Investors using the trading app from Robinhood were once again locked out of trading after the app went down on another heavy (bad) day of trading on Wall Street.
After about an hour of downtime, functionality on the app has now been partially restored.
Trading has been partially restored on Robinhood and our team is working to get our platform fully back up and running. We’ll update the status page with the latest: https://t.co/mON07oWvHy
— Robinhood Help (@AskRobinhood) March 9, 2020
The latest outage came one week after an outage took down the app on what was one of the busiest trading days of the year.
In the aftermath of the outage, Robinhood founders said that they would compensate investors impacted by the outage on a case-by-case basis.
As we reported, Robinhood was offline from Monday at 6:30am Pacific to 11pm Pacific, then had another outage this morning from 6:30am Pacific until just before 9am Pacific.
Here's how the company is compensating users for the earlier outage.
The $912 million-funded fintech giant said it would provide compensation to all customers of its Robinhood Gold premium subscription for borrowing money to trade plus access to Morningstar research reports, Nasdaq data, and bigger instant deposits. It’s offering them three months of service.
A month of Robinhood Gold costs $5 plus 5% yearly interest on borrowing above $1,000, charged daily. Before a pricing change, the flat fee per month could range as high as $200. However, compensated users will only get the $5 off per month, for a total of $15. That could seem woefully insufficient if Robinhood users missed out on buying back into stocks like Apple that went up over 9% on Monday. Robinhood is calling it a “first step”.
Impacted Robinhood users can contact the company here to ask for compensation. Below you can see the email Robinhood sent to customers late last night.
This story has been updated to include information that functionality has been partially restored.