Canada's online investors turn to social media

Canada's online investors turn to social media

Canada's online investors are increasingly turning to social media platforms such as Twitter and Facebook to help them make decisions, according to research commissioned by BMO InvestorLine.

The poll of 1501 Canadian online investors shows 10% use Facebook and eight per cent Twitter to help make investment decisions. However, far more - 40% - use more traditional online financial communities or forums and 16% follow blogs.

The survey also shows that online investors are eyeing new technologies closely, with 31% saying they would prefer using a tablet or smartphone to do their investing.

Canadians also expect their use of online trading to grow, with 14% predicting they will do more in the next three to five years and 15% planning a mix of online and using an investment advisor.

Connie Stefankiewicz, CEO, BMO InvestorLine, says: "The results of the survey are very encouraging. They reflect the fact that online investors are ahead of the curve when it comes to adopting and leveraging technology."

Twitter's potential value is not just being tested by retail investors. A £25 million hedge fund using the micro-blogging site to gauge market sentiment has just been launched.

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