![]() But when technology hits a snag, you lose the ability to buy and sell securities. Online brokers like Robinhood rely on a smoothly functioning technology back-end to facilitate your trades. What Should You Do When Your Online Broker Goes Down? Plus, data from analytics firm App Annie indicates that monthly active users have slowed considerably on the platform, growing just 13% year-over-year in 2019 compared to nearly doubling year-over-year in 2018. The online brokerage fell off Forbes’ 2020 Fintech 50 List after Schwab and Fidelity dropped their stock trading commissions to $0. But recently, Robinhood has struggled to retain a foothold among other trailblazers in the industry. The private company is worth $8.3 billion, making it one of the 10 most valuable venture-backed fintechs in the U.S. Robinhood is a giant in the fintech space. Some Robinhood users have come to see service outages like the one this morning as the norm. The bank guided investors to call and place trades with human advisers, rather than do so online on their own. MS, one of the world’s biggest wealth managers, saw its online trading platform go down for a few hours in March due to a bug in software from a third-party vendor, as reported by CNBC. Robinhood isn’t the only online trading platform that has experienced outages. It detected a total of 21 outages in March 2020. DownDetector reported five or more outages in the months of October 2019, and March, April and May 2020. According to comments on DownDetector at that time, users were experiencing frozen trade options and the app saying it was unable to execute orders.Īccording to DownDetector, Robinhood has experienced outages every month, except for August and December 2019, since July 2019. On June 3, there was a brief outage that lasted about 20 minutes, according to the company. 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.Īccording to statements made by the company at that time, the March outages were the result of “stress on the app’s infrastructure,” a high volume in trading due to market volatility and a record number of sign-ups. 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. ![]() In March, Robinhood saw three outages in a single week. If you’re longtime Robinhood user, then you probably know this isn’t the first time the platform has experienced issues. This is the first shake-up in the index since the S&P Dow Jones Indices substituted Walgreens Boots Alliance for General Electric ( GE) in 2018. ![]() At the same time, the DJIA is rebalancing the stocks that comprise the 30-company index of leading U.S. ![]()
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