Robinhood Expands Platform with ‘Legend’ Desktop Launch and New Trading Features

October 17, 2024 10:26 PM AEDT | By Team Kalkine Media

Robinhood Expands Platform with ‘Legend’ Desktop Launch and New Trading Features — Image source: Shutterstock

Advanced Trading Platform with Competitive Pricing

With Robinhood Legend, the company has made a concerted effort to close the gap with industry leaders such as Charles Schwab and E*TRADE. Offering advanced tools and a customizable interface, the platform caters to seasoned traders who demand more than basic stock and option trading capabilities. Robinhood’s competitive pricing model also stands out, charging as low as 50 cents per contract for Gold members, making it more affordable compared to its industry peers.

Mobile App Expands with Futures Trading

In a significant upgrade to its mobile trading app, Robinhood has added futures and index options trading. Users can now trade futures contracts in a variety of assets, including the S&P 500, oil, and bitcoin. This addition is intended to attract experienced traders who are looking for broader asset class exposure, diversifying the platform’s offerings beyond traditional stocks and options.

Robinhood’s Growth in 2024

Robinhood continues to focus on profitable growth as it seeks to expand its user base and enhance its service offerings. With 11.8 million monthly active users, the company has seen its stock surge over 100% in 2024. The launch of Robinhood Legend and the addition of futures trading are part of the company’s ongoing efforts to capture a larger share of the retail and active trading market, competing directly with established brokerages.

Robinhood’s new features and platforms mark a pivotal step in its efforts to diversify its offerings and solidify its position as a leader in the fintech and retail trading space.

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