Trading app Robinhood experiences another outage
Robinhood's trading platform went offline again today, less than a week following a controversial 17-hour outage.
The status page of the trading app showed "major outage" for all trading functions from around 10 AM EST to 10:30 EST, and it now displays as "Degraded Performance" for equities, crypto, and options trading. "Fractional Equities Trading" is being reported as experiencing a "major outage" at time of writing.
The webpage states that Robinhood "the issue has been identified and a fix is being implemented."
"Trading has been partially restored on Robinhood and our team is working to get our platform fully back up and running," the firm said on Twitter.
This latest outage is keeping Robinhood users on the sideline on a historic trading day, as the U.S. stock market is beset by turmoil set off by the plunge in global oil prices and Treasury yields over the weekend. The S&P 500 dropped by over 5% shortly after the market open and the Dow Jones Industrial Index fell more than 1,400 points.
The surge in global market volatility is putting Robinhood's technology under test. The trading app has over 10 million users on its platform, although the outage last week triggered doubts about Robinhood's platform.
Some users told the New York Times that they had wanted to withdraw their money from the platform as quickly as possible. One client from Florida has also filed a federal lawsuit against the startup for failing to provide a functioning service.
