Robinhood, the popular US fee-free stock trading app has today cancelled its much anticipated UK launch. It is believed that robin hood is reeling from a string of operational problems and attempts to focus on its home markets.
A statement from the company said that a lot has changed in the world over the past several months and as a result they have made the difficult decision to postpone our UK launch indefinitely. This comes as a shock considering the company just raised $320 million recently.
The news that Robinhood won’t be launching in the uk comes as a blow to many individual investors who hoped to take advantage of the no-fee stock trading platform the company offerers. The waitlist for people signed up to the website was thought to be around 250,000. As a result of this news Robinhood will be closing its waitlist and taking down its UK website shortly. Furthermore, personal details of potential customers collected through the waitlist will need to be deleted in accordance with local privacy laws.
But investors shouldn’t worry too much as there is currently already a Robinhood App Alternative In The UK – Freetrade.
Freetrade, like Robinhood, offers commission fee stock trading. by my account, it is the cheapest brokerage platform in the UK. I have written a review of Freetrade before so have a look at that if you are interested in investing in the stock market for no commission.
For those interested in signing up to Freetrade, there is currently a promotion running for new users. Anyone who signs up with my link, funds their account – can be as little as £1 will get free share – and complete a W8-BEN form on the app will receive a free share worth up to £200.