Robinhood, the free trading app that has signed on more than 10 million users, went down this Monday morning. The app just shows an empty dashboard, buying power, and a message at the bottom saying, "There was an error loading your notifications".
The trading app's status page shows no sign of when they will have this fixed or why this occurred. Only three services are operational market data, email support, and corporate actions. This is a really bad look for the company from both investor's and consumer's perspective.
This was likely caused by the market's attempt at a rebound from last weeks investor panic surrounding COVID-19, which was also dubbed "the worst week for stocks since the financial crisis".
Thinking of looking into a different trading platform? Checkout Webull, I signed up for a them a while back for some free stocks but now I'm actually considering transferring my Robinhood stocks there.
3/2/20 Another potential cause
3/3/20 Robinhood goes down again early Tuesday morning.
3/3/20 Final cause announced.
Robinhood co-CEOs write that “the cause of the outage was stress on our infrastructure — which struggled with unprecedented load. That in turn led to a “thundering herd” effect — triggering a failure of our DNS system.”