September 11, 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 had a pre-existing account and downloaded an app or visited a website to access my account
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
Other
If Other, Explain:
Learn about derivatives, mechanics of the stock market, and how institutions are taking advantage of people's investing illiteracy to make profits above what is normal.
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 don't like them. I prefer bland notifications of my trade that I have to authorize 2 times.
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.)
As I have gained experience and learned more, on average I have been increasing my gains, therefore I would increase the amount of money that I would put in and decreasing my time monitoring my account. Also, I would use strategies that are of lower risk, that don't require much of my time/attention, and that fit better into my work/life obligations.
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 : 1-2 Years
Mutual Funds : 5+ Years
ETFs : None
Futures : None
Cryptocurrencies : None
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 am aware.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
For individuals starting out, with low amounts of capital, large fees charged per transaction discourage investing. The transaction fee structure should reflect the amount of money people have. I believe payment for order flow (PFOF) is not the solution either. I believe a better strategy would be something like this: people trading $1000 transaction, can go through PFOF (this should be given as an option), trades between $1,000 to 10,000, 50%-90% (scaling percentage based on amount) has to go through Stock Exchange and be charged a fee the rest can go through (PFOF), finally trades $10,000, 100% go to stock exchange with the transaction fee. I believe this should be used for individual investors not institutions.