Robinhood launches Legend for active traders, says futures market coming soon | Wilnesh News

retail brokerage firm Robin Hood A new tool is being launched for more mature traders looking for additional avenues for growth.

The company launched Robinhood Legend, a desktop platform for active traders. The product includes advanced charting tools for users who want detailed analysis of stocks.

“As we researched the landscape of trading tools and spoke with active traders, we realized that traditional products were frustrating,” Robinhood Chief Brokerage Officer Steve Quirk said in a press release.

“Specifically, moving back and forth between apps or charting platforms can be cumbersome and time-consuming. So we set out to reimagine what a modern, intuitively designed active trading platform should look like and built Robinhood Legend from the ground up. , so that traders can do what they need in one place,” Quick said.

In addition to launching Legend, Robinhood said it will soon add futures trading and index options to its mobile platform. Customers must be approved to trade futures contracts, and futures and index options will eventually be added to Legend, according to a press release.

Robinhood’s new additions are another example of the company looking to expand beyond its roots as a convenient platform for small traders. The company’s rise coincided with the “meme stock” phenomenon in early 2021, when retail trading boomed in the wake of the Covid-19 pandemic.

Since then, Robinhood has been steadily adding new products, including a credit card for Robinhood Gold users and a digital wallet for storing cryptocurrency.

“Historically, we’ve done well on mobile among younger people and people who primarily invest and trade on mobile. But about half of the market is on the desktop web, where you have more on the screen. The more space you have, the more complex things you can do like displaying charts and data in the same interface, so we’re not really a player in this space,” Robinhood CEO and co-founder Vlad Tenev told CNBC’s “Squawk Box” said in the program.

Robinhood said it had $139.7 billion in assets under custody at the end of 2019. Season 2and 11.8 million monthly active users. for Comparable quarters In 2021, when the GameStop craze was near its peak, Robinhood had $102 billion in assets but 21.3 million monthly active users. The company’s next earnings report is scheduled for October 30.

Robinhood’s stock price is up more than 100% so far this year.

Thursday’s announcement was part of HOOD Summit, a conference for Robinhood customers.