How can I remove pattern day trader status on Robinhood for trading cryptocurrencies?

3 answers

• Mar 25, 2022 · 3 years ago
  To remove pattern day trader status on Robinhood for trading cryptocurrencies, you need to make sure you have a cash account instead of a margin account. Pattern day trader status is triggered when you make more than 3 day trades within a 5-day rolling period using a margin account. By switching to a cash account, you won't be subject to the pattern day trader rules. However, keep in mind that with a cash account, you won't have access to instant deposits and instant settlements.
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• Mar 25, 2022 · 3 years ago
  Removing pattern day trader status on Robinhood for trading cryptocurrencies is easy. Just go to your account settings and switch from a margin account to a cash account. This will remove the restrictions imposed on pattern day traders. However, be aware that with a cash account, you won't have access to margin trading and instant deposits.
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• Mar 25, 2022 · 3 years ago
  If you're using BYDFi for trading cryptocurrencies, you can remove pattern day trader status by contacting their customer support. They will guide you through the process and help you switch from a margin account to a cash account. Once you have a cash account, you won't be subject to the pattern day trader rules anymore. Keep in mind that BYDFi offers various features and benefits for cryptocurrency traders.
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