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A comment on Robinhood Traders Discovered a Glitch That Gave Them ‘Infinite Leverage’. Parent comment

Re:Robinhood Traders Discovered a Glitch That Gave Them ‘Inf... by ryandrake on Tuesday November 05, 2019 @04:05PM (#21456692)
If you try to sign up for options (or margin) trading on any brokerage, none of them will let you do it unless you affirmatively confirm that you understand that: not only can you lose your ass trading derivatives, but you can lose asses that you don’t currently have and you can lose asses that you didn't even know exist.

Doesn’t RobinHood have these disclosures and gates?

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Re:Robinhood Traders Discovered a Glitch That Gave Them ‘Inf... by mikestew on Tuesday November 05, 2019 @07:40PM (#21458591)
There is no requirement that you understand anything except how to check that checkbox that says, “yeah, yeah, I promise I read the PDF you sent. Let me trade da options!!!”
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Re:Robinhood Traders Discovered a Glitch That Gave Them ‘Inf... by perl4ever on Tuesday November 05, 2019 @10:04PM (#21459380)
Some brokers have different levels of option trading privileges, and require you to attest to a certain amount of experience to get to the highest.

I'm not sure if there are any consequences to lying about your experience, but in principle, you are claiming certain facts in writing, not just saying you read a disclaimer or educational material.

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Re:Robinhood Traders Discovered a Glitch That Gave Them ‘Inf... by superfrank on Tuesday November 05, 2019 @04:44PM (#21457046)
Yes they do. In my uneducated opinion, legally, it seems both are responsible for the money.

Whether RH goes after them is a totally different story though. You can't squeeze blood from a rock.

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Re:Robinhood Traders Discovered a Glitch That Gave Them ‘Inf... by icedchai on Tuesday November 05, 2019 @06:58PM (#21458284)
You basically fill out a form and check a couple of boxes. It's about a simple as opening a Facebook account. This is not much of a deterrent.
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