Robinhood Delay UK App Launch Due To Controversy
Many novice traders in the UK were looking forward to the UK launch of Robinhood, an investment app that claims to be democratising finance for millions of traders. However, after facing pressure from US authorities and politicians, the app has announced it will be delaying its UK launch.
Trading Apps
The main function of the Robinhood app, which has over 13 million US users, is to allow new traders to buy and sell financial products without depositing a minimum sum or paying commission.
The current waiting list for the app in the UK has over 250,000 people, many of whom were looking forward to the app being launched later this year.
Read More About Trading Apps Here
Individuals on the waiting list were greeted this week with a message from Robinhood explaining the app launch would be delayed.
The email read, “We’re saddened to share that we’ve made the difficult decision to postpone our UK launch indefinitely… We’ll be closing our waitlist and taking down our UK website shortly.
The world has changed a lot over the past several months and we’re adapting with it.”
Media Focus
The app, currently valued at $8.6bn, received a lot of media and political attention after a 20-year-old US user, student Alex Kearns, killed himself in June.
Kearns is believed to have killed himself due to mistakenly believing he had lost $730,000 (£575,000) on the app.
Kearns, unfortunately, seemed to misunderstand the app, due to lack of trading knowledge as his account was actually up $16,000 at the time of his death.
Robinhood has received approval from the FCA (Financial Conduct Authority) and was expected to launch in Spring 2020.
Although the launch delay is ‘indefinite’, there is hope for UK residents who plan to use the app as Robinhood also stated in their email;
“although our global expansion plans are on hold for now, we will continue our work to democratise finance for all and we look forward to the day when we can bring this mission to the UK.”
Existing Robinhood employees in the UK are expected to move to the US, while a team of skeleton employees will remain in the UK under the guidance of Wander Rutgers, former TransferWise executive.
Best Trading Apps
Here is a short summary of why we think each broker belongs in this top list:
- Interactive Brokers - The IBKR Mobile app, available on both iOS and Android devices, makes your phone a powerful gateway to your IBKR accounts, offering you the freedom to keep an eye on portfolios, initiate trades, and dive into real-time quotes and charts, all while managing your account activities on the fly. This app stands out for its intuitive design, making it especially welcoming for those just starting their trading journey, providing a smoother and more accessible experience than the more complex TWS platform.
- FOREX.com - Running alongside the MT4 and Web Trader platforms, the FOREX.com app offers full trading capabilities on a user-friendly, compact platform. Integrated news and analysis, plus real time trade alerts, are two mobile specific features that set this app above the crowd. Additionally, it beats out MT4 when it comes to mobile charting tools, with over 80 indicators and 11 chart types, not to mention a slicker design that we love.
- RedMars - RedMars doesn't offer a proprietary platform, which might be a consideration for beginners. The only choice is MetaTrader 5 (MT5), available for desktop, web, and mobile. The lack of support for MT4, cTrader, or TradingView is disappointing, with MT4 easier to use than MT5, cTrader sporting a more user-friendly interface, and TradingView proving excellent due to its advanced charting and community-sourced indicators.
- IQCent - IQCent offers mobile trading directly through major browsers with an intuitive design that we love. You can navigate your account, browse assets and trade binaries in a few clicks. Straightforward access to the copy trading feature at the bottom is also a bonus, alongside the interactive charts which you can pinch to zoom.
- OANDA US - OANDA's app stands out for its deeply customizable interface, ensuring you can tailor every aspect of the trading experience to your strategy, from setting custom notifications to adjusting chart sizes and overlays. This level of personalization, combined with the ability to quickly react to market changes, manage risk, and stay informed with alerts on significant market events, makes it a category leader.
- Dukascopy - Dukascopy continues to stand out in the mobile trading arena with an easy-to-use app that offers short-term trading on popular assets, including forex, stocks, and indices. It offers trading signals, price alerts, and over 50 technical indicators, outperforming most competitors' charting tools. With 24/7 in-app support, it's a top choice for serious mobile traders.
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Christian Harris, Reviewer
Interactive Brokers Quick Facts
| Mobile Apps | iOS & Android |
|---|---|
| iOS App Rating | / 5 |
| Android App Rating | / 5 |
| Demo Account | Yes |
| Instruments | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies |
| Minimum Deposit | $0 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
- While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
- IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.
Cons
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| Mobile Apps | iOS & Android |
| iOS App Rating | / 5 |
| Android App Rating | / 5 |
| Demo Account | Yes |
| Instruments | Forex, Stocks, Futures, Futures Options |
| Minimum Deposit | $100 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
Cons
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
RedMars
"RedMars is the best fit for experienced day traders familiar with the MetaTrader 5 platform and based in the EU, where the broker is authorized by the CySEC. However, the threadbare education and research tools make it unsuitable for beginners."
