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?
Once to a few times a week
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):
Keep the amount of money I have, while keeping up with inflation
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 don't care for any of the gamification aspects of the more recent online trading platforms. These features are entirely unnecessary and are designed to be incredibly addictive.
I much rather prefer a simple service that allows me to make my investments, track how my investments are doing and manage my accounts.
From the features you listed above, the only feature that I currently use or would want to use is user-created notifications. These are useful as they enable me to be updated about my investments how and when I want. However, I am not a fan of the a lot of platforms that try to implement their own notifications on investments/items that they think I would like. It is my choice what investments I make and I find platforms that try to suggest what I would like to know intrusive and unacceptable.
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 : 5+ Years
Bonds : None
Options : Less Than 12 Months
Mutual Funds : 5+ Years
ETFs : 1-2 Years
Futures : 2-5 Years
Cryptocurrencies : 5+ Years
Commodities : 1-2 Years
ClosedEnd Funds : None
Money Market Funds : None
Variable Insurance Products : Less Than 12 Months
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?
The only circumstances I am aware of that trading or investing in my account could be restricted/suspended would be if I was to break the terms and conditions/policies that I agreed to when creating the account, or if I was under investigation by law enforcement or some other governing body. I do not see why it would be legal to suspend/restrict trading for any other reason as that would mean that the entire market (and the principles of a fair and free market) would be false. How could someone trust that their investment wouldn't be stopped the moment a powerful company was on the losing side of trade.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
While my returns have been higher than inflation, and by all measures I would be classed successful within the market, in the past several years I have been losing faith in the entire market, especially the regulators. This is down to information that has been revealed by whistleblowers and media. One of the more recent causes for concern, which you have delibrately eluded too in question 10, was the act by multiple trading platforms to restrict only the purchasing of certain stocks during January 2021. This restriction was not done to protect retail investors and infact actively harmed their investments. By stopping retail investors from being able to buy a stock but still allowing those same investors to sell that stock the supply and demand, and thus the price discovery for that stock is completely and artificially destroyed - How is this a fair market when the average person cannot buy the securites that they desire, meanwhile the same institutions that implemented the freeze are still able to buy and sell the securites as they please, thus allowing them to profit of the very freeze they implemented.
Another major cause for concern that comes to mind is the fact that the SEC and other financial enforcement agencies enable their previous employees to work for major financial institutions immediately after working for these governing bodies. This is a major issue as it allows these workers to develop rules and regulations within the market, crafting the exact wording they require so that when they finish and start working for those institutions they know exactly what they need to do to work around the new rules that they implemented. The financial industry should follow the same standards as almost all other major industries do by implementing a non-compete style clause to their future employees contracts for a minimum of 5 years after employment. This would stop the constant revolving door and would help to ensure that when new rules are created, that they are followed by all major institutions and would greatly increase the average person's trust in our \"fair and free market\".
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