Due to popular demand, here are my thoughts about the Robinhood Investing App outage, and what this means moving forward - Enjoy! Add me on Instagram: GPStephan
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Yesterday, Monday March 2nd…Robinhood shut down and its users were unable to have access to their account and trade stocks. People were panicking that they had unexecuted trades, had shorted the market and wanted to cash out, or wanted to buy in at a time where the market was soaring back to life.
However, if that wasn’t bad enough…Robinhood was able to get the app working again after the trading day was over…but then again, the NEXT DAY...this morning, the app goes down, AGAIN.
Now, as far as what caused this….we don’t have any definitive proof…but, there’s a thread with nearly 30,000 upvotes on Reddit that mentions that…MAYBE…the reason the app was shut down was because of a coding error that didn’t account for February 29th, the Leap Year.
https://www.reddit.com/r/wallstreetbets/comments/fck1tu/if_youre_wondering_why_robinhood_wasnt_working/
Although, to be fair…Robinhood recently DENIED this on twitter, saying that: “The outage was not caused by a failure to code for the leap year. We had instability in a part of our infrastructure that allows our systems to communicate with each other.”
https://twitter.com/AskRobinhood/status/1234861941413351434
Another POSSIBLE reason for this, though, may have come from unusually high trading volume that Robinhood was not expecting…and, objectively, that would also make sense, because temporary brokerage outages like this are not JUST limited to Robinhood. Both Fidelity AND Vanguard experienced brief delays on an exceptionally busy trading day.
https://www.wsj.com/articles/vanguard-and-fidelity-suffer-brief-outages-on-busy-trading-day-11582930471
Right now, it’s being announced that Robinhood will be offering “Case by Case” compensation for its outage…and according to TechCrunch, “The company would consider offering billing credits or other, undisclosed forms of compensation. It also added that no customer data, information, or funds were lost during the outage.”
But, really…here’s what we all need to be aware of. I think this goes without saying…no matter WHICH brokerage you use, you NEED to make sure you never have too much money in one platform, and you need to realize that if this can happen to Robinhood - it can happen to ANY STOCK TRADING APP.
All of these apps and companies are still RELATIVELY new, and they haven’t proved the test of time in terms of how sustainable they’ll be, long term. We need to remember that many of these companies are considered START UPS…and there WILL be issues. I use apps like Robinhood, WeBull, Acorns, and M1 finance for fun side investments that I can play around with - all with $0 stock trading…but I DON’T use them for holding all of my wealth, and I wouldn’t trust any ONE app with more than I’m comfortable with.
It’s probably a good idea to go with a brokerage that has a proven track record long term, and to use free stock trading apps as a way to play around with Fun Money…at least until they become more developed.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
Get 2 Free Stocks on WeBull when you deposit $100 (Valued up to $1400): https://act.webull.com/k/Vowbik9Tm5he/main
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
Yesterday, Monday March 2nd…Robinhood shut down and its users were unable to have access to their account and trade stocks. People were panicking that they had unexecuted trades, had shorted the market and wanted to cash out, or wanted to buy in at a time where the market was soaring back to life.
However, if that wasn’t bad enough…Robinhood was able to get the app working again after the trading day was over…but then again, the NEXT DAY...this morning, the app goes down, AGAIN.
Now, as far as what caused this….we don’t have any definitive proof…but, there’s a thread with nearly 30,000 upvotes on Reddit that mentions that…MAYBE…the reason the app was shut down was because of a coding error that didn’t account for February 29th, the Leap Year.
https://www.reddit.com/r/wallstreetbets/comments/fck1tu/if_youre_wondering_why_robinhood_wasnt_working/
Although, to be fair…Robinhood recently DENIED this on twitter, saying that: “The outage was not caused by a failure to code for the leap year. We had instability in a part of our infrastructure that allows our systems to communicate with each other.”
https://twitter.com/AskRobinhood/status/1234861941413351434
Another POSSIBLE reason for this, though, may have come from unusually high trading volume that Robinhood was not expecting…and, objectively, that would also make sense, because temporary brokerage outages like this are not JUST limited to Robinhood. Both Fidelity AND Vanguard experienced brief delays on an exceptionally busy trading day.
https://www.wsj.com/articles/vanguard-and-fidelity-suffer-brief-outages-on-busy-trading-day-11582930471
Right now, it’s being announced that Robinhood will be offering “Case by Case” compensation for its outage…and according to TechCrunch, “The company would consider offering billing credits or other, undisclosed forms of compensation. It also added that no customer data, information, or funds were lost during the outage.”
