- Robinhood has introduced Bitcoin and Ethereum futures trading, alongside launching the highly awaited ‘Legend’ desktop platform.
- Robinhood’s customers will enjoy the convenience of one-tap trading, no PDT (Pattern Day Trader) rules, and favorable tax treatment, with trades receiving a 60/40 tax rate.
Robinhood, an online brokerage firm, has expanded its offerings by introducing Bitcoin and Ethereum futures trading. Additionally, the firm has also launched the much-anticipated desktop trading platform ” LEGEND.” catering for active traders.
Robinhood’s announcement came in handy as the firm held its first-ever customer-focused conference HOOD Summit. In the same vein, the firm didn’t just unveil its legend platform but introduced futures trading on its mobile app.
Also, It announced HOOD Week, offering exclusive bonuses to users for transfers from external brokerages.
The firm announced that by launching futures trading, investors would be able to trade major indices and commodities such as the S&P 500, oil, Bitcoin, and more in the coming months marking the company’s first foray into crypto futures.
Notably, the crypto offerings include Bitcoin contracts, micro Bitcoin futures, Ethereum futures, and micro Ethereum futures. With these products, Robinhood is aiming to make futures trading more accessible to retail investors.
We’re doing futures the Robinhood way, With some of the lowest fees in the industry and an elegant mobile user interface that allows customers to trade simply, quickly, and efficiently, there will be no reason to trade futures anywhere else said JB Mackenzie, VP and GM of Futures and International at Robinhood.
Evidencing Mackenzie’s words, Robinhood customers are in for a good treat with what the firm explains to be the convenience of one-tap trading, no PDT (Pattern Day Trader) rules, and favorable tax treatment, with trades receiving a 60/40 tax rate.
Moreover, customers can engage in nearly 24-hour trading windows, ensuring they have flexibility in responding to market movements.
Robinhood Launched Legend Desktop Platform
As earlier mentioned, the “LEGEND” desktop platform is one of Robinhood’s most anticipated features. Worth noting, this feature was designed suitably for more experienced traders. Additionally, LEGEND offers up to eight charts in a single window and a broader range of technical indicators than its competitors.
With Robinhood Legend, futures, and index options, we’re helping customers harness the full power of the markets so they can take control of their financial future,” said Vlad Tenev, Chairman and CEO of Robinhood.
Reminiscing, the company expanded its services in Europe by introducing crypto transfers. This allows users to deposit and withdraw over 20 different cryptocurrencies and earn a 1% interest rate on their deposits. However, the company has temporarily excluded XRP, TON, ZK, W, ARB, ATOM, DOT, EOS, FTM, JUP, NEAR, OP, and TIA.
Meanwhile, Robinhood’s recent developments haven’t prevented HOOD’s stock price from plummeting. On Thursday, the company’s stock (HOOD) fell by 2.49%, closing at $26.20.
