Robinhood Markets Inc. is broadening its offerings to futures trading and index options as the retail brokerage aims to attract more sophisticated investors to its platform.
The futures contracts investors will be able to trade include stock indexes, currencies, metals and energy including natural gas and crude oil, with an access commission of 50 cents for Robinhood Gold members and 75 cents for other customers.
Cryptocurrency futures will also be available, the company said Wednesday, confirming an earlier Bloomberg News report.
The firm also will offer CBOE Global Markets Inc.-supported index options at 35 cents per contract for Gold members and 50 cents for other clients.
Robinhood and other brokerages are vying for customer loyalty after the pandemic prompted many novice investors to look into capital markets. They've broadened their businesses to include more assets, longer trading hours and other investing capabilities.
"For a certain type of customer that is much more advanced and sophisticated, these products fill a need," Robinhood Chief Executive Officer Vlad Tenev said in an interview Thursday with Bloomberg Television.
Beyond the expansion into futures trading and index options, Robinhood also is rolling out a browser-based trading platform that's more akin to those offered by Interactive Brokers Group Inc. and Charles Schwab Corp., which are geared toward more mature investors and allow for advanced customization.
