Robinhood crashes for third time in one week as stock markets plunge

As stocks dropped to their lowest point in over a year, traders who rely on the Robinhood app to buy and sell stocks were once again left on the sidelines Monday morning.

The company, which experienced a daylong outage one week ago and a partial outage the following morning, is once again experiencing issues, it announced Monday morning.

“We are experiencing issues with equities, options and crypto trading. We are working to resolve this issue as soon as possible,” the company said in a statement.

Forty minutes later, at 10:30 a.m. ET, Robinhood announced, “The issue has been identified and a fix is being implemented.”

[As of 11:30 a.m. ET, the company said trading had been “partially restored,” though the status page still warned users of a “degraded performance” on most trades and a “major outage” on fractional equity trades.]

The outage went over about as well as you’d expect.

#RobinHood users right now! #robinhoodoutage pic.twitter.com/i7X7kKh88Y
— Jiggawatt (@SCDisme) March 9, 2020

https://twitter.com/JCaz14169042/status/1237022966929600515

https://twitter.com/bill_goldthorpe/status/1237022927771631616

Only a matter of the time before the SEC investigates Robinhood.
— Ian Miles Cheong (@stillgray) March 9, 2020

Robinhood has been a popular tool for millennial investors, due to its commission-free policy and openness to cryptocurrencies. The company has not given a reason for the outage (just like last week), though one possible cause was a surge in trade volume as investors grow more concerned with the coronavirus outbreak.

Robinhood was down last week during the market’s biggest one-day gains in its history. As it misses one of the biggest drops, it raises additional questions about the company’s reliability, which could hurt its userbase.

Robinhood crashes for third time as markets tank

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