> NOTE: If you start options trading in your Cash account, we’ll automatically upgrade you to an Instant account.
HAHA oh my god this is terrifyingly predatory. It says "automatically", but I hope that there is a notice at least. Even if someone went to the effort to make sure that they understood their account type, it would just... change out from under them.
This is sort of like accidently using a premium feature in some SaaS platform, and being automatically upgraded into a free trial without knowing.
You start with Robinhood Instant if your account was made any time in the last 5? or so years?
And things people know RH for won't work without it (like instant deposits and not waiting for settlement)
So options trading was actually added after most accounts had already if not all accounts were Instant
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Really the only reason people ever go to Robinhood Cash these days is trying to get around PDT restrictions... but they inevitably realize the entire experience they've been introduced to ran on margin
I read it more as "If you have manually downgraded to a cash account, and then go into the "Trade Options" page and buy something, we'll automatically change your account type so that it works"
But you're right that it could just be legacy wording.
HAHA oh my god this is terrifyingly predatory. It says "automatically", but I hope that there is a notice at least. Even if someone went to the effort to make sure that they understood their account type, it would just... change out from under them.
This is sort of like accidently using a premium feature in some SaaS platform, and being automatically upgraded into a free trial without knowing.