- Robinhood announced that it plans to launch its platform in the UK.
- The Robinhood UK platform will offer 6,000 U.S. stocks that people can choose from.
- UK residents are encouraged to join a waitlist that will inform them in advance when the platform is officially launched.
The online trading and investment platform Robinhood shared on its official X page today that it will be making its way to the United Kingdom (UK) in early 2024. This will be the company’s third attempt to expand its business internationally.
One of the standout features of Robinhood’s UK platform is the fact that users will be able to choose from 6,000 U.S. stocks. Additionally, reports claim that UK users will also be able to take advantage of the 24-hour trading five days a week currently offered by Robinhood.
As reported by CNBC, Robinhood will initially not include UK stocks in its offerings, but the company does have plans to include them as the platform evolves and gains traction. Furthermore, it is important to note that, reportedly, the UK launch will not provide options and other derivative trading services.
To kick-start its entry into the UK market, Robinhood asked UK residents to join a waitlist, which will notify those on the list when the platform becomes available in advance. According to reports, the company is also encouraging its prospective users to share unique referral links with friends and family, which could elevate their position on the waitlist.
Robinhood has attempted international expansion before. In 2019, the company saw more than 300,000 people sign up for a waitlist for its UK expansion plans. However, Robinhood abandoned these plans, stating that they would rather focus on the increase in demand in the U.S. during the COVID-19 pandemic.
Robinhood attempted to purchase the British cryptocurrency exchange Ziglu last year. This deal ended up falling through, as it encountered a number of obstacles along the way. According to reports, the company ended up having to write off the value of its investment and reported a $12 million impairment charge for the failed transaction.
CNBC also pointed out that, this time, Robinhood will launch with a license from the Financial Conduct Authority (FCA). However, the regulatory body has previously expressed concerns about brokerage apps like Robinhood and eToro, which engage investors with attractive offers that could lead to excessive trading by these investors, causing great financial harm.
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