Regulated

Score

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/10

Bakkt

United States

|

2-5 years

MTL License|

Digital Currency License|

MSB License|

Suspicious Overrun|

Medium potential risk

https://www.bakkt.com/

Website

Rating Index
Influence

Influence

B

Influence Index NO.1

United States 3.88

Better than 99.78% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

Influence
B

Licenses

NMLS

NMLSRegulated

MTL License

NYSDFS

NYSDFSRegulated

Digital Currency License

FinCEN

FinCENExceeded

MSB License

Exchange Info

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Company Name
Bakkt
Phone of the company
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Company website
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Facebook
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Customer Service Email Address
--

WikiBit Risk Alerts

1
Previous Detection 2024-04-12

MSB License goes beyond their business with the licenses United States FinCEN (license number: 31000154749830), please be aware of the risk!

Website

Genealogy

Social Media

Trade Type

Keywords

Time Machine

White Paper

Related Software

Github

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All Corps

New Arrival

Vol Stat

Influence

Yesterday Vol

7 Days

No data

User Reviews

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44 ratings

Participate in evaluation
201955405
I have low satisfaction with Bakkt’s transaction fees. High trading fees are discouraging and a real ordeal for long-term traders. And, you have to put up with its ineffective customer support!
2023-12-13 08:13
7
FX patricia
The seamless integration with third-party trading tools enhances the overall trading experience. It's a thoughtful feature for traders who rely on external analysis.
2023-12-02 21:15
9
daudu713
The inclusion of a one-click portfolio rebalancing feature streamlines asset management. It's a time-saving tool for maintaining a diversified investment portfolio.
2023-12-06 21:10
2
micky9624
The inclusion of a community-driven knowledge base fosters a collaborative learning environment. It's a treasure trove of insights contributed by seasoned users.
2023-12-06 19:16
2
Dan3450
Bakkt initially drew notice by providing Bitcoin futures contracts settled in physical BTC, enabling investors to trade futures based on real Bitcoin instead of cash. Its services have broadened to include the trading of Bitcoin options too.
2023-11-30 00:31
9
Chiamaka
I appreciate the constant updates and improvements. It shows that this exchange is dedicated to staying ahead of the curve in the dynamic world of cryptocurrencies.
2023-12-06 21:49
9
TOMI187
The implementation of a decentralized identity system adds an extra layer of security, ensuring that user data is protected from potential breaches.
2023-12-05 03:07
3
titilayo
I appreciate the effort this exchange puts into staying compliant with regulations. It adds an extra layer of trust to the entire trading process.
2023-12-04 03:08
7
Teemi
bakkt gain alot after offering to sell Bitcoin physically and to be sincere they have been really making it up till date
2023-11-27 14:03
9
favour 687
This is the best all in one crypto currency platform and I highly recommend it
2023-11-24 21:54
9
FX60ustaz
we hope is will be greater than others
2023-11-17 14:42
5
nike6223
The incorporation of risk management tools, such as stop-loss orders, adds a layer of control. It's a proactive approach to safeguarding investments in volatile markets.
2023-12-11 00:02
9
investor K
This exchange's commitment to innovation is evident in its support for emerging blockchain projects. It aligns with the forward-thinking approach I look for in a platform.
2023-12-09 03:49
2
khady9616
The integration of market sentiment indicators in Bakkt exchange is a valuable tool for experienced traders. It provides an additional layer of insight into market dynamics and trends.
2023-12-04 00:22
7
snazii
Bakkt initially gained attention for offering physically-settled Bitcoin futures contracts, allowing investors to trade Bitcoin futures settled in actual BTC instead of cash. It has expanded to offer Bitcoin options trading as well.
2023-11-25 04:13
8
…85723
I am very impressed with the price volatility and trading fees of the Bakkt system. Less volatility simplifies investment decisions. The handling fees are low and the profits are higher. Perfect for me!
2023-12-25 13:14
2
labake
The intuitive asset discovery feature makes it easy for users to explore and learn about new cryptocurrencies, enhancing their overall trading experience.
2023-12-11 00:42
2
Lateef9330
The community-driven approach to listing new tokens showcases the exchange's dedication to giving users a voice in shaping the platform's future.
2023-12-10 08:29
8
khady9616
Binance commitment to fostering a global community is evident through its multilingual customer support, accommodating users from diverse linguistic backgrounds.
2023-12-06 01:43
3
chidi6944
I stumbled upon this platform and haven't looked back since. Quick withdrawals, responsive customer support – a winner in my book!
2023-12-05 15:11
7

View all comments

Aspect Information
Company Name Bakkt
Registered Country/Area United States
Founded Year 2018
Regulatory Authority NMLS and NYSDFS
Cryptocurrencies available Bitcoin (BTC)
Deposit & Withdrawal Bank transfers, Mobile payments
Customer Support 24/7 support via phone/email

Overview of Bakkt

Bakkt is a virtual currency exchange based in the United States. The company was founded in 2018 and is regulated by NMLS and NYSDFS. It offers Bitcoin (BTC) as the only cryptocurrency available for trading. Bakkt operates through its own trading platforms, namely the Bakkt App and the Bakkt website.

