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Robinhood has officially launched its commission-free trading app in the UK, providing UK residents with access to over 6,000 US-listed stocks and ADRs, including popular options such as Tesla, Amazon, and Apple.
After initially delaying a planned UK launch in 2020 due to operational challenges stemming from increased day trading in the US market during the Covid-19 pandemic, Robinhood has now opened a waitlist for UK users. The app will gradually become available over the upcoming weeks, with full accessibility expected by early 2024.
Upon launch, Robinhood’s UK offering will include commission-free trading, no foreign exchange (FX) fees, trading outside market hours, and no minimum account requirements. Users can start building a portfolio with as little as $1, and uninvested cash will earn an attractive interest rate of 5% AER.
Vlad Tenev, CEO and co-founder of Robinhood, expressed enthusiasm about the UK expansion, stating, “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. We look forward to continuing to engage with customers and policymakers as we expand our offerings in the UK.”
While the company faced challenges during the recent tech downturn, including layoffs and Google parent Alphabet dissolving its stake in Robinhood, the platform aims to leverage its innovative approach and appeal to the UK market’s tech-savvy audience. The move is seen as a strategic step to regain momentum and engage a new user base as Robinhood continues to evolve in the competitive landscape of online trading platforms.
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