Crypto services on the Longbridge Platform are provided by Bakkt Crypto Solutions
Where are my crypto assets held?
Your crypto assets are held by Bakkt that is regulated by the New York State Department of Financial Services (NYDFS). Bakkt is responsible for executing your crypto trades and securely storing your holdings.
Bakkt uses institutional-grade security: multi-party computation (MPC), multi-signature wallets, segregated storage, disaster-recovery infrastructure.
Crypto assets are segregated and held in trust for Bakkt’s customers (“Your crypto, not Bakkt’s”). As these assets are held custodially, they would be returned to Bakkt’s customers if insolvency occurs.
Reminders:
- Your Bakkt crypto account is separate from your Longbridge Securities LLC brokerage account, which holds your investments in US-listed stocks and ETFs.
- Cryptocurrencies, overall, are not securities and are not insured by SIPC or the FDIC.
Can I transfer coins in and out of my Bakkt crypto account?
Yes, through the Longbridge Platform, you can transfer in and out the following 6 coins between your Bakkt crypto account and your external wallets:
BTC, DOGE, ETH, SOL, USDC, and USDT.
The list of coins will be expanded over time and updates will be made on the Longbridge Platform.
Currently, Bakkt does not support any coin transfers for residents of New York.
What are the limits for coin transfers?
For coin-in, there is no limit provided that a single transfer is $10 equivalent or more.
For coin-out:
- Single transfer amount: $10 to less than $3,000.
- Daily transfer Amount limit: Up to $5,000 for all cryptocurrencies combined. (Note: The daily 24-hour cycle is from 5:40PM ET.)
- Daily number of transfers: No limit.
Are there fees to transfer my crypto?
Bakkt does not charge a fee to transfer your crypto in.
However, on transfer-out, network fees will apply as industry standard. Network fees are payments to network validators to process and confirm your transaction. Fees fluctuate based on the current blockchain activity and transaction complexity. In addition, Bakkt also charges a KYT (Know Your Transaction) fee of $0.51. Finally, if the transfer is equal to or exceeding $3,000, a Travel Rule fee of $1.9 also applies. All such fees are incorporated into the network fees and are deducted from the amount of coin being transferred.
How long does it take for a coin transfer to complete?
Most transfers can be completed within 1 hour, depending on the current network traffic and congestion. However, for transfers that require undergoing review, they may take up to 2 business days.
Can I cancel my coin transfer submitted?
Transfers are generally irreversible once submitted.
Always double-check the wallet address before submitting. Incorrect wallet address can lead to permanent and irreversible loss of your crypto.
For outgoing transfers that are under review, contact the Longbridge Platform’s Customer Support Team. In some very limited situations, we may be able to cancel the transfer request.
Incoming transfers cannot be cancelled.
Do I have access to a private key of my Bakkt crypto account?
Your crypto is securely stored on your behalf in omnibus wallets by Bakkt. You do not manage or control a private key.
Crypto assets are held in trust for Bakkt’s customers (“Your crypto, not Bakkt’s”).