Robinhood, the app-based trading platform popular with first-time investors, is currently suffering an outage resulting in users unable to make trades. Robinhood itself confirmed the outage in a tweet admitting “trading is currently down.”
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
Robinhood’s latest outage couldn’t come at a worse time for the company or its clients. The markets are seeing one of their most volatile days of trading today since the financial crash 12 years ago, leaving some calling today a new Black Monday. With Robinhood down, its clients can’t respond to today’s volatility.
But worse is that today’s Robinhood outage is the second this month. As CNBC reports, last week the platform experienced a two-day outage when the stock market surged, leaving their customers unable to make trades. This first outage has led to Robinhood clients filing a federal lawsuit against the company that alleges clients missed “out on some of the highest single-day market gains in recorded history.”
Before this month, Robinhood has historically been a finch darling, being popular with millennials since 2017. In 2018 its popularity saw its valuation soar to $5.6 billion. At the time of this writing, Robinhood’s trading platform is still down. Users can check the status of the service here.