Robinhood, a mobile-based equities and crypto investment platform, has recently been experiencing an outage, making it the third such disruption of its services in a week.
Though Robinhood acknowledged the issue, many furious traders are taking social media to show their frustrations with the trading app.
Trading is currently down on Robinhood and we’re investigating the issue. We’re focused on getting back up and running as soon as possible and we’ll update the status page with the latest https://t.co/mON07oWvHy.
— Robinhood Help (@AskRobinhood) March 9, 2020
As seen on its status page, the United States-based company has already identified the issue and is currently resolving it; however, it did not make any details public.
“We are experiencing issues with equities, options and crypto trading. We are working to resolve this issue as soon as possible,” Robinhood noted at 6:51 am (PDT), following “the issue has been identified and a fix is being implemented.”
A recurring bug affecting the traders
Notably, this is the third such trading service disruption on the app, following the first incident only a week before.
Many users are complaining that the application is not allowing them to cancel their orders, while others are saying that they cannot even access their accounts.
Trustly’s Done a Trading Report. And, It’s About TimeGo to article >>
“Come on to the platform @RobinhoodApp We’ll have a few drinks, buy some stocks…”
Hey, @AskRobinhood any reason in particular your platform won’t let me cancel an order or, at least, answer my myriad emails??? pic.twitter.com/brpPIXdowR
— Daniel Aryeh (@imdanielaryeh) March 9, 2020
The outrage of the traders is also fueled by the recent volatile market, given DOW’s plunge of 5 percent within a few hours of the market opening today.
“Multiple factors contributed to the unprecedented load that ultimately led to the outages,” Baiju Bhatt and Vlad Tenev, co-founders and co-CEOs of Robinhood, stated in a blog post. “The factors included, among others, highly volatile and historic market conditions; record volume; and record account sign-ups.”
Though for the previous outages, the California-based company promised billing credits and other potential compensation to the victims, many furious traders are also gathering victims to initiate a class-action lawsuit against the trading app.
And I still wasn’t able to sell because if #robinhoodoutage so now I’m losing all this money. What is the recourse for this #RobinHood? Can we sue? Twice in one week! @ClassRobinhood @NatashaBertrand pic.twitter.com/ZqWfbKIgwk
— DG (@DGFP20) March 9, 2020