As the COVID-19 epidemic drags on, and unemployment rises, online equity trading platforms are seeing a surge in use and new sign-ups. The Robinhood app saw Q1 deposits increase by 300% year-over-year, while the popular social trading app eToro saw a 220% growth in trading use. The demographic breakdown of the new online traders makes a more interesting story, however. Data from the Wealthsimple Trade platform shows that 55% of new users are under age 35.
The migration of Millennials to online trading should not come as a surprise. Jeff Bishop, founder of Raging Bull Trading, notes, “A lot of people are at home and have got more time on their hands. And many, unfortunately, have lost their jobs and are looking for new opportunities.” Bishop