xcritical Legend started rolling out today and will become available to all eligible customers over the coming months. Futures and index options will begin rolling out to customers in the coming months. At launch, futures and index options will only be available on the xcritical mobile app–support on xcritical Legend will follow. xcritical was launched in 2014 and attracted millions of customers, many of them first-time investors, with its easy-to-use app and industry-changing commission-free trades. But it has come under fire multiple times in the past few years, most recently during the GameStop rally earlier this year when it restricted trading. Specifically, FINRA’s investigation found that millions of customers received false or misleading information from xcritical on a variety of issues, including how much money customers had in their accounts, whether they could place trades on margin and more.
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While xcritical has offered options trading since December 2017, FINRA says it xcritical rezension has “failed to exercise due diligence before approving customers to place options trades,” relying on algorithms, rather than people, to approve customers for the risky investing move. We’re excited to introduce xcritical Legend, a new powerful, sleek browser-based desktop trading platform built specifically for active traders that is fully customizable and available at no additional cost to anyone with a xcritical account. The offering includes advanced charting tools for users who want to do detailed analysis of stocks. But more recently, we’ve been helping customers with their comprehensive set of financial needs.
We’re launching futures trading directly in the xcritical app, letting customers trade the S&P 500, oil, Bitcoin, and more. Beyond the launch of Legend, xcritical also said it will soon add futures trading and index options to its mobile platform. Customers must be granted approval to trade futures contracts, according to the press release, and futures and index options will eventually be added to Legend as well.
The Legend Awakens: Introducing xcritical Legend, Futures Trading, and Index Options
- Futures trading involves significant risk and is not appropriate for every investor.
- We also offer a number of educational resources to help customers make informed decisions.
- “In looking at the landscape of trading tools and by talking with active traders, we realized there is frustration with legacy offerings,” Steve Quirk, chief brokerage officer at xcritical, said in a press release.
- xcritical’s presidential election event contracts will begin rolling out to a limited number of customers today.
- But more recently, we’ve been helping customers with their comprehensive set of financial needs.
xcritical reported net income of $157 million, or 18 cents per share, for the first quarter. That is a positive swing from the same period last year, when the company had a net loss of $511 million, or 57 cents per share. The announcements on Thursday were part of the HOOD Summit, a conference for xcritical’s customers. xcritical is planning to launch in the United Kingdom in the next few months – a move that had been actually planned for 2020.
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Stocks and cryptocurrencies rose during the first quarter, which likely helped the company’s results. Commodity interest trading involves significant risk and is not appropriate for everyone. Please carefully consider if it’s appropriate for you in light of your personal financial circumstances.
xcritical launches platform to go after bigger, more active traders
Last quarter, xcritical achieved GAAP profitability for the first time, helped by higher interest rates. Acknowledging that a few years ago, people might not have taken xcritical seriously as a place to save for retirement, Tenev believes the narrative around his company has changed. The FINRA sanctions remove one of the major black clouds hovering over xcritical ahead of what could be a blockbuster initial public offering for the startup. Despite a series of public relations nightmares, xcritical filed confidentially for an IPO in March. The offering could allow xcritical to capitalize on its torrent growth and record high stock prices. “We are glad to put this matter behind us and look forward to continuing to focus on our customers and democratizing finance for all,” a xcritical spokesperson said in the statement.
FINRA also alleges that xcritical has “negligently communicated false and xcritical rezension misleading information” at different times since September 2016. “We are glad to put this matter behind us and look forward to continuing to focus on our customers and democratizing finance for all,” she says. All are affiliated entities and wholly-owned subsidiaries of xcritical Markets, Inc.