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Robinhood Review

Item: Robinhood UK
Rating: 4

Written by Elizabeth Anderson
Edited by Jeff Anberg
Fact-checked by Steven Hatzakis, Joey Shadeck

July 19, 2024

Your capital is at risk.

Robinhood, a popular low-cost trading app in the US, launched in the UK in March 2024. Robinhood UK offers the chance to buy US shares commission-free but currently lacks the investment range offered by its rivals. Investors are currently unable to purchase UK shares, mutual funds, bonds, or ETFs.

The benefits of Robinhood are the lack of high foreign exchange (FX) fees, the ability to trade US stocks without paying any commission, and the ability to schedule a stock trade outside market hours. In my hands-on testing, I found that the platform offers a good entry point for beginner investors looking to invest small amounts of money in US stocks, but traders who wish to invest in UK shares or desire access to a wider range of products should look elsewhere.

Overall

Minimum Deposit: £0
ISA: No
SIPP: No

Robinhood UK pros & cons

thumb_up_off_alt Pros

Very low FX fees at 0.03%.
Can line up a deal outside market hours.
5% interest on uninvested cash.

thumb_down_off_alt Cons

No ISA or SIPP.
No FSCS protection (although other US protections apply).
Only offers US stocks so very limited investment range.

Overall summary

Feature	Robinhood UK
Overall Rating
Charges & Fees
Investment Choices
Mobile App
Website
Ease of Use
Education

Charges and Fees

Robinhood does not charge you anything for buying or selling investments, and you also don’t have to worry about service charges or other ongoing management fees. This makes it one of the lowest-cost trading platforms in the UK. However, since Robinhood does not offer ISAs or SIPPs, you may end up paying tax on your investments which could increase the total cost to you down the line.

There are no foreign exchange fees beyond a small 0.03% charged by a third-party supplier for funding your account or withdrawing from it. Robinhood UK operates in US dollars so when you pay Sterling into your account, this is converted to US dollars for a 0.03% fee. If you are paying £5,000 into your Robinhood account, for example, you’d pay a currency conversion fee of £1.50.

Robinhood is offering a generous 5% interest on uninvested cash, which is a better rate than mainstream bank accounts. Although Robinhood is not covered by the Financial Services Compensation Scheme (FSCS) in the UK, you are covered by equivalent US protections. Federal Deposit Insurance Corporation (FDIC) insurance is in place covering you up to a maximum of $2.25 million on cash held in your account.

As a bonus, when you sign up to Robinhood you are given $7.87 that you can put towards investing into a company stock.

Feature	Robinhood UK
Minimum Deposit info	£0
Share Trading: 0-9 Deals/ Month info	£0
Share Trading: 10-19 Deals/ Month info	£0
Share Trading: 20+ Deals/ Month info	£0
Annual Custody Fee: £0 - £250,000 info	£0
Annual Custody Fee: £250K-£500K info	£0
Annual Custody Fee: £500,000 - £1m info	£0
Annual Custody Fee: £1m and over info	£0
Bonds - Corporate - Fee info	N/A
Bonds - Government (Gilts) - Fee info	N/A
ETFs - Fee info	£0
Investment Trusts - Fee info	N/A
Telephone Dealing Fee info	N/A
Visit Site

Purchasing a UK stock as an ADR through the web platform. No added fees.

$Receiving $7.87 as a promotion to use to purchase fractional stock.$

query_stats What type of trader are you?

New to the world of investing? See my picks for the best UK trading platforms for beginners. More experienced traders should check out my guide to the best UK Trading Platforms for Active Traders. If you're looking to trade shares on the go, read my guide to the best UK stock trading apps.

Mobile Trading Apps

The Robinhood app allows you to buy and sell investments easily while monitoring the recent performance of your portfolio. The display data for share prices can be adjusted to either show the last price or percentage change.

Through the app, you can create a watchlist - a list of stocks you want to keep an eye on. You can also create screeners, which are lists organised by theme, and this can be helpful in getting inspiration for companies to invest in. For example, you can see a list of companies that are due to release quarterly earnings within the next two weeks or those that offer the highest dividend yield.

