Option Approval Levels

R

robbo

My Current broker only allows me to trade covered calls, buy puts & calls and write covered puts. I have to tried to increase my option approval level so I can trade spreads but they have said I need more experience trading options. I am thinking about opening an account with another broker. If I exaggerate my option trading experience when opening the new account is there anyway they can check up or check with previous broker.
 
I agree with blakpacman. It may be sort of like being an accredited investor: they ask you because they have to, but they are not obligated to check up on you. When I started trading, I received a lower level of privileges from the broker, but then immediately (the same day) went back to the My Account page, changed my experience level to a higher one, and immediately received a higher level of privileges.
 
Data Protections act, they can't share data :) *

* in the UK, no idea elsewhere.

I just sent my broker another experience form and they upped it aswell without an issue.
 
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