Robinhood, the stock trading app, postpones UK launch ‘indefinitely’ 📦

19    21 Jul 2020 12:33 by u/kek

10 comments

4 u/vwxyz 21 Jul 2020 13:06
Can't speak for the UK but I know in Australia it's going to be a tough road for them to get approval. Wouldn't be surprised if it ends up being the same case. Local regulators are beholden to the big banks who make the most off overpriced brokerage fees, they also hate options trading and make it fairly hard for the average investor to get approval to participate. Shit like wallstbets doesn't help in the slightest and would have their panties in a twist.
2 u/None 21 Jul 2020 13:00
fucking good lmao
1 u/kek [OP] 21 Jul 2020 13:04
I'm out of the loop. Why the hate with this app?
4 u/None 21 Jul 2020 13:07
It's had a bunch of issues with outages (I know you know what that's like) that caused people to lose thousands, they constantly requote and miss orders due to bad servers, also some dude killed himself after robinhood put him in what he thought was $727,000 in debt due to a glitch. It's just not well-built which is shady af when this much money is on the line. The FCA is extremely serious about stuff like this.
4 u/kek [OP] 21 Jul 2020 13:11
>(I know you know what that's like) ![](https://i.imgur.com/ogmCN8k.gif) >dude killed himself after robinhood put him in what he thought was $727,000 in debt due to a glitch. Jesus christ. https://www.dailymail.co.uk/news/article-8433117/College-student-20-commits-suicide-Robinhood-glitch-showed-massive-debt.html
5 u/None 21 Jul 2020 13:20
r/wallstreetbets lost their finest autist that day. RIP :(
1 u/kek [OP] 21 Jul 2020 13:33
He was a member of that sub?
2 u/None 21 Jul 2020 14:29
honorary member
5 u/vwxyz 21 Jul 2020 13:13
It's not a glitch, that's how settlement times work. I disagree with wording it that way, that guy surely should have known about settlement delays and it's used as an excuse for him certainly having other issues.
2 u/RidingMyKeyboard 21 Jul 2020 19:34
> (I know you know what that's like) lmao, that's fucking savage. > The FCA is extremely serious about stuff like this. I agree completely, I've had dealings with the FCA twice and they've seemed to scare the shit out of everyone I've spoken too. Considering the recent PR issues with Robinhood, and the fact they'd be launching with an active userbase of 250,000 UK clients, I can imagine the FCA would've been paying even closer attention than usual.