Robinhood is expanding internationally, launching a UK brokerage service offering commission-free trading of US stocks.
Robinhood Markets Inc (HOOD) is rolling out brokerage services in the UK, part of a plan to “democratise finance” and increase market access. The UK launch offers commission-free trading of over 6,000 US stocks and ADRs without foreign exchange fees.
CEO Vlad Tenev called the UK an “ideal place” for Robinhood’s first international offering, citing it as a global finance and tech hub. President of Robinhood UK Jordan Sinclair said UK investors have long incurred high fees for US trading and earned low returns on cash.
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The launch comes as Robinhood’s growth has slowed after the 2021 meme stock boom. Last quarter, trading revenue dropped 11% and monthly active users fell 16%.
But Robinhood hopes to regain momentum with international expansion. The UK brokerage also offers a 5% rate on idle cash and up to $2.25 million in FDIC insurance.
