Important Takeaways
- ‘Robinhood Legend,’ Robinhood’s desktop platform, is made for aggressive traders.
- Trading in index options and futures is now supported by the mobile app.
- The site offers lower fees to both Gold and non-Gold members.
In addition to adding futures and index options trading to its app, Robinhood Markets has launched a new desktop trading platform called Robinhood Legend.
As part of its endeavor to move beyond its beginnings as a commission-free trading software for individual investors, Robinhood announced the expansion on October 16. Additionally, it directly competes with well-known brokerage houses and may draw in more seasoned investors.
With features including real-time data, adjustable layouts, and a variety of chart types, the new desktop platform caters to active traders.
Steve Quirk, Chief Brokerage Officer at Robinhood, claims that this change will benefit traders looking for more reliable trading alternatives without having to navigate between apps.
Additional Features Visit the Robinhood app on your phone.
The mobile app now facilitates futures trading in addition to the desktop platform. This covers contracts based on index options trading, oil, bitcoin, and the S&P 500 index.
Previously exclusive to bigger banks and investment firms, many tools are now available for less money.
Gold members can trade futures for as little as 50 cents per contract, according to Robinhood, but non-Gold customers must spend 75 cents. In addition, index options fees are fairly priced, with Gold members paying 35 cents and non-Gold members paying 50 cents.
The expansion of advanced trading on Robinhood is driven by profit growth.
The move by Robinhood into these cutting-edge trading tools comes after several months of recent, lucrative expansion. In its Q2 market report, the company claimed 11.8 million monthly active users as of June 30. This represents a 40% increase in net revenue from the previous year, totaling $682 million.
By targeting more seasoned traders who need advanced tools usually provided by legacy brokerages like Morgan Stanley, Schwab, and Goldman Sachs, “Robinhood Legend” aims to increase its market share.
