Robinhood, the popular stock-trading platform based in California, has officially expanded its services to the United Kingdom (UK), marking its first foray into international markets since its inception in the United States over a decade ago.
Beginning today, early access to the Robinhood app is available for those who join the waitlist, with a gradual rollout to the entire UK population expected in early 2024. The official statement from Robinhood outlines the key features of its services in the UK.
"Starting today, we're rolling out brokerage services in the United Kingdom. UK customers will have access to commission-free trading of more than 6,000 US-listed stocks and ADRs, including popular options like TSLA, AMZN, and AAPL," the company said.
"Our expansion to the UK marks an important milestone in our journey to democratize finance around the globe and increase access to the markets for all," it added.
Robinhood Offers Trading Without FX Fees
At launch, the platform will offer "trading without foreign exchange (FX) fees, trading outside of market hours with Robinhood 24 Hour Market, and no account minimums." Users can start building a portfolio with as little as $1 and earn a 5% AER on uninvested cash while refining their investment strategy.
Access to the app will be granted on a rolling basis in the coming weeks, reaching full availability in early 2024. Residents of the UK can join the waitlist, and upon doing so, they will receive a unique referral link to share, allowing them to move up the queue.
Robinhood CEO and co-founder Vlad Tenev expressed the company's excitement about expanding internationally, saying, "Since we launched Robinhood a decade ago, it's always been our vision to expand internationally."
"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," Tenev added.
The move to the UK is seen as an opportunity for Robinhood to replicate its success in the US, where it pioneered the commission-free, no-account-minimum investing model.
The company claims to have played a significant role in increasing access to the stock market for millions of retail investors, saving them billions of dollars in fees.
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Robinhood Experience in the UK
Jordan Sinclair, president of Robinhood UK, emphasized the company's commitment to removing unnecessary fees and providing UK customers access to the Robinhood experience.
"Ahead of our general availability early next year, we'll listen to feedback from customers and enhance the localized offering. This is just the beginning for Robinhood UK and our global ambitions," Sinclair said.
The platform aims to cater to the financial needs of UK investors by offering commission-free trading, access to a wide range of U.S.-listed stocks and ADRs, high-yield interest on uninvested cash, and additional features like Robinhood 24 Hour Market and advanced charts and market data.
Robinhood also emphasizes financial education, providing users with in-app tutorials and resources to help them make informed investment decisions. The company noted that this is only the beginning and that new products and features will be coming soon for UK customers.
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