Crypto services on the Longbridge Platform are provided by Bakkt Crypto Solutions
How much does Bakkt charge to trade crypto?
When you submit an order to buy or sell cryptocurrency on your Bakkt crypto account via the Longbridge platform, that order is sent to Bakkt for execution.
Bakkt charges a 0.75% trading fee based on the dollar value of per trade executed.
How do I fund my Bakkt crypto account?
When you authorize a trade with Bakkt, you simultaneously also provide the necessary authorization to move the applicable funding to or from your Longbridge Securities LLC brokerage account to settle the crypto trades. The funds movement process is automatic.
Hence, your Bakkt crypto account does not hold any USD as cash movements (including crypto trades settlement, funds deposits and withdrawals) all go through your brokerage account with Longbridge Securities LLC.
The funds movement between your Bakkt crypto account and your Longbridge Securities LLC brokerage account will be summarized in a daily “Trade Summary” email that will be sent to you directly from Bakkt at the end of the trade date after 8:15PM ET (approximately).
How do I withdraw funds from my Bakkt crypto account?
To withdraw funds from your crypto investments in the Bakkt crypto account, you will need to first sell the crypto asset(s) held in your Bakkt crypto account. The cash proceeds will then be automatically deposited from Bakkt to your Longbridge Securities LLC brokerage account. After that, you can withdraw that cash proceeds from your brokerage account.
Normally, cash proceeds from your crypto sale will be reflected in the Cash Available to Withdraw balance in your brokerage account the next business day if the trade was done before 8:15pm ET (approximately) on trade date (T).
How is my crypto buying power calculated?
Cryptocurrencies are considered non-marginable. Your crypto buying power updates in real-time based on:
Withdrawals: Any money you withdraw from your Longbridge Securities LLC brokerage account reduces your buying power.
Open Buy Orders: Open buy orders (from your Bakkt crypto account and your Longbridge Securities LLC brokerage account_)_ immediately reduce funds from your buying power unless such orders are canceled.
Executed Crypto Sell Orders: When your crypto sell orders are executed, the sale proceeds are immediately added to your buying power (available to your Bakkt crypto account and your Longbridge Securities LLC brokerage account).
Other Things to Know:
- Sale proceeds from executed Stocks and Options sell orders are not immediately available for crypto purchases, until the proceeds are settled and reflected in the Cash Available to Withdraw balance in your Longbridge Securities LLC brokerage account.
- ACH deposits and wire transfers are not counted towards crypto buying power until the funds are received and reflected in the Cash Available to Withdraw balance in your Longbridge Securities LLC brokerage account.