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Round Three: Robinhood Sets Sights on UK Market with 24H Trading and 6,000 US Stocks

2 mins
Updated by Kyle Baird
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In Brief

  • Robinhood is set for a 2024 UK launch, representing its third effort to expand internationally.
  • The firm's upcoming UK platform to feature 6,000 US stocks, excluding UK stocks and derivatives initially.
  • Eyeing EU expansion, Robinhood aims to introduce crypto services amid a 26% fall in its annual crypto trading revenue.
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Signaling resilience and adaptability, Robinhood, the renowned online investments app, announced its plan to launch in the UK in early 2024. This marks the company’s ambitious third attempt at international expansion.

Aiming to cater to a diverse range of investors, Robinhood’s UK platform will offer an extensive selection of 6,000 US stocks and the convenience of 24-hour trading five days a week.

Robinhood Finally Ready to Expand Into UK

The initiative represents a strategic pivot as Robinhood seeks to broaden its global footprint. Jordan Sinclair, Robinhood’s UK chief, emphasized the platform’s alignment with the dynamic nature of modern trading:

“Customers actually can make a trade and choose their investment strategy and actually act on that market news.”

This feature is particularly significant, as it empowers users to respond promptly to market fluctuations, a capability not commonly found in traditional trading environments.

Read more: Coinbase Vs Robinhood: Which Is The Best Crypto Platform?

While the UK platform initially excludes local stocks and derivatives, Robinhood has plans to integrate these offerings as it evolves. This approach reflects the company’s commitment to expanding and refining its services in response to market demands and customer needs.

Robinhood’s previous attempts at UK expansion were met with challenges. A notable episode in 2019 saw over 300,000 people signing up for a waiting list, only for the company to retract its plans due to increasing domestic demand amid the COVID-19 pandemic. Additionally, its venture to acquire British crypto-trading app Ziglu fell through, resulting in a considerable financial setback.

Prepping Crypto Services for the EU

Despite these hurdles, the firm remains undeterred. Robinhood CEO Vlad Tenev expressed confidence in the company’s preparedness for this endeavor. He told CNBC:

“We’ve made sure we taken care of all of the details, the platform is much more robust.”

Robinhood’s licensure from the Financial Conduct Authority bolsters this optimism. This underscores its compliance with stringent regulatory standards.

Parallel to its UK expansion, Robinhood is eyeing the European Union for its crypto services. This decision comes amid a 30% decline in crypto trading revenue year-over-year.

Robinhood crypto trading revenue down 30% year-over-year. Source: Robinhood
Robinhood crypto trading revenue down 30% year-over-year. Source: Robinhood

The company’s proactive stance in diversifying its offerings and exploring new markets exemplifies its commitment to staying relevant and competitive.

As Robinhood gears up for its UK launch, it is poised to offer unique trading opportunities to its users and also redefine the boundaries of retail investing.

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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.