Robinhood Launches BTC and ETH Futures Trading: Check Features
Robinhood's New Legend Platform: Bitcoin and Ethereum Futures Trading
Robinhood, a commission-free trading platform, is set to broaden its financial services with the launch of Bitcoin and Ethereum futures trading. This announcement coincided with the introduction of the new desktop trading platform, 'Legend,' during the first-ever customer-focused HOOD Summit.
Robinhood also unveiled futures and index options trading for its mobile app, targeting advanced traders and aiming to compete with established brokerages.
New Trading Opportunities on Robinhood
During the HOOD Summit, Robinhood unveiled several new features to attract a more seasoned investor base:
Legend Desktop Platform: Advanced trading tools, real-time data, and customizable layouts for active traders.
Futures Trading: Access to S&P 500, oil, Bitcoin, Ethereum, and micro futures contracts.
Index Options: Provides more trading flexibility.
JB Mackenzie, VP and GM of Futures and International at Robinhood emphasized the user-friendly nature of these offerings, highlighting low fees and an elegant mobile interface. Robinhood's new features include:
Low Commissions: Premium Gold members can trade futures for as low as 50 cents per contract, undercutting competitors.
Nearly 24-Hour Trading Window: One-tap trading with no PDT rules and extended hours.
Advanced Technical Indicators: The Legend platform supports up to eight charts in a single window, offering more indicators than competitors.
Steve Quirk, Chief Brokerage Officer, stated the platform's focus on advanced tools and active trading.
Future Prospects and Market Impact
Robinhood's expansion into futures and index options trading is part of its broader strategy to capture market share from traditional brokerages like Vanguard, Charles Schwab, and Fidelity Investments. The company aims to provide a comprehensive financial service platform for both novice and professional traders.
Recent developments include the ability for Robinhood users in Europe to deposit and withdraw over 20 cryptocurrencies, excluding certain assets like XRP and TON. Robinhood's stock performance reflects positive momentum, with shares closing 0.49% higher at $26.93 and rising 2.49% after market hours.
Private wealth management company Bernstein projects Robinhood’s operating income to soar to about $900 million this year, with revenues expected to hit $3.4 billion next year. With the launch of the Legend platform and expanded trading capabilities, Robinhood continues to innovate and adapt, aiming to enhance user experience and solidify its position as a leading financial services provider.
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