Robinhood logo is seen on a smartphone in front of a displayed same logo in this illustration taken, July 2, 2021. REUTERS/Dado Ruvic/Illustration/
(Reuters) -U.S.-based online brokerage Robinhood said on Wednesday it was expanding its desktop platform into the UK to extend its reach among retail investors looking for more sophisticated trading tools.
The launch comes months after the company first unveiled the product for its U.S. customers.
WHY IT'S IMPORTANT
Retail investors are increasingly viewing trading as an alternative career path to build wealth and strengthen their financial health, rather than just a hobby.
To cater to their evolving needs, firms such as Robinhood are rolling out additional features typically reserved for more advanced traders.
Desktop trading platforms allow users to tailor their workspace more effectively than mobile apps. Traders can monitor multiple charts simultaneously and execute trades faster.
CONTEXT
Robinhood's desktop platform, called 'Robinhood Legend', was launched in the U.S. in October.
The company, which is aiming to become a broader part of its customers' finances, also launched wealth management and private banking services in March.
The expansion could help insulate the company from the cyclical nature of its core trading business.
KEY QUOTES
"Retail customers are a lot more engaged in the market, a lot more thoughtful about what they're invested in, more interested in the news and movements and passionate about the names they hold," Jordan Sinclair, head of Robinhood UK, said in an interview.
Many of the traders have come to realize that trading offers a far more efficient path to achieving financial goals than simply parking money in low-interest accounts, he added.
(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)
