Robinhood had another outage Monday morning that once again angered investors who said they were prevented from trading and capitalizing on the extreme market volatility just before the S&P 500 dropped more than 7% and triggered circuit breakers that temporarily stopped trading.
There were widespread complaints on Twitter from users of the Silicon Valley firm’s app who said they could not make any trades for the second straight Monday and were not content with Robinhood’s response to the issue.
Summing up the reaction from investors was a user named Primal Medicine, who tweeted: “Would you mind coming out with a thorough statement regarding: -Why this has happened (again) –What you are doing to prevent this from happening again –Anything to boost user confidence and make me reconsider moving” to another platform?
Also slamming Robinhood was Renaissance Man, who tweeted: “I just can’t believe this. Two Mondays back to back during the most important moments. There could not be any worse of a time for the system to go down. Literally it could not be any worse than this. Please just stop. File bankruptcy and burn in H.E.L.L.”
And Bhargav Shivarthy, vice president of market development at financial services firm Gainfully, tweeted: “@RobinhoodApp just sent me a notification saying I canceled a couple of orders. Here is the thing. I didn’t!”
Robinhood, which started no-commission trading years before Schwab and others followed, declined to specify what caused the outages.
Just after Monday morning’s opening bell, Robinhood tweeted: “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 status.robinhood.com.” At about 10:30 a.m. Monday morning, Robinhood tweeted: “Trading has been partially restored on Robinhood and our team is working to get our platform fully back up and running.”