Furious Robinhood users are slamming the commission-free trading service, which has been partially offline for hours as the market rebounds from coronavirus dip
- Robinhood, the trading app popular with millennials, experienced a major outage on Monday that locked iOS, Android, and web users out of trading for several hours.
- The outage came just as the market rebounded from one of the worst weeks since the financial crisis.
- Robinhood users are furious - and some are demanding the company reimburse them for hours of missed trading.
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A service outage took Robinhood offline for hours Monday - and furious users of the commission-free trading app say it couldn't have come at a worse time.
People were locked out of Robinhood's iOS, Android, and Web apps for more than four hours starting Monday morning, according to Robinhood's status site.
The company began investigating a "system-wide outage" shortly after 9:30 a.m. Eastern. By 11:30 a.m., Robinhood's site said it identified the problem and that "a fix is being implemented," but all of its trading services were still experiencing major outages as of 2 p.m. Eastern.
While Robinhood was offline, the market was rebounding from one of the worst weeks since the 2008 financial crisis. The Dow Jones Industrial Average was up as much as 815 points Monday morning after falling more than 3,500 last week as coronavirus fears swirled.
People on Twitter and the Robinhood subreddit voiced frustration and anger as they watched the market climb without being able to access Robinhood trading Monday.
By Monday afternoon, a Twitter account called "Robinhood Class Action" had been created and gained over 300 followers. The account's bio said it's building a case against Robinhood "for their negligence and late open on March 2."
Robinhood did not immediately respond to Business Insider's request for comment.
The company has come afoul of federal authorities in the past - in December, it was hit with $1.25 million in fines by the Financial Industry Regulatory Authority over concerns that it didn't give its users the best deals on their trades.