- Robinhood has introduced the awaited desktop platform.
- It allows users to trade index options and futures on the benchmark S&P 500 index, oil and bitcoin.
The fintech company Robinhood, democratized finance with commission-free trades has launched its desktop platform. The firm further introduced futures and index options trading on its mobile app, on Wednesday at HOOD Summit 2024. The firm aims to compete with the traditional brokerages.
Robinhood CEO Vlad Tenev reveals that the first thousand early access spots to the firm were claimed in 46 seconds. Moreover, the trading platform offers users the capability to have up to eight charts in a single window with dozens of settings and access to the candle, line, and other chart types.
Robinhood’s redesigned platform is available to users at no additional cost. Moreover, it offers advanced trading indicators with real-time data updating at sub-second intervals. Besides, it allows users to trade futures on the benchmark S&P 500 index, oil, and bitcoin, among others. Tenev further mentioned the accessibility of index options trading in the coming months, with extended-hours trading.
JB Mackenzie, VP and GM of Futures and International at Robinhood mentioned that, with the lowest fees and a refined mobile user interface in the industry, it allows customers to trade quickly and efficiently.
The Robinhood Gold subscribers can trade futures for as low as $0.50 per contract, while non-Gold customers should pay $0.75. Robinhood investors can benefit from the 60/40 tax rule, where 60% of gains are taxed as long-term capital gains.
On the other side, the Robinhood expansion includes major cryptocurrencies such as Bitcoin and Ethereum, including Bitcoin contracts, micro Bitcoin futures, Bitcoin Friday futures, Ethereum futures, and micro Ethereum futures.
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