Robinhood Just Revealed 3 New Products for Active Traders

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The new Robinhood Legend web trading platform premiered today at the broker’s inaugural and sold-out HOOD Summit 2024 for active traders. This new product experience allows Robinhood to better compete with some of the best trading platforms. Not content with simply serving beginner investors and occasional traders, Robinhood hopes to provide serious, active traders with the Legend platform and new in-app futures trading.

“With Robinhood Legend, futures, and index options, we're helping customers harness the full power of the markets so they can take control of their financial future,” said Vlad Tenev, Chairman and CEO of Robinhood, in a press release obtained by Investopedia before the formal announcement today.

According to Robinhood, Legend was built in consultation with active traders to simplify and streamline the trading experience. The new trading platform minimizes the cumbersome problems that force traders to jump around between apps and charting platforms, according to the broker. Robinhood says that Legend will streamline the trading process and enable users to easily trade from one place.

Investopedia was able to see and experience Robinhood’s new platform before today’s announcement. The free, customizable Legend trading platform, available to all Robinhood customers, delivers advanced trading tools, including the opportunity to view up to eight charts within one window. Like competitors, there are dozens of chart settings and chart types, including candle, line, Heikin Ashi, and more. The new Legend platform also brings a larger number of technical indicators and drawing tools to users, and users can view data in custom intervals down to the tick.

Robinhood Legend goes deep with analysis capabilities including dozens of metrics to monitor and analyze potential assets, open orders, positions, and options contracts on an option chain. Pro traders can use sub-second data to react quickly to market news. One-click trading from charts, watchlists, or positions on an option chain leads to excellent maneuverability around the platform.

For all but the most sophisticated traders, Robinhood Legend can compete with most app-based investment platforms.

Courtesy of Robinhood

Robinhood says it responded to customer demand for access to app-direct futures trading by launching a new mobile-app-based futures trading experience. Customers will soon be able to trade the S&P 500, oil, Bitcoin, and other futures contracts with no pattern 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 non-Gold member futures trading price is competitive with the pricing of competing platforms. Active futures traders can trade around the clock, nearly 24 hours per day.

To better ensure that futures traders understand how futures work, Robinhood 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 be approved before you can start trading futures on the app.

Courtesy of Robinhood

Robinhood also added index options to its list of available assets. These derivative products have no assignment risk and can be traded right up to 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 cents fee charged by leading platforms, like Charles Schwab and Fidelity. Just remember: Active trading strategies utilizing futures and options can be risky and can result in losses.

In honor of its HOOD Summit 2024 and new features, Robinhood is also offering three bonuses to eligible customers:

You can earn one or all of these bonuses by initiating transfers by Oct. 27. To keep the bonuses, you must maintain your accounts for at least two years (for 1% and 2% bonuses) or three years for IRA transfer bonuses. Withdrawals that decrease your account balance to below the initial transfer amount will cause you to be ineligible for the bonus.

Investing is risky. Bonus offers subject to terms and conditions, visitrobinhood.com/hoodweek for more information. Margin is not suitable for all investors.Robinhood Gold is offered through Robinhood Gold LLC and is a subscription offeringservices for a fee. Brokerage services offered through Robinhood Financial LLC (memberSIPC), a registered broker-dealer.

Robinhood. "Robinhood Presents - The Legend Awakens."

Charles Schwab. "Why Trade Options at Schwab?"

Fidelity. "Commissions, Margin Rates, and Fees."

Robinhood. “HOOD Week.”