US stock trading app Robinhood launches for all in UK as waiting list ends
US stock trading app Robinhood is now available for all customers in the UK, offering no-commission trading in American stocks to its customers.
The app - widely seen as helping to usher in a retail trading revolution in the US - has rolled all customers off its waiting list and is now widely available.
It offers trading in more than 6,000 US-listed companies.
The launch, which will make retail trading of US stocks easier, comes at a time when politicians and City bosses have warned of a lack of interest in London-listed shares. The American top-flight stock index the S&P 500 is up 8.6% this year while the FTSE 100 is flat.
“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,” said Jordan Sinclair, president of Robinhood UK. “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.”
Robinhood has been a huge success in the US, with upwards of 10 million active users. It is perhaps best known for being the platform of choice for most users involved in the Gamestop short squeeze, when retail traders bought up stock in the video game retailer and led to a 3000% increase in Gamestop’s share price. Robinhood faced criticism after the event for restricting trades in Gamestop shares, which it did in order to meet clearing house collateral requirements.
The firm says that large UK stock brokers typically charge UK investors with a £10,000 portfolio an average of £240 per year to invest in US stocks.
Robinhood makes its money from via interest on customers' cash balances and selling order information to high-frequency trading houses.
