What to Do If You Are Affected by the Robinhood Outage [updated]
Robinhood users learned the hard way on Monday what happens when everyone wants to trade right away. The stock trading app was down for most of Monday and again on Tuesday morning, resulting in users unable to use their accounts and unable to make transactions during a major market rally.
While there was initially much speculation about what led to the outage, the company yesterday confirmed that record volume and number of account registrations, in addition to market conditions, had overwhelmed its systems.
Robinhood sent out an email confirmation to its customers last night that their systems are fully operational again. “We want to assure you that your funds are safe and personal information has not been harmed,” the letter says.
The company invites customers to report if they are affected by a power outage, “so we can work with you directly to resolve your concerns,” the email said. “It may take longer than usual to respond, but we’ll get back to you as soon as we can.” Customers can use the company’s contact form to contact us. There is a dropdown list specifically for people affected by the crash.
TechCrunch advises that compensation can be provided on an individual basis, but the form of this compensation has not been specified.
Robinhood offers three months credit to its Gold subscription customers. At $ 5 per month, that’s only $ 15, but you still have to pay interest on actions during that period.
We contacted Robinhood, but the company declined to comment.
This post was updated the same day it was posted to add Robinhood’s answer to our request for more information.