Tastytrade and not being able to trade "thinner" symbols

Tastytrade and not being able to trade "thinner" symbols

I tried to put on a trade the other day for BMNR and got a message from the platform not allowing me to place it "XXXX is currently set to closing only. Only closing trades may be submitted at this time."

I opened a support ticket and initially they told me it was because I had triggered the pattern day trader and was flagged. In checking my status, I didn't. I let them know and got a follow up reply with the following....

"Tastytrade has restricted several option symbols and stocks to closing orders only as they are thinly traded with a wide bid/ask spread and more prone to fraud. The exchanges have been unwilling to work with us to combat this, so in order to protect our customers as well as the firm, we have set all trading on these symbols to closing only transactions until further notice. If you wish to trade these securities, you will need to call the Trade Desk at (888)-247-1963 (toll-free) and a trader will enter the opening order for you as an override.

If you often trade these tickers like BMNR, then we can add you to our whitelist when you call in to have the ability to open these positions in the future. Please reach out to us via a phone call at your earliest convenience."

So this was news to me, and glad its a "them" thing and not a "me" thing, so figured to share with everyone in case you haven't run into this.

--Phillip

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