Should I Delete My Robinhood App After It Crashed?
What’s Up, Everybody! Welcome to MR. ZERO to INFINITY for Episode 19! For this episode, let’s get straight into an update on the Robinhood stock app not working earlier this week. | Add on Instagram: MrZEROtoINFINITY
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Should I Delete My Robinhood Stock App After Crash 2020?
As I was busy editing and uploading a recent episode, I noticed an email from Robinhood in my inbox on the day of the outage on March 2, 2020, at 4:27PM EST. The email was titled: Update on Robinhood System Status.
To summarize, the Robinhood Trading app was not working (not updating) and experienced downtime starting at 9:33AM EST on March 2nd, 2020. The outage or you may categorize it as a crash, caused the app to not function properly and was not working. Investors couldn’t buy or sell stocks during the down time.
Robinhood account investors couldn’t buy or sell stocks during the shutdown. Do you use the Robinhood app for stock investing and trading?
The Robinhood team updated saying that they were working really hard to resolve the issue while the stock market had one of its biggest point gains ever in the Dow Jones. It was the Biggest Ever One-Day Point Gain in the stock market!
The majority of Millennials that use Robinhood as their favorite app were not happy getting locked out of their accounts. The Reddit forums were going nuts! That first email ended saying please check back for status reports and a friendly reminder saying “Thank you for being a Robinhood customer" while the Reddit forums were going off!
A status update email hit my inbox on Tuesday, March 3, 2020 at 2:42 AM Eastern Standard Time. The Robinhood team said Robinhood is currently back online (back up and running) and told all Robinhood users to reach out if you were affected by this outage so they can work with you directly to address your concerns.
Think about it, what if you had the majority of your stocks invested in a Robinhood stock portfolio and you couldn’t even update and refresh the app to get your current balance and have access to your money during this time.
Should I delete the Robinhood app or transfer my stocks to another brokerage like M1 Finance, WeBull, Fidelity, TD Ameritrade, Charles Schwab? And the list goes on? There are so many online brokerage options to choose from!
A great question to ask is why should I stick with Robinhood since it just crashed earlier this week?
When it comes to choosing a stockbroker, I don’t believe anyone should have all their money in one online brokerage. My main reason is because of events like this one – a Robinhood glitch or shutdown.
For example, it may make sense to use M1 Finance if you’re a dividend investor and prefer more features when it comes to managing a portfolio with a dividend investing strategy. There are plenty of resources out there to review and make sure M1 is a broker that meets your needs. This goes for WeBull, Fidelity, TD Ameritrade, Schwab and many others! Remember, personal finance is called “personal finance” for a reason.
So will I delete Robinhood or transfer my stocks to M1 finance or another broker at this time? Many investors, including millennials, will be jumping ship because of this Robinhood outage just like they are selling their stocks during this market correction, crash, decline, collapse – give it a name yourself!
With the stock market sell off, market crash, market decline, market collapse, that’s going on now, a great investing technique for all beginners looking to start investing in the stock market is “dollar cost averaging.” The lower the stock price goes, the lower my cost basis will go.
These market swings down and up are welcomed and a great learning lesson for beginners looking to start investing.
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DISCLAIMER: I am not a financial advisor. This episode is not intended as investment advice. This is not a recommendation to buy or sell securities. Do your own research prior to making any investments. Read the disclaimer in the video fully. Remember all opinions in this episode are mine and mine alone and should not be regarded as factual information. This video is for entertainment purposes only. Do not assume any facts and numbers in this video are accurate.
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