As stocks dropped to their lowest point in over a year, traders who rely on the Robinhood app to buy and sell stocks were once again left on the sidelines Monday morning.
The company, which experienced a daylong outage one week ago and a partial outage the following morning, is once again experiencing issues, it announced Monday morning.
“We are experiencing issues with equities, options and crypto trading. We are working to resolve this issue as soon as possible,” the company said in a statement.
Forty minutes later, at 10:30 a.m. ET, Robinhood announced, “The issue has been identified and a fix is being implemented.”
[As of 11:30 a.m. ET, the company said trading had been “partially restored,” though the status page still warned users of a “degraded performance” on most trades and a “major outage” on fractional equity trades.]
The outage went over about as well as you’d expect.
#RobinHood users right now! #robinhoodoutage pic.twitter.com/i7X7kKh88Y
— Jiggawatt (@SCDisme) March 9, 2020
https://twitter.com/JCaz14169042/status/1237022966929600515
https://twitter.com/bill_goldthorpe/status/1237022927771631616
Only a matter of the time before the SEC investigates Robinhood.
— Ian Miles Cheong (@stillgray) March 9, 2020
Robinhood has been a popular tool for millennial investors, due to its commission-free policy and openness to cryptocurrencies. The company has not given a reason for the outage (just like last week), though one possible cause was a surge in trade volume as investors grow more concerned with the coronavirus outbreak.
Robinhood was down last week during the market’s biggest one-day gains in its history. As it misses one of the biggest drops, it raises additional questions about the company’s reliability, which could hurt its userbase.
More must-read stories from Coins2Day:
—Why plunging Treasury yields are so alarming
—Furious Robinhood customers want payback following two day outage
—Why investors suddenly turned on pot stocks
—With stocks down sharply are we approaching”buy” territory? Not by a longshot.
—Why it’s so hard to find the next Warby Parker
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