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PostPosted: 06 Mar 2020, 03:52 
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Acolyte

Joined: 09 Jul 2017, 22:51
Posts: 24
Stocks rallied Monday with the Dow logging its biggest point gain in history. The S&P 500(https://www.webull.com/quote/idxsp-inx) gained $1.1 trillion Monday. But an all-day system-wide outage left Robinhood customers seething. The free stock-trading app, crashed on the worst day possible.

Tuesday, as global markets rebounded after a sell-off last week and then sank again, Robinhood’s trading platform went offline, leaving many customers to watch their portfolios drop in value without being able to do anything about them.

The malfunctions put Robinhood out of service during the US trading day yesterday and part of today before service was restored. Prices have gyrated and buying and selling has soared amid concern that Covid-19, the disease caused by a new coronavirus, is spreading. Late last year the Menlo Park-based company said it had 10 million users, up from 6 million accounts in October 2018.

An "issue with a part of our infrastructure" caused the 17-hour disruption on Monday, the company said in a statement. Robinhood said overnight that the issue was fixed, but the service went down again Tuesday morning shortly after trading began. Around noon Tuesday, Robinhood said the earlier outage had been resolved.

Robinhood has become a Silicon Valley darling by presenting itself as a tech-savvy alternative to traditional stock trading platforms. But this week, with the financial markets in chaos, the start-up’s technology failed at the most crucial moment. Robinhood has attracted millions of millennials to trade on its platform, largely by eliminating trading fees and making stock trading as easy as ordering food online.

This week, many of those same customers said they wanted to get their money out of Robinhood as quickly as possible.

Absolutely done with RH they screwed over so many of us. Lost out on my gains and now I'm stuck holding for a loss because I couldn't trade all day. Absolutely unacceptable.

I honestly can't say for sure if I would have made a good amount of money yesterday or not. However, the fact that I was not allowed to participate is an absolute joke.

Forget all that, I'm disappointed I couldn't get in, out or add to my options positions as needed. Thankfully Webull got options(https://www.webull.com/options) now, so I'll be consolidating everything into my webull account soon. Deuces!

So, switch to Webull(https://www.webull.com) or Schwab(https://www.schwab.com)? Day 2 of major outages....seems this wasn't a good time for me to start investing through RH.

What other brokers are as streamlined and simple as RH? I can't be locked out of my account for an entire trading day, unacceptable. I'm pulling my money and taking it elsewhere. I also have M1 (too slow for making rapid moves, great for buy and hold/DRIP) and e-trade (needed it to buy some things not available on RH, don't like the interface, I have to pay $7 per trade). Thinking about trying Webull, TDA, or Fidelity.

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