Overview of Bakkt

Pros and cons

Pros Cons
Regulated by DYSDFS Limited number of cryptocurrencies available
User-friendly trading experience No maximum leverage
Variable response time for customer support

Pros of Bakkt:

1. Regulated by DYSDFS: Bakkt is regulated by the DYSDFS, which adds a layer of legitimacy and compliance, assuring users of adherence to financial regulations.

2. User-friendly Trading Experience: The platform provides a user-friendly trading experience, making it accessible and navigable for both beginners and experienced traders.

Cons of Bakkt:

1. Limited Cryptocurrency Options: Bakkt has a limited number of cryptocurrencies available for trading, potentially restricting users who want a more extensive range of digital assets.

2. No Maximum Leverage: The absence of maximum leverage might be a drawback for traders who seek higher leverage options for strategic trading.

3. Variable Customer Support Response Time: Some users may experience variable response times from customer support, impacting the speed and efficiency of issue resolution.

Regulatory Authority

Bakkt Marketplace, LLC, the regulatory situation of the exchange, operates under the oversight of several regulatory agencies.

The company is regulated by the Nationwide Multistate Licensing System (NMLS), as indicated by their regulation number 1890144.

They are also regulated by the New York State Department of Financial Services (NYSDFS) through a digital currency license. However, the specific regulation number for this license is unreleased.

Regulatory Authority
Regulatory Authority

Additionally, Bakkt operates under the supervision of the Financial Crimes Enforcement Network (FinCEN) and holds an MSB license with regulation number 31000154749830, while the regulatory status is exceeded.

Regulatory Authority

Security

Bakkt unlocks and safeguards cryptocurrencies, overseeing their regulation and protection. With Bakkt® Crypto Payout, you can offer cryptocurrency as a payment method on payday, enabling a straightforward, swift, and secure means of receiving funds.

Security

Trading Markets

Bakkt Trade is designed to make cryptocurrencies easily accessible through trusted brands. This platform enables customers to swiftly, securely, and conveniently buy, sell, or hold cryptocurrencies directly through your app. The emphasis is on creating a seamless and user-friendly experience, fostering trust and accessibility in the realm of digital assets. By integrating Bakkt® Trade, businesses can provide their customers with a straightforward entry point into the world of crypto, aligning with the growing demand for diverse financial options.

Trading Market

Cryptocurrencies available

Bakkt currently offers Bitcoin (BTC) as the only cryptocurrency available for trading. However, it is important to note that cryptocurrency prices can fluctuate significantly on exchanges due to various factors such as market demand, supply, and overall market sentiment.

Cryptocurrencies available

Other Services

Custody: Uncompromising Security

Bakkt ensures institutional-grade security for crypto custody. With multi-layered security, segregated wallets, and regular SOC reports, it's a robust solution complying with NYDFS standards. The 24/7 response support adds reliability to managing crypto assets.

Services

Crypto Payout: Paydays Made Flexible

Bakkt simplifies payday with Crypto Payout, allowing salaries to be disbursed in cryptocurrency. Ensuring regulatory compliance, it provides a secure and efficient way for employees to receive their salaries in digital assets.

Crypto Rewards: Loyalty Meets Crypto

Bakkt Crypto Rewards connects loyalty programs with cryptocurrencies. Customers can redeem loyalty points for crypto or receive it as a direct reward, aligning with the growing interest in digital assets.

How to open an account?

Opening a Bakkt account is a straightforward process, providing your customers with a secure and regulated platform for buying, selling, and holding bitcoin and ether. Here are the simplified steps:

1. Visit Bakkt Platform: Go to Bakkt's official website. Click “CONTACT US” button.

Visit Bakkt Platform

2. Fill the Form: Provide basic information, including your name, company name, and business email.

Fill Interest Form

3. Submit Information: Click the submit button to send the information from the form to Bakkt.

4. Wait for Contact: The Bakkt team will reach out to you to discuss your needs further, ensuring they understand how best to cater to your business model.

5. Further Communication: Stay in touch with your Bakkt representative. They may guide you through subsequent steps, provide any additional information or documents needed, ensuring the successful setup of your account.

Ensure direct communication with Bakkt's support or account management team throughout the process to ensure a smooth account opening that aligns with the needs of your business and customers.

How to Buy Cryptos?

1. Activate Bakkt Crypto Rewards:

To initiate the process, activate Bakkt® Crypto Rewards technology through the API. This step lays the foundation for integrating crypto rewards into your platform.

2. Set Reward Actions:

Define actions for customers to earn crypto rewards. This could include various activities or milestones within your platform, creating a clear structure for users to engage with and earn digital assets.

3. Enable Crypto Deposits:

Facilitate crypto deposits through rewards redemption or direct earnings via the Bakkt wallet. This step ensures a straightforward method for users to convert their earned rewards into actual cryptocurrencies.

4. Accessible Management in Bakkt App:

Customers can conveniently view and manage their crypto holdings in the Bakkt App. The user-friendly interface and features of the app make it easy for individuals to keep track of their digital assets.

