Trading is no longer exclusively a glamorous boys’ club, according to a new report by broker comparison site, BrokerNotes.
The report breaks down the demographics of the 9.6 million online traders to reveal the common attributes of the modern trader.
The traditional image of men in sharp suits, earning astronomical salaries, and driving super-fast luxury cars is fading. With the advent of online trading platforms, trading has become accessible to virtually anyone with an Internet connection. This has led to one of the biggest shifts in the types of people participating in the markets. In their report, BrokerNotes have uncovered that:
Over 50% of UK online traders earn less than £35k per year
Almost 50% of UK online traders drive a basic car or have no car at all
The majority of online traders are young adults, and their numbers are increasing
1 in 10 UK online traders are female and their numbers are on the rise
Average UK online trader earns £38,700 per year
The average income for online traders is a modest £38,700 per annum, with the highest proportion of traders falling in the £20k to £25k earnings bracket. The report also revealed that less than 0.3% of UK traders own a luxury vehicle, such as a Lamborghini: a quarter of traders drive a basic car, with a fifth owning no car at all.
Trading attracts growing number of young adults
According to the study, a rising proportion of online traders are under the age of 35. Brokers have tapped into this growing market with useful tools such as social and copy trading, which allow inexperienced clients to follow the trades and strategies of more knowledgeable traders. The younger demographic are also potentially being attracted by cryptocurrencies such as Bitcoin.
Female traders attracted by modern trading strategies
Whilst it is clear that the trading arena is still dominated by men, there is growing evidence that women are breaking into the industry. 42% of women classed themselves as experienced, and studies suggest that women commonly engage in more successful trading strategies than men.
Marcus Taylor, founder and CEO at BrokerNotes, said, “We are witnessing a transitional period in trading, with easy to use, online platforms facilitating a rise in new traders. The industry has become better regulated to accommodate the new participants, with more services and controls being introduced to offer them the necessary support and protection.”
BrokerNotes was launched in 2014 to help traders compare and find the most suitable, reputable brokers to meet their needs. For more information, and to view the full report, visit https://brokernotes.co/modern-trader