On Thursday, American ETF and commission-free stocks trading service Robinhood announced it has plans to take another shot at the UK market after confirming the launch of its popular online investments app in early 2024. Robinhood has already racked up two failed ventures in the UK but will be hoping it’s third time lucky as it continues its ambitious expansion plans.
Robinhood riding on third-time-lucky with 2024 UK investments app
CEO Vlad Tenev was confident on Thursday as he announced the upcoming launch. Many would be apprehensive after two failed launches in a region, but Tenev said there was no sense of “deja vu”. He believes Robinhood is capable of serving customers “tightly”.
One major advantage for the company, is that it has already secured a license from the FCA. Tenev said it is on good terms with the UK’s markets regulator, which bodes well for the future. However, there are a few caveats for customers hoping to get the full experience. Robinhood said there won’t be UK stocks or options and other derivatives at launch.
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While they might be added in the future, users will have to be content with trading 6,000+ US stocks. Robinhood will also offer 24-hour trading five days a week. The app’s UK chief, Jordan Sinclar, said this will give it a competitive advantage as users won’t have to wait on trades.
He added:
Customers actually can make a trade and choose their investment strategy and actually act on that market news.
Robinhood’s 2024 launch plans follow two unsuccessful forays into the UK market. It previously backed out despite racking up a waiting list of 300,000 investors, after stating its desire to focus on the US market.
