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?
Yes
3. On average, how often do you access your online account?
Once to a few times per month
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 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.)
I have never experienced any of the features mentioned in the examples cited above. I use a straightforward broker online that is easy to access and has statistics, balance sheets, and SEC filings, earnings calendars, dividend dates, and other pertinent information readily accessible and available.
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.)
I had a passive 401k before I opened up the online accounts, and after doing so, was able to be more informed with what I actually owned and what was actually inside the mutual funds and index funds that I owned within the 401k, and how they were being managed, so I could make a more informed decision when it was time to make adjustments myself. Since being more active in my investments in this way, they have been substantially more successful and I am better informed about what I actually own, and can adjust for the future as I see it.
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 : Less Than 12 Months
Mutual Funds : 5+ Years
ETFs : 5+ Years
Futures : None
Cryptocurrencies : Less Than 12 Months
Commodities : None
ClosedEnd Funds : 5+ Years
Money Market Funds : 5+ 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?
Margin Requirements (I personally only use a cash account to avoid these), Stocks getting delisted from certain market categories (which I do not agree with. If I own the securities already, and understand the risks involved, while intending to keep them, I should have the right to add to these positions as long as they are traded publicly. I understand that they may be traded on different platforms, but I will not move to a platform to do this. If something I own moves from the NASDAQ, for example to OTC, and the brokerage offers OTC trades, with agreed upon commision, then I should be able to add to my position as well, instead of being set to 'liquidate only'), and several other common reasons to suspend or restrict.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
1. The blatant abuse of the dark pools is a problem. When 60-70% of the daily volume is regularly traded off lit exchanges, there is a problem. I understand the premise of using it for large block trades between large institutions, but 60-70% daily is egregious. 2. Rehypothecation is a problem, and if that is unavoidable with shorting, then shorting is a problem. 3. The T+2 settlement is too long and stalls the process of information for those trying to stay informed. 4. Excessive FTD's are a problem. 5. Short positions held by institutions need to be required to report on 13F/G/D (or some other publicly available form) filings at least quarterly. 6. Short interest needs to be officially reported more frequently and easily publicly available. 7. Supply and demand needs to be upheld with an absolute number of shares available, and if allowed, a set number of borrowed shares available, but no more than the sum of those as it manipulates the supply. 8. Market makers also serving as hedge funds as well as dark pools is a conflict of interest. 9. Payment for order flow as it stands currently is a problem. I am not necessarily in favor of the old style commission based system, but perhaps and agreed upon amount added into the share price, that is set across the whole market. Basically prorated from the old commission prices down to single shares. So if 100 shares would incur a $3.00 commission, then buying 1 single share would incur a $0.03 commission. Or if buying 10 shares, then it would incur a $0.30 commission in total. All of these should go to lit markets of some kind, even if it has to be a special lit market for odd lots. Not dark pools. 10. Fines for egregious nefarious activity need to match the act. If $100 million was made by said activity, then fine should be greater than or equal to that amount.