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?
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):
Keep the amount of money I have, while keeping up with inflation
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.)
Had Robinhood app that seemed to gameify trading and celebrate when I made a trade. It also seemed to not explain certain trading capabilities to me and while I only executed trades that I understood (buying and selling stocks of companies that I liked), I could see how others could have gotten into trouble quickly executing trades that they didn't understand on the app.
I also have other apps where my primary accounts are held that seem to explain terms better, but I still feel limited as a retail investor on the knowledge I have about the performance of my investments (such as limited access to Level 2 data) and how brokerages might be lending my shares.
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 : 2-5 Years
Options : Less Than 12 Months
Mutual Funds : 5+ Years
ETFs : 2-5 Years
Futures : None
Cryptocurrencies : Less Than 12 Months
Commodities : Less Than 12 Months
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 that if I make risky bets options trading on margin then a brokerage would limit my ability to trade. But I do not understand the reasoning behind brokerages deciding to limit my ability to buy and sell specific stocks, especially stocks that I have done research on and feel that they are worthy investment opportunities. How is it legal for brokerages to dictate what publicly traded companies I can and cannot invest in?
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
I feel that I don't truly understand what happens to my money when I make investments. It seems my investments are routed through dark pools where it has little effect on the actual price of the stock and goes against the basic principles of supply and demand. My shares can be lent out to hedge funds who then make risky bets without me knowing, and at the moment it feels like I don't have any recourse to say what happens to my money in my investments. I would like more transparency about what Wall Street is and is not allowed to do with my money in investments, and I believe that transparency should come from the brokers to show what exchanges my trades are routed through and make it clear that my shares are not being lent out.