Retail brokerage firm Robinhood has launched a new tool for more sophisticated traders called Robinhood Legend. This desktop-based platform is designed for active traders and includes advanced charting tools for users who want to do detailed analysis of stocks. According to Steve Quirk, the chief brokerage officer at Robinhood, the firm noticed frustration among traders with legacy offerings and set out to create a modern, intuitively designed platform that allows traders to do everything they need in one place.
In addition to the launch of Legend, Robinhood has announced that it will soon add futures trading and index options to its mobile platform. Customers will need to be granted approval to trade futures contracts, and these offerings will eventually be added to Legend as well. These new additions highlight Robinhood’s efforts to expand beyond its roots as a platform for small-dollar traders. The company’s growth has been fueled by the retail trading boom that followed the Covid-19 pandemic, particularly during the meme stock phenomenon earlier this year.
Robinhood has been steadily adding new features and offerings, such as a credit card for Robinhood Gold subscribers and a digital wallet for cryptocurrencies. The company’s CEO and co-founder, Vlad Tenev, noted that while Robinhood has historically performed well on mobile platforms, there is a significant market on desktop web that the company was not addressing. The launch of Legend represents an effort to capture more sophisticated traders who prefer to trade on desktop platforms with enhanced features like charts and data.
As of the end of the second quarter, Robinhood reported $139.7 billion in assets under custody and 11.8 million monthly active users. This marks a significant decrease from the 21.3 million monthly active users reported during the height of the GameStop mania in 2021. Despite this decline in user numbers, shares of Robinhood have risen more than 100% so far this year. The company’s next earnings report is scheduled for October 30, where analysts will be closely watching for updates on user growth and revenue.
The announcements about Robinhood Legend and the addition of futures trading and index options were made at the HOOD Summit, a conference for Robinhood’s customers. The firm continues to seek new avenues for growth and expand its offerings to attract a wider range of traders. By addressing the needs of more sophisticated traders and providing a comprehensive platform that combines advanced charting tools and trading options, Robinhood aims to solidify its position in the competitive brokerage industry. With a focus on innovation and user experience, Robinhood is positioning itself for continued success and growth in the future.
