Robinhood doesn't accept clients in Saudi Arabia
Unfortunately, Robinhood is not available to local traders; as of April 2023, they only open trading accounts to Americans residing in the US.
However, if you need a discount broker, don't feel bad. Robinhood claims they do not charge commissions for stock, options, or cryptocurrency trading. Yet, they're no longer the only broker with a 0% commission on stock trading.
Robinhood's customer base is youngsters new to investing, drawn to the app by advertising "free" and "democratization." Robinhood offers low research capabilities and experiences outages during market surges.
In the following section, we present an alternative to Robinhood, which is more robust and has significantly more competitive features.
Plus500: Your Alternative to Robinhood in Saudi Arabia
Plus500 (plus500.com) is a global multi-asset fintech group operating proprietary technology-based trading platforms.
Plus500 offers customers a range of trading products, including Contracts for Difference ('CFDs', a.k.a, leveraged financial derivatives) and Share dealing, and in the United States, Plus500US offers futures trading.
Plus500 has a premium listing on the Main Market of the London Stock Exchange (symbol: PLUS) and is a constituent of the FTSE 250 index.
Some key facts about this financial services provider:
1250+ instruments available, including FX instruments, Cryptocurrencies, Stocks, Commodities
Desktop, tablet, mobile and Web-based trading
Competitive spread and leverage offering
Client funds are held in segregated accounts for increased protection
Regulated in Europe, Australia, UK, UAE and South Africa
You may open a Trading account based in Riyal, but also in Euros or US Dollars
Trading platforms in +20 languages
It is indeed a great alternative to Robinhood.
Who are Robinhood's clients?
The Robinhood trading app best suits rookies who want to trade small quantities, including fractional shares and cryptos.
Robinhood's overall simplicity makes the app and website very easy to use, and charging zero commissions appeals to extremely cost-conscious investors who trade ultra-low quantities. That said, their product offering is flawed in research and analysis, and there are serious questions about the quality of the trade executions.
Robinhood is one of the most well-known US discount brokers. It gained traction in 2020 during the GameStop Stock saga.
While checking out a trading blog, we found that a trader from Riyadh wanted to open an account with Robinhood, but he couldn't succeed. So we decided to shed light on this. Is Robinhood available to Saudi traders?