RedMars Quick Facts
| Mobile Apps | iOS & Android |
|---|---|
| iOS App Rating | / 5 |
| Android App Rating | / 5 |
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Cryptos |
| Minimum Deposit | €250 |
| Account Currencies | USD, EUR |
Pros
- Getting started on RedMars is incredibly easy - you can be up and running in just a few minutes based on tests
- Clients in the EU, in particular, can trade with peace of mind knowing RedMars is authorized by the CySEC with up to €20K compensation available through the ICF in the event of bankruptcy
- The broker supports a range of flexible payment methods, including wire transfers, credit cards, e-wallets, and notably cryptocurrencies
Cons
- The no-frills trading environment offers little beyond the basics, with no Islamic account, PAMM account or copy trading.
- RedMars falls short for newer traders, with little in the way of education, no beginner-friendly platform, a steep minimum deposit, and inadequate support during testing
- While RedMars' spreads are within industry averages, they don't offer a significant edge over the cheapest day trading brokers we've personally used, notably IC Markets
IQCent
"IQCent will appeal to day traders looking for a straightforward binary options and CFD trading platform with low fees, a range of accounts, and copy trading. Getting started takes less than 1 minute and a $250 deposit. "
Jemma Grist, Reviewer
IQCent Quick Facts
| Bonus Offer | 20% to 200% Deposit Bonus |
|---|---|
| Mobile Apps | iOS & Android |
| iOS App Rating | / 5 |
| Android App Rating | / 5 |
| Demo Account | Yes |
| Instruments | Binary Options, CFDs, Forex, Indices, Commodities, Crypto |
| Minimum Deposit | $250 |
| Account Currencies | USD, EUR |
Pros
- IQCent is one of the few binary options brokers that also offers a copy trading service for hands-off traders
- The broker offers up to 98% payouts on binary options, which is more than alternatives like Pocket Option, only offering up to 92%
- IQCent has bolstered its asset range with 60+ new assets, including hot cryptos like TON and SHIB; top-tier stock CFDs such as TSLA and NVDA; plus exotic FX pairs like THB and HUF
Cons
- IQCent charges a punitive $10 monthly inactivity fee if you fail to place at least 1 trade per month
- The broker is not overseen by a respected regulator, though this is common among binary options firms
- The market analysis is very basic with limited technical summaries and insights from analysts
OANDA US
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
OANDA US Quick Facts
| Mobile Apps | iOS & Android |
|---|---|
| iOS App Rating | / 5 |
| Android App Rating | / 5 |
| Demo Account | Yes |
| Instruments | Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA) |
| Minimum Deposit | $0 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD |
Pros
- OANDA is a reliable, trustworthy and secure brand with authorization from tier-one regulators including the CFTC
- There's a strong selection of 68 currency pairs for dedicated short-term forex traders
- Beginners can get started easily with $0 minimum initial deposit
Cons
- It's a shame that customer support is not available on weekends
- There's only a small range of payment methods available, with no e-wallets supported
- The range of day trading markets is limited to forex and cryptos only
Dukascopy
"If you’re an experienced trader, Dukascopy provides the tools you need: JForex for algorithmic strategies, competitive spreads from 0.1 pips, leverage up to 1:200, and the peace of mind of using a Swiss-regulated bank and broker."
Dukascopy Quick Facts
| Bonus Offer | 10% Equity Bonus |
|---|---|
| Mobile Apps | iOS & Android |
| iOS App Rating | / 5 |
| Android App Rating | / 5 |
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto, Bonds, Binary Options |
| Minimum Deposit | $100 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, TRY, SEK, NOK, DKK, CHF, HKD, SGD, PLN, CZK, AED, SAR, HUF, MXN |
Pros
- Dukascopy is regulated by the Swiss Financial Market Supervisory Authority (FINMA) as both a broker and a bank, ensuring top-tier financial security and adherence to strict standards.
- The proprietary JForex platform is highly advanced, offering tools for algorithmic trading, extensive charting, and access to deep liquidity for short-term traders.
- Dukascopy features some of the best research we’ve seen, even a professional TV studio in Geneva covering financial news, market analysis, and daily insights from professionals.
Cons
- Dukascopy's withdrawal fees are higher than most competitors we’ve tested, particularly for bank wire transfers, which may deter traders who require frequent access to their funds.
- While JForex is feature-rich, it has a steep learning curve, making it less suitable for beginner traders who might prefer simpler platforms.
- While Dukascopy provides some educational resources and 24/7 support, the complexity of its platforms and tools required extensive testing and may overwhelm newer traders.