The retail trading platform will invite only a select group of customers to join Robinhood Social early next year, with plans of a wider rollout later.
Robinhood Markets Inc. rolled out a new social media platform for its active retail trading community on Tuesday, alongside several other product launches, as the brokerage looks to expand its user base.
“Robinhood is no longer just where you trade – it’s your financial superapp,” said Robinhood CEO Vlad Tenev.
Retail sentiment on Stocktwits about Robinhood was in the ‘extremely bullish’ territory at the time of writing, and the ticker was the top trending one.
Retail traders are increasingly getting active on social media, and a growing number of them scan the depths of various platforms for trading ideas. This was most prominent during the pandemic with the meme stock rally, driven primarily by platforms such as Reddit, X, and Stocktwits.
Robinhood said all users will be verified, and their posted trades will continue to be updated in real time. Members can also view one-year and daily profit and loss, as well as past trades, for the people they’re most interested in.
They will also get to see the trades of public figures, such as Nancy Pelosi and Bill Ackman, based on their regulatory disclosures. According to a Bloomberg News report, citing the firm, direct messages, sharing links and images, and other standard social media capabilities will likely be added later.
Separately, during its annual Hood Summit in Las Vegas, Robinhood announced that users of its desktop-based platform, Robinhood Legend, will be able to trade futures, including the S&P 500, oil, Bitcoin, and gold. It will also allow users to short any stock and allow overnight trading of select index options early next year.
“Robinhood taking over industries,” one user wrote on Stocktwits.
Robinhood’s stock has more than tripled this year, benefiting from the higher trading volumes driven by the crypto-friendly Trump administration. The stock will become part of the S&P 500 benchmark index from Sept. 22.
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