Stock market investment app Robinhood has unveiled a statue of Robin Hood aiming an arrow towards the Bank of England to mark its UK launch.
As of today, the stock market investment app Robinhood is available throughout the UK, with all eligible customers rolled off a waitlist, which was set-up by the firm ahead of its launch. This successful launch comes after two unsuccessful attempts and a partial launch in November 2023.
In 2020, Robinhood scrapped its scheduled launch in the UK due to operational challenges stemming from a surge in day trading activity in its primary US market amid the COVID-19 pandemic.
However, the company hinted at a revival in July when it appointed Jordan Sinclair, a former executive at Freetrade, to spearhead its operations in the UK.
Sinclair, President of Robinhood UK, commented: “We’ve been actively gathering feedback and engaging with customers since our waitlist launch at the end of last year, and have been so encouraged by the reception we’ve received thus far.”
Since November, the firm has received feedback which it has highlighted in its blog post, in which it states that “They (users) love no commission fees and no FX fees on trades”, a feature that the app offers to compete with some of the largest UK brokers.
Furthermore, Robinhood references research from Radius Insights, explaining that UK brokers typically charge UK investors with a £10,000 portfolio an average of £240 per year to invest in US stocks.
Additionally, the company will allow trading outside of market hours and no account minimums, enabling users to build a portfolio for as little as $1 and the app will be available on all iOS and Android devices.
Sinclair added: “Today’s general availability marks the start of a new chapter for Robinhood, and we’re excited to continue challenging the status quo by delivering more local products and services that resonate with our customers and meet their needs.”
