Bakkt Review

Even though the buzz around Trump’s media company possibly buying Bakkt has died down (they ended up passing on it), I still thought it’d be interesting to dig into what might’ve sparked their interest, which is what I'll explore in this Bakkt review.

While it may not have the same level of recognition as crypto giants like Binance or Kraken, Bakkt has secured a position among institutional players in the industry. The platform provides custody and trading services specifically designed for businesses, organizations, and corporate clients interested in exploring the potential of digital assets.

Now that you’ve got the gist of it, let’s dive deeper and explore why Bakkt is worth talking about in the first place.

Bakkt Review: Quick Overview

Before diving deeper into this Bakkt review—covering everything from its services and customer support to advanced tools—let’s start with a quick overview to set the stage.

Founded by Intercontinental Exchange back in 2018, the website gives a glimpse into what the platform is about:

Bakkt (NYSE:BKKT) is a publicly-traded company serving businesses and institutions in the crypto industry. We build solutions that enable our clients to grow with the crypto economy — in the U.S. and internationally. 

Here’s a rundown table to give you a quick overview of the exchange: 

Table: A quick overview of Bakkt

It’s clear that the Bakkt crypto exchange was developed explicitly for institutional and corporate clients.

Although Bakkt is a CEX, it adopts a different model, leaning toward B2B2C. Unlike many platforms that cater to retail investors, it emphasizes features and certifications vital for large-scale operations and regulatory compliance.

In other words, it's not your typical exchange like Binance. It's more of a crypto infrastructure and custody provider for businesses.

📚 Read More: How to Start a Crypto Business

Bakkt Alternatives

It’s no surprise that Bakkt isn’t the only institutional-grade custody solution available for corporate clients. In fact, many platforms you’ve probably heard of also cater to similar needs with products designed for enterprises. Here are a few worth considering:

• Binance. As one of the most prominent crypto platforms, Binance offers an extensive suite of features for retail and institutional clients alike. For enterprise-level activities, its VIP program delivers exclusive benefits, including reduced fees and priority access to customer support.
• Kraken. Kraken excels in security and regulatory compliance, making it a trusted option for organizational users. It also provides a variety of trading options and a comprehensive suite of tools for corporate-level crypto management.
• Uphold. Uphold is a multi-asset digital platform ideal for those exploring options like crypto, fiat, and precious metals. It also caters to business needs with large order management, low fees, and expert trading support.

	KRAKEN	UPHOLD	BINANCE
Overall Score	9.8	9.4	8.1
Best For	Beginners	Wide Range of Assets	Advanced Users & Beginners
Operating Countries	United States, Germany, United Kingdom, France, Canada, + 190 more	United States, Argentina, United Kingdom, Mexico, France, +180 more	Turkey, Argentina, Vietnam, Ukraine, + 180 more
Latest Coupons	Visit Site All Kraken Coupons	$20 in BTC All Uphold Coupons	See All Coupons of Best Exchanges
Verdict	One of the best crypto exchanges, especially in the US.	A reliable multi-asset exchange for trading crypto, fiat, and precious metals.	One of the leading crypto exchange platforms in the industry.
	Visit site Read review	Visit site Read review	See TOP10 Brands Read review

Table: An overview of top exchanges

I find that each alternative isn’t just a good choice for individual investors but also works as a reliable option for large institutions, especially those wanting to incorporate digital assets into their operations.

📚 Read More: Best Crypto OTC Trading Platform

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Compare Crypto Exchanges Side by Side With Others

All Crypto Exchanges may look similar to you but they're NOT all the same!

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Who’s Bakkt For?

Bakkt crypto solutions serve businesses, institutions, and high-net-worth clients. Designed for seamless integration into organizational workflows, it offers advanced tools for digital assets custody and trading, along with easy-to-integrate APIs. 

Here’s a closer look at how Bakkt serves different types of users:

• Institutional Clients. Bakkt provides institutional-grade custody through Bakkt Trust Company LLC, a qualified custodian regulated by the NYDFS. This ensures your digital assets are protected by top-tier security measures while complying with stringent regulatory requirements.
• Platform Operators. If you’re a broker or fintech platform, Bakkt’s turnkey solutions can help you seamlessly integrate crypto trading into your offerings. With customizable APIs and fast transaction technology, you can expand your services and reach a broader audience.
• High-Volume Traders. As a large-scale market participant, you can benefit from Bakkt’s advanced trading infrastructure, which offers efficient execution and deep liquidity. The platform's tailored solutions ensure a seamless and secure experience when managing significant volumes.

