“Robinhood, a pioneer of commission-free investing, gives you more ways to make your money work harder.” At least, that’s what is stated on the website of Robinhood, the popular stock and cryptocurrency trading app. However, the app’s recent outages on March 2 and March 9 have shown that fancy words on landing pages are insufficient to make an application reliable — and now, traders are starting to gang up on Robinhood.
The reason for this turn of events is that on March 2, Robinhood traders were left unable to complete exchange orders and without access to their portfolios or charts as the app suffered a major technical outage that made it inoperable for over a day. Further outages took place on March 9 and March 12, causing traders to call for a class-action lawsuit against the app’s developers in hopes of receiving some kind of compensation.