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?
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 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.)
My accounts are with ETrade and Scwhab, going. back the 1990s. These platforms were among the earliest entrants in online retail trading. I invest for the long term: my minimum hold is typically 6 months, and I've owned some assets for over 20 years. I believe what's happening with the 'gamification' of trading apps is shameful and in its present form will do great damage to the savings and investment skills and capacity of those unfamiliar with market movements, with the competing forces at work, and with interests increasingly at odds between investors and their own investing platforms (such as PFOF).
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 started investing with the advent of online retail trading platforms, in the mid 90s. I have added the apps of the platforms I use, but I still prefer the web versions. Since 2002 I have been a full-time investment professional and I use exclusively the 2 brokerages listed above.
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 : 5+ Years
Options : 2-5 Years
Mutual Funds : 2-5 Years
ETFs : 5+ Years
Futures : None
Cryptocurrencies : Less Than 12 Months
Commodities : None
ClosedEnd Funds : None
Money Market Funds : 2-5 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?
My account could be suspended for any number of reasons: inexperience/insufficient asset value, illegal or inappropriate trading activity, overextension of credit, criminal activity conducted elsewhere, etc etc
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
Please regulate retail trading via web and app so that education is required for more complicated trades of where necessary for understanding, such as trading options or utilizing leverage. We wouldn't give the Ferrari keys to a teenager why do allow them (or anyone without experience or education) to leverage and trade in these dangerous ways?