Robinhood expands Android crypto trading with stop-loss and stop-limit orders, while planning to launch futures in the U.S. and Europe.
Robinhood has rolled out new options for crypto trading through the Android app, including stop-loss and stop-limit orders.
This update brings the Android users in line with the iOS users, allowing both to set automated actions based on price action that reduces risk.
Robinhood Unveils Major Update For Android Users
Robinhood has added new order types to its Android app, which allows the users to have more control over their trading activities in cryptocurrencies. The latest feature added to the Android application is the stop-loss and stop-limit orders which enable traders to set up an automatic sell or buy order at certain price levels.
These tools are aimed at allowing traders to minimize losses or lock in profits, something that was not possible before on the Android app. Including these order types brings the feature set of the Android app in line with that of the iOS app, thus providing the users with similar experience on both platforms.
The new features are part of Robinhood’s strategy to expand the service of cryptocurrencies which have been in high demand among the retail investors. The company’s model of offering zero-fee trades has helped it attract new and seasoned investors, especially those interested in the crypto space. Consequently, the users of the platform are likely to be receptive to this update given that the platform’s user base is continuously increasing.
Expansion into New U.S. Territories
In July, Robinhood Crypto expanded its services to include three new U.S. territories: the U.S. Virgin Islands and Puerto Rico. This expansion allows users in all U.S. territories to trade 15 cryptocurrency assets on the platform, including widely traded options like Bitcoin and Ethereum.
This move positions it ahead of major U.S.-based competitors such as Coinbase and KIn July, Robinhood Crypto expanded its services to include three new U. S. territories: the U. S. Virgin Islands and Puerto Rico.
With this, users in all the US territories can trade 15 cryptocurrencies on the platform, which include the most popular ones such as Bitcoin and Ethereum.
Plans to Launch Cryptocurrency Futures in the US & Europe
Similarly, the trading platform is eyeing more crypto products as it continues to roll out a cryptocurrency futures product in the United States and Europe. As reported by CoinGape, the company plans to leverage the licenses of Bitstamp, a crypto exchange that it has agreed to purchase for $200 million, for this new endeavor.
After the acquisition is completed, Robinhood aims to introduce CME-based futures for Bitcoin and Ether, primarily focusing on the U.S. market.
Concurrently, the company has faced certain challenges such as a Wells notice from the United States Securities and Exchange Commission (SEC) pertaining to certain tokens traded on its platform. Meanwhile, the Robinhood (HOOD) stock price has seen a bullish shift. At press time, HOOD was trading at $20.28, a 1.50% surge from the day’s low.

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Aug 8 - Robinhood's entry into futures trading this year could be met with some caution by retail traders if it charges a fee, J.P. Morgan analysts said on Thursday.
The company has not yet disclosed its plans, but orders for futures and options are often costlier to execute than stocks, which could result in it charging a fee to cover additional costs.
The product is a crucial step in Robinhood's effort to grow into a full-fledged financial services provider for retail investors looking to dabble in more complex products.
It already charges, opens new tab 3 cents per contract for options trading tied to stocks and exchange-traded funds.
J. P. Morgan analysts said charging a fee for futures trading would mark a "structural" difference for the company known for pioneering commission-free trades.
"We are skeptical of success when considering the new economics of the (index options and futures) offerings," J.P. Morgan said.
Given Robinhood's value proposition has been 'commission-free' trading, we see this structural difference that will necessitate a change in client behavior presenting potential adoption risk."
GAINING MARKET SHARE
Robinhood CFO Jason Warnick said on Wednesday the company has been gaining market share in options trading.
Options revenue surged 43% to $182 million in the three months ended June 30, while the number of options contracts traded jumped 38%.
We have several major advantages relative to what you see elsewhere in the options market," CEO Vlad Tenev said.
Compared to its 3-cents-per-contract charge for option products, Tenev said, "Most of our competitors charge $0.65 a contract, which can add up if you're an active trader."

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