Hawaiians Are Showing 64% Over-Use of Stock Market Trading Apps Followed by Connecticut and Massachusetts
The top stock market trading apps that showed a major spike between 2019 and 2021 are continuing to gain in popularity and media attention as they expand to new states, according to Start.io research. The stock market is no longer a business for New Yorkers and Silicon Valley players.
NEW YORK, March 22, 2021 /PRNewswire/ -- A new study by Start.io shows an incremental increase of stock market trading apps in Hawaii, Connecticut, and Massachusetts. The top trading apps bloomed during 2020 and gained traction in user-base growth, retention, and media coverage. The ability to trade with your fingertips through a simple and easy-to-use interface changed the whole ecosystem. Over the past few months, we've been experiencing a new battleground, fueled by a new type of investor. Investors' inflation is boosting the markets, but the question about suitability is still wide open in the long run.
A review of Start.io's insights shows new trends alongside traditional ones. The largest state by population (California) has the most extensive user-base of trading apps. This is due to a combination of the size of California's population and many tech-savvies. Being the largest economy in the US and led by Silicon Valley creates a new level of accessibility for their users. The interesting trend is in other states that traditionally would not necessarily be expected to lead the markets. Maryland, Florida, and Georgia are showing an incremental usage of trading apps (23%, 23%, and 15%, respectively).
The top three states are Hawaii (64%), Connecticut (31%), and Massachusetts (26%). "Our study is based on a panel of millions of devices. This means it is a definite trend that can be identified and a turning point for the global economic ecosystem. Followed by local apps around the world, the global capital markets should look for a new equilibrium," said Gil Dudkiewicz, Start.io's CEO.
In contrast to the over-performing states, the study indicates that some states are lagging behind. In those states, the growth trend of trading apps during 2020 didn't happen. Oklahoma with -23% and Tennessee with -18%. Those states are under-represented in the new capital market ecosystem. "It's challenging to draw clear conclusions about the reasons for some of the states not advancing as expected. It can be due to the nature of the population, age, digital orientation, or other factors," said Gil Dudkiewicz.
SOURCE Start.io
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