Robinhood released a desktop trading terminal named Legend. The company designed the software for traders who execute dozens of orders each session and who previously relied on competitors such as TD Ameritrade’s thinkorswim or Interactive Brokersâ Trader Workstation. Legend arrives together with in app futures contracts and cash-settled index options – expanding the broker’s product line beyond stocks but also ETFs.
âWith Legend, futures in addition to index options we give customers direct access to every major asset class so they decide how to build wealth,â Vlad Tenev, Robinhood’s Chairman besides Chief Executive Officer, wrote in a press release that reached ahead of the public announcement.
Engineers built Legend after interviewing more than two hundred active traders. The terminal consolidates price feeds, charts, order entry next to position tracking into one window. Users no longer toggle between a brokerage screen and a separate charting package. The interface loads in under two seconds on a standard broadband connection.
Legend is free for every Robinhood customer. The layout supports up to eight linked charts inside a single workspace. Each chart accepts candle, line, Heikin-Ashi, or bar format. More than forty drawing tools and sixty technical indicators populate drop down menus. Options traders open an option chain that lists every strike for the selected expiration. Streaming data updates in less than one second. A trader clicks any bid or ask to generate an order ticket pre filled with the correct symbol, quantity, order type. One additional click submits the order.
The terminal matches most features found in rival desktop platforms – it lacks portfolio margining and direct market access, two tools reserved for professionals at larger brokers.
Robinhood also activated futures trading inside the existing mobile application. Contracts on the S&P 500, Nasdaq-100, crude oil, gold, Bitcoin along with ten additional underliers will appear in the coming weeks. Pattern-day-trading rules do not apply. Gold subscribers pay fifty cents per contract. Other customers pay seventy five cents. Both rates undercut Schwab or E*TRADE, which charge one dollar and fifty cents. Futures trade almost twenty four hours per day, five days per week.
Education accompanies the launch. Robinhood Learn hosts new articles and short videos that explain margin requirements, tick sizes in addition to expiration procedures. Each customer must complete an eligibility questionnaire and receive approval before the first futures order.
Index options complete the product expansion. Contracts on the S&P 500 Index, the Nasdaq-100 Index next to the Russell 2000 Index settle in cash – assignment of shares never occurs. Traders may hold positions through the closing bell on expiration day. Gold members pay thirty five cents per contract. Other customers pay fifty cents. Schwab next to Fidelity charge sixty five cents.
Robinhood timed the releases to coincide with the HOOD Summit 2024. The company offers three cash bonuses for new deposits
– One percent of the value of any brokerage account transfer into a Robinhood individual or joint account. – Two percent of the value of any brokerage transfer when the account holds a margin loan balance of ten thousand dollars or more at the time of transfer. – Three percent of the value of any transfer into a Robinhood IRA for Gold members. Rollovers from employer plans do not qualify.
Each bonus credits to the customer’s account within thirty days and vests after a ninety day retention period. Margin involves risk of loss in excess of deposited funds. Robinhood Gold costs five dollars per month. Brokerage services provided by Robinhood Financial LLC, member SIPC.