Robinhood is aiming to shake up futures trading and index options with the launch of a new suite of tools for active traders, free to account holders.
The firm – which earlier this year sparked speculation of a move into wealth management - announced the launch of Robinhood Legacy on Wednesday at its first ever customer focused conference HOOD Summit, with both desktop and mobile versions on offer to “active traders who believe that intuitive, beautiful products can be a powerful advantage while trading.”
Steve Quirk, chief brokerage officer, said that there is frustration with legacy active trading tools.
“Specifically, moving back and forth between apps or charting platforms can be cumbersome and time consuming,” he said. “So we set out to reimagine what a modern, intuitively designed active trading platform should look like, and built Robinhood Legend from the ground up so traders can do what they need in one place.”
The new platform allows users to have up to eight charts in a single window with multiple settings available for each, deeper analysis outside of charts, real-time data updating at sub-second intervals, one-click order form generation for trades, and more.
Robinhood Legacy began rolling out for eligible customers Wednesday but futures and index options will only be available on the firm’s mobile app for now with the capability extending to the new platform in the coming months.
Customers will need to be approved to trade futures.
There will also be a new profit and loss tool so that users can see their portfolio’s performance on all trades since January 1, 2024.
As trading fees are all but extinct, online brokerages have been seeing more business among investors who want to trade options or on margin, data reveals.
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