Robinhood, a well-known retail brokerage firm, is set to unveil a new platform, Robinhood Legend, specifically designed for sophisticated traders. This move comes as part of the firm’s ongoing efforts to diversify and grow.
Robinhood Legend, a desktop-based platform, is aimed at active traders and comes equipped with advanced charting tools. It was designed for users who wish to perform detailed analyses of stocks. The launch of this platform is a response to complaints from active traders about the inconveniences and time-consuming nature of switching between apps or charting platforms, according to Robinhood’s chief brokerage officer, Steve Quirk.
In addition to the Legend launch, Robinhood also plans to add futures trading and index options to its mobile platform. However, approval will be required for customers wishing to trade futures contracts. These features will also be incorporated into the Legend platform in due course.
The introduction of these new features represents Robinhood’s ongoing expansion efforts, as the firm seeks to move beyond its initial role as a user-friendly platform for small-scale traders. Robinhood’s growth has been especially notable in the aftermath of the Covid-19 pandemic and the corresponding surge in retail trading.
In further efforts to broaden its offerings, Robinhood has introduced a credit card for its Gold subscribers and a digital wallet for cryptocurrency. Vlad Tenev, CEO and co-founder of Robinhood, acknowledged the importance of catering to the desktop-based market, as it allows for more sophisticated features due to the larger screen space.
As of the end of the second quarter, Robinhood reportedly had $139.7 billion in assets under custody and 11.8 million monthly active users. In the same period in 2021, it had $102 billion in assets and 21.3 million users. The firm’s shares have also seen a significant increase, with a rise of over 100% this year.
These new developments were announced at the HOOD Summit, a conference held for Robinhood’s customers. This move aligns with the firm’s commitment to providing an inclusive and comprehensive trading experience for its users.
