Why is my account restricted?
Whenever a security is purchased, the appropriate funds must be received by Firstrade prior to the sale of the respective security. If the security is sold prior to receiving the appropriate funds (the credit from the sale does not apply), the account in which the purchase and sale of the security was executed will be restricted for 90 days under Regulation T of the Federal Reserve Board.
A restricted account will not be allowed to initiate a debit balance for any reason. Buy orders will only be accepted if there are cleared funds within the account. The restriction will expire 90 calendar days after the date of the sell transaction.
Clients who wish to place orders in a restricted account will have to speak to a broker to place an order; the online trading system will reject all orders placed in a restricted account. These orders will not be entitled to the online pricing schedule.