You may have noticed all the volatility in the markets since the government has started shutting down businesses. Some of the indices fell to their lowest points in years. People are worried about a recession as well as what effect the health crisis will have on the economy.
Did you see what happened with Robinhood during all the chaos in the markets? Robinhood has had some rough patches in the past, but this week its technology failed just when customers needed them the most.
Robinhood Mobile Stock Trading Goes Offline
After a sell-off last week, Monday and Tuesday saw markets bounce back and then drop again. It was then that Robinhood’s trading platform went offline. Customers could only watch as profits and losses were made. The day it went offline over 1.1 trillion dollars were moved in market value.
An article in the New York Times describes Robinhood as a platform that has “attracted millions of millennials… 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.”
One 30-year-old man described how he had put $900 into Robinhood two weeks ago and had increased it to $2600 by last Friday. On Monday, most of that was gone “with Robinhood’s outage and he could not reach the company; even emails to the support desk bounced back undelivered.”
Said the NY Times, “Many Robinhood customers nursing losses on Monday, when markets rose, had bought options contracts to bet that the markets would fall. When markets instead surged, they were unable to get out of the contracts because the app was down.”
A 29-year-old small business owner had invested $8000 through Robinhood. He had “put” contracts on airline stocks expecting their share prices to go down, with plans to close out all of his options and take a profit. Because Robinhood was down and the market went up, he wasn’t able to do as planned and found himself “in the red and not sure what to do.”
“As for Robinhood, he said, ‘I am definitely never using them again.’”
On social media platforms, like Reddit and Twitter, instead of talking about their trades, Robinhood customers have been talking about where they could move their money and whether they should file a class-action lawsuit against the start-up company.
Wondering Where to Move Your Money?
Anyone who has money stuck in Robinhood and wants to try something else can check out the best stock market app for android and iPhone at iFlip. Using algorithmic trading software to help you preserve, protect, and grow your wealth makes it an easy choice to move your money to iFlip.
At iFlip, you can try something new. Using the best mobile stock app, you can trade or let Algorithmic Intelligence (AI) trade for you. The AI is a great way to go because every day the AI analyzes the markets to determine if it should buy, sell, or hold the money in your portfolio. It removes the emotions from trading, helping your portfolio grow over time. For those looking to trade manually, you can do that also.
The app was released in February 2020 and will only increase in its functionality as time goes on. iFlip has stated that fractional shares and other advanced features will be available very soon. So if there is a particular stock you want to trade and it costs more per share than you want to pay or have in your account, iFlip’s best mobile stock app will soon allow you trade fractional shares of it. So you can buy $50 of AAPL or MSFT from the palm of your hand.
Are you tired of doing the dirty work and still losing? Have you given Robinhood a shot, but you’re not making money? Do you feel like Robinhood is robbing from more than just the rich and not giving to anybody? It’s time to try something new.
Jump over to iFlip and see how they are flipping Wall Street. See how their mobile stock trading apps using algorithmic trading software can help you grow your wealth.