Just to be clear, unless you're in the margin account beta, "free-riding" is impossible in Robinhood, so users will never be breaking any day trading rules.
Day trades can occur in a cash account (only) to the extent the trades do not violate the free-riding prohibition of Federal Reserve Board's Regulation T. In general, failing to pay for a security before you sell the security in a cash account violates the free-riding prohibition. If you free-ride, your broker is required to place a 90-day freeze on the account.
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Just to be clear, unless you're in the margin account beta, "free-riding" is impossible in Robinhood, so users will never be breaking any day trading rules.
disclaimer: this is not legal advice
http://www.finra.org/investors/day-trading-margin-requiremen...
Yup, agreed. For the uninitiated, this refers to your account showing a positive balance based on a sale that occurred but has not settled.
Seems like a great app... just have to get some money in there without telling them my bank creds...