Robinhood (HOOD) Extends Trading Services To The UK
November 30 2023 - 9:00AM
NEWSBTC
Robinhood, a major player in the United States financial technology
industry is set to stretch out its trading services in the United
Kingdom for the purpose of growing its business globally. Robinhood
To Offer US Stock Trading In the UK Co-founder and Chief Executive
Officer (CEO) of Robinhood Vladimir Tenev confirmed the expansion
toward the UK sector in an interview with Bloomberg. According to
the CEO, the expansion aims to bring the US stocks into the UK
market. The CEO stated: The intention is, for the U.K. market,
Robinhood to be the best place to invest U.S. stocks, U.S. dollars,
and we believe we can fill that need better than anyone else. Tenev
noted that the company plans to gradually extend its platform to
all users in the United Kingdom in early 2024. With the launch,
consumers in the UK market will be able to trade 6,000 equities in
the US market. Related Reading: Dogecoin And Bitcoin Become
Latest Additions To Robinhood Wallet The CEO further asserted that
a waitlist has been made available to people who wish to gain early
assess to the app. Furthermore, the platform’s launch in the UK is
under the Financial Conduct Authority (FCA) regulation.
Additionally, the platform offers users features like a five
percent interest, and can change their uninvested funds from pounds
to dollars. These offers aim to attract a larger range of
investors, particularly those with little financial resources.
Robinhood’s expansion sparks wider growth for its business
globally. The CEO explained, “I aspire for Robinhood to be a global
company. That’s been the plan from the very beginning. Baiju and I
started this company as immigrants and children of immigrants, and
so, the idea of making our services […] available to anyone in the
world is just the vision that I had in mind from the very
beginning.” The company’s entry into the UK market also puts it in
direct competition with national and international companies. These
include companies like Public.com, based in New York, Revolut, and
Freetrade, among others. Zero – Fee Trading Initiative The CEO also
underscored the platform’s commitment to offering Zero-Fee trading
and accessible trading alternatives for UK users. This initiative
is similar to the effective charge reduction strategy that was put
in place in the US before the epidemic. Related Reading: Robinhood
Wallet Introduces Swapping For Bitcoin, Dogecoin, And Ethereum
Notably, Robinhood does not demand any commission fee for buying
and selling stocks on the platform. Due to this, individuals can
start creating their investment portfolios with a minimum of one US
dollar (79p). Tenev explained: So we are launching imminently to
the initial set of customers in the UK, and what we are launching
is a commission-free share trading of US stocks. With its zero-fee
trading strategy, the platform’s introduction into the UK market
will completely change how average investors interact with the
stock market. Also, with its focus on technology and user-centric
features, the platform is poised to impact the current market. It
will also bring fresh energy to the UK investment landscape.
Featured image by Shutterstock, chart by Tradingview.com
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