The US-based Webull platform targeting retail traders has set its sights on the United Kingdom after launching branches in Singapore, Hong Kong and Australia. Webull Corporation has officially started its retail brokerage services under Financial Conduct Authority's (FCA) supervision.

British residents can now trade US-listed equities and fractional shares via Webull's app. However, for the broker, it may be an opportunity to gain customers in a market that is larger than the US one in several respects.

Webull Extends Its Global Expansion into Europe

The introduction of Webull's services in the UK represents the company's first venture into Europe, building on its track record of successful launches in the APAC region over the past two years. The entry into the UK comes seven months after Webull launched its branch in Australia. Earlier in 2022, the US company appeared in Singapore, and in 2021 it began offering its services to customers in Hong Kong.

Anthony Denier, the US CEO of Webull who is overseeing operations in America and Europe, expressed confidence in the UK market's potential and anticipated expanding their product offerings to cater for British clients.

"We are confident that the powerful trading tools and simple mobile format will prove attractive in the UK. We are sure our new clients will enjoy tech and enjoy investing," Denier commented.

Webull UK received authorization from the FCA in October 2022 and has spent the last months recruiting a team with local experience. The company will offer US-listed securities, but it plans to extend this offering by opening up new investment opportunities for regional retail investors.

Several months ago, the platform's popularity drew the attention of fraudsters who attempted to clone it. The Belgian supervisory commission issued a warning about this in February.

UK Has More Retail Traders than US?

Webull's move may not be a coincidence. According to recent data from Investment Trends, the number of active retail investors in major jurisdictions has been falling recently. In the United States, the decline was 24%. Despite the slump in the number of active investors in the UK was greater than in the US (25% vs 24%), the overall US active clients base in the contracts for difference (CFDs) and forex (FX) markets is still visibly bigger.

Investment Trends reports that 205,000 people in the UK were actively trading in these markets in May 2022, while there were only 175,000 people in the United States. The UK is one of the most developed financial markets in the world, so an appearance there could allow Webull to expand its existing user base significantly.

Analyzing the other jurisdictions in which Webull operates, we note that they are also large concentrations of active FX/CFD traders. There were 43,000 traders in Singapore in September 2022, and in Australia 81,000 was present in November 2022. In Hong Kong, the figure reached 185,000 in 2021.

CEO Talks about Revolutionizing the Investment Market

Nick Saunders, the CEO of the newly launched Webull UK, acknowledged the evolving nature of the investment market.

"The British public is now actively seeking low-cost investment opportunities domestically and in markets outside the UK. Webull's strength is in our global network and innovative mindset," he added.

Saunders assures that Webull is dedicated to finding the right solution for its clients, promising to build on sustainable foundations to meet customer needs.

However, this does not change the fact that the company has a few minor sins against its name. In March, the Financial Industry Regulatory Authority (FINRA) imposed a fine of $3 million on the securities broker for onboarding unqualified options traders between December 2019 and July 2021. Webull Corporation failed to perform reasonable due diligence prior to accepting these options traders and did not maintain an appropriately designed supervisory system to register and respond to customer complaints.