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Is Robinhood available in Ireland? Alternatives for 2023!

Pedro Braz| Updated September 25th, 2023

You have probably heard about the Robinhood app on YouTube and want to know if it’s available in Ireland, right?

Robinhood is a modern and easy-to-use investment app from the US, which has introduced the concept of commission-free trading in financial products such as stocks and ETFs, alongside its biggest rivals, Webull, E-Trade, and TD Ameritrade.

Want to know if Robinhood is available in Ireland, its expansion plans, and the alternatives available for Irish users? We’ve got you covered!

Is Robinhood Available in Ireland?

Unfortunately, Robinhood is not yet available outside the US. It had planned to open in the UK in 2020, but it was postponed to the end of 2023, as stated in the Robinhood Financial Report of Q1 2023: “Our continued exploration of growth opportunities and belief that we are on track for our ambitious goal of launching brokerage services in the UK by the end of year”.

Robinhood account opening – Robinhood doesn’t work in Ireland

In 2022, Robinhood set aggressive goals to “open their crypto platform to customers internationally”. With this in mind, Robinhood has signed an agreement to buy Ziglu, a London-based crypto trading app, to help accelerate their international expansion, both in the UK and across Europe.

The covid-19 stock crash during the first quarter of 2020 showed some vulnerabilities in the Robinhood platform. The app collapsed several times, and investors could not trade during the most volatile markets in history (examples are Gamestop and, more recently, Dogecoin). The company is facing some lawsuits due to these outages.

Besides, Robinhood has already faced some security breaches revealing sensitive information about its clients, and, at one point, it even allowed “infinite leverage” that was shortly corrected afterwards. Still, it did not avoid major losses for some clients.

After watching some of these controversies, in early 2021, EU officials have said that online trading platforms such as Robinhood would not be allowed in Europe due to the structure of “payment for order flow”, which may be conflicting with putting clients’ interests first (more about it in Reuters).

Robinhood Alternatives in Ireland

To help us answer this question, we focused on low-cost brokers, which are available in most countries in Ireland. Given that, here are our suggestions:

eToro

Commission-free stock and ETF trading (not all ETFs are free). You can also copy other traders/investors. Slick, modern, and easy for anyone to use. It is trusted by over 30 million clients worldwide.
Disclaimer: eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

Interactive Brokers

Founded in 1978, IBKR is one of the world’s most trustworthy brokers. It offers an enormous range of financial products (stocks, ETFs, Options,…), and low currency conversion fees (FX fees).
💡 Interactive Brokers also launched IBKR GlobalTrader, a modern mobile trading app to trade Stocks, Options and ETFs, ideal for novice investors.

Lightyear

It offers commission-free ETF investing. It gives you access to US, UK and European stocks and one of the highest interest on uninvested cash in the market for EUR, USD and GBP.

DEGIRO

One of the leading online brokers in Europe due to its low-cost structure. It offers commission-free ETF trading (external fees apply) and a wide product portfolio.
Disclaimer: Investing involves risk of loss.

Top tier regulators supervise all the companies mentioned here, like the UK’s Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC).

1# eToro

etoro logo
Visit eToroIs Robinhood available in Ireland? Alternatives for 2023! 1

74% of retail CFD accounts lose money.

eToro at a glance

0% Commissions(Stocks and ETFs)
Mobile App
ProductsCFDs, ETFs, Stocks, Commodities, Forex, and Cryptocurrencies
Minimum Deposit$50 (it varies between countries)
RegulatorsCySEC, FCA, and ASIC

Founded in 2006, eToro is a well-known worldwide fintech startup and the leader in the social trading field (following other people’s trades), with over 30 million users worldwide. You can also invest in other products through their platform, which is intuitive and simple to use, making it a good choice for beginners. Plus, they started offering commission-free stock and ETF trading in Ireland (not all ETFs are commission-free).

Opening an account and depositing is easy, and you can even try it out with virtual money. On the downside, spreads can be high for some products. The only currency accepted is the USD, which means that you’ll be charged currency conversion fees upon deposit and withdrawal if you deposit in another currency.

________________

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Zero commission means that no broker fee will be charged when opening or closing the position and does not apply to short or leveraged positions. Other fees apply including FX fees on non-USD deposits and withdrawals. Your capital is at risk. For more information, click here.

2# Interactive Brokers

interactive brokers logo
Visit Interactive BrokersIs Robinhood available in Ireland? Alternatives for 2023! 1

Interactive Brokers at a glance

0% Commissions
Mobile App
ProductsStocks, ETFs, Bonds, Forex, Funds, Commodities, Options, Futures and CFDs
Minimum deposit0€
RegulatorsFINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB

Founded in 1978 and publicly listed in NASDAQ (ticker: IBKR), Interactive Brokers is a global online broker which surpassed major financial crises, showing resilience and a rigorous risk management process.

Interactive Brokers offers an advanced investment platform that includes a wide range of products (stocks, options, mutual funds, ETFs, futures, bonds, and currencies) from 150 markets, solid trade execution (IB SmartRouting), and a set of technical and fundamental tools to help you in your investment decisions.

Beginners and intermediate investors have educational tools to explore, but the learning curve will be steep. That´s why we mainly endorse it to more advanced traders. Besides, customer service gives crystal clear answers to your doubts, so there is no need to go back and forth.

