August 31, 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):
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.)
Apps like Robinhood have turned trading into a game. At first, I was a heavy consumer of Robinhood because of how it functions. But once I realized I was the product and not the customer thanks to their income being based off of PFOF so they encourage lots of trading and not necessarily smart trading I transferred my assets from Robinhood to a more reputable broker at Fidelity. Even though the website and app is not as easy or fun to use as Robinhood, I have made smarter investment decisions since transferring. It should be criminal for brokers that are PFOF ie Robinhood, to do what they are doing. They are encouraging day trading, margin use, options trading, basically anything that helps line their pockets even at the expense of their consumers. The bright lights, animations, celebratory sounds, confetti, etc. Should be banned from these apps in their current use as they lead to riskier behavior from the consumer.
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 trading account that I barely used prior to using Robinhood. Once I started using Robinhood I found myself day trading and trading on margin. They use psychological tactics to encourage this behavior through their gamification of trading while at the same time providing minimal on demand customer service or help for their consumers. They don't even have a live person on a telephone if/when needed. When you email their customer service you get responses days later. This is behaviors of a company that does not have the best interest of the consumers in mind
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 : 1-2 Years
Bonds : None
Options : Less Than 12 Months
Mutual Funds : None
ETFs : None
Futures : None
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 understand we could see temporary trading halts on the exchange on certain increases or decreases in stock price. What was news to me is that a broker can individually choose publically traded stock to remove the buy button on
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
PFOF trading is extremely harmful to retail trading which in turn is harmful to the markers in general. Without exaggeration, people all over the world are losing faith in the American stock market because of the illegal activity and complicity of those in charge of creating and enforcing financial laws