Crypto Trading App Robinhood Suffers Another Outage

Popular crypto trading app Robinhood has suffered another outage, on one of the biggest days of trading. And it’s not the first time this month. Less than a week ago, there was a controversial 17-hour outage.

March 9, 2020 | AtoZ Markets – Trading app Robinhood has suffered another trading outage, on one of the most important days for trading in the past decade.

Robinhood partially fixes the outage

At 2.06 PM UTC today, Robinhood tweeted that trading was down and that it was investigating the issue. It has since tweeted that trading has been partially restored. But it couldn’t have come at a worse time for traders.

Stocks were hit today in the worst day of trading since the financial crisis. The price of oil fell by nearly 30% and major stock market indexes are down by seven percent.

Related: FCA UK approves Robinhood investment app broker license application

Robinhood app crash causes outrage

And traders were furious. “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,” one wrote on Twitter.

It’s the latest in a succession of issues faced by the exchange, following an earlier outage on March 2 that lasted through the night. At the time, Robinhood tweeted that, “When it comes to your money, issues like this are not acceptable.”

Some users told the New York Times that they had wanted to withdraw their money from the platform as quickly as possible. One client from Florida has also filed a federal lawsuit against the startup for failing to provide a functioning service

Related: US Regulator Fines Robinhood $1.25 Million

That outage was also on a day of increased trading volume that saw the Dow Jones gain over 1,200 points. Robinhood is also a popular trading app for cryptocurrencies, any of which have seen high volatility today. The Bitcoin price declined 10%, and many other top ten coins have posted double-digit losses.

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