Robinhood Markets has unveiled 24 Hour Market, which offers retail traders flexibility and access to the markets 24 hours a day, 5 days a week.
Speaking on the Robinhood’s Q1 earnings call, Vlad Tenev, CEO and Co-Founder, said the launch of 24 Hour Market shows the firm is “not slowing down”.
Robinhood will start rolling out 24 Hour Market on May 16 to a subset of customers and it will be available to everyone in June. Robinhood is extending trading hours in partnership with Blue Ocean, which operates the alternative trading system BOATS.
“We’re continuing to ship aggressively, increase customer satisfaction, and deliver strong financial performance on the path to GAAP profitability,” he added.
For the first quarter of 2023, which ended March 31, 2023, Robinhood’s total net revenues increased 16% to $441 million.
According to Tenev, using 24 Hour Market, retail traders can place limit orders to buy whole shares of 43 of the most traded ETFs and individual stocks– such as TSLA, AMZN and AAPL.
“24 Hour Market lets customers invest when they want, on their schedule,” he said.
Trading hours will run from 8:00 pm ET on Sunday to 8:00 pm ET on Friday.
“We are relentlessly focused on building products tailored to fit people’s lives and make investing more accessible to everyone– not just a select few. We’ve often heard from customers that it’s tough to find time for investing during regular market hours with work, family, and everything in between,” commented Tenev.
He added that with 24 Hour Market, advanced traders have the flexibility to act in real-time, around the clock, managing their portfolio and adapting to new information, whenever it hits.
24 Hour Market also provides access to research and analysis.
In a blog post, Robinhood explained how it works:
- Select your stock or ETF. Stocks and ETFs that are tradable 24 hours will be differentiated in-app. A 24 Hour Market list will also show the 43 stocks and ETFs that can be traded. This list includes many of the most popular symbols by trading volume.
- Name your price. Customers can place 24 Hour Market orders in the Limit Order flow. As a first step, customers type in the maximum price they would pay for the security – or the minimum price they would sell for.
- Set trading hours and time in force. Select the 24 Hour Market trading session and choose when a limit order should be executed by, or expire.
- Select number of shares. After selecting how many shares they’d like to buy, traders will see a summary of the order, including the limit price, time in force, and total estimated cost. Swipe to submit, and the trade is made!
“Robinhood’s 24 Hour Market levels the playing field so extended trading is no longer exclusively reserved for those operating on U.S. East Coast hours. You invest on your time,” Tenev said.
