Stock trading platform Robinhood to launch in UK after two failed attempts
Publishing timestamp: 2023-11-30 01:12:41
Summary
Online investment app Robinhood is set to launch its platform in the UK for the third time. The platform will offer the ability to trade 6,000 US stocks, including Tesla, Amazon, and Apple, and will feature 24-hour trading five days a week. Robinhood has previously attempted to launch in the UK but faced challenges. The UK version of the platform will not initially include UK stocks or options and derivatives. Robinhood aims to attract users with its 24-hour trading feature and plans to expand its product offerings in the future. The company is asking users to share referral links to gain traction quickly. Robinhood CEO Vlad Tenev expressed confidence in the company's ability to serve customers in the UK. The arrival of more competition in the retail trading market is seen as an exciting development by industry insiders. Robinhood has obtained a license from the UK's Financial Conduct Authority and will hold customer cash in segregated accounts protected by the US Federal Deposit Insurance Commission. The company plans to make money through various means, including securities lending and its premium subscription service, rather than payment-for-order-flow, which is banned in the UK.
Sentiment: NEUTRAL
Tickers: TSLA, AAPL, HOOD, AMZN,
Keywords: technology, business news, cryptocurrency, apple inc, stock markets, amazon.com inc, breaking news: investing, united states, fintech, investment strategy, markets, breaking news: markets, pre-markets, breaking news: technology, tesla inc, robinhood markets inc,