RobinhoodMarketsisexpandingitsreachintothefuturesmarketbyaddingBitcoinandEthereumalongsideoilandtheS&P500indexaspartofitsbroaderstrategytoattractseasonedtraders.
ARobinhoodspokespersontoldDecryptonWednesdayitsfuturesofferingsviaitstradingappisexpectedinthe“comingmonths.”
TheofferingswillincludeBitcoincontracts,microBitcoinfutures,BitcoinFridayfutures,Ethereumfutures,andmicroEthereumfutures,thespokespersonsaid.
Microfuturesaresmallercontractsdesignedtomakefuturestradingmoreaccessibletoretailandsmaller-scaleinvestors.
TheannouncementwasmadeduringRobinhood’sfirst-evercustomerconference,HOODSummit,wherethecompanyintroduceditsnewdesktopplatform,RobinhoodLegend.
Theplatformisdesignedspecificallyforactivetraders,aimingtooffersophisticatedtoolsandreal-timedata,includingtheabilitytotradefuturesandindexoptionsdirectlyfromtheapp.
RobinhoodispositioningitsfocusonderivativesinabidtocompetewithestablishedplayerslikeCharlesSchwabandMorganStanley’sE*TRADE,whichalreadyoffercryptofutures.
Itcomesasthecryptomarketcontinuestoheatup,withthepriceofBitcoinapproachingitsall-timehigh,near$73,700.
“Withsomeofthelowestfeesintheindustryandanelegantmobileinterface,therewillbenoreasontotradefuturesanywhereelse,”saidJBMackenzie,Robinhood’sVPandGMofFuturesandInternational.
Goldsubscriberswillbeabletotradefuturesforaslowas$0.50percontract,whilenon-Golduserswillpay$0.75,undercuttingtraditionalbrokerages.
ThemoveisexpectedtodrivefurtherinterestamongcryptocurrencytraderslookingformoresophisticatedexposuretoassetslikeBitcoin.
RobinhoodLegend,meanwhile,willofferadvancedchartingtools,customizablelayouts,andreal-timedata,accordingtoastatement.
“Bytalkingwithactivetraders,werealizedthereisfrustrationwithlegacyofferings,”SteveQuirk,chiefbrokerageofficeratRobinhood,saidinthestatement.
“Movingbackandforthbetweenappsorchartingplatformscanbecumbersomeandtime-consuming.Wesetouttoreimaginewhatamodern,intuitivelydesignedactivetradingplatformshouldlooklike,”headded.
Theplatformwillfurthersupportfuturesandindexoptionstradingasitcontinuestorolloutthrough2024.
decrypt.co