The global economies are struggling to deal with the economic impact of the coronavirus pandemic. Authorities in many countries introduced strict measures to contain this virus. However, it will take several months if not more to solve some of the major issues. The coronavirus pandemic affected the stock markets around the globe. For example, the New York Stock Exchange closed its physical trading floor. As a result, the world-famous stock exchange switched to fully electronic trading. Interestingly, the online stock trading platforms became more popular as millions of people spend more time at home.
For example, some young people decided to use the current situation to learn more about trading. Moreover, some of them already started to invest in various stocks.
Online stock trading platforms have seen a surge in demand as investors would like to take advantage of undervalued stocks.
Stock trading platforms and investors
Millions of people are stuck at home and they may have to spend an additional couple of weeks at their houses. In this situation, one of the solutions to how to spend the time is to learn more about stock trading.
Moreover, the investing app “Robinhood” saw record deposits in the first quarter of this year. Also, compared with late 2019, daily trades rose by 300%.
Furthermore, “Robinhood” is not alone as in the case of eToro demand surged 220% while Raging Bull Trading saw demand surged 158%.
The coronavirus pandemic continues to affect the stock markets since March. However, another online trading platform Wealthsimple Trade recorded a 54% surge in new users. Also, total trades jumped 43%.
Importantly, many of those new users are young or even first-time investors. For example, more than 55% of Wealthsimple’s new clients are aged 34 or below. Younger generations would like to make some money and online stock trading platforms are one of the options when it comes to earning extra cash.