Robinhood, a trading app widely used by millennials to trade and invest in stocks is experiencing a system-wide outage on its website and app.
In an email to users, Robinhood stated it started experiencing downtime issues across its platform around 9:33 a.m. ET – as markets opened on Monday. Users are citing issues logging in and even trading, according to Down Detector.
“All of us at Robinhood are working as hard as we can to resume service, and we’ll update you as soon as the issue is resolved. We understand the impact this is having and we apologize for any trouble this has caused,” the email read sent to users of the platform.
The system-wide outage was still being investigated as of 9:38 a.m. ET, according to Robinhood’s status page. Equities, cryptocurrency and options trading are among some of the functionalities experiencing a major outage. Market data and corporate actions such as dividends are cited as operational.
Robinhood’s Twitter dedicated to company support stated,” Our system is experiencing downtime issues that are affecting all functionalities on our platform. We are aware of the issue and are working to have all systems up and running as soon as we can. We’re so sorry this is happening!”
Many investors criticized the platform for its issues. One user tweeted: “What’s your compensation plan for your userbase? How will you make up for all the losses due to the delay in functionality? Answer that.”
Another user stated: “When can we expect compensation? We are losing money by the minute because of your mismanagement.”
This problem comes amid the market’s attempt to rebound following its worst week since the financial crisis. Monday’s surge comes despite headlines of coronavirus’s global outbreak spread to more than 60 countries.
Shelly Lombard, former Wall Street analyst says outages at Robinhood are not surprising on a day of trading with heavy volume.
“If you’re investing for the long-term, you can sit tight through all the ups and downs,” said Lombard. As for investors covering short positions money is being lost by the minute, she says.
Some users are still citing outage issues with the web and app platform as of 3:25 p.m. ET.
This story is developing.
