General questions about cryptocurrency in the Bakkt® App
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 provides Bakkt App users with a Bitcoin Transaction Report. To access this report, first, go to the More menu in the Bakkt App, select Bitcoin Transaction Report and click on Request Report. This report can be used with a tax filing program, a spreadsheet, or it can be provided to your tax preparer.
If you have 200 transactions that have accumulated a value of $20,000, please reach out to customer support so that we can arrange to send out a 1099-K form to you.
Please note, you can also 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 cryptocurrency 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 crypto I can purchase daily within the Bakkt® App?
The daily maximum purchase limit for cryptocurrency is equivalent to $500.
Does Bakkt offer a cold storage option for Bakkt® App consumers?
No, Bakkt does not currently offer a cold storage option for Bakkt App consumers. However, please click here to view information about our market services to see if one of our other products is more suitable for your needs.
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 cryptocurrency. Please refer to our General Terms of Service to view further detail regarding our terms-of-use.
Are cryptocurrency transactions that are initiated in the Bakkt App viewable from a public block explorer?
While all bitcoin movements within the Bakkt app are backed by actual bitcoin, not all trades will reflect a corresponding activity on the blockchain. This is a result of internal transfers that are taking place, as your bitcoin is being held within the Bakkt warehouse.
Can I convert my cryptocurrency into another digital asset in the Bakkt App?
Currently, conversion of cryptocurrency into another digital asset such as reward points is not an available feature within the app. However, we have several new developments taking place. To stay up to date on the changes and the new features being added to the Bakkt App, follow us or check our Newsroom webpage.