But, really…here’s what we all need to be aware of. I think this goes without saying…no matter WHICH brokerage you use, you NEED to make sure you never have too much money in one platform, and you need to realize that if this can happen to Robinhood - it can happen to ANY STOCK TRADING APP.
All of these apps and companies are still RELATIVELY new, and they haven’t proved the test of time in terms of how sustainable they’ll be, long term. We need to remember that many of these companies are considered START UPS…and there WILL be issues. I use apps like Robinhood, WeBull, Acorns, and M1 finance for fun side investments that I can play around with - all with $0 stock trading…but I DON’T use them for holding all of my wealth, and I wouldn’t trust any ONE app with more than I’m comfortable with.
It’s probably a good idea to go with a brokerage that has a proven track record long term, and to use free stock trading apps as a way to play around with Fun Money…at least until they become more developed.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
Watching this in Feb2021 and finding out RH hasn't changed at all.
I m new, how i can invest???
Make a episode for beginner with A to Z.
I know this is dumb, but where can I get that lamp?
Does anybody know what platform does grapham stephen use to buy dividends stock?
Hold on, don’t people technically only lose the couple thousand dollars they put in from the start?
I’m 13 and tired, sorry if I’m really wrong :/
Your thumbnail pics are irritating, the facial expression that you always use reminds me of back when girls wouldn’t stop using duck lips to take pics. It’s a cliche and your wearing out that expression as click bait.
Is Robinhood good to get right now?
Everyone here should check out Pi crypto, if you don't already have it
use my code: BossNut
I started in october 2019 so I have the fastest rates
Do a quick google search for ECOM BAZZOID someone posted your courses Graham
Do a quick google search for ECOM BAZZOID someone posted your courses Graham
Did stop losses still work?
Robinhood messed up today as well!
HELP Can someone tell me or show me how to buy additional shares of an existing stock within Robinhood! I have 1 share of a stock and decided I would like to invest further yet when I go to the stock to purchase additional shares it only allows me to ‘Trade’ and no options are available for me to purchase. Thanks for anyone who can help. Really appreciate it! 🙂
Going to keep RH but push some funds over to CS to see if I like it. RH has been great for me as a beginner investor and very user friendly.
How do I get my 50$ from Robin Hood back?
I still believe in Robinhood
Graham,
I recently found your channel and have enjoyed the content! I signed up for Webull a few days ago and made my first deposit. Just beginning to understand how to actually use it after watching a few video tutorials. My two free stocks were VIAC and SAN.
👍
I never trusted that App. I'm good with Stash and, Wealthfront and Vanguard.
Dealing with dates and time is always a pain in the ass in software development.
I got an ad for Robinhood while watching this LOL
It was a DOD attack!!!
Yeah yet you were promoting Robinhood with your affiliate link which I used, unsubbed.
I got a robinhood ad while watching this video, I wanna die
Thanks for the advice, I’m opening a Schwab account as well. By the way, too many ads & interruptions are frustrating.
Gee, I missed the fun. I didn’t join Robinhood until March 12.
I just got a robin hood ad lmao
You should put 9 more ads
How do I buy stocks without a broker? Or even with a broker? How do you purchase stocks!?
I make 10k weekly and I don’t do that by watching videos but by taking the necessary steps to achieve that
not to mention their cash management system sucks to begin with. in what world does it take a week for funds to be available to spend in any account?
Why the reupload?