How to Buy Cryptos

Fees

Bakkt's fee structure may have evolved since then, so it's important to verify the most up-to-date information directly from Bakkt's official website or through other reliable sources.

  • Bitcoin Futures Trading Fees: Bakkt offers physically settled Bitcoin futures contracts, which means that upon contract expiration, traders receive actual Bitcoin rather than the equivalent value in cash. The fees associated with trading these futures contracts can include a combination of trading fees, settlement fees, and other related costs.

  • Custody Fees: Bakkt provides custody solutions for digital assets, which involve storing cryptocurrencies securely on behalf of clients. Custody fees can depend on factors such as the type and quantity of assets being stored, the level of security and services required, and the duration of storage.

  • Conversion Fees: Bakkt may also offer cryptocurrency conversion services, allowing users to convert one cryptocurrency into another. Conversion fees can include a spread (the difference between the buying and selling prices) as well as a transaction fee.

  • Withdrawal Fees: Cryptocurrency withdrawal fees can apply when you're moving your assets from the Bakkt platform to an external wallet or exchange. These fees can vary depending on the cryptocurrency being withdrawn and network congestion at the time.

  • Deposit Fees: Bakkt might have deposit fees associated with certain funding methods, such as bank transfers or credit card deposits.

  • Trading Platform Fees: If Bakkt offers spot trading or other types of trading beyond futures, there might be trading fees associated with those services as well.

Deposit & Withdrawal

Bakkt unlocks and safeguards cryptocurrencies, overseeing their regulation and protection. With Bakkt® Crypto Payout, you can offer cryptocurrency as a payment method on payday, enabling a straightforward, swift, and secure means of receiving funds.

Exchange Comparison

Exchange Binance Bakkt Coinbase
Fees 0.012%-0.10% 0.002 0% - 3.99%
Cryptos Available 350+ 1 200+
Website BINANCE.com/en Bakkt.com coinbase.com

Is Bakkt a Good Exchange for You?

Bakkt stands out as the best exchange for institutions and businesses in need of a robust crypto custody solution. With an emphasis on institutional-grade security, NYDFS qualification, comprehensive controls, segregated wallets, and 24/7 support, Bakkt ensures a secure environment for managing and safeguarding crypto assets. This makes it particularly suitable for entities prioritizing regulatory compliance and the highest standards of security in the crypto space. While Bakkt excels in its custody services, individuals or traders seeking a diverse range of cryptocurrencies for active trading might find other platforms more suited to their needs.

Is Bakkt a Good Exchange for You?

Conclusion

Bakkt, established in 2018 and regulated by NMLS and NYSDFS, provides a secure platform for institutional investors and businesses. With a focus on Bitcoin, it offers a user-friendly experience. However, limited cryptocurrency options and no maximum leverage are drawbacks. The response time for support varies, but Bakkt excels in regulatory compliance and security, offering robust custody solutions. Innovative services like Crypto Payout and Crypto Rewards add versatility. Account opening is straightforward, but users should stay informed about evolving fees. Overall, Bakkt suits institutions valuing security, but individuals seeking diverse cryptocurrencies might explore other platforms.

User Review

User 1:

“Yo, Bakkt's been solid for me! Security's tight – I'm not losing sleep over my crypto getting swiped. They're regulated, which gives me peace of mind. Interface is clean, easy to navigate. Liquidity's been good too, no prob making trades. Only thing, wish they had more altcoins. Customer support's been chill, they got back within a day. Trading fees? Meh, not the cheapest. But privacy's on point, and they're serious about data. Deposits are snappy, but withdrawals took a bit longer than I hoped. Still, dig the different order types they offer. So far, no major crashes – exchange seems stable. I'm sticking around!”

User 2:

“Okay, gotta share my Bakkt experience. Security's A+, regulated & all. Interface is slick, but it's like a maze sometimes. Liquidity's usually good, except during those crazy market swings. Limited cryptos, mostly big names. Had an issue, and their customer support was frustratingly slow to respond. Trading fees eat into profits, wish they were lower. Privacy-wise, they seem legit. Deposits hit fast, but withdrawals? Ugh, took ages! Different order types are a plus, helps manage risk. No major crashes, but had a laggy day. Overall, it's decent, but got room for improvement.”

FAQs

Q1: What cryptocurrencies can I trade on Bakkt?

A1: Bakkt offers major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

Q2: How does Bakkt handle user data and privacy?

A2: Bakkt prioritizes data security and privacy, adhering to strict measures to safeguard customer information and comply with privacy regulations.

Q3: What order types does Bakkt support?

A3: Bakkt offers diverse order types including market, limit, and stop orders, catering to various trading strategies.

Q4: Is Bakkt's platform stable?

A4: Bakkt prioritizes platform stability through infrastructure investments, aiming to minimize disruptions for a reliable trading experience.

Q5: Will Bakkt expand cryptocurrency offerings?

A5: Bakkt may consider expanding its offerings based on market demand and regulations, ensuring transparent communication with users.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

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2024-03-26 16:50

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