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As stated, there is a 5-day period where the account is vetted, before many features are unlocked. Other features may not unlocked until certain plateaus of play have been reached. This happens to every account, whether previously Play4Free, or otherwise.
More information here: https://help.guildwars2.com/entries/95982157-Account-types-Free-Core-HoT …as well as other helpful articles.
Welcome to Tyria, and good luck.
(edited by Inculpatus cedo.9234)