Robinhood, the mobile trading app that has more than 6 million users, is contending with a glitch in its platform that enables some traders to use unlimited borrowed money to purchase stocks. earlier this week to brag about the funds they were able to borrow despite the low amounts of cash in their accounts.
and screenshots showing how they were able to manipulate the platform including providing directions. , the glitch enables traders to inflate their account balances when borrowing money on margin. A common practice among traders, traders borrow money from the brokerage to purchase stocks. The firm, in this case Robinhood and its banking partner, acts as the lender issuing the money based on account balances, creditworthiness, and other criteria.
:D
Wow
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