Robinhood is transferring into the futures market, including Bitcoin and Ethereum contracts to its buying and selling app within the coming months.
The corporate goals to draw seasoned merchants with its low charges and user-friendly interface, positioning itself as a competitor to established gamers like Charles Schwab and Morgan Stanley’s E*TRADE.
The announcement, made throughout Robinhood’s first-ever buyer convention, HOOD Summit, revealed plans to supply a spread of Bitcoin and Ethereum futures contracts, together with micro futures designed for smaller-scale buyers.
“With a few of the lowest charges within the trade and a chic cell interface, there will probably be no motive to commerce futures anyplace else,” stated JB Mackenzie, Robinhood’s vp and normal supervisor of Futures and Worldwide.
The transfer comes because the cryptocurrency market heats up, with Bitcoin approaching its all-time excessive. Robinhood’s entry into the futures market may additional drive curiosity amongst crypto merchants in search of extra refined publicity to digital belongings.
Robinhood Legend: A Desktop Platform for Lively Merchants
Robinhood additionally unveiled its new desktop platform, Robinhood Legend. Designed particularly for lively merchants, the platform gives superior charting instruments, customizable layouts, and real-time knowledge, together with the flexibility to commerce futures and index choices immediately from the app.
“With Robinhood Legend, futures, and index choices, we’re serving to clients harness the total energy of the markets to allow them to take management of their monetary future,” stated Vlad Tenev, Chairman and CEO of Robinhood.
“By speaking with lively merchants, we realized there may be frustration with legacy choices,” stated Steve Quirk, chief brokerage officer at Robinhood. “Transferring backwards and forwards between apps or charting platforms could be cumbersome and time-consuming. We got down to reimagine what a contemporary, intuitively designed lively buying and selling platform ought to appear like.”
Supply: Robinhood
Right here’s how Robinhood is stepping up its recreation for lively merchants:
Superior Buying and selling Instruments: Customers now have the flexibility to show as much as eight charts in a single window, with customizable settings and quite a lot of chart varieties like candlestick, line, and Heikin Ashi. Merchants also can apply a variety of technical indicators—assume transferring averages, Bollinger Bands, Ichimoku Cloud, VWAP, and extra. Add in instruments like pattern strains, Fibonacci retracements, and horizontal strains, and you’ve got a extremely customizable evaluation expertise. Information intervals may even be adjusted right down to the tick, providing excessive precision.
Enhanced Evaluation Capabilities: Past simply charts, Robinhood Legend delivers highly effective evaluation instruments, permitting merchants to watch and assess their watchlists, open orders, positions, and choice contracts. A complete set of metrics retains merchants absolutely knowledgeable and in management, offering the whole lot they should consider their subsequent transfer.
Actual-Time Information: Keep within the loop with real-time knowledge that refreshes at sub-second intervals, guaranteeing you’re at all times updated with the market’s fast modifications.
Customizable Layouts: Whether or not you favor a custom-designed workspace or need to begin with a pre-built template, you possibly can arrange your excellent buying and selling atmosphere in seconds. Tailor it precisely to your workflow or choose from a spread of pre-configured choices to get going shortly.
Streamlined Buying and selling: Executing trades is less complicated than ever. With a single click on, you possibly can open order kinds immediately out of your watchlist, your positions, or an choice chain. You’ll be able to even commerce straight from the chart, reducing down on pointless steps and getting you into the market quicker.
Dynamic Linking: Robinhood’s new function helps you to hyperlink widgets throughout layouts, tabs, and even screens. With this, you possibly can sync symbols immediately, guaranteeing that your buying and selling instruments and views are at all times aligned and dealing collectively seamlessly.
Robinhood Legend will additional assist futures and index choices buying and selling because it continues to roll out via 2024.
Supply: Robinhood
Increasing Past Crypto
Whereas Bitcoin and Ethereum futures are a big a part of Robinhood’s growth, the corporate can be including futures contracts for different belongings like oil and the S&P 500 index. This broader method displays Robinhood’s technique to cater to a wider vary of buyers, together with these in search of publicity to conventional markets.
Robinhood’s transfer into the futures market places it in direct competitors with established gamers like Charles Schwab and E*TRADE, which already provide crypto futures. Nonetheless, Robinhood’s low charges and user-friendly interface may give it an edge, notably amongst youthful and fewer skilled merchants.
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