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 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?
Daily/more than once a day.
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 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.)
My experiences with Robinhood have been positive overall. Any company that lowers the barriers to entry for investing will inevitably make it easier for people to engage in both responsible and irresponsible investing behavior. In my case, I've engaged in irresponsible behavior at times using the Robinhood platform (and other app-based platforms) but also have made a lot of intelligent and prudent investing decisions that I likely would not have made at this stage in my life without platforms like Robinhood. Having used the platform for years, I feel like the app has always celebrated the ability to take charge of your own financial future but has not necessarily encouraged irresponsible behavior in its users. Promotions that Robinhood has used to encourage referrals or entice new users are no different than other promotions used across the tech world, such as the credit card or food delivery industries. I have been pleased to see that Robinhood has increasingly emphasized in the last couple of years the importance of becoming educated on investment topics. The omission of this emphasis in the past is perhaps Robinhood's greatest weakness, but not necessarily a sin. Color use and visual cues in Robinhood are standard for creating a good user experience in app design, and I don't believe they're intentionally manipulative. Notifications the app generates are customizable and strictly informational. I have not received notifications in the app that encourage risky behavior, though I have at times made changes to my portfolio as a result of a price change notification that alerted me to an important news update that changed my investment thesis, as I have also done with other financial news tickers.
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 : None
Options : 2-5 Years
Mutual Funds : 2-5 Years
ETFs : 2-5 Years
Futures : None
Cryptocurrencies : 2-5 Years
Commodities : None
ClosedEnd Funds : None
Money Market Funds : None
Variable Insurance Products : None
Business Development Companies : None
Unit Investment Trusts :
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 can be restricted if I engage in pattern day trading without a sufficient balance, or if I engage in overly speculative behavior and am subject to a margin call. If I attempt to do something illegal, I will likely also be suspended.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
I feel that my experience has been positive overall, and has inspired me to become much more educated on financial topics. I feel that my experience with trading, made possible (or at least more cost effective) by online trading, has given me key experience that has made me a wiser investor.