On October 16, Robinhood said that it had expanded its offerings for active traders by launching Robinhood Legend, a powerful browser-based desktop trading platform. Announced during its HOOD Summit on 16 October 2024, this platform comes with a suite of advanced trading tools, aiming to provide a seamless experience for users who are frustrated with existing offerings.
Robinhood Legend is designed with active traders in mind, offering a sleek interface and a highly customizable platform. Users can manage up to eight charts simultaneously in a single window and access various chart types, including candle, line, and Heikin Ashi charts. The platform supports numerous technical indicators, such as Bollinger Bands, VWAP, and Ichimoku Cloud, along with various drawing tools, enabling traders to perform in-depth technical analysis.
Legend also introduces real-time data updates at sub-second intervals, ensuring that traders can monitor and react to market changes swiftly. Users can personalize their trading environment with custom layouts or select from preset templates, and trades can be initiated directly from watchlists, option chains, or even charts. With dynamic linking, traders can sync symbols across different widgets and multiple monitors for a more cohesive experience.
Robinhood also unveiled its plans to roll out futures trading and index options on its mobile app. The futures trading feature will allow users to trade popular assets like the S&P 500, oil, and Bitcoin nearly 24 hours a day. Futures trading at Robinhood will feature low commissions (as low as $0.50 for Gold members) and no pattern day trading rules, making it accessible and affordable. Robinhood promises an intuitive user experience, including a sleek trading ladder and simplified navigation for quick trades.
The introduction of index options brings another asset class to Robinhood, offering tax advantages through the 60/40 rule, which treats 60% of gains as long-term capital gains. These European-style, cash-settled options come with no early assignment risk, and the contract fees are set to be highly competitive at just $0.35 for Gold members.
In response to customer demand, Robinhood will roll out a profit and loss (P&L) tool next week. This tool will allow users to track and analyze all trades made since January 1, 2024, providing detailed insights into their financial performance. Users will be able to sort and review trades based on several criteria, such as date, time, symbol, or profit and loss amounts, helping them make more informed decisions.
The Robinhood Legend platform has begun its rollout and will be made available to all eligible customers over the coming months. Futures and index options will also follow a gradual release on the mobile app first, with support for these features on Robinhood Legend expected later.
Earlier today, Vlad Tenev, co-founder and CEO of Robinhood, joined CNBC’s “Squawk Box” to discuss the company’s significant developments, including its first-ever Hood Summit in Miami, new advanced trading features, and the political and crypto landscape in the U.S.
Tenev highlighted that the Hood Summit, the largest event Robinhood has ever held for active traders, attracted over 800 top customers and an online audience of 1.7 million via live stream. This summit marked Robinhood’s transformation from an app aimed at beginner investors into a sophisticated platform for advanced traders. Tenev emphasized that Robinhood is now focused on three key areas: dominating active trading, expanding market share, and bridging the gap between mobile and desktop users. While the company has historically thrived on mobile with younger users, Tenev noted that half of the active trading market is on desktop, where traders have access to more advanced tools.
Tenev also talked about Legend, saying that he was particularly excited by the positive feedback, with 1,000 users signing up within the first 40 seconds of launch.
On the topic of cryptocurrency, Tenev acknowledged Bitcoin’s recent rise and noted that crypto markets may reflect political sentiment ahead of the 2024 U.S. election. He commented that both President Trump and Vice President Harris appear to be more favorable toward crypto than their predecessors, potentially positioning the U.S. as a leader in the space. Tenev attributed the broader market optimism to traders’ belief in America’s future dominance in sectors like electric vehicles, artificial intelligence, and innovation in general.
Regarding Politico’s report suggesting Robinhood’s Chief Legal Officer Dan Gallagher could be in the running for SEC Chair if Trump wins the presidency, Tenev praised Gallagher’s contributions to Robinhood’s regulatory success but was cautious about speculating on the potential appointment. He highlighted Gallagher’s deep regulatory knowledge and passion for fostering innovation, which would be key to America’s leadership in financial services and cryptocurrency.
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