Courting more advanced traders, Robinhood adds futures, index options, and a desktop presence
To kick off Robinhood’s HOOD Summit yesterday, the trading platform’s founder and CEO, Vlad Tenev, announced several new products and features. The big takeaway: the retail brokerage wants to cater to advanced traders as much as the retail investors that have long been its core customer group.
(Sherwood Media is an editorially independent subsidiary of Robinhood Markets Inc.)
Robinhood will now offer futures contracts on indexes, currencies, and commodities, with crypto futures coming soon. However, the biggest update coming to the fintech company is "Robinhood Legend,” its new browser-based trading platform for desktop users.
The new trading platform, which is available to customers immediately, comes with dozens of settings and allows users to open as many as eight charts in a single window.
While Robinhood got its start helping retail investors buy their first stocks in its app, the now 11-year-old fintech is looking to compete with incumbents such as Interactive Brokers and Charles Schwab by offering a compelling platform for its advanced traders. The moves appear to be a salvo at Schwab’s thinkorswim trading platform.
Robinhood Plans to Give Traders Access to Futures, Index Options
(Sherwood Media is an editorially independent subsidiary of Robinhood Markets Inc.)
Robinhood will now offer futures contracts on indexes, currencies, and commodities, with crypto futures coming soon. However, the biggest update coming to the fintech company is "Robinhood Legend,” its new browser-based trading platform for desktop users.
The new trading platform, which is available to customers immediately, comes with dozens of settings and allows users to open as many as eight charts in a single window.
While Robinhood got its start helping retail investors buy their first stocks in its app, the now 11-year-old fintech is looking to compete with incumbents such as Interactive Brokers and Charles Schwab by offering a compelling platform for its advanced traders. The moves appear to be a salvo at Schwab’s thinkorswim trading platform.