Online trading platform Robinhood has announced plans to launch a stock trading app in the UK in early 2024.
The launch of the zero-fee platform will allow users in the UK market to trade 6,000 U.S. stocks 24 hours a day, five days a week. However, Robinhood UK will not initially offer access to UK stocks, options, and derivatives.
Jordan Sinclair, head of Robinhood UK, said the platform will allow users to act on investment strategies and news without the typical constraints of market timing.
"The intention is for Robinhood to be the best place for the UK market to invest in U.S. stocks and U.S. dollars, and we believe we can meet that need better than anyone else," said Vladimir Tenev, co-founder and CEO of Robinhood.
Although the launch of the platform comes with a license from the Financial Services Authority, the app has caught the attention of regulators with its unusual interface, which could encourage excessive trading, according to Crypto News.
It's worth noting that the app has already opened a waiting list for those who want early access.
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Robinhood is also introducing a referral system to attract clients from the UK.
Recall that the company had already tried to launch its trading app in the UK in 2019 after receiving approval from the Financial Services Authority, but in 2020 it announced that it was postponing the launch and freezing its global expansion plans indefinitely.
The move, however, indicates that Robinhood has not abandoned its plans to enter a more global market.
"I am committed to Robinhood becoming a global company. That was the plan from the beginning," Tenev said.
Read also: U.S. to step up efforts to crack down on crypto transactions.
