September 26, 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?
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 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
Other
If Other, Explain:
Learn more about participating in markets
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 first experience with an online trading platform was Robinhood, and when they removed my ability to purchase certain stocks in January 2021 it deeply affected my trust in US markets. I went from believing it was a zero-sum game where the most efficient allocation of capital was rewarded to believing that it was a rigged system for well-connected millionaires to funnel money into their pockets. It seems that the only way for individual investors to get ahead is if \"a rising tide lifts all boats\" regulators won't allow large financial institutions to actually fail.
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 : 1-2 Years
Mutual Funds : 5+ Years
ETFs : 5+ Years
Futures : None
Cryptocurrencies : 2-5 Years
Commodities : None
ClosedEnd Funds : None
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?
It is entirely determined by the adhesion contract/terms of service that I agreed to when I signed up for the service. Common clauses include suspected compromise/fraud in my account and technical problems with the trading platform, but they could suspend trading for pretty much any reason and in many cases my only recourse would be individual arbitration.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
No brokerage should be allowed to operate when their disclosures include the phrase \"The way we make money creates some conflicts with your interests\". A brokerage's primary responsibility (and source of income) should be their customers, not other market participants. For every action they take with a customer's assets that generates revenue, that should be shared with the customer. If a customer wants to opt out of a particular use of their assets they should be able to do so.