On the downside, Interactive Brokers’ fee structure is quite complex, the registration process is lengthy but entirely online, and the broker doesn’t offer commission-free trading. However, when considering FX fees, narrower spreads, and the stock loan program, Interactive Brokers’ clients still get significant savings compared to most brokers.

Interactive Brokers also launched IBKR GlobalTrader, a modern mobile trading app to trade Stocks, Options and ETFs, ideal for beginner investors. Some of the features of IBKR GlobalTrader include automatic currency conversions, fractional shares, demo account, and more.

Want to know more about Interactive Brokers? Check our Interactive Brokers Review.

3# Lightyear

Is Robinhood available in Ireland? Alternatives for 2023! 3
Visit LightyearIs Robinhood available in Ireland? Alternatives for 2023! 1

Terms apply, seek guidance if necessary. When you invest, your capital is at risk.

Lightyear at a glance

0% Commissions(ETFs only)
Mobile App
ProductsStocks, ETFs and interest on uninvested cash
Minimum Deposit€0
RegulatorsEstonian Financial Supervision Authority

The appearance in our list of best trading apps in the Netherlands is Lightyear, a broker from the UK whose trading platform was recently launched in Ireland, among other countries in Europe. The broker operates in the market via the entity Lightyear Europe AS, authorized and regulated by the Estonian Financial Supervision Authority (license number 4.1-1/31).

The broker provides one of the best stock trading apps in Ireland by offering easy and cheap access to international markets. Lightyear offers both mobile and web trading apps. Their mobile app is available for Android and iOS that is easy to use, the commissions to trade stocks do not go over €/$/£1 per order, and there is a flat 0.35% fee for currency conversion. One of the features promised by the broker is to provide good educational resources by providing news and professional analysis about the stocks owned by the investor.

The trading app is suitable for beginners and intermediate investors who can safely invest in fractional shares. With an easy-to-use app and more than 3,500 stocks available from the US, UK, European (including more than 30 Dutch stocks), and Asian markets, Lightyear is an excellent way to end our list of best stock trading apps in Ireland.

4# DEGIRO

DEGIRO logo
Visit DEGIROIs Robinhood available in Ireland? Alternatives for 2023! 1

Investing involves risk of loss.

DEGIRO at a glance

0% Commissions(a €1 flat handling fee applies)
Mobile App
ProductsStocks, Funds, ETFs, Futures, Leveraged Products, Bonds, and Warrants.
Minimum Deposit€1
RegulatorsAFM, DNB

Founded in 2013, DEGIRO is a low-cost brokerage firm that has become very popular due to its low rates! With over 2.5 million users, the innovative platform has become widely known for its “do-it-yourself” philosophy in the sense that you have everything at your disposal to start investing on your own. It offers a wide range of financial assets to trade, including stocks, ETFs, bonds, options, futures contracts, warrants, investment funds, and some leveraged products (not quite the same as CFDs. More info here).

For instance, you can trade some ETFs for free (a €1 flat handling fee – external costs – still applies) with no minimum amount required. The web trading platform is basic, but it is efficient and straightforward to use. In a matter of minutes, you get used to it. The same applies to its mobile app. On the downside, there is an absence of any significant fundamental research, a €2.50 connectivity fee applies, and pricing alerts are missing.

Regarding security, DEGIRO is the Dutch branch of flatexDEGIRO Bank AG (a German-regulated bank). In the unlikely event that the segregated assets cannot be returned to clients, DeEGIRO falls under the German Investor Compensation Scheme, which compensates any losses from non-returned assets up to 90% (with a maximum of €20,000), so do bear this in mind if you are planning to invest much larger volumes. Furthermore, any money deposited on a DEGIRO Cash Account with flatexDEGIRO Bank AG will be guaranteed up to an amount of €100,000 under the German Deposit Guarantee Scheme.

Still any doubts? Go through our DEGIRO Review!

Which platform should you choose?

Some factors you should know when choosing an online broker are the fees charged if it is regulated by top-tier institutions such as the FCA in the UK, the range of products it allows you to trade (not all platforms allow you to trade EU stocks), among others.

The best online broker in your specific case will depend on your profile, preference, and objectives. Explore the websites above and decide for yourself!

A reminder that the above should not be seen as investment advice and should be considered information only. Investors should do their own research and diligence about the best-suited services and opportunities for their risk, returns, and impact strategy.

Hope we helped, and leave your comments below.

Happy investments!

Other FAQs about Robinhood

Can I use Robinhood from Ireland with a VPN?

No, Irish investors cannot use a VPN to open a Robinhood account. Upon account opening, Robinhood requires specific documentation that proves that you are a US citizen.

How exactly does Robinhood make money?

The online broker earns money from interest earned on customers’ cash balances (money in your account not invested), by selling order information to third parties (high-frequency traders, for instance), and margin lending.

Regarding the selling of orders, the US Securities and Exchange Commission (SEC) is still investigating Robinhood for not fully disclosing its practice of selling clients’ orders to high-speed trading firms.

Until October 2018, Robinhood would not clearly state that it was receiving payments for order flows. By law, any financial company must reveal all the material facts an investor would want to know before making any investment decision.

Pedro Braz
Co-Founder & Growth Manager

Pedro is passionate about finance, marketing, and technology. He is a growth manager at several online projects and a former digital marketer for a fintech company.

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