Fresh off its inclusion in the S&P 500 index leading a new all-time high in its share price, US neobroker Robinhood Markets Inc (NASDAQ:HOOD) has announced the launch of Robinhood Social, its version of social trading.
Robinhood Social is described as a new trading community within the Robinhood app featuring live, verified trades and authentic profiles. Users can discuss strategies, follow experts, and more.
Robinhood also released what it terms new AI-powered custom indicators and scans on Robinhood Legend, to help you analyze trends and discover new opportunities; as well as new equities and crypto trading ladders, short selling, futures on Robinhood Legend, overnight Index Options, multiple individual brokerage accounts, and options simulated returns on Robinhood Legend.
“Robinhood is no longer just where you trade – it’s your financial superapp,” said Robinhood CEO Vlad Tenev.
Launching Robinhood Social
Robinhood said that it has heard from active traders that they rely heavily on social media to navigate the markets. But it’s harder than ever to understand what’s real and what isn’t. The company said it is changing that with Robinhood Social–where community is capital and you can follow other Robinhood traders, swap strategies, discuss market moves, and trade with clarity.
With Robinhood Social you can:
- See trades unfold live: All posted trades by customers will be verified and live, meaning you can see exactly where other traders enter and exit positions, right when they make their move. No more second-guessing what’s real and what isn’t.
- Track, talk, and trade: Discuss strategies, follow traders and start your trade right from the feed. This is the first social platform where you can trade across stocks, options, futures, crypto, and prediction markets, all without switching apps.
- See traders’ real performance. Check 1 year and daily P&L, profit rate, and dive into past trades for the people you’re most interested in. Plus, you can trust that every customer profile belongs to a real person, verified through KYC.
- Follow insiders, hedge funds, and politicians: Based on publicly reported trades, stay connected to some of the market’s biggest power players who aren’t on Robinhood including politicians, insiders, hedge funds, and others.
Robinhood Social is launching by invitation only to a select number of customers in the US early next year with broader availability expected to follow. It will be available at no additional cost.
The Legend Continues
A year ago at the first-ever HOOD Summit the company announced Robinhood Legend, its browser based trading platform for active traders. But that was only just the beginning–Robinhood now offers 90+ indicators, launched a snapshot widget that helps you track quotes and news, rolled out support for crypto & index options, added more metrics to the options chain, debuted options charts and drawing synchronization, and much more.
Today the company said it is taking Robinhood Legend to the next level. Not only is Robinhood expanding the number of assets available to trade on the platform, but it is making it easier than ever for traders to analyze trends, research trades, and explore new opportunities with Robinhood Cortex, its AI-powered investing assistant.
- Futures on Legend: Trade 40+ different CME Group futures products including S&P 500, oil, Bitcoin, gold, and more–all without PDT rules, greeks, or time decay. Plus, get some of the lowest commissions in the industry–as low as $0.50 with a Robinhood Gold membership–and real-time L2 futures data at no additional cost. With futures on Legend, you can trade directly on any chart or widget quickly and confidently as soon as you spot a trend, or you can trade on the ladder with the same elegant and intuitive experience you’ve come to expect since launching on mobile earlier this year.
- A new trading ladder on Legend: Our most active traders want the ability to move as fast as possible. That’s why we’re bringing our popular mobile futures ladder to Legend. With the new ladder widget, traders will be able to view L2 and P&L data while making one-click trades with auto-send enabled. Plus, it supports stocks, ETFs, and crypto, meaning you can get the same sleek experience for other asset classes that you’ve come to expect from Futures. The ladder widget on Legend launches in the US and UK today (note: crypto, ETFs and futures are not currently supported in the UK).
- Custom indicators powered by Robinhood Cortex: One of the most common pieces of feedback we’ve received is that Legend customers want access to custom indicators. But the only way to build one today is to code it, and very few people actually know how. With custom indicators by Cortex, just tell Cortex what you want to see on your chart and it’ll build a custom indicator for you–with no manual scripting or coding required. Plus, once you build a custom indicator on Robinhood Legend, it’ll automatically show up on mobile with no exporting or syncing required.
- Custom scans powered by Robinhood Cortex: Active traders on Legend want more ways to discover new trading opportunities–but existing tools are either too rigid, too slow, or too disconnected. With our new scanner widget, just tell Cortex what you’re looking for and it will monitor the market for matches, providing feedback in near real-time to help you find new trades and go from scan to execution in just seconds. It will be easier than ever to scan across stocks, ETFs, crypto, and futures.
This is the next big evolution of Robinhood Legend. Futures trading on Legend is rolling out today with broad availability expected in the coming weeks. Custom indicators and scans by Cortex will launch early next year to all Gold customers. A Robinhood Gold membership costs $5 a month or $50 annually.
Ladder Up Your Trading
We’ve grown up alongside our customers as they’ve matured from novice investors to more sophisticated traders and it’s become clear we need to improve our core trading experience to better meet their needs. Just earlier this week we rolled out multiple individual brokerage accounts to all customers, enabling more effective management and tracking of different investing strategies, and today we’re introducing additional improvements to give active traders even more speed, precision, and flexibility around the clock.
- Expanded mobile trading ladder: The futures ladder launched on mobile earlier this year, and just like on Legend, it will soon support stocks, ETFs, and crypto in the US. The stocks trading ladder will launch in the UK in the coming months (crypto, ETFs, and futures are not currently supported in the UK).
- Device linking: This new feature will allow you to sync your mobile device with Robinhood Legend to remotely navigate your futures, equities or crypto ladder. Launching later this year, it will enable you to monitor charts on your big screen, while placing trades on the ladder from the palm of your hand. We’ll keep innovating so our mobile app and Robinhood Legend work seamlessly together.
- Short selling: This is one of the most requested features by our active traders as it gives you the potential to take advantage of bear markets or hedge against existing long positions and systematic market risks. Leveraging our new equities trading ladder, you will be able to quickly visualize the market and move in and out of short positions in just one tap. It will also be available for those not using the ladder. Short selling will begin rolling out on both mobile and Robinhood Legend in the coming months.
- Overnight Index Options: Starting early next year, select Index Options will be available to trade overnight. Once available, overnight trading will be available each night beginning Monday at 8:15pm ET and running through Friday morning at 9:25am ET.
