Stock trading platform Robinhood to launch in UK after two failed attempts
Online investments app Robinhood said Thursday that it's set to launch its platform in the U.K. in early 2024, marking the company's third attempt at cracking international expansion.
Features include the ability to choose from 6,000 U.S. stocks and 24-hour trading five days a week. Robinhood currently offers 24-hour trading in the U.S., allowing trades to happen outside 9:30 a.m. ET and after 4 p.m. ET.
Robinhood won't offer U.K. stocks to begin with but will look to add them as it brings more products into the platform. The U.K. version won't include options and other derivatives at launch, either.
Jordan Sinclair, Robinhood's U.K. chief, said he expects 24-hour trading to be popular, as it will let users trade on market-moving news.
«You wake up in the morning, you read the news headlines, and then you have to wait,» Sinclair said. «Customers actually can make a trade and choose their investment strategy and actually act on that market news.»
Robinhood has already tried to launch in the U.K. twice.
A waiting list it rolled out in 2019 saw over 300,000 people sign up, but the company pulled the plug on its U.K. expansion plans, citing soaring demand at home during the Covid pandemic as interest in retail investing climbed dramatically.
Then, last year, it sought to acquire British crypto-trading app Ziglu. That deal faltered, however, and Robinhood was forced to write off the value of its investment, with the company reporting a $12 million impairment charge on the failed transaction.
Brits will be able to join a waitlist starting Thursday and will be notified when they can sign up for early access at a later point in time. In a bid to get more traction fast, Robinhood is also asking users to share a unique referral
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