- Robinhood trading app with more than 10 million users suffers sudden downtime on March 2, Monday.
- Robinhood officially tweeted about this Outage quoting it as general system failure, inaccessibility of portfolio information.
- Robinhood’s Outage brought a lot of negative outrage from users of the Platform.
Robinhood trading app with more than 10 million users suffers sudden downtime on March 2, Monday. The Platform is widely used by millennials for trading stocks and cryptocurrencies.
Users could not access their accounts due to a sharp increase in trading volumes, traders of the Platform seeking to position their portfolios around the recent volatility.
After the persistent Outage, users of the Platform reported the incident to Robinhood about the unavailability of some functions and asset classes in the application. Even some users reported that they couldn’t see the balances of their accounts.
On March 2, US markets started to recuperate from the greatest losses brought about by another episode of coronavirus. Robinhood officially tweeted about this Outage quoting it as general system failure, inaccessibility of portfolio information, and further functions are promised to fix it, while many customers were full of indignation.
Our system is experiencing downtime issues that are affecting all functionalities on our platform. We are aware of the issue and are working to have all systems up and running as soon as we can. We’re so sorry this is happening!
— Robinhood Help (@AskRobinhood) March 2, 2020
Robinhood’s Outage brought a lot of negative outrage from users of the Platform. Robinhood’s tweet attracts diverse comments from twitter users. A Twitter user with username Vivek Sevak _TLSM replied to @AskRobinhood’s tweet and asked them for a compensation plan and how they will pay for user loss during the Outage. Not just this, but many such comments received on their tweet.
What's your compensation plan for your userbase? How will you make up for all the losses due to the delay in functionality? Answer that.
— Vivek Sevak _TLSM (@vivek_sevak_313) March 2, 2020
Not just Robinhood
As of late, not just Robinhood has faced these issues. A week ago, Fidelity, TD Ameritrade, and Charles Schwab likewise experienced outage issues because of increased trading volumes.
Vanguard and TD Ameritrade clients likewise reported a few troubles trading a week ago. Vanguard clients said they were experiencing difficulty signing in to their accounts on Friday.
The organization said there was a two-minute blackout for its digital services and some gradualness for clients since Vanguard was “encountering higher-than-ordinary telephone and web traffic,” as indicated by InvestmentNews.