As per a recent Reuters report, Robinhood launched its long-anticipated desktop platform, ‘Robinhood Legend,’ and introduced futures and index options trading to its mobile app on Wednesday. This move is part of the fintech firm’s broader strategy to compete with traditional brokerages and capture market share from institutions. Initially known for its commission-free trading that attracted retail investors, Robinhood is now looking to position itself as a full-fledged financial services provider.

The company’s desktop platform, which targets active traders, will offer advanced tools, real-time data, and customizable layouts at no additional cost. Robinhood’s Chief Brokerage Officer, Steve Quirk, explained, “We’ve grown with our customers and understand their need for more sophisticated products and trading tools.”

At the same time, the mobile app now allows users to trade futures on the S&P 500 index, oil, bitcoin, and other assets, as well as index options. Premium Gold subscribers can trade futures at 50 cents per contract, while non-Gold users will be charged 75 cents. This pricing is significantly lower than industry peers like Schwab and E*TRADE.

A decade after introducing commission-free trading, Robinhood is expanding to attract more seasoned investors, entering a space traditionally dominated by large banks and hedge funds. Futures and options trading, often requiring higher margins and facing more volatility, has typically been reserved for institutional investors. As of June 30, Robinhood had 11.8 million active monthly users, including 1.98 million premium Gold members.

Resources:

Reuters