Robinhood, a platform for mobile-based crypto and equities investing, experienced its third outage in less than a week leaving traders who use its app unable to access or use its service. While the company has acknowledged the outage, traders are posting on social media about their outrage with the trading app.
Robinhood, as posted in a status update on its site, stated that they have identified the problem and is working to correct it. However, they failed to make any of the details public other than to state: “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.”
The recurring bug is impacting traders, especially being this is the third such occurrence in its service being disrupted. That has resulted in a large number of users complaining that Robinhood is refusing to let them cancel pending orders while some members are not even able to access their accounts.
The disruption is coming at a time when the markets are experiencing high volatility, one that saw a 5% drop on the DOW inside of hours of the market opening today. Commenting, Robinhood co-CEOs and co-founders, Vlad Tenev and Baiju Bhatt stated in a blog post. “Multiple factors contributed to the unprecedented load that ultimately led to the outages. The factors included, among others, highly volatile and historic market conditions; record volume; and record account sign-ups.”
Other than the previous disruptions, the company, which is based in California, has promised to give users possible compensation and billing credits. However, that is not satisfying many of its users who are in the midst of talking to others in an attempt to file a class-action lawsuit against the trading app.
Tom Arran
