Robinhood is expanding its reach into futures markets, adding Bitcoin and Ethereum in addition to oil and the S&P 500 index as part of a broader strategy to attract experienced traders.
A Robinhood spokesperson told Decrypt on Wednesday that futures trading through the company’s trading app is expected to launch “in the coming months.”
The offering includes Bitcoin contracts, MicroBitcoin futures, Bitcoin Friday futures, Ethereum futures, and MicroEthereum futures, according to a spokesperson.
Micro futures are small contracts designed to make futures trading more accessible to retail and small-scale investors.
The announcement was made at Robinhood’s first-ever customer conference, HOOD Summit, where the company introduced its new desktop platform, Robinhood Legend.
The platform is specifically designed for active traders and aims to offer sophisticated tools and real-time data, including the ability to execute futures trades and index options directly from the app.
Robinhood is focusing on derivatives to compete with established players like Charles Schwab and Morgan Stanley’s E*TRADE, which already offer crypto futures.
This comes as the cryptocurrency market continues to heat up, with the price of Bitcoin nearing an all-time high of $73,700.
“With the industry’s lowest fees and a slick mobile interface, there’s no reason to trade futures anywhere else,” JB McKenzie, Robinhood’s vice president and general manager of futures and international, said in a statement. said.
Gold subscribers can trade futures for as low as $0.50 per contract, while non-Gold users will pay $0.75, which is cheaper than traditional brokerages.
The move is expected to drive further interest among cryptocurrency traders seeking more sophisticated exposure to assets like Bitcoin.
Robinhood Legend, on the other hand, offers advanced charting tools, customizable layouts, and real-time data.
“From talking to active traders, we know there is dissatisfaction with traditional products,” Steve Quirk, Robinhood’s chief securities officer, said in a statement.
“Going back and forth between apps and charting platforms can be tedious and time-consuming. We are rethinking what a modern, intuitively designed active trading platform should look like. ” he added.
The platform will further support futures and index options trading as it continues to roll out through 2024.
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