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 online using a computer.
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?
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 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):
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 use fidelity which doesn't seem to have most of these features aside from red / green for up / down, and a warning on highly volatile securities. Although I believe \"gamifying\" trading is probably not the best idea, I think moving trading platforms to computers and apps are simply a sign of the times in terms of convenience, and possibly allow individual investors to more readily compete with large high frequency traders.
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.)
My interest in learning about trading and investing has grown significantly since creating an account, however I made the account after doing research and found it simply the most accessible way to trade, and therefore cannot attest to change in habits due to my trading account.
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 : None
Options : Less Than 12 Months
Mutual Funds : Less Than 12 Months
ETFs : Less Than 12 Months
Futures : Less Than 12 Months
Cryptocurrencies : Less Than 12 Months
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 only use a cash account so it is my understanding that as long as I have cleared funds there is no circumstances under which my trading would be restricted. If I were to use a margin-able account I would presume the circumstance under which I could have my trading restricted would be if it violates margin requirements.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
I find the lack of guarantee that orders will be routed to a my preferred exchange, and receive best execution to be troubling. I find the advantage high frequency funds have in the ability to front run trades and re-route order to affect price is unhealthy for a fair and well regulated market. I think certain apps like Robinhood which incentivize frequent trading and use pay for order flow are likely in the business of taking money out of the pockets of retail investors and giving it to larger funds. I do support a retail investor's right to invest in what they want, when they want, and using a online trading platforms are the best way in which to allow these trades to occur. I believe the best way to maintain a free and open market that works for smaller investors would be to regulate the business tactics used by certain apps and market makers, as opposed to crack down on an individual's ability to access the markets via the internet.