Free Online-Trading App Robinhood Sees Third Outage in Two Weeks

Amid a market selloff, the commission-free online brokerage app Robinhood is seeing its third outage in two weeks.
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Online brokerage app Robinhood is seeing outages amid another day of heavy trading and sharp market losses stemming from the impact of the coronavirus.

This is the third time in two weeks the commission-free investing tool has seen outages amid heavy trading. The company took to Twitter to inform its users of the outage.

Robinhood in a later tweet said "trading has been partially restored." The Menlo Park, Calif., company promised to keep users updated. 

Last Monday, the app went down due to what the company said was “stress on our infrastructure – which struggled with unprecedented load.” leading the company to offer a $15 fee discount.

A month of the company’s Robinhood Gold service costs $5 plus 5% yearly interest on borrowing above $1,000, charged daily, TechCrunch reported. Users who took the company up on the reimbursement offer received $5 off a month for three months.

Last week the company said that it was working to improve the “resilience” of its infrastructure to meet the higher traffic the company has seen.

“We take our responsibility to you and your money seriously. We recognize that many of you have questions, and we’re working to respond to them as quickly as possible,” the company said in a statement on its website.

Robinhood carries a valuation of about $7.6 billion, according to TechCrunch. 

The company has considered launching an initial public offering, according to reports.