Zero commission trading app Robinhood is facing yet another set of glitches on its platform. Some customers are reporting bank transfer issues, even as Robinhood’s status page suggests all systems are operational.
Users experiencing bank transfer issues
Some Robinhood users are complaining about bank transfer issues on the platform. The app has been constantly facing issues since the beginning of the year, especially around days of high volatility and increased volumes. Previously, users complained of being locked out of their accounts and being unable to trade. The app has faced recurring issues with their tech, which has led to user outrage on social media.
Robinhood wrote on its status page that all its systems are “operational”. It noted, “We are working to resolve this as soon as possible,” on user complaints, but didn’t explain the issues on the platform that led to the bank transfer problems.
Robinhood’s impressive journey interrupted by glitches
Robinhood’s no-commission trading model and an easy-to-use smartphone app made it popular amongst the newbie and millennial traders. The app currently has a user base of 13 million, which is higher than many established, older brokers. The app is planning to go public in 2021 but is yet to smooth out some glitches on its platform. Technical issues have led to multiple outages and login, access, and trading issues to the users in 2020.
Most recently, the platform was amongst several US brokers that reported trading glitches. In August, it also faced an outage because of sudden, higher-than-expected trading volumes. About 2,000 accounts on the platform were compromised recently. This was the biggest security breach in the app’s history, which led to hackers gaining access to brokerage accounts that had two-factor authentication enabled. Many users reported hackers could liquidate their investments and transfer their balances to online payment apps. They criticized the app on Reddit and Twitter as the company’s support team failed to provide meaningful help to the users.