Brokerage company Robinhood has officially announced its entry into the UK market.
"Robinhood is now available to everyone in the UK," reads a message on Robinhood UK's X (Twitter) page.
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It is worth noting that this is the first market the broker has entered after 2021. At the same time, the company has previously made attempts to launch its services in the UK, but they failed. In 2022, for example, Robinhood announced plans to acquire UK-based trading app Ziglu but later backed out of the acquisition, saying it would instead focus on its US business.
Robinhood intends to offer its UK clients low fees and interest on uninvested cash, which will dramatically differentiate it from its competitors.
The company promises no fees or foreign exchange fees on transactions involving more than 6,000 US stocks, while offering a 5% rate on uninvested cash.
In addition, Jordan Sinclair, President of Robinhood UK, announced that UK clients will be able to invest in stocks 24 hours a day, 5 days a week.
However, the margin investing service will not be available, despite having been previously announced.
"Margin investing is on hold while we continue to negotiate with the regulator," Sinclair said, commenting on the limitations.
To seal its entry into the UK market, the broker will unveil a state-of-the-art Robin Hood statue in London's financial district.
"Today's general availability marks the beginning of a new chapter for Robinhood, and we look forward to continuing to challenge the status quo by offering more localized products and services that resonate with our clients and meet their needs," said the head of Robinhood UK.
Read also: Capital.com has suspended user registration in the UK
