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March 25, 2021

Data tracker: Use of stock trading apps booms in CT

Photo | Contributed Over the past two years, Connecticut’s use of mobile apps for stock trading has increased by 31%, more than any other state in the continental U.S.
By Matt Pilon

Over the past two years, Connecticut’s use of mobile apps for stock trading has increased by 31%, more than any other state in the continental U.S.

That’s according to a recent analysis published by mobile data platform Start.io, a New York-based company that tracks data on one million phones and uses it to sell in-app and targeted advertising.

Only Hawaii had a larger increase, with trading app usage jumping 64%. Massachusetts was third, at 26%. Meanwhile, Oklahoma fell 23%.

The use of trading apps like TD Ameritrade and Robinhood, have made lots of headlines recently, due in part to a Reddit-fueled pumping of GameStop’s stock price by more than 1,600% in January.

It’s unclear from Start.io’s study -which referred only to the “top stock market trading apps” without naming any specifically- what caused increases in some states and decreases in others.

"It's challenging to draw clear conclusions about the reasons for some of the states not advancing as expected,”  Startup.io CEO Gil Dudkiewicz said in a statement. “It can be due to the nature of the population, age, digital orientation, or other factors." 

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