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 a week.
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):
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.)
Fidelity and E-trade: features are fine, interface is professional. Does not feel gamified, though per Finra 5310.08, if a member receives an unsolicited instruction from a customer to route that customers order to a particular market for execution, the member is not required to make a best execution determination however is still required to process that customers order Where a customer has directed that an order be routed to another specific broker that is also a FINRA member, the receiving broker-dealer to which the order was directed would be required to meet the requirements of Rule 5310 with respect to handling of the order
I have seen very few brokers in my personal experience or heard by word of mouth that offer direct routing to IEX. Thus, this rule is either ignored, unenforced, unenforceable, or the brokers offer routing but make it significantly more difficult for investors to route to that exchange (e.g. customers must submit request over phone instead of over the app, despite other FINRA members being listed on the app).
This seems like an absurd oversight of the rights of investors and in the spirit of transparent market structures.
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.)
Though I invest in larger amounts now, upon my research I have less faith in the fairness of American equities markets and find myself investing in a more concentrated portfolio and less frequently.
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 : 1-2 Years
Mutual Funds : None
ETFs : 2-5 Years
Futures : None
Cryptocurrencies : 2-5 Years
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?
Unless I am on margin and am unable or fail to increase my balance (which I am not), I expect the option to buy or sell during market hours freely with no restrictions or suspension.
I have a cash account, my short options are all covered by the underlying securities, so I see no reason there should ever be a suspension.
It is my understanding that brokers can freely restrict trading when they or their clearing houses are at risk, however thus, I dont believe I have a lot of say as to when my account may be suspended or restricted and instead keep records of my portfolios and hope there are no issues.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
My experience has been eye opening the market is a cesspit of corruption and conflicts of interest. The individual who presents the best chance of reform (Gary Gensler) was himself in a position of power at Goldman Sachs, nearly every SEC, DTCC, and NCSS employee seems to have history working with Citadel and vice versa, Janet Yellen received inappropriately large speaking fees from private organizations compared to her government salary, and perhaps the most damning aspect is the mainstream media coverage seemingly misleading investors to purchase certain securities, stay away from certain securities, or otherwise manipulate sentiment
Im aware there is always 2 (or more) viewpoints that can freely be discussed but their tactics are devious: paid/promoted online advertisements of hedge funds short positions, habitually failing to mention certain movements in a given security even if they will flood news with that same security if it moves the other direction, MarketWatch and Motley Fool posting false information about what a security closes at hours before it occurs and finding out they are themselves hedge funds with online financial news networks attached its endless.
As a retail investor, how am I to feel confident in what I put my money into when Im being manipulated into believing what will benefit the ultra rich (and thus, not me) around every turn?
Perhaps this is simply how the market has always operated and it has never been an issue because the rules are (likely intentionally) far too complex for a retail trader to understand in any nuance but in the age of the internet, very smart people are able to communicate and learn these concepts and if anything is clear, people all over the world are realizing the system is majorly flawed at best or a total sham oligarchical capital creator at worst. It should be fixed.