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?
No
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 short-term goals (in the next year or two)
Save and grow my money for medium- to long-term goals
Have fun
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 care very little about celebrations or the alleged gamification of trading. What I look for is simplicity of use, easy to read graphical interface, and ability to set notifications and alerts as I see fit. These are tools for me to trade with - I want them to be usable.
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.)
I had investments handled by a firm and through my retirement accumulation, but I monitored it less frequently until I could move the funds to an account I actively controlled. At that point I wanted access to research and a simple interface.
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 : 2-5 Years
Bonds : None
Options : None
Mutual Funds : 2-5 Years
ETFs : 2-5 Years
Futures : None
Cryptocurrencies : Less Than 12 Months
Commodities : None
ClosedEnd Funds : None
Money Market Funds : 1-2 Years
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 understand circuit breakers, when there is extreme volatility in a given stock. Beyond that, my perspective is that most restrictions occur because some big firm/player did something stupid (and possibly illegal) and they are shutting down trading to save their skin. That should be illegal and prosecuted heavily. If I make a poor bet/decision and lose my investments, I don't get to shut down the market. Neither should they. They sold uncovered calls and there was a gamma squeeze? Sorry, the penalty is bankruptcy - so don't do it. They shorted a stock that then squeezed? Pay up or be liquidated. Suspending or restricting trading is simply letting retail suffer for their poor decisions. There is very little that is more effective at undermining faith in the stock market than that.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
I enjoy managing my investments. My primary concern is that the market be fair for all participants. Large hedge funds and financial institutions already have a huge technology and information advantage over retail investors. At the very least, there needs to be powerful sanctions and criminal outcomes for those who abuse retail traders for their own financial benefit... because if the penalty is a fine, then it's legal for those wealthy enough to pay it.