The online brokerage Robinhood Financial has eliminated its three-day waiting period for the use of funds deposited into an account.

The Palo Alto, Calif., company introduced its Robinhood Instant product on Tuesday, according to the firm's website. Transfers from a bank or credit union account into a Robinhood account, totaling up to $1,000, can be available for trading immediately.

Robinhood Instant also allows users to immediately reinvest any money made from stock trades. Users previously were required to wait three days for a stock sale to settle before the proceeds were available for reinvestment.