Note the following information when using Robinhood Legend.

Note the following about crypto trading on Robinhood Legend:

• Certain crypto that are normally tradable via our mobile app or web classic platforms are not tradable
• Crypto transfers are not supported
• Crypto trading may not be available in all states

Crypto trading and fees

There is a transaction-based fee associated with crypto trades through Robinhood Legend. Review the Robinhood Crypto Fee Schedule for a description of this fee. Crypto orders are only routed to partner exchanges, which may execute at prices that differ from the prices available through non-exchange liquidity providers. Eligible crypto orders, at present or in the future, may be routed to either partner exchanges or non-exchange liquidity providers, at your election, through our mobile app. Our web classic platform supports the routing of crypto orders only to non-exchange liquidity providers. The quantity and estimated cost or credit for crypto orders are determined as follows:

• The quantity and estimated cost or credit for a dollars-based crypto market order is calculated based on the ask price (for buy orders) or bid price (for sell orders) at the time that the dollar amount is entered on the order form.
• The estimated cost or credit for a coin-based crypto market order is calculated based on the ask price (for buy orders) or bid price (for sell orders) at the time that the quantity is entered on the order form.
• The quantity and estimated cost or credit for a dollars-based crypto limit order is calculated based on the limit price at the time that the dollar amount is entered on the order form.
• The estimated cost or credit for a coin-based crypto limit order is calculated based on the limit price at the time that the quantity is entered on the order form.
• The quantity and estimated cost or credit for a dollars-based crypto stop or stop limit order is calculated based on the stop price.
• The estimated cost or credit for a coin-based crypto stop or stop limit order is calculated based on the stop price.

The bid and ask prices referenced above, as well as the bid and ask prices used when determining the default limit price on the limit order form, are derived from third-party market data sources. The Third-Party Information section in Robinhood Crypto (RHC) Customer Agreement includes terms about these sources.

As described in the RHC Customer Agreement, RHC collars all crypto market buy orders by using limit orders priced up to 1% above the last ask price and collars all crypto market sell orders by using limit orders priced up to 5% below the last bid price. Crypto recurring investment orders cannot be placed through Robinhood Legend. Additional information regarding crypto available on Robinhood Legend, including a list of crypto available for trading, can be found in Crypto availability.

Robinhood Legend generally will have the following prepopulated fields in the order form, unless other contextual customer-selected information overrides such fields. The prepopulated fields may change from time to time. The pre-population of such fields is purely for illustrative purposes and should not be considered a recommendation or investment advice. The following are several key details for some of the different assets offered on Legend.

Equities

• The default order type could be a limit order or a market order.
• The default time-in-force will be a good-for-day (GFD) order.
• The default quantity will be 1 share.
• The default limit price on the limit order form will be the natural price (bid for sell and ask for buy) at the time the form is opened.
• The default limit price on the stop limit order form will be set to the stop price value on the order form and will move in conjunction with the stop price, until it is changed by the user. The stop price value on the order form will be defaulted to 1% below the bid for sells (or rounded down to the next available tick increment) and 1% above the ask for buys (or rounded up to the next available tick increment) at the time the order form is opened.
• The default trail type for trailing stop orders will be percentage and the default trail percentage will be 1%. If you select an amount trail type, then the default trail amount will be $1.
• The default sessions for limit orders will be market hours between 9:30 AM-4:00 PM ET, extended hours between 7 AM-9:30 AM ET, and 4:00 PM-8:00 PM ET, and market hours otherwise.

Options

• The default order type will be a limit order.
• The default time-in-force will be a good-for-day (GFD) order.
• The default quantity will be 1 contract.
• The default limit price on the limit order form will be the natural price (bid for sell and ask for buy) at the time the form is opened. For multi-leg orders, the default limit price will be the mark price (i.e., generally the midpoint of all options that make up the legs of the multi-leg spread) at the time the form is opened.
• The default limit price on the stop limit order form will be set to the stop price value on the order form and will move in conjunction with the stop price, until it is changed by the user. The stop price value on the order form will be defaulted to 1% below the bid for sells (or rounded down to the next available tick increment) and 1% above the ask for buys (or rounded up to the next available tick increment) at the time the order form is opened. Stop orders for multi-leg orders are not supported.
• When closing an options position, particularly a multi-leg position, Robinhood Legend will name the order solely based on the contracts in the order and not on the position or strategy being acted upon. This is different from the experience in the mobile app or on web classic, where the order's name reflects the position being acted upon.

