It is officially now possible to use Robinhood anywhere in the UK as it has launched in the country.
Customers can feasibly receive more for their money with Robinhood since it offers them access to over 6,000 international companies listed on US markets, with free commissions and no foreign exchange (FX) expenses on transactions.
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The broker also revealed support for a number of additional features, such as web assistance, incentives for registering, and a programme for friends and family referrals.
Jordan Sinclair, president of Robinhood UK stated: “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. 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.”
To mark the launch, the company has created a modern-day Robin Hood monument, which will be displayed throughout London’s financial center in the days ahead as a symbol of upending the status quo.
Customers in the UK have told the following since November that they like the lack of commissions and FX fees on trades, claiming that: “that’s what makes all the difference.”
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By GlobalDataThey’re tired of other brokerages’ high fees, which they describe “hard to swallow,” and have even informed that fees have previously prevented them from investing.
Users are pleased with the additional protections provided by Robinhood, particularly the $2.25m in FDIC insurance on their uninvested capital, which compares to £85,000 ($107,798) in the UK.
Robinhood will initially offer trading without foreign exchange (FX) expenses, trading outside of market hours, and no-account minimums.
Users can create a portfolio for as little as $1 and increase their uninvested capital at a 5% annual interest rate.
Furthermore, they are keen to have access to key instruments including local tax wrappers, ETFs, UK equities, options trading, and recurring investments.
The corporation is rewarding friends and family referrals with fractional shares worth $7 to $175 in order to promote take-up.
