Reddit-fuelled retail trading frenzy spreads to Europe
The US retail stock trading phenomenon driven by the WallStreetBets Reddit forum is fuelling
a copycat trading boom in Europe, bank and brokerages said.
Younger investors in Britain and other countries are fast joining online trading platforms and
spending more on shares at traditional brokerages, hoping to copy Americans who bet on
stocks such as GameStop and AMC Entertainment during the frenzy this year.
British-based online trading platform Freetrade signed up over 160,000 customers in January,
pushing it past 500,000 in total, thanks to the hype around the so-called Reddit rally stocks,
Freetrade told Reuters.
"When investors become so excited about the potential for a particular stock or asset class,
the story can sometimes move from the world of financial news to the mainstream," said Adam
Dodds, chief executive of Freetrade.
The Reddit stock mania has galvanised a retail trading boom that was already underway in
Europe in 2020, as bored housebound punters saving extra money tried to cash in on market
volatility, and new user-friendly apps gave them the means.
The surging interest in stock investing is also due to macroeconomic factors in continental
Europe, including rock-bottom interest rates, high house prices and inadequate pension
systems, said Nick Bortot, co-CEO of Amsterdam-based digital broker BUX.
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