With its specialized services, the exchange is clearly designed for institutions and high-net-worth individuals seeking secure and compliant solutions to manage digital assets.

Advantages

Bakkt offers several advantages that can benefit your business, whether you’re just beginning to explore digital assets or seeking reliable tools to manage them efficiently on a daily basis. Here are some of its strongest points:

• Strong focus on regulatory compliance;
• Secure crypto custody;
• Enterprise-ready solutions;
• Reliable trading infrastructure.

Bakkt maintains a strong focus on regulatory compliance, holding a BitLicense from the NYDFS, registration with FinCEN, and the necessary money transmitter licenses. Its compliance-first approach enables businesses to confidently integrate digital assets while adhering to financial, consumer protection, and cybersecurity regulations.

The platform also provides secure, institutional-grade custody with a 1:1 reserve model, ensuring all crypto funds are fully backed and protected from insolvency risks. Its focus on robust security measures, operational resilience, and privacy compliance reflects an effort to support institutions managing large crypto transactions or assets.

Bakkt extends beyond basic trading functionality, offering end-to-end services like KYC, AML, KYT, tax, and custody services to streamline operations. Its auto-scaling, multi-region architecture ensures stability and supports FIX and REST protocols for seamless integration.

Lastly, trading on this exchange ensures speed and efficiency. With 99% of executions completed under 10 microseconds, unlimited orders, tighter spreads, and customizable liquidity options, it’s designed to minimize market impact.

Limitations

While the Bakkt exchange excels in some areas, like everything under the sun, it’s not without flaws. Here are a couple of key limitations that I think are worth pointing out:

• A small selection of crypto assets;
• Low user satisfaction ratings.

Bakkt’s focus on regulatory compliance seems to limit its cryptocurrency offerings to high-profile coins like BTC, ETH, and SOL. While this ensures strict adherence to standards and reliability, it may not meet the needs of businesses seeking access to a wider range of altcoins or niche tokens.

Additionally, Bakkt has received mixed reviews, with some users expressing dissatisfaction due to issues like a perceived lack of transparency and poor customer support. This has resulted in relatively low ratings on Trustpilot, which may indicate areas where the platform could improve to meet its institutional client expectations better.

Fees and Limits

Without a doubt, fees are a crucial consideration when choosing an exchange, as they directly influence the profitability and operational costs of your organization. Below is a table outlining the platform's fees at the time of writing this Bakkt review:

Table: Bakkt Fees

Here's more information regarding the expenses you'll have to cover:

• $0 Withdrawal Fee. Bakkt allows transferring funds from your account to your bank without incurring any fees. However, third-party charges may still apply depending on the payment method.
• $0 Deposit Fee. Similarly, deposits from your bank are free of charge.
• No Trading Fees for Bitcoin. While Bakkt doesn’t charge transaction fees or commissions for buying or selling Bitcoin, spreads and margins on the purchase or sale conversion price may apply. The exact rates will depend on market conditions and can be viewed directly in your account.
• No Monthly and Inactivity Fees. If you’re a long-term user—or planning to be—you’ll appreciate how the platform lets you keep your account open without any extra costs, even when you’re not actively trading.

It’s also worth noting that the exchange has the right to modify its fees or transaction limitations without prior notice. While this practice is common among financial platforms, it emphasizes the importance of regularly checking your account terms to stay informed.

If you’re planning to use this crypto solution for business or organizational purposes, I’d suggest contacting their customer support team before signing up. This allows you to inquire about a more detailed fee breakdown, which might be tailored to suit the scale and needs of your operations.

Security

When it comes to fund safety, the exchange in question doesn’t cut corners. It's built on an institutional-grade foundation, which is why I can’t skip discussing its promise of a "super-secure platform" in this Bakkt review.

One notable protocol is the commitment to safeguarding client assets by ensuring they are neither lent out nor rehypothecated. By keeping fund storage separate from the buying and selling process, Bakkt minimizes conflicts of interest and enhances the safety of institutional holdings.

