Free stock-trading leader Robinhood is experiencing another significant failure Monday, keeping customers on the sidelines during another historic day for stocks.
” Trading is currently down on Robinhood and we’re examining the concern,” the Silicon Valley start-up stated Monday soon after the opening bell. ” We are experiencing problems with equities, alternatives and crypto trading. We are working to solve this concern as soon as possible.”
Around 10: 30 a.m. Robinhood tweeted that the platform was partially restored.
The outage coincided with a disappointing day for stocks on Monday. The major averages cratered as financiers braced for the economic fallout from the coronavirus and a stunning full-blown oil price war. The Dow Jones Industrial Average tanked 1,568 points, while the S&P 500 plunged 5.8%. The Nasdaq Composite fell 5.4%.
The heavy volume sell-off triggered a key market circuit breaker minutes into the opening bell. Trading was halted for 15 minutes up until resuming at 9: 49 a.m. ET.
Robinhood’s blackout comes after days of technical problems starting on Monday, March 2, when clients lost out on the biggest one-day point gain in Dow in history. The millennial-favored app, which has about 10 million users, was pestered with problems for two days, causing a wave of furious customers.
The company is dealing with legal fallout from last week’s blackout A Robinhood client based in Sarasota, Florida, submitted a federal lawsuit on behalf of himself and other traders Wednesday evening. Travis Taaffe alleges that Robinhood was irresponsible and breached its contract by stopping working to “offer a working platform,” leaving traders not able to move cash while stock exchange surged.
Robinhood users required to social media to vent outrage over the technical problems. A Twitter account “Robinhood Class Action” gained more than 7,000 followers in recent days.
The trading app acquired appeal with young financiers by providing free stock trading in 2013; however, ever since, free trading has become market requirement, with major online brokers dropping commissions in 2015. Many twitter users said that would be canceling their account with Robinhood due to the persistent technical problems.
Robinhood’s 44- page client contract outlines that it will not be responsible for “short-lived disturbances in service due to upkeep, Site or App changes, or failures” and isn’t liable for prolonged interruptions due to failures “beyond” the company’s control.
SEE: How regulators may respond to Robinhood’s system-wide failures
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source https://jobsearchtips.net/robinhood-goes-down-again-causing-clients-to-miss-out-on-another-historical-trading-day/
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