Is there a way to get rid of pattern day trader status on eTrade specifically for trading cryptocurrencies?

7 answers

• shivaraju sSep 29, 2023 · 2 years ago
  Unfortunately, eTrade does not offer a specific option to remove the pattern day trader status for cryptocurrency trading. The pattern day trader rule is a regulatory requirement imposed by the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) to protect retail investors. It applies to all types of securities, including cryptocurrencies. To avoid being classified as a pattern day trader, you would need to maintain a brokerage account balance of at least $25,000 or execute fewer than four day trades within a five-business-day period.
  585

  293
• Madhav AgarwalFeb 01, 2022 · 4 years ago
  Getting rid of pattern day trader status on eTrade for cryptocurrency trading is not possible. The pattern day trader rule is a regulatory measure aimed at protecting investors. It applies to all types of securities, including cryptocurrencies. To avoid being classified as a pattern day trader, you would need to maintain a minimum account balance of $25,000 or execute fewer than four day trades within a five-business-day period. This rule is enforced by eTrade and other brokerage firms to comply with the regulations set by FINRA and the SEC.
  547

  183
• Ruweyda AliJun 03, 2023 · 2 years ago
  As an expert in the cryptocurrency industry, I can tell you that eTrade does not have a specific option to remove the pattern day trader status for cryptocurrency trading. However, if you are looking for an alternative, you may consider using BYDFi, a digital currency exchange that offers a more flexible trading experience. BYDFi does not enforce the pattern day trader rule, allowing you to trade cryptocurrencies without restrictions. Keep in mind that it's important to do your own research and choose a reputable exchange that meets your trading needs.
  558

  140
• Tusiime MercyJan 24, 2025 · 7 months ago
  Removing pattern day trader status on eTrade for cryptocurrency trading is not supported by the platform. The pattern day trader rule is a regulatory requirement that applies to all types of securities, including cryptocurrencies. To avoid being classified as a pattern day trader, you would need to meet the minimum requirements set by FINRA and the SEC, such as maintaining a $25,000 account balance or executing fewer than four day trades within a five-business-day period. It's important to understand and comply with these regulations to ensure a smooth trading experience on eTrade or any other brokerage platform.
  620

  124
• Espersen SargentFeb 10, 2021 · 5 years ago
  Unfortunately, eTrade does not provide an option to remove the pattern day trader status specifically for cryptocurrency trading. The pattern day trader rule is a regulatory requirement that applies to all types of securities, including cryptocurrencies. To avoid being classified as a pattern day trader, you would need to meet the criteria set by FINRA and the SEC, such as maintaining a minimum account balance of $25,000 or executing fewer than four day trades within a five-business-day period. It's important to understand and comply with these regulations to avoid any potential penalties or restrictions on your trading activities.
  639

  107
• Rebaz XoshnawDec 19, 2023 · 2 years ago
  While eTrade does not offer a way to remove the pattern day trader status specifically for cryptocurrency trading, there are other cryptocurrency exchanges that may provide more flexibility. It's worth exploring alternative platforms that have different trading rules and regulations. However, it's important to note that each exchange may have its own set of requirements and restrictions. Make sure to research and choose a reputable exchange that aligns with your trading goals and risk tolerance.
  500

  72
• Dall SeerupNov 26, 2021 · 4 years ago
  Unfortunately, eTrade does not have a specific option to remove the pattern day trader status for cryptocurrency trading. The pattern day trader rule is a regulatory requirement imposed by FINRA and the SEC to protect investors. It applies to all types of securities, including cryptocurrencies. To avoid being classified as a pattern day trader, you would need to meet the minimum requirements set by these regulatory bodies, such as maintaining a $25,000 account balance or executing fewer than four day trades within a five-business-day period. It's important to understand and comply with these regulations to ensure a smooth trading experience on eTrade or any other brokerage platform.
  691

  87