Gambling behaviour in a population is often assessed using the Problem Gambling Severity Index (PGSI). For example, if they chose a high-risk investment (such as cryptoassets) but had a low or medium risk appetite, we classified them as engaging in investing that was potentially beyond their risk appetite. We compared these preferences to their reported investment choices. We used a method from academic literature, using a hypothetical investment decision to categorise participants into high, medium or low risk aversion or not risk averse. We also included participants from a trading app of a more traditional investment platform, which does not have the features we were concerned about, as a comparator. We also undertook in-depth qualitative interviews with a sample of 20 app users. We undertook a survey with over 3,000 app users, sampling customers of 4 trading apps. There is extensive literature showing that people are much more likely to stick to a default. For example, we found that investment amounts and the amount of leverage offered were sometimes defaulted to high amounts (Figure 4). Other features are likely to influence consumer choice such as how much to invest. Displaying ‘leader boards’ for stocks that have seen the largest price changes in the last 24 hours have been shown to drive consumers to pay attention to and trade on the basis of this information, making poorer returns as a result. Research has found that push notifications can stimulate people to trade in a riskier way using higher leverage and trading larger amounts, with the biggest impact on younger and less experienced investors. We are concerned that giving information to consumers in this way may lead them to pay attention to spurious information and make investments which are not in their interests. We found frequent push notifications with the latest market news on stock movements (Figure 3) and lists that draw attention to real-time price changes by flashing red and green, as well as lists of stocks that had seen the largest price movements in the last 24 hours. For example, A recent study found that celebratory messages and badges can lead people to take on more risk when investing. We are concerned that these positive reinforcements may encourage people to trade more frequently or make investment choices that they otherwise wouldn’t. We also found the use of points, badges and rewards for undertaking certain behaviours and ‘leader boards’ that rank people based on these rewards (Figure 2). We found gamification techniques that use positive reinforcement immediately after a trade, such as celebratory messages and falling confetti (Figure 1). Many of the features used give us cause for concern, based on the existing behavioural theory and literature. See /commissions for details.We selected several firms to demonstrate their apps to us, and it was clear that an extensive behavioural design toolbox had been used to create them. There is an Options Regulatory Fee that applies to both option buy and sell transactions. Supporting documentation for any claims, if applicable, will be furnished upon request. Before trading options, please read Characteristics and Risks of Standardized Options. Certain complex options strategies carry additional risk. Options trading entails significant risk and is not appropriate for all investors. A rating scale was established based on these criteria, collecting thousands of data points that were weighed into a scoring system. Our reviews are the result of months of evaluating all aspects of an online broker’s platform, including the user experience, the quality of trade executions, the products available on its platforms, costs and fees, security, the mobile experience, and customer service. We are dedicated to providing readers with unbiased, comprehensive reviews and ratings of online brokers. ![]() Stocks, bonds, ETFs, mutual funds, derivatives, forex ![]() Stocks, bonds, ETFs, mutual funds, derivatives, crypto None for stocks or ETFs $1 per options contract to open (max $10 per transaction), none to close $1.25 per contract for futures 1% for crypto ($10 max per transaction) Stocks, bonds, ETFs, mutual funds, options None for stocks, ETFs, and most mutual funds 65 cents per contract for options ![]() Stocks, bonds, ETFs, mutual funds, derivatives None for stock, ETF, and most mutual fund trades 65 cents per contract for options
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