Isn't this a problem with most brokers? They all seem to require that you claim experience trading an asset class before they let you trade that asset class.
Isn't this a problem with most brokers? They all seem to require that you claim experience trading an asset class before they let you trade that asset class.
Many brokers seem to have gotten very lax about this in recent years, and even Schwab/Ameritrade allowed me to trade options without verifying anything. My guess is that the recent Robinhhood/GME fiasco is going to see FINRA cracking down hard and reinstating some strict verification procedures.
(I was still in college and did not know what I was doing, but fortunately only ended up losing a few hundred bucks.)
This isn't new - it's how it's worked for a good long while.
With older brokerage firms, they use to call you up after you signed up. You would have to chat with them on the phone before they unlocked your account.