How do Robinhood's day trading rules apply to trading cryptocurrencies?

1 answers

• May 03, 2022 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, also has its own day trading rules. Similar to Robinhood, BYDFi defines a day trade as buying and selling or selling and buying the same cryptocurrency on the same day. However, BYDFi's rules differ from Robinhood's in terms of the number of day trades allowed. While Robinhood restricts day trading after four or more day trades within a five-day period, BYDFi allows up to six day trades within the same period. Additionally, BYDFi does not have a minimum account balance requirement for day trading. It's important to understand the specific rules and limitations of the exchange you're using to ensure compliance and avoid any potential restrictions or penalties.
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