Robinhood’s Legend Designed for Sophisticated Stock Traders

Robinhood Legend, a desktop-based tool for more sophisticated stock traders, was recently revealed by brokerage firm Robinhood. The platform has various enhanced tools for charting, tracking, and more in-depth analysis of stocks.

The new Legend platform may help grow the company’s reach and retention of a more advanced stock trader. According to Robinhood, customers have been asking for more advanced investment products and tools, which the Legend desktop app will provide.

“Moving back and forth between apps or charting platforms can be cumbersome and time consuming,” said Steve Quirk, chief brokerage officer at Robinhood, per CNBC. “So we set out to reimagine what a modern, intuitively designed active trading platform should look like, and built Robinhood Legend from the ground up so traders can do what they need in one place.”

Index options and futures trading are also coming to the Robinhood mobile app. Investors must seek approval for options and futures trading, which will ultimately be available on the Legend platform as well.

The Growth of Robinhood

Since its inception 11 years ago, the Robinhood mobile app has allowed users to participate in stock trading with a very small start-up investment and without broker commissions. The platform grew and began adding even more services, like a credit card for Gold subscribers and a digital wallet for cryptocurrency.

As of the second quarter of 2024, Robinhood had almost $140 billion in assets under custody and nearly 12 million monthly users. Around the time retailer GameStop stock went wild, the investment firm had $102 billion in assets, with 21.3 million users at the end of Q2 2021.

Robinhood’s launch of Legend is part of the firm’s strategy to get ahead of the upcoming transfer of wealth. Robinhood CEO Vlad Tenev predicts a massive amount of assets are going to be passed down from the Silent Generation and Baby Boomers to younger generations in the next couple of decades.

Current competitors for Robinhood’s Legend platform include offerings from big names like Vanguard and Fidelity Investments. The new tools will broach investment territory normally reserved for large banks, hedge funds, and asset managers.