Robinhood Delay UK App Launch Due To Controversy

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.

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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

  1. AvaTrade - iOS & Android
  2. OANDA US - iOS & Android
  3. Deriv.com - iOS & Android
  4. Pepperstone - iOS & Android
  5. XM - iOS, Android & Windows

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- DayTrading Review Team
  • Mobile Apps: iOS & Android
  • iOS App Rating: 4.3 / 5
  • Android App Rating: 4 / 5
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
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#2 - OANDA US

Why We Chose 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.

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- DayTrading Review Team
  • Mobile Apps: iOS & Android
  • iOS App Rating: 4.7 / 5
  • Android App Rating: 3.7 / 5
  • Instruments: Forex, Crypto
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  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
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- DayTrading Review Team
  • Mobile Apps: iOS & Android
  • iOS App Rating: 4.2 / 5
  • Android App Rating: 4.5 / 5
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#4 - Pepperstone

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Pepperstone excels for its excellent integration with the MT4, MT5, cTrader, and TradingView apps, making it a standout option for day traders familiar with these leading third-party trading solutions. Despite the absence of a proprietary app, these platforms deliver a stable and reliable mobile trading experience, enhanced by Pepperstone’s almost unrivalled execution speeds and wide range of asset classes.

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- DayTrading Review Team
  • Mobile Apps: iOS & Android
  • iOS App Rating: 4.4 / 5
  • Android App Rating: 4.1 / 5
  • Instruments: CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
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  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:30 (Retail), 1:500 (Pro)

#5 - XM

Why We Chose XM

XM offer a mobile app for both Android and iOS that has been specifically tailored to each platform, maximizing the functionality of both. The app delivers the MT4 and MT5 software on the move, with full access to the broker’s 1000+ instruments. Where they shine is their dependability with minimal glitches and delays during testing. The built-in news, trading journal and push notifications also ensure you have everything you need to day trade from your hand.

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

- DayTrading Review Team
  • Mobile Apps: iOS, Android & Windows
  • iOS App Rating: 4.7 / 5
  • Android App Rating: 3.9 / 5
  • Instruments: Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
  • Regulator: ASIC, CySEC, DFSA, FSC, FSCA
  • Platforms: MT4, MT5
  • Minimum Deposit: $5
  • Minimum Trade: 0.01 Lots