Social media influencers have less sway on day traders than their own research and technical analysis, new polling found, as the UK’s watchdog warns over how online personalities are being used to ramp up scam investments.

According to a survey of traders on platform Capital.com, 61% make decisions based on research and technical analysis, compared to 16% who say they are affected by social media influencers.

Capital group chief executive Jonathan Squires said retail clients tend to “prioritise greater education and independent research when it comes to making trading and investing decisions,” rather than relying on online personalities.

The findings in the poll of 1,677 traders between 14 and 20 June come despite a growing trend of dubious investment adverts circulating online and retail traders engaging in copy-cat trading, following popular figures on forums such as Wall Street Bets.

READ FCA crypto warnings found lacking as experts fear…

Read more…