Robinhood expands trading offering to the UK
Access to the Robinhood app will be given on a rolling basis for the time being, reaching full availability in early 2024.
At launch, Robinhood said it will offer trading without foreign exchange fees, as well as no minimum account or costs for trading outside market hours.
Investors will be able to convert GBP to USD when they deposit or withdraw money, and will be charged an implicit third-party cost of 0.03%, the company said.
Robinhood said customers can start building their portfolio for as little as $1 and «grow their uninvested cash as they work out their investment strategy, earning 5% AER».
London Metal Exchange wins legal case against nickel trading suspension
Access to the Robinhood app will currently be given on a rolling basis, reaching full availability in early 2024, meaning UK customers will be asked to join a waiting list from today and will be notified when they will be granted early access.
Robinhood became well-known for being at the epicentre of the 'meme stock' frenzy of January 2021, which saw several hedge funds suffer a 'short squeeze' in their holdings of GameStop and Robinhood suspending trading on the stock.
«Since we launched Robinhood a decade ago, it has always been our vision to expand internationally,» said Vlad Tenev, CEO and co-founder of Robinhood.
«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.»
Market maker Citadel Securities set to boost credit electronic trading — reports
Jordan Sinclair, president of Robinhood UK, added: «For too long, UK investors have
Read more on investmentweek.co.uk