The platform also backs its security claims with SOC 1 Type 2 and SOC 2 Type 2 certifications and annual third-party penetration testing. These credentials demonstrate its dedication to asset protection and operational resilience.

Now, if you’ve read this far and are wondering, "Yeah, it seems pretty secure, but is Bakkt legit?" Here’s what I can tell you.

From its institutional-grade infrastructure to compliance measures, Bakkt meets many criteria for a secure and legitimate crypto exchange. While I can’t personally vouch for every claim, on paper, it does seem like a solid and trustworthy option for institutions exploring digital asset potential.

📚 Read More: A Guide to Crypto Security

Customer Support

Bakkt’s customer support setup reflects its focus on serving institutions. Unlike traditional exchanges that provide multiple communication options like live chat, social media, or phone support for retail users, it adopts a more "corporate" and structured approach.

For potential clients or partners, there’s a contact form on the website to get the conversation started. While it gets the job done, I think it can feel a bit impersonal, especially if you’re used to the convenience of direct chat or phone support.

In addition to the contact form, Bakkt also provides physical office locations where you can reach out for direct inquiries if needed:

• Alpharetta, GA, USA
• Scottsdale, AZ, USA
• New York, NY, USA
• Belfast, UK

There is also a knowledge center and FAQ section, which is handy for general inquiries. That said, I found them more suited for broad questions than tackling specific issues.

Trading Tools

Bakkt crypto exchange offers trading tools specifically tailored for large-scale operations, focusing on speed, security, and compliance. From what I’ve found, there are three main services that stand out:

• BakktX
• Bakkt Brokerage
• Crypto Custody

BakktX is the first FX-style Electronic Communications Network (ECN) for crypto. Think of it as a high-powered trading system designed for big players in the market, like banks and large financial institutions. It aims to make transactions between large-scale buyers and sellers as fast, cost-efficient, and seamless as possible.

As for Bakkt Brokerage, the service is ideal for businesses wanting to dip their toes into the crypto world without building a platform from scratch. It lets companies integrate Bakkt’s system directly into their websites or apps, letting customers buy, sell, hold, or transfer popular cryptocurrencies like Bitcoin, Ethereum, or Dogecoin.

Finally, the custody service ensures secure storage for digital assets. It is backed by high-grade security measures, including multi-party computation, segregated hot and cold wallets, and distributed data centers for disaster resiliency.

User Experience

I'll admit that it's a bit tricky for me to share firsthand experiences as a non-institutional user in this Bakkt review. That said, I've looked into what others are saying online, and opinions seem to vary quite a bit.

Some people appreciate the platform for its excellent service and ease of use, comparing its deposit and withdrawal processes to those of a bank. This smooth experience seems to stem from Bakkt's reliance on Site Reliability Engineering (SRE). Their team monitors operations 24/7, works to anticipate issues before they arise, and ensures minimal disruptions.

On the flip side, I’ve also come across complaints about withdrawal delays, lack of transparency, and unhelpful support, which left users feeling stressed and frustrated.

What I can personally share, though, is that Bakkt’s official website offers a clean and user-friendly interface that makes it easy to navigate their services. That said, I think they could benefit from presenting product information in a more detailed and streamlined way. It’s not always easy to get a complete picture of what they offer.

For example, the Bakkt Developer Portal contains valuable resources like API documentation, comprehensive guides, and support to help businesses get started quickly. But the portal isn’t easy to find unless you dig through the website. Once you do, it’s a helpful tool, but I can’t help but feel that making such information more accessible would save potential customers some hassle.

Localization and Regional Adaptability

When it comes to navigating regional regulations, the Bakkt crypto exchange does a solid job in the US. It’s available in all 50 states, which isn’t easy considering how strict the rules around cryptocurrencies can be.^[1] For businesses operating nationwide, this means you can rely on consistent support without worrying about running into legal roadblocks.

As of writing, the platform also doesn’t seem to aim for a presence everywhere. It appears to operate in only a few select international regions outside the US. While it’s not in hundreds of countries like some other best crypto exchanges out there, this approach seems to prioritize maintaining visibility in specific markets.

