitcoin transaction history by going to the Activity menu in the Bakkt App. From the Activity menu, you can view helpful information to use when calculating your gains and losses.

 

Can I add bitcoin from the Bakkt® App to a different Wallet?

 No, the bitcoin stored in your Bakkt® App is being held on your behalf by Bakkt® Trust, a qualified custodian and limited purpose trust company regulated by the New York State Department of Financial Services (NYDFS) and cannot be transferred externally to another wallet.  

 

What is the max amount of bitcoin I can purchase daily within the Bakkt® App?

The daily maximum purchase limit for BTC is $500.

 

Does Bakkt offer a Cold-Wallet option for Bakkt® App consumers?

 No, Bakkt does not currently offer a cold-wallet storage option for consumers.

 

Is there a Wallet service fee?

 No, Bakkt does not charge users a wallet service fee.

 

Where can I find a disclosure of the Fee structure?

 Bakkt does not require that users pay outside fees when purchasing or selling bitcoin. Please refer to our General Terms of Service to view further detail regarding our terms-of-use.

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