LONDON — Wall Street’s race to the bottom in stock brokerage fees is coming to the U.K.

AJ Bell, a British stockbroker online, announced Monday that it will launch a new app offering commission-free investment opportunities in the first quarter of 2022.

AJ Bell will now compete against a number of fintechs that offer similar services such as Freetrade, Revolut and eToro. The move could increase pressure on other firms. Hargreaves LansdownInteractive Investor follows suit.

Dodl is an app by AJ Bell that allows users to buy and sell a variety of U.K. stocks. The app won’t allow you to buy or sell U.S. securities initially but Dodl said they plan to soon offer them.

Multi-asset funds will be offered by the company with 6 risk levels. There will also be a variety of themed funds that focus on specific sectors such as tech and health care.

The customer will have the option to open a savings account or a life-long ISA. They can also choose to invest in a general account. Friendly monsters will guide users and give them investment advice.

Although the company charges an annual fee, it does not charge commissions or taxes. Annual costs will be incurred by users who purchase funds.

Andy Bell, chief executive of AJ Bell stated in a statement that “Dodl” by AJ Bell can be used for anybody looking for an affordable, simple-to-use app for investing to meet their goals, such as retirement savings, holiday saving, and house deposit.

It is a straightforward way for investors to make investments and it will appeal to newbies.

AJ Bell shares rose more than 1% on Monday amid a strong economy. broad rallyIn European Equity Markets

AJ Bell’s venture into zero commission trading is in response to a flood in fintech startups in wealth management, which have made it more accessible for ordinary investors to trade in the stock market.

Robinhood is a Silicon Valley startup pioneered the trendThe U.S. Due to the platform’s popularity, many other brokerage companies followed suit. lowering their commission rates to zero.

Online trading companies have emerged in the United Kingdom, offering stock trading at a lower price and financial education features such as Revolut and Freetrade.

Robinhood and other apps have opened up investment to the masses. However, experts are concerned that some people treat trading as if it were a sport.

Robinhood was caught up in a mad trading frenzy that saw amateur investors pump up stock prices earlier this year. GameStopOther firms such as AMCYou can get inspiration from Reddit.