The initial state of an account and when a client is waiting to be KYC'd and approved by a principal the account will be set to pending. Funds can be added to the account, and will be reflected in the client's cash balance, but not their buying power which means securities cannot be purchased.
After a client is approved, all of their pending accounts are marked "Open". An open account allows a client to have access to their buying power to purchase and sell securities.
Open, No New Trades
A client's account is open, but can only liquidate their securities.
A client cannot purchase or sell any securities or make a deposit or withdrawal