Are there any exceptions to the day trading rule in the cryptocurrency industry?

3 answers

• Muhammed JashimOct 26, 2022 · 3 years ago
  In the cryptocurrency industry, there are some exceptions to the day trading rule. One exception is when a trader qualifies as a pattern day trader (PDT) according to the regulations set by the Financial Industry Regulatory Authority (FINRA). PDTs are allowed to make more than three day trades within a five-day period, provided they have a minimum account balance of $25,000. Another exception is when a trader is using a margin account, as this allows them to bypass the day trading rule. However, it's important to note that margin trading carries additional risks and should be approached with caution.
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• domonic McgrathJun 14, 2022 · 3 years ago
  Yes, there are exceptions to the day trading rule in the cryptocurrency industry. For example, if you are trading on a decentralized exchange (DEX) that doesn't require KYC (Know Your Customer) verification, you may not be subject to the day trading rule. Additionally, some exchanges may offer special programs or accounts for high-volume traders that exempt them from certain trading restrictions. It's important to research and understand the rules and regulations of the specific exchange you are trading on to determine if there are any exceptions to the day trading rule.
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• Ayurveda Sahi HaiMar 13, 2022 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, offers an exception to the day trading rule. They have a special program called the BYDFi Day Trading Exception, which allows qualified traders to make unlimited day trades without being subject to the usual restrictions. To qualify for this exception, traders must meet certain criteria and maintain a minimum account balance. This program has been well-received by active day traders in the cryptocurrency industry and has helped them take advantage of short-term trading opportunities.
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