FinTech News
Robinhood Introducing 24 Hour Market Trading for Select Stocks
The popular stock trading app Robinhood is readying its latest feature, announcing that it will soon offer “24/5” trading with Robinhood 24 Hour Market. This new addition will allow customers to buy and sell stocks well outside of regular market hours.
Specifically, the 24 Hour Market trading hour will run from 8:00 p.m. Eastern on Sunday to 8:00 p.m. Eastern on Friday. Currently, regular Market Hours are 9:30 a.m. Eastern to 4:00 p.m. Eastern on weekdays, with Extended Hours going from 7 a.m. Eastern to 8 p.m. Eastern. According to the app, the new feature will begin rolling out to select customers on May 16th and will be available to all users in June.
With Robinhood 24 Hour Market, customers will be able to set limit orders (meaning they can dictate the highest price they’d purchase a share at or the lowest price they’d sell a share at) and choose whether to have those orders executed during Market Hours, Extended Hours, or during the 24 Hour Market. However, securities traded during the 24 Hour Market must be whole shares. Additionally, at launch, Robinhood will only support 24-hour trading on 43 of the most traded ETFs and stocks. These include the likes of Tesla ($TSLA), Amazon ($AMZN), Apple ($AAPL), and others. According to Robinhood, eligible securities will be differentiated in the app.
In a blog post announcing the feature, Robinhood wrote, “Market-moving news can also break anywhere and at any time. With 24 Hour Market, advanced traders have the flexibility to act in real-time, around the clock, managing their portfolio and adapting to new information, whenever it hits.”
The post also noted, “Robinhood’s 24 Hour Market levels the playing field so extended trading is no longer exclusively reserved for those operating on U.S. East Coast hours. You invest on your time.”
The Robinhood 24 Hour Market is only the latest feature the app has introduced in recent months. In January, the company officially debuted Robinhood Retirement, offering traditional and Roth IRAs to users, while also giving them to chance to earn a 1% “IRA Match” when making contributions. Elsewhere, Robinhood rolled out a non-custodial crypto wallet in March. This stand-alone app gives customers greater control over their cryptocurrency assets.
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Although the Robinhood 24 Hour Market feature might not be the most exciting addition the app has ever introduced, it is a function that could certainly find a market. As for Robinhood itself, despite the app gaining a reputation for being slow to introduce requested features (especially crypto wallets), the FinTech has been on a bit of a tear lately. Unfortunately, that hasn’t allowed Robinhood’s stock to break out of the doldrums it’s found itself in for more than a year.
Still, regardless of its past missteps and controversies, Robinhood remains a popular option due to its user-friendly design and regular updates. On that note, with the 24 Hour Market about to make its debut, one has to wonder what the app will cook up next.
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