Robinhood launches in the UK
This is the third time the US-based trading app has tried to bring its product to the UK
US neobroker Robinhood is expanding internationally for the first time with its launch in the UK.
The trading app has attempted to go live in the UK twice before, first in 2020 where it ended up postponing and eventually cancelling its plans to launch because of the Covid pandemic.
Now the company is finally taking its brokerage services international, offering UK customers access to commission-free trading on more than 6,000 US-listed stocks and American Depositary Receipts.
“Since we launched Robinhood a decade ago, it’s always been our vision to expand internationally,” Robinhood co-founder and CEO Vlad Tenev said.
“As a hub for innovation, global finance and top tech talent, the United Kingdom is an ideal place for us to launch our first international brokerage product.”
Earlier this year, Robinhood brought Jordan Sinclair, former director of international expansion at Freetrade, on board as it readier itself to launch in the UK.
The company plans to attract customers with the offer of trading without foreign exchange fees, trading outside of market hours and no account minimums at launch.
Customers will be able to start investing for $1 and earn interest on their uninvested cash.
“For too long, UK investors have incurred high fees to invest in the US markets and earned low returns on their uninvested cash,” Sinclair said.
“We’re excited to give UK customers access to the Robinhood experience, remove unnecessary fees, and join our more than 23 million investors.”
Robinhood will grant app access on a rolling basis over the next few weeks, with full availability early next year, it said.
Residents in the UK can now join the waitlist and will be notified when they can sign up for early access.
According to Sinclair, “This is just the beginning for Robinhood UK and our global ambitions”.