Retail brokerage firm Robinhood is making waves in the trading world once again with the launch of a new tool aimed at more sophisticated traders. The platform, called Robinhood Legend, is a desktop-based offering designed for active traders who require advanced charting tools for in-depth analysis of stocks.
According to Steve Quirk, chief brokerage officer at Robinhood, the decision to create Robinhood Legend stemmed from feedback received from active traders who expressed frustration with existing trading tools. Quirk stated, “Moving back and forth between apps or charting platforms can be cumbersome and time-consuming. So we set out to reimagine what a modern, intuitively designed active trading platform should look like, and built Robinhood Legend from the ground up so traders can do what they need in one place.”
In addition to the launch of Robinhood Legend, the firm also announced plans to introduce futures trading and index options to its mobile platform in the near future. Customers will need to be approved to trade futures contracts, and these offerings will eventually be added to the Legend platform as well.
These new developments mark Robinhood’s continued efforts to expand beyond its origins as a platform catering to small-dollar traders. The firm gained prominence during the “meme stock” phenomenon in early 2021, when retail trading surged in the wake of the Covid-19 pandemic.
Since then, Robinhood has been steadily diversifying its offerings, including introducing a credit card for Robinhood Gold subscribers and a digital wallet for holding cryptocurrencies. CEO and co-founder Vlad Tenev noted the importance of expanding into the desktop web market, where more sophisticated trading tools can be utilized.
As of the end of the second quarter, Robinhood reported $139.7 billion in assets under custody and 11.8 million monthly active users. This represents a decrease from the comparable quarter in 2021, during the height of the GameStop frenzy, when the firm reported $102 billion in assets and 21.3 million monthly active users. Robinhood’s next earnings report is scheduled for October 30, and its shares have risen more than 100% year-to-date.
The announcements regarding Robinhood Legend and future trading offerings were made during the HOOD Summit, a conference for Robinhood’s customers. These developments underscore the firm’s commitment to catering to a wider range of traders and investors, solidifying its position as a major player in the brokerage industry.
