Highlights
- Robinhood has launched futures and options trading for Bitcoin and other assets.
- The platform also rolled out a new Legend Platform designed for active traders.
- HOOD stock price continues its good weekly run as crypto offerings gain momentum.
Asset investment firm Robinhood has announced new features on its platform that give users more flexibility. In the coming months, the company will also offer Bitcoin and Ethereum trading futures, adding to its growing crypto offerings. Crypto users laud the new integrations as they underscore renewed institutional interest in the market.
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Robinhood to Launch Bitcoin Futures
In a new release, the company announced the launch of futures trading, as anticipated by most users. This will include Bitcoin, other crypto assets, oil, the S&P 500, etc. Unveiling future projects at the HOOD Summit, JB Mackenzie, the VP of Futures at Robinhood, said the firm is doing futures in its own way.
Mackenzie added:
“With some of the lowest fees in the industry and an elegant mobile user interface that allows customers to trade simply, quickly, and efficiently, there will be no reason to trade futures anywhere else.”
Tax Rules and Option Offerings
According to the statement, users will get the benefits of an almost 24-hour trading with a 60/40 tax treatment. This rule will see 60% of gains taxes in the form of long-term capital gains. The low commissions advertised on these offerings also come to the delight of users. In addition to these, the company also rolled out Index options with similar tax rules.
Users will trade index options directly on the app with a contract fee that it touts among the lowest in the sector. Gold members will create contracts for $0.35 while non-gold members’ contract cost was set at $0.50.
Company Launches Legend Platform
The newly announced Robinhood Legend was built for active traders onboarding fully customizable features at no cost to users. Its executives added that users were frustrated with the regular legacy offerings specifically moving through multiple platforms. This made trading conditions less favorable with the cumbersome and time-consuming procedure.
Take a look into the future: https://t.co/oIzJWZcGxH
Futures trading with our new intuitive trading ladder is coming soon to Robinhood. pic.twitter.com/GtlZ4j6I9W
— Robinhood (@RobinhoodApp) October 16, 2024
Per the release, the platform creates a modern design giving traders all the attributes in one place. Specifically, it incorporates deeper analysis suitable for on-chain data, giving traders an edge. Furthermore, advanced trading tools, dynamic linking, and real-time data buttress commitment to users.
The crypto market continues to record new products and offerings from traditional firms, igniting bullish sparks in the market. Robinhood has marked success from its foray into Bitcoin and crypto assets in previous quarters.
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