Data presented by Trading Platforms indicates that United States Google search interest in the phrase ‘Stock trading apps’ has spiked ten times. The surge was recorded between the week ending January 24 and January 30, 2021. As of January 24, the phrase recorded a popularity score of 9 while a week later, it increased by 1,100% to hit the 100 peak score.
The research also overviewed the global interest in the phrase during the same period, where it grew at least eight times.
By January 24, the phrase had a score of 12, while as of January 30, it recorded a maximum score of 100 representing a growth of 733% (8x). Before the recent spike, the phrase had registered an average popularity score of about 8.2 over the last year.
Furthermore, the research also presents regions leading in popularity for the phrase as of January 30, 2021.
Iceland tops with a peak popularity score of 100, followed by Canada at 47. The United States ranks third with a score of 44. The United Kingdom is fourth at 39 followed by the United Arab Emirates with a score of 37. Nigeria is fifth at 36.
Nigeria, Australia, Ireland, South Africa, and Singapore recorded a score of 36, 36, 31, 30 and 26 respectively.
Halting of volatile stocks contributes to surge in trading apps demand
The Trading Platforms research also reviewed the search for ‘Robinhood alternative’ during the same period. This is after the platform halted trading in volatile stocks.
Between the week ending January 24 and January 30, 2021 the phrase ‘Robinhood alternative’ recorded a spike of 4,900%. As of January 24, the search had a score of 2, growing by almost 50 times a week later.
Consequently, the research put into perspective the Google search trends amid the WallStreetBets saga. According to the research report:
“Therefore, users who had their accounts barred from trading the volatile stocks resorted to shopping around for second apps to keep trading. Combined with the fear of missing out, these factors immensely contributed to the surge in the demand for trading apps within a week.”
The stock trading apps have been appealing to most investors due to their uncomplicated design. These apps are convenient as they focus on a particular user experience and are clearly designed for the tech-savvy market mostly composed of millennials. The simplicity and affordability of using these apps offer investors a straightforward way to buy stocks without going through in-person brokers.