Robinhood Expands Offerings With New Desktop Platform and Futures Trading

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Key Takeaways

  • Robinhood has launched 'Robinhood Legend,' a desktop platform tailored for active traders.
  • The mobile app now supports futures and index options trading.
  • Both Gold and non-Gold members can benefit from reduced fees on the platform.

Robinhood Markets has added Robinhood Legend, a new desktop trading platform, while expanding its app to include futures and index options trading.

The expansion, announced on October 16, is part of Robinhood’s effort to evolve beyond its roots as a commission-free trading app for retail investors. It also puts it in direct competition with established brokerage firms and could attract more seasoned investors to the platform.

Robinhood Legend New Look on Desktop | Source: Robinhood

The new desktop platform focuses on active traders, offering advanced tools such as real-time data, customizable layouts, and multiple chart types.

This move according to Robinhood’s Chief Brokerage Officer, Steve Quirk, will help traders seeking more robust trading options without the need to switch between various applications.

More Features Come to Robinhood’s mobile app

In addition to the desktop platform, the mobile app now supports futures trading, including contracts based on the S&P 500 index, oil, bitcoin and index options trading.

These features, traditionally dominated by larger banks and investment firms, are being made accessible at lower fees.

Robinhood said Gold members can trade futures for as low as 50 cents per contract, while non-Gold users pay 75 cents. The fees for index options are also competitively set at 35 cents for Gold members and 50 cents for others.

Profit Growth Drives Robinhood’s Advanced Trading Expansion

Robinhood’s push into these advanced trading products follows several months of recent profitable growth. The company, which reported 11.8 million monthly active users as of June 30, recorded a total net revenue of $682 million in its Q2 market report, a 40% increase from the previous year.

The launch of ‘Robinhood Legend’ reflects a strategy to capture a broader market share by appealing to more experienced traders who require sophisticated tools typically offered by legacy brokerages like Morgan Stanley, Schwab, and Goldman Sachs.