Users of the commission-free exchange app, Robinhood, have been giving out reports that they’ve been experiencing issues with specific kinds of bank transfers. The app itself is quite famous, or rather infamous, over the recurring technical problems within it, with the second-most recent one barring them from trading or accessing their accounts. As one would imagine, the latest issue only adds fuel to the fires of frustration.
Every System Operational But Working On The Problem Too
Some customers are reporting bank transfer issues even as Robinhood has its status page show that every system is operational. While everything was supposedly operational, the exchange nonetheless gave out a statement explaining that the matter will be resolved as soon as possible, with Robinhood already working on it.
Robinhood stands as the go-to exchange for younger and new investors alike. As such, it has seen a spectacular growth in customer base, going up to 13 million in total. Even so, the no-fee exchange has had its fair share of controversies this year, even as it aims to be publicly listed by next year. The exchange has seen several days of outages, which made users incapable of trading within the commission-free platform.
Many, Many Scandals
One of the most recent instances of this was Robinhood joining other major US brokers that reported trading glitches last week. These glitches, in turn, affected thousands of customers’ accounts. Another multi-system market outage had Robinhood take part, as well, this one affecting the major US trading platforms back in August. August’s outage was primarily due to the sheer influx of trade volumes, however.
Almost 2,000 brokerage accounts were compromised in a hack, as well, which allowed the hackers to take over the funds and trades of the compromised user accounts. As one would imagine, Robinhood didn’t make a lot of friends with that event.
This security breach, in particular, is estimated to be the largest Robinhood had ever seen. Its severity only increased thanks to the users of the hacked accounts confirming they had two-step authentication in use.
Hopefully Things Will Turn Out Better
Many of these users claimed that these hackers had liquidated their respective investments, withdrawing the balances they had from the online app. Twitter and Reddit served as their outlets to blast Robinhood for their failure to prevent the hack, claiming that the support team had failed to help them in recovering their stolen funds.
Robinhood has had an interesting time, to say the least, but the exchange itself had revolutionized trading at its launch. With any luck, the exchange will be able to recover its image from all these scandals, helping consumers make money with what they have.