August 27, 2021
1. Do you have one or more online trading or investment accounts?
Yes, I have one or more accounts that I access both online using a computer and using a mobile app.
2. If your response to Question 1 is Yes, do you think you would trade or invest if you could not do so online using a computer or using a mobile app?
Yes
3. On average, how often do you access your online account?
Daily/more than once a day
4. On average, how often are trades made in your online account, whether by you or someone else?
Once to a few times per month.
5. If you access your account online, did you have the account first, and only began to access it electronically later? Or did you open the account with the idea that you would access it electronically immediately?
I downloaded an app or visited a website first, and then opened up an account with the company
6. My goals for trading or investing in my online account are (check all that apply):
Keep the amount of money I have, while keeping up with inflation
Save and grow my money for medium- to long-term goals
7. What would you like us to know about your experience with the features of your online trading or investment platform? (Examples of features are: social networking tools games, streaks, or contests with prizes points, badges, and leaderboards notifications celebrations for trading visual cues, like changing colors ideas presented at order placement or other curated lists or features subscription and membership tiers or chatbots.)
I wish these platforms were more transparent with information on how orders are routed. There is a lot of murkiness in the markets, and as a retail investor it is impossible to feel like there aren't larger players (i.e. more than just \"market forces\") who hold all of the cards and can influence the market in huge ways. I also hate how the apps are quick to notify you of daily losses while never reporting on your picks that have risen sharply. I believe that this is meant to continue a cycle of fear, uncertainty, and doubt that puts retail traders at a disadvantage. Additionally, the news sources selected by my platform have shown some biases to the point I disregard them entirely and consider them potentially harmful to other retail investors using the service.
8. If you were trading or investing prior to using an online account, how have your investing and trading behaviors changed since you started using your online account? (For example, the amount of money you have invested, your interest in learning about investing and saving for retirement, the amount of time you have spent trading, your knowledge of financial products, the number of trades you have made, the amount of money you have made in trading, your knowledge of the markets, the number of different types of financial products you have traded, or your use of margin.)
N/A
9. How much experience do you have trading or investing in the following products (None, 12 months, 1-2 years, 2-5 years, 5+ years):
Stocks : Less Than 12 Months
Bonds : Less Than 12 Months
Options : None
Mutual Funds : None
ETFs : Less Than 12 Months
Futures : None
Cryptocurrencies : None
Commodities : None
ClosedEnd Funds : None
Money Market Funds : None
Variable Insurance Products : None
Business Development Companies : None
Unit Investment Trusts : None
10. What is your understanding, if any, of the circumstances under which trading or investing in your account can be suspended or restricted?
I'm sure that was hidden somewhere amongst pages of legalese I had to read through once I created the account, but I have no recollection of any listed circumstances and the platform does not provide a clear way of finding this information out. I have little faith that the platform I trade on is looking out for my best interests.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
Online trading and investing has a lot of potential to put powerful tools in the hands of retail investors, however the reality is that major market players don't want to see this happen. Thus many retail investors who use these platforms are left holding the bag. I would point whoever is reading this to the Robinhood/$GME fiasco from earlier this year. I hope that situation is under investigation as it led me and many other retail investors to completely lose faith in the idea of a free, open, and fair market when these large funds can halt trading whenever they want