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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.

FAQ

What are your service hours?

7am to 8pm ET.

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

Bakkt.com
Bakkt.com/disclosures
Bakkt.com/privacy-policy
Bakkt.com/user-agreement

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.

SogoTrade.com Contact

©2024 SogoTrade, Inc. All rights reserved.Brokerage services provided by SogoTrade, Inc., Member of FINRA.

Member of SIPC. Securities in your account protected up to $500,000. For details, please see www.sipc.org. Our clearing firm, Apex Clearing, has purchased an additional insurance policy, which provides protection for securities and cash up to an aggregate of $150 million, subject to maximum limits of $37.5 million for any one customer's securities and $900,000 for any one customer's cash. The SIPC protection and this additional insurance do not protect against a loss in the market value of securities, and do not apply to cryptocurrency transactions.

Portfolio management and advisory services are provided by MarketRiders, Inc. (doing business as SogoTrade Asset Management ("SAM")), a registered investment advisor. Brokerage services are provided by SogoTrade, Inc. SAM provides discretionary advisory services for a fee. SAM and SogoTrade, Inc. are separate entities under common ownership.

Before investing carefully consider the underlying objectives, risks, charges, and expenses of the investment product. All investments involve risk, including loss of principal. Past performance does not guarantee future results. There is no assurance that the investment process will consistently lead to successful investing. Asset allocation and diversification do not eliminate the risk of experiencing investment losses. ETFs can entail risks similar to direct stock ownership, including market, sector, or industry risks. Some ETFs may involve international risk, currency risk, commodity risk, and interest rate risk. Trading prices may not reflect the net asset value of the underlying securities. Risks applicable to any portfolio are those associated with its underlying securities. For more information, please see the SAM Disclosure Brochure (Form ADV Part 2A).

Important Note: Options involve risk and are not suitable for all investors. For more information please read the Characteristics and Risks of Standardized Options. Please note fees, commissions and interest charges should be considered when calculating results of options strategies. Transaction costs may be significant in multi-leg option strategies, including spread, as they involve multiple commission charges. SogoTrade does not provide tax advice. Please consult with a tax advisor as to how taxes may affect the outcome of options transactions/strategies.

No information contained on this website is intended as a recommendation or solicitation to invest in, or liquidate, a particular security or portfolio. Market volatility, volume and system availability may effect account access and online trade execution. This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction. Unauthorized access and use is prohibited.

Market data displayed under Research is provided and hosted by Barchart Market Data Solutions. Fundamental company data is provided by ActiveTick LLC. SEC Filings provided by Edgar Online. Information is provided ‘as-is’ and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer.

CURRENT PROMOTIONS:
When you complete an account transfer, valued at $10,000 or higher, from another brokerage account to your SogoTrade account, SogoTrade will reimburse you, up to a maximum of $100, for the account transfer fees imposed by the other broker. You must apply for the ACAT reimbursement by completing and submitting a SogoTrade Account Transfer Reimbursement Request Form and provide an account statement to SogoTrade as proof of the imposed transfer fees. The Form and statement can be mailed or faxed to SogoTrade. Reimbursements will be made to your account via a credit within 30 days of receipt of the Form and Statement. Your SogoTrade account must remain open and maintain a minimum equity of $500 for a period of at least six months, or SogoTrade may charge the account for any transfer fee reimbursement credits. SogoTrade reserves the right to terminate this offer at any time without prior notice or extend the offer at its sole discretion. Offer is not valid for internal transfers between any two SogoTrade accounts. Offer valid for a limited time. Void where prohibited. (This Promotion is not available for IRA accounts)

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