Retail brokerage firm Robinhood has introduced a new platform called Robinhood Legend aimed at more advanced traders. The desktop-based platform includes advanced charting tools for users who want to conduct detailed analysis of stocks. The launch of Legend comes as Robinhood looks to address frustrations with legacy offerings and provide a more intuitive active trading platform that allows traders to do everything they need in one place.
In addition to the launch of Legend, Robinhood also announced plans to add futures trading and index options to its mobile platform. Customers will need to be approved to trade futures contracts, and these new offerings will eventually be available on the Legend platform as well. These new additions demonstrate Robinhood’s efforts to expand beyond catering to small-dollar traders and appeal to a wider range of investors. The firm’s rise in popularity coincided with the surge in retail trading during the meme stock phenomenon in early 2021.
Robinhood has been steadily adding new features and offerings to its platform, including a credit card for Robinhood Gold subscribers and a digital wallet for cryptocurrencies. The firm has historically performed well on mobile platforms, particularly among younger users, but has recognized the need to cater to desktop users as well. CEO Vlad Tenev noted that about half of the market trades on desktop web, where more sophisticated tools such as charts and data can be accessed within the same interface.
As of the end of the second quarter, Robinhood reported $139.7 billion in assets under custody and 11.8 million monthly active users. These figures represent a decrease from the height of the GameStop mania in early 2021 when the firm reported $102 billion in assets and 21.3 million monthly active users. Despite the decline in user numbers, Robinhood’s shares have performed well, with the stock price up more than 100% so far this year. The firm’s next earnings report is scheduled for Oct. 30, providing further insight into its financial performance.
The announcements made during HOOD Summit, a conference for Robinhood’s customers, represent the firm’s ongoing efforts to enhance its platform and attract new users. By launching Robinhood Legend and expanding its offerings to include futures trading and index options, Robinhood is positioning itself as a comprehensive trading platform for investors of all levels. The firm’s focus on innovation and user experience reflects its commitment to evolving with the changing landscape of retail trading and meeting the needs of a diverse user base. With its continued growth and expanding suite of features, Robinhood is poised to remain a key player in the brokerage industry.