However, charting tools are very limited on the mobile app. You can toggle between line view or candlestick but the other drawing tools and technical indicators are limited, and you can’t overlay stocks or indices to compare historical performance. I hope these features improve.

When testing the app, I found it downright easy to put money into my Robinhood trading account. You are taken to your banking app so the money can be taken directly from your current account instantly.

Lists of trending stocks on the Robinhood app.

Stocks ordered by the highest dividend yield on the Robinhood app.

Your personal watchlist of stocks on the Robinhood app.

Setting a custom alert for a stock on the Robinhood app.

Information about BP's ADRs on the Robinhood app.

Available order types on Robinhood's mobile app.

Website

The Robinhood UK website is fairly basic in design, although it is very easy to navigate whether you are a new investor or one with experience.

When logged into your account, you see an overview of your investments and watchlists, as well as how much cash is held in your account and the interest it’s earned in the past month. You can also see stock market news provided by third-party financial news websites, as well as the stocks that have moved the most that day.

Overall though, the website is not yet as extensive as most other UK investing platforms. There are also very limited charting tools and there is no option to overlay different stocks to compare how two or more companies have performed over a certain period of time.

Feature	Robinhood UK
Web Platform info	Yes
iPhone App info	Yes
Android App info	Yes
Stock Alerts info	Yes
Charting - Indicators / Studies info	3
Charting - Drawing Tools info	0
Charting - Notes info	No
Charting - Display Corporate Events info	No
Charting - Stock Overlays info	No
Charting - Index Overlays info	No

The home screen for Robinhood's web platform.

Using Robinhood's web platform to purchase stock.

Investment Choices

Robinhood currently offers access to more than 6,000 US stocks but does not offer much else in terms of investment choice. Some ETFs are available to view and research, but you cannot currently invest in these through the Robinhood app.

A beginner on the Robinhood trading platform might be confused by the fact that Robinhood UK appears to offer UK stocks listed on the FTSE 100 and FTSE 250. However, these are actually a form of American Depositary Receipts (ADRs). These are tradable assets that replicate companies outside the US, meaning UK companies can be traded in US dollars. You won’t own the shares directly yourself (they are held by a US bank), but you can buy and sell these replica shares as if you do.

Like other platforms including Freetrade, eToro, and Revolut, Robinhood gives you the opportunity to buy fractional shares in US companies. This is good if you are looking to invest small amounts and don’t want to potentially spend hundreds of pounds on an individual share. For example, you could invest $70 and own around a third of a share in Apple.

Robinhood says one of its unique selling points is that it allows users to buy and sell US stocks overnight outside regular market hours. However, other mobile apps such as Trading 212 are also in the process of rolling out 24/5 trading for US stocks and we expect more to follow.

At the moment, you can only trade through a general investment account on Robinhood and not through an ISA or SIPP. This means you lose the tax-free advantages of an ISA or SIPP, but traders investing small amounts will likely not have to worry too much about the possible tax burden.

Feature	Robinhood UK
Share Trading info	Yes
CFD Trading info	No
Funds info	No
Research - ETFs info	Yes
Bonds - Corporate info	No
Bonds - Government (Gilts) info	No
Investment Trusts info	No
Spread Betting info	No
Crypto Trading info	No
Advisor Services info	No

$Purchasing a fractional share of Apple on the Robinhood app.$

Education

Research and investment tools are prominent when you first come into the app or website. Robinhood is likely to appeal to new investors and the platform clearly makes an effort to help investors learn more about the stock market. Robinhood says 47% of users in the US are first-time investors and it may be similar in the UK.

Through the website or app you can read about the basics of investing, such as ‘what’s a stock?’ and ‘why invest?’. There’s also a brief definition of terms an investor will read when they place a trade, such as market orders and limit orders.

However, Robinhood’s educational materials overall are not as extensive as many other platforms. It does not come close to the likes of IG’s investment academy or the extensive range of guides and webinars offered by more traditional brokers such as Interactive Investor or Hargreaves Lansdown.

Feature	Robinhood UK
Education (Share Trading) info	Yes
Education (Funds) info	No
Education (Retirement) info	No
Client Webinars info	No
Client Webinars (Archived) info	No

currency_pound Are you new to investing?

We thoroughly tested 17 top U.K. brokerages to find the best choices for beginner investors. Read more in our guide.

