The firm set up a waitlist for UK residents in November.
In brief:
- In 2020, the company abandoned a planned UK launch as it dealt with operational problems caused by an explosion of day trading in its core US market during the Covid-19 pandemic. A renewed push was signalled in July when it tapped Freetrade executive Jordan Sinclair to lead the business in the UK.
- At launch, Robinhood will offer trading without foreign exchange (FX) fees, trading outside of market hours and no account minimums. Users can build a portfolio for as little as $1 and grow their uninvested cash at an eye-catching interest rate of 5% AER.
- To encourage take-up, the company is offering fractional share rewards of between $7 and $175 for referrals of friends and family.
What does this mean?
“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,” says Sinclair. “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.”
