What we like:
Full Extended Hours Trading
SIPC protected upto 500K
Trade Stocks, Options, ETFs & ADRs
Several factors have propelled some online trading platforms to register an increase in users across 2020. Specifically, reputable trading screener TradingView and Canada-based Wealthsimple both have added a significant number of users amid the ongoing health crisis.
Between July and December, Wealthsimple Trade users rose by 80% to about 380,000. Wealthsimple notes that the pandemic is the catalyst for growth as many people turned to digital platforms for financial transactions.
Wealthsimple Trade senior product manager Kevin Gu states that:
“The pandemic has made active trading popular for a few reasons: people have more time on their hands since being at home, they are thinking about their finances more seriously, and they are excited about the opportunity to get into the market.”
Gu adds that Wealthsimple Trade encourages users to trade less than one percent of their overall savings actively. He believes it is a smart investment method with a good return in the long-term.
Weathsimple Trade, launched in March 2019, has witnessed massive success as an online investment management service. The platform also has operations in the United Kingdom.
TradingView investors take advantage of stock prices slump
Elsewhere, TradingView has recorded a 131% increase in users since March in the wake of the coronavirus pandemic. The platform has also registered a 51.5% increase in activity from existing users.
However, as the lockdown measures eased in September, new users reduced, but the number rose again in October as the Covid-19 second wave hit.
TradingView General Manager Pierce Crosby notes that the increase in users and activity is due to a massive drop in stock prices early this year.
When the pandemic hit, the stock market crashed to historical lows. However, most stocks have recovered towards the end of this year, with some hitting all-time highs.