When you request access to Options trading, the outcome doesn't always match what you asked for. Here is what can happen in each case.

If your application isn't approved

If your first application isn't approved, you can answer the questionnaire again right away, with no waiting period.

If your second application also isn't approved, you need to wait 60 days before applying again. You'll see the exact date you can try again in the app.

Bitso doesn't disclose the specific reason for a rejection. This is part of the evaluation process, and it helps prevent questionnaire answers from being adjusted to get a specific result.

If you're approved for a lower level than you requested

You might request Level 2 and get approved for Level 1 instead. If that happens, you keep trading normally at the level you were assigned, and you get one additional attempt to request the higher level. If that second attempt also isn't approved, you need to wait 60 days before applying again.

Changes to your level after approval

Your trading level can also change after your initial approval, based on periodic reviews of your investment profile.

• If your level increases, from Level 1 to Level 2, you're notified and can start using the new strategies right away.
• If your level decreases, from Level 2 to Level 1, your open positions aren't affected. You can keep them or close them normally. You just lose the ability to open new positions at the level you lost.

In exceptional cases, Bitso can disable your access to Options entirely. As with a level decrease, any open positions you have stay intact.