The Los Angeles Post
U.S. World Business Lifestyle
Today: April 07, 2025
Today: April 07, 2025

Robinhood opens in Britain with low-cost US trading to woo clients

FILE PHOTO: FILE PHOTO: The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City
April 26, 2024
Sinead Cruise - Reuters

By Sinead Cruise

LONDON (Reuters) - Trading app operator Robinhood Markets Inc. said on Thursday it would roll out brokerage services in Britain, as part of an international expansion plan aimed to "democratise finance" and increase access to markets.

Robinhood grabbed the attention of millions during a 2021 retail trading frenzy in the United States, when mom-and-pop investors flocked to the company's commission-free platform to back so-called "meme stocks" during pandemic-era lockdowns.

Since then, trading activity has sunk with more Americans grappling with a cost-of-living crisis, high interest rates and elevated levels of inflation.

Vlad Tenev, CEO and Co-Founder of Robinhood, said Britain was the "ideal place" for the company to launch its first international brokerage product, describing the UK as a hub for innovation, global finance and tech talent.

Robinhood said UK customers will have access to commission-free trading of more than 6,000 US-listed stocks and American Depositary Receipts (ADRs), without foreign exchange fees and no account minimums.

"For too long, UK investors have incurred high fees to invest in the U.S. markets and earned low returns on their uninvested cash," Jordan Sinclair, President of Robinhood UK, said.

Customers could earn 5% annual equivalent rate on uninvested cash, Robinhood said, with accounts insured by the US Federal Deposit Insurance Corporation up to a total maximum of $2.25 million.

The online brokerage missed Wall Street estimates for third-quarter revenue earlier this month, after a slowdown in trading activity, sending its shares down more than 9% in extended trading.

Robinhood's transaction-based revenue dropped 11% year-over-year to $185 million. Monthly active users dropped 16% to 10.3 million from a year earlier.

(Reporting By Sinead Cruise. Editing by Jane Merriman)

Related Articles

Swiggy IPO gets bids of $15 billion from big investors like Norges, Fidelity, sources say Clear Street poaches metals traders from LME floor trader Sigma, sources Platinum Equity's Ingram Micro valued at $6 billion as shares jump 15% in NYSE debut Stock market today: Wall Street barely budges as GMโ€™s best day in years offsets GE Aerospace tumble
Share This

Popular

Asia|Business|Economy|Stock Markets

Taiwan stocks plummet, exchange to take more stabilisation steps if needed

Taiwan stocks plummet, exchange to take more stabilisation steps if needed
Asia|Business|Economy|Finance|Political

India's maintains 2025/26 growth projection despite US tariffs, official says

India's maintains 2025/26 growth projection despite US tariffs, official says
Business|Economy|Finance|Political|Stock Markets

RBNZ to cut rates by 25bps, economists say more cuts possible after U.S. tariffs

RBNZ to cut rates by 25bps, economists say more cuts possible after U.S. tariffs
Asia|Business|Economy

China teapot oil refiners improve run rates but demand woes, sanctions weigh

China teapot oil refiners improve run rates but demand woes, sanctions weigh

Technology

Business|Science|Technology

Meta releases new AI model Llama 4

Meta releases new AI model Llama 4
Business|Economy|Europe|Political|Technology|US

Musk says he hopes for 'zero tariffs' between US and Europe

Musk says he hopes for 'zero tariffs' between US and Europe
Asia|Business|Economy|Political|Technology

Taiwan president discusses US tariff response with tech execs

Taiwan president discusses US tariff response with tech execs
Economy|Political|Technology|Videos|World

Robots, fraught consumers star in China AI videos mocking tariffs

Robots, fraught consumers star in China AI videos mocking tariffs

Access this article for free.

Already have an account? Sign In