Hybrid trading platform Robinhood Markets Inc (NASDAQ:HOOD) is now available to UK customers, offering commission-free trading on 6,000 US-listed stocks and ADRs.
A favourite among retail investors with smaller pools of funds, Robinhood allows customers to open an account with as little as $1.
Robinhood opened a waitlist in the UK last November after failing to launch the trading app on these shores back in 2020.
Unlike the US offering, Robinhood UK users do not have access to cryptocurrency trading.
“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 hailed the launch by adding to London’s melange of monuments, with a Robin Hood statue (pictured, outside of the Bank of England) touring the capital in the coming days.
“The statue represents Robinhood upending the financial status quo,” the group said in a statement.
Co-founded in 2013 by Vladimir Teven and Baiju Bhatt, Robinhood went mainstream in 2021 when it became the platform of choice for the GameStop short squeeze.
Robinhood controversially restricted trading on GameStop and other ‘meme stocks’ during the short squeeze, leading to widespread condemnation and a House Committee on Financial Services questioning for Tenev.
The company went public on the Nasdaq in July 2021 at $38 per share; it has since halved in value.