Investment app Robinhood has set out to make stock trading simple and frictionless for the millennial generation. And while it already offers commission-free trading of stocks in the public space, there are users who want to do more. That’s why today the company is introducing Robinhood Gold, a premium suite of tools for experienced investors.
The company said it’s now processing $12 billion in transactions, double its June numbers. Robinhood claims to have saved $200 million in commission.
“Robinhood Gold is our vision for how the next generation of experienced investors will interact with the stock market,” said company chief executive Baiju Bhatt. “Just because a product is sophisticated doesn’t mean it needs to be confusing, too.”
Investors will receive several premium features with the new program, including extended trading hours, increased buying power, and instant reinvesting. Bhatt explained that these features are the most-requested by Robinhood users and are now available for $10 per month.
If you’re not an avid trader, here’s what these features mean: With extended trading hours, Robinhood now provides 2.5 more hours to make trades daily, which is particularly helpful during earnings season. “It’s painful to sit on the sidelines and watch, so we’ve made it possible for Robinhood Gold users to capture trading opportunities when they happen — even if it’s premarket or after-hours,” Bhatt said.
Those enrolled in this premium offering will have a “credit card” for the stock market, which essentially means the program provides twice as much buying power. If you have an opportunity and want to invest more, Robinhood will let you do so right away without requiring you to make a deposit from your bank.
Lastly, with instant deposits, Robinhood eliminates the three-day ACH waiting period by transferring money directly into your trading account.
Although these features aren’t new to the industry, Bhatt said that Robinhood is providing easier access, meaning that these features are all available for a flat monthly fee instead the complex pricing structures offered by traditional brokerage firms.
Experienced investors who have at least $2,000 in their Robinhood account will be able to take advantage of these premium features.