Survey results: Online Trader Profile
Trader Profile – Survey results
Investors were asked to complete a profile in terms of how many times they traded each month, the average dollar value of trades, the number of brokers they used and the importance to them of a selection of services offered by online brokers.
43% of those surveyed used more than one broker, while 62% of these used a full service broker. 86% traded via the internet, while 14% preferred to use the phone service offered by online brokers. 77% traded less than five times a month, while 74% traded on average less than amounts of $5,000.
Investors were also asked to rate the importance to them of the following services (out of 5): real time data (4.59), portfolio management (3.40), market depth (4.32), access to an advisor (2.28), frequent trader discounts (3.04), access to floats (3.64) and access to international shares (2.67).
These results tend to show that online investors are still cautious in regard to the amount they're investing via online brokers. More surprising was the importance rating for access to an advisor (least) particularly given the battering retail investors received during the March correction. Up to the minute, or real time market information was seen as most important, while less so were frequent trader discounts (not surprising since these generally require more than 5 trades per month, while 77% traded less than 5 times per month).