Robinhood has officially launched its highly anticipated desktop platform, called ‘Robinhood Legend,’ and introduced futures and index options trading to its mobile app. This move marks a significant expansion for the fintech company as it aims to capture a larger share of the market, traditionally dominated by established brokerages.
The new desktop platform, Robinhood Legend, is designed for active traders and offers advanced tools, real-time data, and customizable layouts. It is available at no additional cost to users, providing a robust alternative to platforms offered by industry giants like Vanguard, Charles Schwab, and Fidelity.
On the mobile app side, Robinhood now allows users to trade futures on key indices such as the S&P 500, as well as commodities like oil and even bitcoin. Index options trading has also been added to the platform, allowing customers access to more advanced financial instruments typically associated with institutional investors.
Expanding Beyond Retail Investors
This expansion marks Robinhood’s effort to mature beyond its reputation as a platform for retail investors and serve more seasoned traders. According to Steve Quirk, Chief Brokerage Officer at Robinhood, “We’ve matured alongside our customers and have heard loud and clear that they want access to more advanced products.”
Competitive Pricing for Futures Trading
Robinhood is also aiming to remain competitive by offering futures trading at lower costs. Users of the company’s premium Gold tier can trade futures for as low as 50 cents per contract, while non-Gold users will pay a commission of 75 cents.
As Robinhood seeks to challenge traditional brokerages, its expanded offerings and focus on active traders position the company to further solidify its standing in the financial services industry.
