For the third time in two weeks, the Robinhood trading app has experienced a major outage during a heavy trading day.
Monday morning Robinhood notified its customers via Twitter that trading was down and the company was investigating the issue.
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://status.robinhood.com.
— Robinhood Help (@AskRobinhood) 3/9/2020
An hour later, approximately 10:30 AM, the company informed users it had partially restored services.
Trading has been partially restored on Robinhood and our team is working to get our platform fully back up and running. We’ll update the status page with the latest: https://status.robinhood.com
— Robinhood Help (@AskRobinhood) 3/9/2020
Shortly after 1:00 PM, the company had restored most functionality, except fractional equities.
Trading on Robinhood has been functional for new orders with the exception of fractional equities since at least 10:25 AM ET. We’ll continue to update our status page with the latest https://status.robinhood.com.
— Robinhood Help (@AskRobinhood) 3/9/20)
The company has already faced threats of class-action lawsuits and loss of customers as a result of the previous outages. Customers have complained that they have lost out on some of the biggest trading days, in some cases costing them thousands of dollars.
Robinhood is going to need to demonstrate they can solve their issues once and for all if they hope to keep existing customers, let alone continue growing.