Consumers are not shying away from online investing despite the market uncertainty caused by the COVID-19 pandemic. According to DriveWealth’s Global Retail Trends 2Q20 report, there was a 214% increase in trading volume during the second quarter of 2020 compared to the first quarter. 

DriveWealth, a vendor that works with financial services companies to launch digital investment platforms, looked at data from across its platform for the report. The company works with the likes of Revolut, Hatch and MoneyLion. Other findings include:

1. Investors are spending more on trades

The average trade size for the second quarter was $211, a 56% increase quarter over quarter. DriveWealth found that average trades per account also increased from nine to 12, with a 97% increase in the number of trades during the second quarter. 

2. The digital investing spree crosses age groups

April saw an 80% increase in account openings by investors over the age of 60 and a 36% increase for younger retail investors. DriveWealth recorded a 54% increase in account opening quarter over quarter, with average trade size increasing across the age spectrum, as well. 

3. Fractional trading is on the rise

There was an 87% increase in fractional trading, or trading in less than a whole share, during the second quarter, according to DriveWealth. Fractional trading in the U.S. increased by 129% quarter over quarter, and by 208% in Latin American countries.

“Given that single shares of frequently traded stocks such as Tesla and Amazon trade are priced in the thousands of dollars, it’s no surprise that fractional share purchases are proving popular among investors,” said Julie Coin, DriveWealth president, in a statement.

4. Consumers like global brands and big tech

Big tech companies and large global brands were the most popular stocks for consumers on DriveWealth’s platform this quarter. The Vanguard S&P 500 ETF was the top traded symbol for U.S. investors, while Vanguard’s Tax-Exempt Bond ETF came in second. Amazon was the third most-traded symbol. Outside the U.S., the more volatile picks of Tesla, Hertz and American Airlines took the top three spots, in that order. 

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