Although the platform is deeply rooted in the US, Bakkt incorporates features that cater to global accessibility. For example, the document verification process, a key part of onboarding and compliance, is available in multiple languages. Currently, those include:

• English
• Spanish
• French
• Brazilian Portuguese
• Simplified Chinese (in progress)

If your businesses require support in a different language, Bakkt provides the option to request additional language support through official communication channels. This added flexibility helps organizations with diverse linguistic needs integrate smoothly into the platform.

How to Get Started With Bakkt Crypto Solutions

So, after weighing the advantages, limitations, and features in this Bakkt review, are you leaning toward it to streamline your business' crypto management?

If yes, let me guide you through the straightforward steps to get started.

• Your first and last name;
• Your company name;
• Your business email address;
• Your area of interest (either BakktX or Brokerage).

There’s also a message box that you can use to ask any questions you might have. Once you’ve filled out everything, click [Submit] at the bottom of the form.

• Ensuring everything works seamlessly with your current systems;
• Submitting necessary documentation;
• Setting up integrations for services like Bakkt Brokerage or BakktX.

Alternatively, you can reach out to [email protected] directly. The platform representatives will guide you through creating a username and password, configuring your working environment, and setting up IP whitelisting for secure access. They’ll also assist with connecting to APIs and S3 buckets, where your important reports will be stored.

Comparison to Other Popular Exchanges

Before wrapping up this Bakkt review, I think it’s worth seeing how the platform in question stacks up against other players in the crypto space. After all, there are plenty of options out there offering integration tools and professional services for businesses and institutional users.

Bakkt VS Binance

Binance is one of the most well-known cryptocurrency exchanges globally, catering to everyday and institutional users.

While Bakkt focuses on institutional-grade solutions, such as top-notch integration tools and compliance-friendly services, Binance sets itself apart with its massive selection of trading options and comprehensive ecosystem.

	BINANCE
Overall Score	8.1
Best For	Advanced Users & Beginners
Operating Countries	Turkey, Argentina, Vietnam, Ukraine, + 180 more
Latest Coupons	See All Coupons of Best Exchanges
Verdict	One of the leading crypto exchange platforms in the industry.
	See TOP10 Brands Read review

Table: Binance's features

For instance, Binance supports over 600+ cryptocurrencies and offers more than 1,500+ spot trading pairs and futures contracts. In comparison, Bakkt provides access to just 30+ coins and doesn’t include derivative products. If trading diversity is a priority for your business, Binance is the clear winner in this area.

But this global exchange powerhouse isn’t just about token selection. It also offers an impressive suite of additional services designed for large-scale players. Here’s a quick rundown:

• Trading. It provides spot, futures, and options trading, OTC services, a liquidity program, portfolio margin options, and Binance Link. There's also Binance Wealth, which can help clients oversee their digital asset investments on the platform.
• Finance. The platform offers Binance Earn for staking and structured products, as well as VIP loan services with custom agreement terms for corporate-level clients.
• Custody. Binance partners with Ceffu to provide third-party institutional custody solutions and supports off-exchange settlements through MirrorX.
• Infrastructure. The CEX features secure API integration, advanced asset management tools, robust data reporting capabilities, and custom governance options.

That said, Bakkt's crypto solutions have a distinct edge when it comes to regulatory compliance within the United States. Fully registered in all 50 states, it's a preferred option for businesses operating in the US and prioritizing strict adherence to regulatory standards. Binance, on the other hand, does not operate in the US.

📚 Read More: Binance Review

Bakkt VS Kraken

Both Bakkt and Kraken excel in security and regulatory compliance, making them solid choices for enterprise-level customers. That said, I think the latter has the upper hand when it comes to versatility and the breadth of features it offers.

For starters, Kraken provides access to hundreds of ERC-20 tokens, a significant leap compared to Bakkt’s more modest selection of 30+ coins. This broader token support range is backed by a fast and reliable trading environment, boasting a baseline round-trip latency of just 2.5 milliseconds, 99.9% uptime, and the capacity to handle over a million requests per minute.

On top of that, Kraken offers 30+ stakeable assets, giving institutions the chance to earn fixed-percentage returns through network validation.^[2] To make things even easier, it includes multi-asset, block-level reporting tailored for large enterprise organizations. This allows your business to efficiently review and manage complex data, saving valuable time and resources.