Crypto

• The default order type could be a limit order or a market order.
• The default quantity type will be dollars.
• The default amount for a dollars-based order will be $1.
• The default quantity of a coin-based order will be 1 coin.
• The default limit price on the limit order form will be the natural price (bid for sell and ask for buy) at the time the form is opened.
• The default limit price on the stop limit order form will be set to the stop price value on the order form and will move in conjunction with the stop price, until it is changed by the user. The stop price value on the order form will be defaulted to 1% below the bid for sells (or rounded down to the next available tick increment) and 1% above the ask for buys (or rounded up to the next available tick increment) at the time the order form is opened.
• The default time in force will be good for 24 hours.

Stop market orders

Stop market orders carry additional risk, especially during volatile market conditions:

• Stop prices are not guaranteed execution prices. A stop order becomes a market order, subject to the collaring logic described for crypto orders, when the stop price is reached. Because the market may move, the price at which a stop order ultimately is executed may be very different from the stop price.
• Stop orders may be triggered by a short-lived, dramatic price change. During periods of volatile market conditions, the price of an instrument (e.g., the price of a stock, an option, or a coin) can move significantly in a short period of time and trigger an execution of a stop order (and the instrument may later resume trading at its prior price level). Note that a stop order is triggered under these circumstances, which may trade at an undesirable price even though the price of the instrument may stabilize during the same trading day.
• Sell stop orders may exacerbate price declines during times of extreme volatility. The activation of sell stop orders may add downward price pressure on an instrument. If triggered during a precipitous price decline, a sell stop order is more likely to result in an execution well below the stop price.
• Placing a limit price on a stop order may help manage some of these risks. A stop order with a limit price (a stop limit order) becomes a limit order when the instrument reaches the stop price. A limit order is an order to buy or sell an instrument for an amount no worse than a specific price (i.e., the limit price). By using a stop limit order instead of a regular stop order, you can get additional certainty on the price. Be aware that because brokers cannot sell for a price that is lower (or buy for a price that is higher) than the limit price selected, there is a possibility that the order will not be executed at all. Consider using limit orders to prioritize price over execution.

As of January 2025, note the following for Robinhood Legend:

• Your trade confirmation and statements will be accessible via our mobile app and web classic platforms, but not on Legend
• Dividend reinvestment and recurring investment orders (pending and filled) are not viewable on the recent orders widget
• Joint investing accounts are not supported on Legend

The tools (e.g., widgets) may prepopulate a single stock or crypto when you first use Robinhood Legend or if the tools are unable to load your previous settings. In addition, when using the search function, the tools may prepopulate popular stocks or popular crypto. Note that the prepopulation of such stock or crypto is purely for informational purposes and is not investment advice or a recommendation to buy, hold, or sell any security or crypto.

Lists

Robinhood lists are provided for informational purposes only by Robinhood Markets, Inc., and are not investment advice or a recommendation to buy, hold, or sell any security or crypto. The lists are generated using Robinhood data, not overall market data. Robinhood lists are not personalized recommendations, and the securities or crypto listed may not be suitable for you. You should not buy or sell anything on the list without first determining it is appropriate for your portfolio or investment strategy.

My First List may be prepopulated with sample stocks to demonstrate the functionality of Robinhood Legend. The stocks included in your prepopulated list are a combination of the most traded stocks on Robinhood within 30 days of joining and the most commonly added stocks to a Robinhood watchlist within 30 days of joining, exclusive of stocks shown in the first list. These lists are generated using Robinhood data, not overall market data, and reflect the behavior of our customers who joined between September 2021 and February 2022. You can remove these stock symbols from your list and add others of your choosing.

Equities

The methodology according to which a single stock will be prepopulated is based on the following considerations:

• US listed single stocks most commonly held by Robinhood customers (i.e., not an ETP) with the exclusion of Robinhood Markets, Inc. stock (NASDAQ: HOOD)
• The existence of an underlying options market (i.e., stocks without an options market are excluded)
• Stocks with a start of day market capitalization of greater than $1 billion

After using the tools on Robinhood Legend, it may prepopulate to an instrument that you searched by using the tools or an instrument otherwise referenced on a tool you used.

Crypto

The prepopulated crypto in the search function will be what’s most commonly held by Robinhood Crypto customers and available to trade on Robinhood Legend. The methodology according to which a single coin will be prepopulated in a template layout is based on the following considerations:

• The most commonly held crypto by our customers and are available to trade on Legend with a start of day market capitalization of greater than $15 billion.
• These sets of popular crypto are generated by using Robinhood data, not overall market data, and reflect the behavior of our customers as of the end of the prior fiscal quarter.

After using the tools on Robinhood Legend, it may prepopulate to an instrument that you searched by using the tools or an instrument otherwise referenced on a tool you used.