AMF: Mobile Investing Apps Cut Process to Under 10 Clicks

The French financial regulator Autorité des Marchés Financiers (AMF) has published findings from a mystery-shopping exercise conducted between November 2024 and January 2025, reviewing 14 mobile investment providers. The regulator found that at most of these firms, users could subscribe to financial instruments in fewer than ten clicks. While such streamlined journeys enhance user experience, the AMF cautioned that they may also 'reduce the thinking time before investing.'

The AMF assessed customer journeys from an investor's perspective, focusing on the information provided before investing and the marketing tactics used to encourage it. The report, which does not name the 14 firms, noted that commercial practices varied. Some providers took an understated approach, while others actively solicited clients through notifications, promotions, gamified mechanisms, or community features that the regulator said can influence investment decisions.

Beyond the fast onboarding and execution, the AMF identified weaknesses in the information layer. Most firms provided mandatory regulatory documentation, but some supplied it in a foreign language. Information on total costs or the nature of financial instruments was often insufficient or ambiguous. Educational support was uneven, with some apps offering tutorials and webinars, while others provided fragmented information that limited investors' understanding of risk.

This scrutiny is not unique to France. In the US, Massachusetts securities regulators have described confetti animations and reward notifications on trading apps as design choices closer to gambling products than investment tools. The AMF's findings underscore a growing concern that retail investment apps have made onboarding and execution highly efficient, but disclosure and education practices have not kept pace.

The report aligns with the AMF's wider focus on retail investor protection, which the regulator has named its top priority, particularly for young investors who are increasingly active in markets. A June 2025 analysis cited by the AMF shows that active retail investors are getting younger, with fractional-share trading on the rise.

While the AMF has not named the 14 providers or indicated whether any will face follow-up action, the findings serve as a reminder for retail forex and CFD traders to scrutinize the information and risk disclosures provided by mobile trading apps, even when the user interface is smooth and efficient.

This is information, not investment advice.