Robinhood Launches Desktop Platform, Adds Futures and Index Options Trading to App

Robinhood is upping the game in the cryptocurrency and derivatives markets by introducing Bitcoin futures and a new desktop platform designed for active traders.

On Wednesday, the business declared it would soon enable users to trade Ethereum and Bitcoin futures in addition to more conventional assets like the S&P 500 index and oil.

This action fits into Robinhood’s larger plan to draw in more seasoned traders and take on well-known brokerages like E*TRADE and Charles Schwab.

Robinhood is broadening its offerings to futures trading and index options as the retail brokerage aims to attract more sophisticated investors to its platform. https://t.co/dDgVC0Si8w

— Bloomberg Crypto (@crypto) October 16, 2024

A Robinhood representative stated that a range of contracts, which include Bitcoin futures, micro BTC futures, and ETH futures, will be included in the futures offerings, which are expected to debut in the upcoming months.

By providing contracts a tenth of the size of typical futures, these micro futures aim to increase trading accessibility for smaller investors.

The statement was revealed at the HOOD Summit, Robinhood’s first consumer event, where the firm also debuted Robinhood Legend, its newest desktop trading platform. Designed with active traders in mind, this platform provides real-time data, customisable layouts, and sophisticated charting capabilities.

By enabling customers to trade index options and futures straight from their app, Robinhood Legend will elevate the company’s products to a new degree of complexity.

Steve Quirk, the Chief Brokerage Officer at Robinhood, stated, “We have grown with our clients and have heard clearly that they want get to more advanced products.”

“Our long-term objective is to establish Robinhood as the leading provider of financial services, catering to the needs of all our clients.”

$HOOD

ROBINHOOD LAUNCHES INDEX OPTIONS AND FUTURES TRADING pic.twitter.com/8IacUfo9yi

— amit (@amitisinvesting) October 16, 2024

Robinhood is attempting to draw in experienced traders by lowering its rivals’ fees. Futures contracts will start at $0.50 for Gold-tier members and $0.75 for non-Gold users. These fees are a lot less than those of competitors such as E*TRADE ($1.50) and Schwab ($2.25) per futures contract.

Robinhood’s emphasis on trading futures and options coincides with the bitcoin market’s ongoing upswing. The price of bitcoin is getting closer to its record high of $73,700, which is attracting more traders who are searching for more advanced strategies to get market exposure.

It is expected that the inclusion of Ethereum and Bitcoin futures on Robinhood’s platform will increase interest among cryptocurrency traders.

An important turning point in the company’s development from a mobile-first platform for casual investors to a more extensive trading service targeted at professional traders has been reached with the launch of Robinhood Legend.

With features like Bollinger Bands and support for no less than eight charts in a single window, the platform will provide traders with the information they need to make wise choices.

The growth of Robinhood into advanced trading tools and the futures market are components of its larger plan to establish itself as a full-fledged provider of financial services.

Robinhood has added stock trading in the UK, a three per cent cash-back credit card, and Bitstamp to its list of services in recent years. The company’s stock price has increased by more than 100 per cent so far this year thanks to these developments.

Robinhood is setting itself up to fight with the major competitors in the market as it keeps adding new products to its lineup.

The organization may be able to overtake more traditional brokerages in the market thanks to its cutting-edge tools, reduced costs, and expanding clientele, thereby securing its position as a major force in the financial services industry.