August 28, 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):
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
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.)
While the features provided by certain apps, like Robinhood, do seem less sophisticated than more complex apps, like Think or Swim, the simplified user interface provided by Robinhood actually helps new investors understand investing better, by not overwhelming them with information.
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 knowledge, interest, and amount of money invested in the markets have all increased since using online accounts. There are a plethora of educational resources available through these accounts to help new investors learn how markets operate. Prior to opening an online account, I only had a basic knowledge of how investing in stocks works. I now understand not only stocks, but bonds, options, and futures, as well as gaining a greater understanding of how our financial markets operate and fit into the larger picture of our economy.
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 : 1-2 Years
Futures : Less Than 12 Months
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?
Prior to January, I would have said trading could only be suspended/restricted if I violate a law (e.g. pattern day trading) or if I don't meet margin requirements. However, I now know that my account can be restricted or suspended arbitrarily, at any time, without reason.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
I've lost confidence in our markets. Full stop. It's clear the SEC has no desire to regulate the markets, despite retail investors laying out clear cases of manipulation, fraud, and illegal activities by market makers, hedge funds, and other large financial institutions. While investing in options, futures, and forex can be risky, those risks have always been clearly stated by the brokerages I've used. I don't feel that retail investors need to be regulated, but the markets need more regulation for institutions, as well as complete transparency. I would hope that US markets would move to a blockchain based system in the near future. Also, get rid of pattern day trader protection. There's nothing protective about it. It prevents smaller investors from exiting positions if a volatile move endangers their position.