12:39pm Update: It seems that the service has been partially restored.
The trading app Robinhood, popular with young and new investors is yet again experiencing another service outage. A couple minutes before market open, service has went out.
Robinhood says that it’s working to fix the issue.
Yesterday, Robinhood’s service was out for the whole trading day, it is also expected to happen today. While the service is out, some users decided to dig into the underlying problem and it seems that one of the issues may be with Robinhood not correctly recognizing a leap year.
Robinhood Users Lost Trust
2 days in a row and Robinhood users are not able to buy or sell stocks or options. Users took to Twitter what they think about the company’s service so far, most likely all users or most of them will be switching to another brokerage.
While most of the other brokerages also has issues, they were quickly fixed within 1-2 hours. Robinhood shows that they aren’t really reliable if they needed the whole day to fix an issue.
Alternative Brokerages We Highly Suggest You Switch To
Last year large brokerages decided to switch to zero commission and fee free trading, this makes it a perfect time to choose a new broker.
We suggest you look at:
- Webull
- FirstTrade
- E*TRADE
- Charles Schwab
- Fidelity
- Public
- Ally Invest
- TD Ameritrade
- Merrill Edge
- Interactive Brokers
