Robinhood crashes for third time as markets tank

March 9, 2020, 2:53 PM UTC

As stocks dropped to their lowest point in over a year, traders who rely on the Robinhood app to buy and sell stocks were once again left on the sidelines Monday morning.

The company, which experienced a daylong outage one week ago and a partial outage the following morning, is once again experiencing issues, it announced Monday morning.

“We are experiencing issues with equities, options and crypto trading. We are working to resolve this issue as soon as possible,” the company said in a statement.

Forty minutes later, at 10:30 a.m. ET, Robinhood announced, “The issue has been identified and a fix is being implemented.” 

[As of 11:30 a.m. ET, the company said trading had been “partially restored,” though the status page still warned users of a “degraded performance” on most trades and a “major outage” on fractional equity trades.]

The outage went over about as well as you’d expect.

Robinhood has been a popular tool for millennial investors, due to its commission-free policy and openness to cryptocurrencies. The company has not given a reason for the outage (just like last week), though one possible cause was a surge in trade volume as investors grow more concerned with the coronavirus outbreak.

Robinhood was down last week during the market’s biggest one-day gains in its history. As it misses one of the biggest drops, it raises additional questions about the company’s reliability, which could hurt its userbase.

More must-read stories from Fortune:

—Why plunging Treasury yields are so alarming
—Furious Robinhood customers want payback following two day outage
Why investors suddenly turned on pot stocks
—With stocks down sharply are we approaching”buy” territory? Not by a longshot.
—Why it’s so hard to find the next Warby Parker

Subscribe to Fortune’s Bull Sheet for no-nonsense finance news and analysis daily.

Read More

CryptocurrencyInvestingBanksReal Estate