Interactive Brokers Takes Aim at Robinhood With New Trading App

Interactive Brokers Group Inc. is launching a trading app geared to novice investors that’s poised to compete with rivals including Robinhood Markets Inc.

The Greenwich, Connecticut-based firm announced the new platform called IBKR GlobalTrader, which allows customers to make deposits in up to 23 different currencies, according to a Tuesday release.

The app is a new frontier for Interactive Brokers, which has long catered to experienced self-guided traders, as well as hedge funds and other money managers. The firm hasn’t had as much traction with investors new to financial markets, who’ve gravitated instead to platforms such as Robinhood and Webull ...