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Bakkt FAQ


Welcome to Bakkt!

  • SogoTrade Inc. has collaborated with Bakkt to provide you convenient access to cryptocurrency trading.
  • There is no charge to open and maintain a Bakkt account. The crypto account will be accessed via your existing SogoTrade account, so no new login information is required.
  • Only  individual non-retirement accounts  (no joint, trust, corporate, custodian, IRA, ROTH, rollover IRA) are permitted to trade cryptocurrency at Bakkt. Your home address must exist within a country on the  approved list.
  • All cryptocurrency data is  real-time  and provided to you  free of charge .
  • Bakkt supports:
    BCH - Bitcoin Cash, BTC - Bitcoin, DOGE - Dogecoin, ETC - Ethereum Classic, ETH - Ethereum,
    LTC - Litecoin, SHIB - Shib Inu and USDC - USD Coin
    Access to more cryptocurrencies is in the works. 
    Note:  Currently, the state of  New York does not permit its residents to trade USD Coin (USDC).
  • Crypto trading is available around the clock,  7 days a week . Crypto trading will be  unavailable  from 5:30pm – 6:10pm ET for routine maintenance and account reconciliation.
  • Orders still Pending at 5:30pm ET will be  CANCELLED .
  • No minimum equity is required  to trade crypto.  Charge per trade:  $1 or 1% of principal, whichever is greater.
  • Total new cryptocurrency purchases are limited to  $50,000  per day. If a purchase exceeds the $50,000 total, the Buy order will be rejected and a warning will be displayed to place more Buy orders after  9:25pm ET . There is no daily limit to how much total cryptocurrency can be sold.
  • Both CASH and MARGIN accounts can trade cryptocurrency. Cryptocurrency is considered  non-marginable  (similar to penny stocks and options).
  • The Pattern Day Trader (PDT) rule & Good Faith rule applicable to stock and options in margin and cash accounts respectively, DO NOT apply to cryptocurrency trades.  Trade as often as you like!
  • Crypto trades settle T+1. Trades done before 9:25pm ET (approximately) are considered trade date (T).
  • Crypto trades are reported to the IRS by the clearing firm via a ‘1099-like’ form early in the year. Please consult your tax professional regarding cryptocurrency and your personal tax consequences.
  • If this is your first visit, clicking Trade Crypto will direct you to a User Agreement. Acknowledge the agreement to submit your Bakkt application. You will then have immediate access to the trading platform.


What are your service hours?

  • 7am to 8pm ET.

Where can I find more detail about Bakkt, including legal documentation?

Do I need to fund my Bakkt account separately from my brokerage account with you?

  • No, when authorizing trades with Bakkt, you will also provide the necessary authorization to transfer the applicable funding to or from your brokerage account with us. Cash transfers are automatic. You can view the cash journals online in your brokerage account under “Funds/Account Transfer” via “Pending & Historical Transfers”.

Where can I find details about my Bakkt account?

  • You can find details of your Bakkt currency transactions and positions by accessing your account via our website and clicking on the “Trade Crypto” button in the action area or under the “Trade” menu pulldown.

Will my crypto currency positions be on the same statements as my securities positions?

  • No, cryptocurrency positions do not appear on the Apex Clearing account statements. In addition, Bakkt does not publish cryptocurrency account statements. You can monitor your Bakkt account holdings directly though the Bakkt trading platform and via the main Overview page of the SogoTrade website.
  • Bakkt will send notice of crypto currency trade confirmations and the annual Bakkt tax document. These documents will be available via SogoTrade’s website under My Account > Statements & Confirms.

Can I transfer any crypto currencies I currently own to my Bakkt Account? Can I transfer cryptocurrencies I have at Bakkt to another crypto trading platform?

  • Please contact SogoTrade customer service by email at  [email protected]  or by phone at 1-646-885-6594.

Can I move my wallet?

  • We only offer the ability to buy and sell cryptocurrency at this time. We view cryptocurrency as an investable asset that SogoTrade offers via Bakkt to trade and invest in. We do not allow wallets to be moved. This is stance we take with Anti Money Laundering protection in mind. 

Do you use a wallet?

  • Yes, we do store cryptocurrency in a wallet. Bakkt manages the keys to the wallet.

If I close a stock or options position, can I immediately use the release to purchase crypto ?

  • The maximum amount of funds that can be transferred from your SogoTrade account to your Bakkt account is capped at the initial Cash Available to Withdraw amount. If you close a stock or options position, you will not be able to immediately use the release to purchase crypto if the intended purchase exceeds the initial Cash Available to Withdraw amount. In a Cash account, it takes 2 business days for a stock sale (1 business day for an options sale) to settle before the proceeds are reflected in the Cash Available to Withdraw amount. In a Margin account, it will take 1 business day for the clearing firm to factor a closing stock or options transaction into its initial Cash Available to Withdraw amount.

If I make an ACH deposit, can I immediately use the funds to purchase crypto?

  • No. There is a 5 business day hold on an ACH deposit before it is reflected in the initial Cash Available to Withdraw amount. If you do a wire deposit instead, the funds will be reflected in both the Cash Available to Withdraw amount and your Crypto Buying Power the day after the wire deposit is received.