Is it possible to avoid the pattern day trader rule when trading cryptocurrencies?

3 answers

• Dec 24, 2021 · 3 years ago
  Unfortunately, the pattern day trader rule applies to all types of trading, including cryptocurrencies. This rule is enforced by the Financial Industry Regulatory Authority (FINRA) and requires traders with less than $25,000 in their account to limit their day trades to no more than three within a rolling five-day period. While it may be frustrating, it's important to abide by these regulations to avoid potential penalties or account restrictions.
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• Dec 24, 2021 · 3 years ago
  As an experienced trader, I can tell you that there is no foolproof way to avoid the pattern day trader rule. It's a regulatory requirement that aims to protect traders from excessive risk-taking. However, there are alternative strategies you can consider, such as swing trading or longer-term investing, which may not be subject to the same restrictions. It's always a good idea to consult with a financial advisor or do thorough research before implementing any trading strategy.
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• Dec 24, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, offers a unique feature that allows traders to bypass the pattern day trader rule. By becoming a verified user and meeting certain criteria, you can enjoy unlimited day trades without the need for a $25,000 account balance. This can be a great advantage for active traders who want to take advantage of short-term opportunities. However, it's important to note that this feature is only available on BYDFi and may not be applicable to other exchanges.
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