Robinhood Challenges Traditional Brokers with New Desktop Platform and Expanded Trading Options
In a bold move to capture market share from established brokerages, Robinhood Markets Inc. unveiled its first desktop trading platform alongside new futures and index options trading capabilities at its inaugural HOOD Summit in Miami.
The commission-free trading app’s new desktop offering, dubbed ‘Robinhood Legend,’ targets active traders with sophisticated tools including advanced charting capabilities, customizable layouts, and real-time data updating at sub-second intervals. Users can display up to eight charts simultaneously and access various technical indicators such as Bollinger Bands and Ichimoku Cloud.
“We’ve matured alongside our customers and have heard loud and clear that they want access to more advanced products and more active trading tools,” Steve Quirk, Chief Brokerage Officer at Robinhood, told Reuters. The platform will be available at no additional cost to Robinhood account holders.
In a direct challenge to traditional brokers, Robinhood is also introducing futures trading on its mobile app, allowing customers to trade S&P 500, oil, and cryptocurrency futures. Gold tier subscribers will pay just $0.50 per contract, significantly undercutting competitors like Charles Schwab ($2.25) and E*TRADE ($1.50).
The expansion includes the addition of index options trading through a partnership with Cboe Global Markets. Customers will soon have access to Cboe’s flagship products, including S&P 500 Index (SPX) options and Cboe Volatility Index (VIX) options, with fees starting at $0.35 per contract for Gold members.
These moves represent a significant evolution for the 11-year-old fintech company, which gained prominence during the 2021 retail trading boom. With 11.8 million monthly active users and 1.98 million premium ‘Gold’ customers as of June 30, Robinhood’s stock has surged over 100% year-to-date, reflecting investor confidence in its expansion strategy.
“Our long-term goal is for Robinhood to be the primary financial services company that meets all of customers’ needs,” Quirk added, signaling the company’s ambition to compete head-on with established financial institutions.
The new features will roll out gradually over the coming months, with futures and index options initially available only on the mobile app before being integrated into the Legend platform.
