Today we’re going to be talking about Robinhood, the 12 billion dollar valuation company that keeps going down, keeps getting hacked, and keeps stealing from their customers legally.
Unfortunately, