- Robinhood is a trading app popular with millenials for its lack of fees.
- The app was down nearly the entire trading day on Monday as the market rebounded from one of the worst weeks since the financial crisis.
- Many users were angry at the company, and demanded compensation for losses.
- These five apps are fee-less trading alternatives to Robinhood, which is once again down.
- Visit Business Insider’s homepage for more stories.
A service outage took trading app Robinhood down for most of the day of trading on Monday, and Tuesday has seen another major outage. Before trading began on Tuesday morning, Robinhood sent out an email apologizing for the outage, which it attributed to infrastructure issues.
Now, users are upset, and some are even threatening a class-action lawsuit over the outage, which came just as the market saw its biggest one-day gain in years. Thousands of users have flocked to the Twitter account Robinhood Class Action, sharing their losses, with one person saying that they lost nearly half a million dollars.
This is the worst one I've had sent to me ???????????? pic.twitter.com/FKpXw7ZdsR
— Robinhood Class Action (@ClassRobinhood) March 3, 2020
According to Robinhood’s status site, the company is investigating reports of outage. In the meantime, check out these five alternative trading apps.
M1 Finance is a free service started by a 25-year-old that lets users invest in pre-built portfolios.
Find M1 here.
Webull is another zero-commission trading app, and it offers a free stock when you open an account.
Find Webull here.
Public, formerly Matador, is a free trading app with a social component that allows users to follow other investors and companies.
Find Public here
Axos, previously WiseBanyan, calls itself “the world’s first free financial advisor.” Other wealth management services are also available for extra fees.
Find Axos here.
SoFi Invest is another app for trading stocks and ETFs with no fees, although there are fees associated with trading cryptocurrency and other services.
Find SoFi here