Robinhood's Crypto Failures....

almost 3 years ago (Edited)

As 2021 crypto boom continues one trading exchange continues to face challenges in the form of under performing for its costumers. For those that have heard of Robinhood they will be quite familiar with their fiasco with GME and stock trading stalling in times where its customers most needed.

Here is a story of Robinhood stopping the trading of GME in middle of January that basically stalled out GME's meteoric rise. I am not implying Robinhood at fault for stopping the rise of GME but just the coincide that they would stop allowing its customers from purchasing the stock that basically lead to the the share price falling from its peak of $483.

Then there was the covid stock market crash where specifically when Robinhood customers wanted to buy and sell equities that they were unable to due to Robinhood's software glitches and bandwidth problems. Here is an article from Fortune about how Robinhood crashed three times in a week during the covid stock market crash.

Now just today something similar happen to Robinhood, a failure in servicing its customers. Except this time Robinhood failed in cryptocurrency trading.

The company experienced an outage Tuesday morning as Ethereum and Dogecoin hit fresh records, before getting back online at 11:14 a.m. ET, according to an update on Twitter.

Robinhood tried to mitigate the damage with further twit on progress of fixing its internal issues.

With over 6 million additional cryptocurrency customers in the first two months of 2021 it is very probably that the company is overwhelmed by the influx of users and having difficulties adjusting.

I am surprise that since its trading issues in the past that it would still have problems today in the crypto trading business. This is not a good image long term for the company. Robinhood has been called out as a revolutionary investment company for the younger generation but it won't take too long for it to lose its glamor if it continues to fail its customers when they need Robinhood's trading to work at the most opportunistic times.

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6 comments

@jfang003 75

almost 3 years ago

I think the biggest issue with robinhood is their customer service. If I remember correctly, people still have to rely on a slow email system and there is no phone line for a direct representative. So issues are slow to resolve as they wait for a ton of people to complain.

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@informationvault 5

almost 3 years ago

Now just today something similar happen to Robinhood, a failure in servicing its customers. Except this time Robinhood failed in cryptocurrency trading.

That is really sad...bad customer service is one of the factor that led to their failure...@mawit07

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@logicforce 63

almost 3 years ago

!wine and !LUV

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@mawit07 77

almost 3 years ago

!wine and !LUV

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@luvshares 58

almost 3 years ago

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@luvshares 58

almost 3 years ago

Hi @mawit07, you were just shared some LUV thanks to @logicforce. Holding 10 LUV in your wallet enables you to give up to 3 LUV per day, for free. See the LUV in your wallet at https://hive-engine.com or learn about LUV at https://peakd.com/@luvshares

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