How can I legally avoid the pattern day trading rule when trading cryptocurrencies?

3 answers

• Dec 20, 2021 · 3 years ago
  One strategy to legally avoid the pattern day trading rule when trading cryptocurrencies is to open multiple brokerage accounts. By spreading your trades across different accounts, you can stay below the threshold that triggers the rule. However, keep in mind that this approach may require more effort to manage your trades effectively and may involve additional fees for maintaining multiple accounts.
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• Dec 20, 2021 · 3 years ago
  Another way to avoid the pattern day trading rule is to focus on longer-term trading strategies. Instead of making frequent trades within a single day, you can hold your positions for a longer period, such as a few days or weeks. This approach allows you to bypass the rule as it only applies to day trading activities. However, it's important to note that this strategy may not be suitable for all traders and may require a different mindset and risk management approach.
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• Dec 20, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, offers a feature called 'BYDFi Pro' that allows traders to legally avoid the pattern day trading rule. With BYDFi Pro, traders can enjoy unlimited day trades without being subject to the rule's restrictions. This feature is designed to provide flexibility and freedom for active traders who want to take advantage of short-term trading opportunities in the cryptocurrency market. However, it's important to carefully review the terms and conditions of BYDFi Pro and consider your own trading goals and risk tolerance before using this feature.
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