FinTech News
Robinhood Unveils Futures Trading, Desktop Platform, and More
The popular trading app Robinhood kicked off its first-ever HOOD Summit by announcing a number of new features for the platform.
About the HOOD Summit and HOOD Week announcements:
During a keynote at the HOOD Summit held in Miami, Robinhood chairman and CEO Vlad Tenev revealed some of the ways that the service is expanding. This includes adding support for futures trading and index options. Additionally, the company is set to launch a brand new desktop trading platform called Robinhood Legend.
First, Robinhood will soon bring futures trading to its app. Upon launch, customers will be able to trade futures for the S&P 500, oil, Bitcoin, and more. However, the company notes that traders will first need to be approved to trade this asset class. Meanwhile, for those interested in learning about futures trading, educational resources on the topic will also be added. Commissions on futures contracts will start at $0.50 for Robinhood Gold members and $0.75 for non-Gold members.
Next, the app is also adding index options. In the months ahead, the app will be adding a new interface for this feature. As for expenses, Robinhood says its per-contract fee is “among the lowest in the industry,” coming in at $0.35 for Gold members and $0.50 cents for others — although this figure excludes regulatory and exchange fees.
Perhaps the largest reveal from the HOOD Summit keynote was the announcement of Robinhood Legend. This all-new desktop platform will give traders access to advanced trading tools, analysis, and data. Customers will also be able to create customized layouts and execute trades directly from a watchlist, option chain, chart, or within their positions panel. The Robinhood Legend platform will be made available to all Robinhood users at no additional cost.
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Finally, to further celebrate HOOD Week, the company has introduced a trio of offers. For one, now through October 27th, Robinhood is offering bonuses on select account transfers. First, Robinhood Gold members who transfer an IRA from another financial institution to Robinhood can earn an uncapped 3% bonus. Note that this 3% IRA transfer bonus is in addition to Robinhood Gold’s standing 3% IRA Match feature for new contributions (meanwhile, non-Gold customers can earn a 1% IRA Match on contributions). Elsewhere, the company is also currently offering a 1% bonus on all brokerage transfers — or 2% on transfers with a minimum margin balance of $10,000.
My thoughts:
As a simple, far-from-advanced trader, Robinhood’s latest announcements don’t mean a whole lot to me personally. But, as a (small) shareholder in the company, I’m pretty excited about these expansions. In particular, the Robinhood Legend platform looks great and takes me back to the time when I learned all about technical analysis (candlesticks, trendlines, resistance levels, etc.). I don’t exactly foresee myself relearning all of that and becoming a day trader… although I do love that I will soon have that opportunity if I so choose.
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