Key Takeaways Robinhood just unveiled its sleek new desktop trading platform, Robinhood Legend, at the HOOD Summit 2024. The new online trading experience is geared toward active traders and complete with advanced, customizable charting and seamless trading. The Legend platform is free and available to all Robinhood customers. It will be rolled out to users over the next few months. The new futures trading experience will launch soon on the Robinhood app with availability nearly 24/7. Options traders will soon be able to trade indices for low fees.
The new Robinhood Legend web trading platform debuted today at the broker’s inaugural, sold-out HOOD Summit 2024 conference for active traders. The new product experience allows Robinhood to better compete with some of the top trading platforms. Not only does Robinhood serve novice investors and casual traders, it hopes to provide serious and active traders with the Legend platform and new in-app futures trading.
“With Robinhood Legend, futures and index options, we help customers harness the full power of the markets so they can take control of their financial future,” Vlad Tenev, Robinhood’s chairman and CEO, said in a press release obtained by Robinhood. Investopedia ahead of today’s official announcement.
Account Minimum: $0 Fees: $0 Commissions on stocks, ETFs, options, and cryptocurrency trading. Robinhood Legend: A modern twist for active traders.
According to Robinhood, Legend was created in consultation with active traders to simplify and simplify the trading experience. The new trading platform reduces cumbersome issues that force traders to move between apps and charting platforms, according to the broker. Robinhood says Legend will simplify the trading process and enable users to easily trade from one place.
Investopedia was able to see and try out Robinhood’s new platform ahead of today’s announcement. Legend’s free, customizable trading platform, available to all Robinhood customers, provides advanced trading tools, including the opportunity to view up to eight charts in a single window. Like competitors, there are dozens of chart setups and chart types, including candlestick, line, Heikin Ashi, and more. The new Legend platform also provides a greater number of technical indicators and drawing tools for users, and users can view data at custom intervals down to the mark.
Robinhood Legend delves into analysis capabilities including dozens of metrics to monitor and analyze potential assets, open orders, positions, and options contracts on the options chain. Professional traders can use sub-second data to quickly react to market news. One-click trading from charts, watchlists or positions in an options chain results in excellent maneuverability around the platform.
For all but the most sophisticated traders, Robinhood Legend can compete with most app-based investing platforms.
Courtesy of Robinhood
New futures trading experience
Robinhood says it has responded to customer demand for access to futures trading directly via the app by launching a new mobile app-based futures trading experience. Clients will soon be able to trade S&P 500 contracts, oil, bitcoin and other futures without typical day trading rules, according to the broker. Gold members will be able to trade for a low fee of 50 cents, while non-Gold members will pay 75 cents per contract. The futures trading price for non-Gold members is competitive with those of competing platforms. Active futures traders can trade around the clock, i.e. approximately 24 hours a day.
To ensure futures traders better understand how futures work, Robinhood has increased its educational materials, including adding YouTube videos, to the Robinhood Learn portal. Robinhood said it wants to ensure the safety of all its customers, so you have to apply and get approved before you can start trading futures on the app.
Courtesy of Robinhood
Index options added
Robinhood has also added index options to the list of available assets. These derivative products do not involve assignment risk and can be traded until expiration. You can trade index options for a fee of 50 cents, or 35 cents if you’re a Gold member, via the Robinhood mobile app. This compares to the 65 cent fees charged by leading platforms, such as Charles Schwab and Fidelity. Just remember: Active trading strategies that use futures and options can be risky and can result in losses.
Earn up to 3% with Robinhood
In honor of the 2024 HOOD Summit and new features, Robinhood is also offering three bonuses to qualifying customers:
Earn 1% bonus money on brokerage transfers (for joint and individual accounts) Earn 2% on brokerage transfers with a margin balance of $10,000 or more Earn 3% on IRA transfers (for Robinhood Gold members only; excludes rollovers)
You can earn one or all of these rewards by initiating transfers by October 27th. To retain bonuses, you must hold your accounts for at least two years (for 1% and 2% bonuses) or three years for IRA conversion bonuses. Withdrawals that drop your account balance below the initial transfer amount will result in you being ineligible for the bonus.
Investing is risky. Bonus offers are subject to terms and conditions, visit
robinhood.com/hoodweek for more information. Margin is not suitable for all investors.
Robinhood Gold is offered through Robinhood Gold LLC and is a subscription offering
Services for a fee. Brokerage services offered through Robinhood Financial LLC (member
SIPC), a registered broker-dealer.
