Robinhood Launches Its Commission-Free Stock Trading App In The UK
Financial Technology Startup Robinhood is all set to unveil its commission-free stock-trading app in the United Kingdom. Soon after the launch, the US-based stock trading company is going to join British Fintech Boom. Robinhood is all set to pose a direct challenge to its British rivals like Freetrade and Revolut with its international debut. As per the reports, the Finance technology firm is going to release the waiting list for its free trade app to UK based investors soon. A formal launch of the stock trading app is due next year. Robinhood has been recruiting staff for its London based office much ahead of its plan to international debut. The officials of the startup have said that it has received regulatory approval for operating in the UK. Robinhood will open its door for the UK based users early next year.
UK based customers will be allowed to sign up for early access to Robinhood zero-fee app. The zero-fee stock trading app will enable users to invest more than $3500 in global stocks such as Amazon, Apple, Tesla, and Nike without commission fees. Customers will have access to foreign stocks as well through depository receipts. UK customers will be able to open a free account to start an investment at just 1 pound. Later, Robinhood will swap users’ funds into dollars to initiate trading with no execution fee. The zero commission app will assist users to keep a track of price movement alerts, analyst ratings, and dial-ins to company earnings calls.
Robinhood’s UK launch is said to be the outcome of Rival Revolut’s plan to debut in the United States. Both rival companies have many similar investors like DST Global and Ribbit Capital. The officials of Robinhood are all set to up their game to expand its offering in time to include US stocks as well. The US- based fintech has pioneered in commission-free stock trading which values approximately $7.6 billion. The company has around 10 employees in its Shoreditch office currently. Robinhood has been planning to hire more people in marketing, operations, and compliance.