September 25, 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 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.)
Casino-style add ins to apps are mostly a turnoff for serious retail investors, that aspect of the industry is really not an issue you need to tackle in my opinion.
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 traded more frequently and with more risk tolerance earlier on when I didnt know what I was doing. My knowledge has grown considerably since opening these accounts. Im significantly more knowledgeable now and, while my risk tolerance remains higher than many, Im much better at this activity than I was previously.
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 : Less Than 12 Months
Options : 1-2 Years
Mutual Funds : 5+ Years
ETFs : 5+ Years
Futures : Less Than 12 Months
Cryptocurrencies : 1-2 Years
Commodities : None
ClosedEnd Funds : None
Money Market Funds : Less Than 12 Months
Variable Insurance Products : None
Business Development Companies : Less Than 12 Months
Unit Investment Trusts : Less Than 12 Months
10. What is your understanding, if any, of the circumstances under which trading or investing in your account can be suspended or restricted?
Given the many layers of control and various entities involved in this activity, there are many reasons why trading can halt. These range from massive/ macroeconomic events that threaten the integrity of the entire financial system to legal actions involving a specific entity or security.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
We have a large amount of unrealized potential in this country specifically and these apps are helping many folks enter a system that they previously would not have been able to access. That said, I think more consideration needs to be given for the incentive structures (and regulations) on the part of the platform providers. More activity from the SEC regarding how to manage fiduciary responsibilities for such providers would likely build more confidence in the system overall, particularly for retail investors.