And let’s not forget that Kraken also provides futures trading. This feature allows your enterprise to gain exposure to cryptocurrencies without needing to own the underlying assets. It’s an appealing option if your business is looking to diversify or hedge its portfolio, though some geographic restrictions may apply.

	KRAKEN
Overall Score	9.8
Best For	Beginners
Operating Countries	United States, Germany, United Kingdom, France, Canada, + 190 more
Latest Coupons	Visit Site All Kraken Coupons
Verdict	One of the best crypto exchanges, especially in the US.
	Visit site Read review

Table: Kraken's features

With over a decade of experience and partnerships with industry leaders like BlackRock, Wisdom Tree, and NYDIG, Kraken has built a well-deserved reputation as a leader in the crypto space. For institutions looking to expand their strategies with services like staking, futures, spot, secure custody, and OTC services, it offers a versatile and comprehensive ecosystem that’s tough to beat.

📚 Read More: Kraken Review

Bakkt VS Uphold

Uphold is a pretty familiar name in the crypto world. As a versatile digital platform, it provides access to more than just cryptocurrencies—its offerings extend to fiat and precious metals, too, tailored to meet the needs of individual investors and large-scale organizations seeking more diverse opportunities.

When it comes to crypto specifically, Uphold outshines Bakkt with its offering of over 300 tokens. This opens the door to a wide range of altcoins beyond the usual suspects like Bitcoin and Ethereum. For businesses aiming to tap into niche digital assets or stay ahead of emerging market trends, this diversity is surely a major advantage.

What really caught my eye, though, is Uphold’s focus on research. The platform offers a service to help you identify promising digital assets by assessing their potential and fundamental value. This service can give you a head start, especially if you’re looking to invest strategically.

Another big plus is Uphold’s liquidity advantage. Thanks to its specialized Ascent platform, it connects to over 30 partners spanning CeFi, DeFi, and Layer-2 blockchain solutions. This system intelligently routes orders to find optimal pricing, making it easier for clients to handle large transactions without causing significant shifts in the market.

	UPHOLD
Overall Score	9.4
Best For	Wide Range of Assets
Operating Countries	United States, Argentina, United Kingdom, Mexico, France, +180 more
Latest Coupons	$20 in BTC All Uphold Coupons
Verdict	A reliable multi-asset exchange for trading crypto, fiat, and precious metals.
	Visit site Read review

Table: Uphold's features

Now, both Uphold and Bakkt are strong contenders when it comes to crypto trading and custody services for institutional clients. But if I had to pick, I’d say the former has the upper hand. Its variety of tokens, research tools, and liquidity solutions make it the better choice if you’re serious about thriving in the digital asset economy.

📚 Read More: Uphold Review

Pros

• Secure and reliable
• Accepts fiat currencies
• Lots of trading options

Main Features

• Reputable exchange
• Accepts fiat currencies
• Offers various trading options

Visit Site

Pros

• Fiat currencies - accepted
• Simple to use
• Accepts only the most trustworthy cryptocurrencies

Main Features

• A leading cryptocurrency exchange platform
• Best for beginner investors
• Accepts fiat currencies

GET $200 REWARD

Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Over 300 supported cryptos

Main Features

• Over 300 cryptocurrencies
• Secure & transparent
• Fully reserved

$20 in BTC

Conclusions: Is Bakkt Right for You?

Wrapping up this Bakkt review, I’d say that if your business needs crypto services—whether for trading or custodial solutions—it’s a solid option worth considering. The platform’s user-friendly APIs simplify crypto integration, making it easy for your users to engage with digital assets quickly and without hassle.

Beyond that, Bakkt’s commitment to regulatory compliance is a significant advantage for enterprises. Operating in all 50 US states, the platform provides peace of mind that your crypto offerings align with legal requirements across the country.

That said, this strict adherence to compliance can be a double-edged sword. While it builds trust and ensures robust security, it also restricts the selection of supported coins and the variety of services available.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Emmert F.: 'The regulation of cryptocurrencies in the United States of America';

2. Lehmann M., Krysa F., Prévost E., et al.: 'Staking your crypto: What are the stakes?'.