Robinhood launching trading app in the UK

Share trading app Robinhood is launching brokerage services across the UK in a bid to ‘democratise finance’ and ramp up access to markets. 

UK investors will be able to trade over 6,000 US-listed stocks and American Depositary Receipts commission-free via Robinhood’s platform, without foreign exchange fees and no account minimums, the group claims. 

Amazon and Tesla shares will be among the swathes of US stocks available via the firm’s UK platform. 

The US-based group, which tried to launch a brokerage service in the UK three years ago, found itself at the centre of the GameStop retail trading frenzy in the US during 2021, when investors flocked to the platform to back so-called ‘meme stocks’. 

UK hub: Share trading app Robinhood is launching brokerage services across the UK

‘For too long, UK investors have incurred high fees to invest in the US markets and earned low returns on their uninvested cash,’ Jordan Sinclair, president of Robinhood UK, said.

‘We couldn’t be more excited to launch in the UK.’ 





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UK users of the app will also be able to earn 5 per cent interest on uninvested cash, which is converted from pounds to dollars.

On the landing page of its UK website, Robinhood allows users to add an email address to join a waiting list. 

Cash deposited will be eligible for Federal Deposit Insurance Corporation insurance up to a maximum of $2.25million.

Vlad Tenev, chief executive and co-founder of Robinhood, said the UK was the ‘ideal place’ for the company to launch its first international brokerage product, describing the country as a hub for innovation, global finance and tech talent. 

In charge: Vlad Tenev is the co-founder and chief executive of Robinhood

Robinhood, which was launched in 2013, attracted significant attention in 2021, but in recent times its trading activity has sunk.

 It has suffered the impact of US consumers grappling with high inflation and higher interest rates, reflecting a similar slowdown in UK-based trading platforms. 

The online brokerage missed Wall Street estimates for third-quarter revenue earlier this month, after a slowdown in trading activity, sending its shares down over 9 per cent.

Robinhood’s transaction-based revenue slipped 11 per cent year-over-year to $185million. Monthly active users fell 16 per cent to $10.3million from a year earlier.

Robinhood and the Wall Street Bets saga   

By December 2020, the retail stock trading boom experienced in many countries around the world pushed some US members of the Wall Street Bets subreddit to use Robinhood to trade stocks and options.

It ended up being a blessing and a curse for the platform, which enjoyed surging new user numbers, but endured losses as a result of members of the subreddit learning, and sharing, how to exploit Robinhood bugs or features.

And in January 2021 Robinhood was one of a number of trading platforms captivating DIY investors after restricting trading of heavily shorted stocks, such as GameStop. 

Robinhood and other platforms argued the decision was the result of clearing houses raising collateral requirements for trades on highly-shorted stocks.

Wall Street Bets users had initiated a ‘short-squeeze’ and attempted to drive the price of stocks like GameStop higher.

When restrictions were lifted, shares in many affected companies fell dramatically – leaving traders who had bought at the top nursing heavy losses. 


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