Robinhood Launches Desktop Platform, Adds Features and Index Options Trading

An anonymous reader quotes a report from Reuters: Robinhood launched its long-awaited desktop platform and added futures and index options trading features to its mobile app on Wednesday, as the fintech firm aims to take market share from traditional brokerages. The 11-year-old commission-free trading app, which became synonymous with mom-and-pop investors in 2021, is now seeking to mature into a full-fledged financial services provider and compete with established brokerages that serve institutional investors. The Menlo Park, California-based company said its desktop trading platform, dubbed "Robinhood Legend," will focus on active traders.

The platform, available at no additional cost, will offer advanced trading tools, real-time data, as well as custom and preset layouts. Meanwhile, the app will allow users to trade futures on the benchmark S&P 500 index, oil and bitcoin, among others. Customers can also trade index options. [...] Subscribers to Robinhood's premium Gold tier will be able to trade futures for as low as 50 cents per contract, while non-Gold users will need to pay a commission of 75 cents. You can tune in to the company's live product announcement on YouTube.

No matter how you feel about the whole GME thing

[Revek]

Its a fact that Robin Hood took away the buy button on GME in 2021 to keep from going bankrupt. Any brokerage that maniplates the stocks you are buying isn't someone I would do business with.

You mean the guys who stop you from trading?

[drinkypoo]

You mean the guys who stop you from trading because you're affecting the big boys? Fuck them. Fuck them hard. And fuck their slashvertisement, too.

Re: You mean the guys who stop you from trading?

[flyingfsck]

The big boys will also stop you from trading and may even roll trades back. TD Waterhouse turned a profit into a loss for me that way. Now they are paying a 3 billion fine on another matter, which I am wrily smiling about.

Re:

[VeryFluffyBunny]

No, no, no. According to the legend, Robin Hood took from the rich to help the poor. You've got this all wrong. They're literally called "Robin Hood" so they must be into the socialist redistribution of wealth by any means necessary whether legal or not.

I'm trying to think of a less appropriate name for a stock-trading service but... I'm stumped!

Re:

[buck-yar]

Isn't a part of their business model to get paid by sending customer trades through these dark exchanges that give horrible prices, "payment for order flow?" Do I have that right? Most of their revenue comes from PFOF

Open question to anyone who uses this platform

[oh-dark-thirty]

Knowing what you know about their past behavior, why are you still there?

Platform?

[Enigma2175]

What does a "desktop trading platform" get me that a website doesn't? I'm sick of services that require you to use an "app" which is usually just a thinly disguised browser. On mobile they do this so that the app can steal my location, contacts, etc. but why are they doing it on desktop?

Re: Platform?

[flyingfsck]

To steal your location, contacts, history, private pictures etc :(

Robinhood is still around?

[Fly Swatter]

I thought that app that made trading like a game was a fad, once the free stock gimmick is (was?) over so are they.

-honestly though IDGAF

Re: Robinhood is still around?

[flyingfsck]

The stock market is in a new bubble - that is why.

But can you open a joint account?

[micheas]

Robinhood has several features for prudent investors. (Dollar cost averaging is much easier on Robinhood. Just by $100 of a stock every day, no figuring out how many shares to by, no need to queue up the trades for a week to get to the value of a full share.)

But, then they fall apart on some of the basics, like a joint account.

Re:

[SvnLyrBrto]

> some of the basics, like a joint account.

I would say that the basic they failed on was in not letting you use your own money to buy the stocks you want when you want them because they're nothing but a pack of whores to the short-selling hedge and equity funds and "activist investors" who were trying to destroy a company for a quick gain on their quarterly balance sheets. I would never trust or use a brokerage that pulled those shenanigans again. And actually I'm more than a little bit surprised that

RobinHood is fine with me

[KlomDark]

By far the best mobile interface for trading. And they don't screw you with extra charges every time there's a stock split. eTrade always hit me for those. Moved all my stuff to RH and life is much better. Get screwed on GME? Well playing games like that will occasionally get you burned. For normal stuff it's perfect.