Robinhood's investing app went down for 20 minutes yesterday. This is not the first time Robinhood users have been disappointed by a system outage. Here's why the app went down:
In March, Robinhood saw three outages in a single week. The first outage, on March 2, lasted for nearly 17 hours while stocks were surging higher in the wake of the late February coronavirus crash. The second and third March outages were much shorter, but they certainly rubbed salt into the wounds of traders who already missed out on an entire day of trading.
According to DownDetector, Robinhood has experienced outages every month, except for August and December 2019, since July 2019. DownDetector reported five or more outages in the months of October 2019, and March, April and May 2020. It detected a total of 21 outages in March 2020. . The bank guided investors to call and place trades with human advisers, rather than do so online on their own.Some users now see the outages as a norm on Robinhood. One Twitter user even expressed sentiment that continuing to use Robinhood—while knowing of its frequent outages—makes him partly to blame for still investing with the app.Robinhood is a giant in the fintech space. The private company is worth $8.3 billion, making it one of the 10 most valuable venture-backed fintechs in the U.S.
Keep in mind, trading platforms protect the funds in an investor’s account, so individuals shouldn’t panic at the thought that their money is going to go missing.
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