Robinhood Launches Robinhood Legend for Larger, More Active Traders
Stock and cryptocurrency trading platform Robinhood has launched Robinhood Legend, a desktop platform for active traders. The product provides users with advanced charting tools for traders who wish to conduct detailed analysis of stocks.
In addition to launching Legend, Robinhood also said it will soon add futures trading and index options to its mobile platform. According to the press release, clients must obtain approval to trade futures contracts, and futures and index options will eventually be added to Legend as well.
These new features from Robinhood suggest that the company is looking to move beyond its roots as a small-transaction convenience platform. The company's rise coincides with the "meme stocks" phenomenon in early 2021, when retail trading surged in the wake of the Covid-19 pandemic.