A Robinhood spokesperson told Decrypt on Wednesday its futures choices through its trading app is anticipated within the “coming months.”
The selections will encompass Bitcoin contracts, micro Bitcoin futures, Bitcoin Friday futures, Ethereum futures, and micro Ethereum futures, the spokesperson talked about.
Micro futures are smaller contracts designed to electrify futures trading more accessible to retail and smaller-scale investors.
The announcement used to be made during Robinhood’s first-ever buyer convention, HOOD Summit, the place the company launched its original desktop platform, Robinhood Chronicle.
The platform is designed specifically for animated merchants, aiming to provide sophisticated instruments and precise-time data, along with the capability to trade futures and index suggestions straight from the app.
Robinhood is positioning its specialize in derivatives in a hiss to compete with established gamers like Charles Schwab and Morgan Stanley’s E*TRADE, which already provide crypto futures.
It comes as the crypto market continues to heat up, with the impress of Bitcoin drawing come its all-time high, terminate to $73,700.
“With a couple of of the bottom prices within the industry and an lovely mobile interface, there will be no purpose to trade futures wherever else,” talked about JB Mackenzie, Robinhood’s VP and GM of Futures and Worldwide.
Gold subscribers will be in a area to trade futures for as low as $0.50 per contract, whereas non-Gold customers will pay $0.75, undercutting passe brokerages.
The transfer is anticipated to force further passion among cryptocurrency merchants searching for more sophisticated exposure to sources like Bitcoin.
Robinhood Chronicle, meanwhile, will provide developed charting instruments, customizable layouts, and precise-time data, consistent with an announcement.
“By speaking with animated merchants, we realized there may perhaps be frustration with legacy choices,” Steve Quirk, chief brokerage officer at Robinhood, talked about within the commentary.
“Transferring relief and forth between apps or charting platforms may perhaps well be cumbersome and time-ingesting. We remark out to reimagine what a current, intuitively designed animated trading platform must mute behold like,” he added.
The platform will further relief futures and index suggestions trading as it continues to roll out through 2024.
