Robinhood Legend Review

Robinhood Legend Ratings at a Glance

Robinhood has made waves in the investing world with its no-commission model and user-friendly mobile app. With Robinhood Legend, the company is taking its offerings a step further, providing an advanced platform designed to cater to the needs of active traders. If you're familiar with Robinhood’s mobile app, you're in for an upgrade with Robinhood Legend, which offers more features, particularly for those who prefer desktop trading. Let's see what makes this new platform worth checking out.

Robinhood Legend Key Features

Robinhood Legend is a browser-based trading platform designed for active traders who thrive on detailed data and quick trades. It distinguishes itself from the mobile app by offering a more powerful, customizable interface that fully takes advantage of a larger desktop screen. Users can easily manage multiple charts, conduct deep technical analysis and execute trades – all from a sleek, modern UI.

Some key features of Robinhood Legend include:

• Customizable Layouts: Set up your trading dashboard in seconds with widgets and tools you can rearrange and resize as needed. Choose from premade layout templates or build your own to suit your trading style.
• Advanced Charting Tools: Robinhood Legend supports in-depth technical analysis with dozens of indicators, such as moving averages and Bollinger Bands. It also offers multiple chart types and the ability to display up to eight charts at once, which is useful for monitoring trends across different time frames.
• One-Click Trading: You can initiate a trade directly from a chart or watchlist with just one click. This feature lets traders capitalize on real-time market movements without leaving the analysis screen.
• Real-Time Data: Keep up with the market through real-time data updates, ensuring that you're always trading with the most current information.

Robinhood Legend delivers a professional-grade trading experience while keeping the platform accessible and easy to use. Its customization options allow traders to tailor the platform to their specific needs, providing the flexibility to act quickly on emerging market trends.

Robinhood Legend Commission and Fees

Robinhood Legend continues Robinhood's tradition of offering commission-free trading for stocks and ETFs, as well as no equity options contract fees, which makes it highly competitive in the industry. However, it's important to note that while many trades are commission-free, certain transactions, like index options, still incur contract fees. Compared to other platforms like Interactive Brokers and E*TRADE, which often charge higher fees for specific advanced features or have higher margin rates, Robinhood Legend remains a relatively cost-effective option for most investors, keeping fees as transparent and minimal as possible.

In comparison:

• Charles Schwab: Schwab offers commission-free trading but also charges $0.65 per options contract.
• Robinhood Legend: Offers commission-free trading with no contract fees for equity options contracts, providing more value for most options traders. It's important to note that index options and are subject to contract fees.

Robinhood Legend also caters to traders seeking low-cost margin trading, with margin rates starting at 5.2% and going up to 6.25%. This new tiered system offers a significant reduction from the previous 12% standard rate, and it remains highly competitive, beating out rates from Interactive Brokers Lite, E*TRADE and Charles Schwab. This makes Robinhood Legend a cost-effective solution for traders looking to leverage their positions without incurring high margin costs.

Robinhood Legend Ease of Use

Anyone familiar with Robinhood's mobile app will find Robinhood Legend an intuitive upgrade. The platform’s sleek design and customizable widgets make it easier for traders to personalize their workspace, allowing greater focus on analysis and execution. Whether you want to track multiple assets across different time frames or set up technical indicators, it’s all easily configurable within the browser interface.

Compared to mobile-based trading, Robinhood Legend excels in:

• Screen real estate: The ability to view multiple charts and data streams on a larger screen allows for a more comprehensive trading experience.
• Customization: While the mobile app provides a straightforward and streamlined experience, Robinhood Legend gives active traders more control over how they interact with the market by allowing them to adjust their trading views.

For experienced traders who are comfortable with fast decision-making, the one-click trading feature allows them to enter and exit trades without navigating away from the chart view, reducing the steps between analysis and execution.

Robinhood Legend Supported Assets

Robinhood Legend supports many assets, similar to its mobile app counterpart. Users can trade:

• Stocks: Access to a comprehensive list of U.S. stocks, making it ideal for those who trade frequently or want exposure to a broad market.
• ETFs: Exchange-traded funds are also commission-free, giving users a cost-efficient way to diversify their portfolios.
• Options: Robinhood has always been a strong contender for options traders and Robinhood Legend enhances this experience with its advanced charting tools.

Whether you're into traditional stock trading, Robinhood Legend supports some of the most popular asset classes for today’s traders.

Robinhood Legend Customer Support

Customer support for Robinhood Legend is similar to that for the mobile app, offering assistance via phone, live chat and an extensive help center. While some users have expressed frustrations with response times in the past, Robinhood has taken steps to improve its customer service, focusing on providing faster response times and more detailed resources to help traders troubleshoot issues on their own. Robinhood Legend users still benefit from the same level of support as mobile users, ensuring that any technical issues or questions can be addressed promptly.

Robinhood Legend Security Measures

Robinhood Legend continues Robinhood’s tradition of prioritizing security. The platform utilizes industry-standard encryption, ensuring that user data is protected. Furthermore, users can enable two-factor authentication (2FA) to add an extra layer of protection. Robinhood is also a member of SIPC, which means that securities in your account are protected up to $500,000, including a $250,000 limit for cash claims. Robinhood Legend is committed to providing a safe environment for all users, aligning with the security standards expected in the financial industry.

In summary, Robinhood Legend is a solid choice for active traders seeking an advanced, customizable and powerful browser-based trading experience. With most products commission-free, real-time data and the ability to personalize your trading view, Robinhood Legend is designed for traders who need a more professional setup without the hassle of traditional brokerage fees. Robinhood Legend that every click brings you closer to executing your strategy efficiently without sacrificing ease of use or charging unnecessary fees.

Frequently Asked Questions 

Disclosure:

All investments involve risk and loss of principal is possible.

While there is no additional cost to use Legend, there are other fees associated with your brokerage account. Review our fee schedule for more information. 

Robinhood Legend use is for informational purposes only and is not a recommendation of any security, investing or trading strategy. Some of the capabilities of Robinhood Legend may be different or absent from what is offered via the Robinhood mobile app or Robinhood classic.  Please be sure to understand these differences and what might work best for you.

Margin investing involves the risk of greater investment losses. Before using margin, customers must determine whether this type of strategy is right for them given their investment objectives and risk tolerance. For more information please see our Margin Disclosure Statement. 

Options trading entails significant risk and is not appropriate for all investors. Customers must read and understand the Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Customers should consider their investment objectives and risks carefully before investing in options.

Trades of stocks, ETFs and and their options are commission-free at Robinhood Financial LLC.  Other fees may apply. Index options are charged a contract fee. Please see Robinhood Financial’s Fee Schedule to learn more.

Lowest margin rates among leading brokerages is based on published rates as of 9/19/24. Competitors selected based on publicly disclosed margin balances with commission-free trading. Firms that aren't publicly traded, without data available to the public were not included. Rates correspond to the minimum margin balance tier offered by each competitor and are subject to change at any time.

Robinhood Financial LLC (member SIPC), is a registered broker dealer.  Robinhood Securities, LLC (member SIPC), is a registered broker dealer and provides brokerage 

clearing services.