Robinhood Launches Bitcoin and Ethereum Futures Trading

Robinhood’s New Legend Platform: Bitcoin and Ethereum Futures Buying and selling

Robinhood, a commission-free buying and selling platform, is ready to broaden its monetary companies with the launch of Bitcoin and Ethereum futures buying and selling. This announcement coincided with the introduction of the brand new desktop buying and selling platform, ‘Legend,’ in the course of the first-ever customer-focused HOOD Summit. 

Robinhood additionally unveiled futures and index choices buying and selling for its cell app, concentrating on superior merchants and aiming to compete with established brokerages.

New Buying and selling Alternatives on Robinhood

In the course of the HOOD Summit, Robinhood unveiled a number of new options to draw a extra seasoned investor base:

  • Legend Desktop Platform: Superior buying and selling instruments, real-time knowledge, and customizable layouts for energetic merchants.

  • Futures Buying and selling: Entry to S&P 500, oil, Bitcoin, Ethereum, and micro futures contracts.

  • Index Choices: Supplies extra buying and selling flexibility.

JB Mackenzie, VP and GM of Futures and Worldwide at Robinhood emphasised the user-friendly nature of those choices, highlighting low charges and a chic cell interface. Robinhood’s new options embrace:

  • Low Commissions: Premium Gold members can commerce futures for as little as 50 cents per contract, undercutting opponents.

  • Almost 24-Hour Buying and selling Window: One-tap buying and selling with no PDT guidelines and prolonged hours.

  • Superior Technical Indicators: The Legend platform helps as much as eight charts in a single window, providing extra indicators than opponents.

Steve Quirk, Chief Brokerage Officer, said the platform’s give attention to superior instruments and energetic buying and selling.

Future Prospects and Market Influence

Robinhood’s growth into futures and index choices buying and selling is a part of its broader technique to seize market share from conventional brokerages like Vanguard, Charles Schwab, and Constancy Investments. The corporate goals to offer a complete monetary service platform for each novice {and professional} merchants. 

Latest developments embrace the power for Robinhood customers in Europe to deposit and withdraw over 20 cryptocurrencies, excluding sure belongings like XRP and TON. Robinhood’s inventory efficiency displays constructive momentum, with shares closing 0.49% greater at $26.93 and rising 2.49% after market hours. 

Personal wealth administration firm Bernstein initiatives Robinhood’s working revenue to soar to about $900 million this yr, with revenues anticipated to hit $3.4 billion subsequent yr. With the launch of the Legend platform and expanded buying and selling capabilities, Robinhood continues to innovate and adapt, aiming to boost person expertise and solidify its place as a number one monetary companies supplier.

Additionally Learn: MiCA Set to Remodel EU Crypto Laws This December

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