By
Godfrey Benjamin
April 22nd, 2024
The well-known commission free trading app Robinhood has updated platform’s customer service with a number of analyst tools for better research and trading experience.
What does largely separate cryptocurrency from any traditional investment types are unpredictable swings of the price that keep market participants in constant tension. Certainly, there are no absolutes and other investment assets exhibit fluctuations as well, but due to their relatively long-standing market appearance, investors have no problems ceasing high volatility in accordance with timely approved schemes.
Cryptocurrency, on the other hand, plays a dark horse as investors so far have not developed any particular guidelines to deal with digital trading and the rapidly evolving new class of assets is said to bring many surprises in the future.
As a result, to come up with more or less balanced and rational investment decisions traders need as much information as possible. The popular crypto-app Robinhood aims to fulfill investors’ request while rolling out the latest updates of platform’s trading tools.
According to the official announcement, Robinhood is going to launch candlestick charts instead of commonly used line diagrams. The new chart option is like a combination of line-chart and a bar-chart where each bar represents all four important pieces of information for that day including the open, the close, the high and the low.
Being densely packed with information, they tend to represent trading patterns more accurately, therefore Robinhood users will be able to seamlessly monitor price activity for each of the 16 different cryptocurrencies currently listed on the app, along with the other stocks, options and exchange-traded funds offered.
The Robinhood spokesperson said that the announced feature was mostly triggered by the urgent requests from traders, saying the customer support team has received 1-2 tickets from customers per day, on average. Further she stressed the contribution of candlestick charts to volatility mitigation:
“Candlestick charts help investors better understand how prices move. They show the open, high, low, and close price during a given time frame, and how volatile the price has been, while a line chart only displays the close price. With this information, investors can also determine how volatile the price has been.”
The latest update also includes such discovery tools as analyst ratings, which provides market commentary based on Wall Street analysts and a tool called ‘People Also Bought,’ which allows users to track what others are purchasing on the Robinhood platform.
All of the features significantly improve the customer experience and help investors make better-informed decisions that comes in line with the app’s mission to provide investors with the best financial products at the lowest cost.
Claimed as one of the biggest cryptocurrency trading platforms in the U.S., Robinhood is now available in a web format, which is a big change for the company that has been primarily app-based since its launch. Investors can now open, close and monitor positions of top cryptocurrencies directly from their desktops.