Final Thoughts

If you’re an investor who likes to trade US stocks, Robinhood is likely to appeal to you. There are no fees to buy or sell shares, and no foreign-exchange fees beyond a very small third-party fee of 0.03%.

Robinhood can be a great way for new investors to ‘test the market’ and learn the basics of investing without worrying about small trades being swallowed up by hefty fees. However, be mindful that for most investors the least-risky way to invest is through a diversified portfolio that you hold for at least five years. This is most likely to be achieved through funds or ETFs, which aren’t currently offered by Robinhood.

Also, be aware that Robinhood does not yet offer ISAs or SIPPs.These accounts should be a priority when you invest because they come with valuable tax advantages. But if you are only investing a small amount to get to grips with investing, and plan to use Robinhood as a secondary account, then that’s less of a consideration and Robinhood’s general investment account may be fine for you.

About Robinhood

Robinhood was one of the first platforms to offer commission-free stock trading when it launched in the US in 2013. A UK launch was initially scheduled to take place in 2020 but was delayed until March 2024. The platform is owned by Robinhood Markets, which is based in California and is listed on the NASDAQ in the US under the ticker ‘HOOD’. The UK is Robinhood’s first market outside the US.

FAQs

Is Robinhood available in the UK?

After many delays, Robinhood UK finally launched in March 2024. You can now buy US stocks, as well as replica UK stocks (ADRs), through the Robinhood app or website.

Will Robinhood offer margin trading (Robinhood Gold) in the UK?

No, Robinhood does not offer margin trading in the UK.

Margin trading allows users to borrow money from the platform to make bigger trades. However, the UK’s financial regulator the Financial Conduct Authority (FCA) takes a cautious stance on margin trading. It’s thought Robinhood and the FCA are in discussions about whether margin trading could be offered.

What customer support options does Robinhood offer to UK clients?

You can get hold of customer support 24/7 through the chat feature on Robinhood’s app. Ask a question and an agent should reply within three minutes. It’s not possible to call for support over the phone.

Is Robinhood good for beginners?

Robinhood is a great platform for beginners. You can invest in company stocks without having to worry about fees or commissions, which means you can test out buying and selling shares using small amounts of money. However, Robinhood does not offer funds, and funds are typically a good way for beginner investors to get started as they offer a better chance of diversification.

What was the GameStop controversy in the US?

Robinhood became known worldwide in 2021 for its role in the GameStop trading frenzy. Robinhood restricted users from buying shares in GameStop and other “meme” stocks, citing “market volatility.” Critics, including some Senators in the US Congress, voiced concerns that the choice harmed individual traders and gave more power to institutional investors.

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Methodology

For the UK.StockBrokers.com Annual Review, we assessed, rated, and ranked 17 U.K. share dealing platforms over a 10-week time period. Each broker’s platforms and features were exhaustively tested by hand and graded on 53 different variables. In total, over 25,000 words of research were produced.

We thoroughly tested and compared features of prime interest to everyday investors, including but not limited to:

Investment choices, such as whether the broker offers trading of shares, ETFs, funds, bonds, and CFDs; and offers SIPP and ISA accounts.
The broker’s charges and fees for investing.
Functionality and design of mobile apps and website platform, and a fluid experience moving between app and web.
Usability of tools such as charting and watch lists.
Market research, such as screening, news and analysis.
Educational resources including tutorials, online courses, videos, webinars and articles.

Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors with quality data they can trust. Our lead researcher and writer, Elizabeth Anderson, has more than a decade’s experience as a financial journalist and market researcher. Elizabeth’s expertise is backed by a team of veteran fellow traders, data auditors, editors and project managers who work to ensure that UK.StockBrokers.com reviews and guides are the most unbiased and complete in the industry. Read more about our team.

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About the Editorial Team

Elizabeth Anderson

Elizabeth Anderson, lead writer and researcher, has been a financial journalist for more than a decade. In addition to her work with UK.StockBrokers.com, she has written extensively for major publications including BBC, The Times and Bloomberg. A keen investor herself, she is passionate about helping people understand finance and investing.

Jeff Anberg

Jeff Anberg is a Staff Editor at UK.StockBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.

Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for UK.StockBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.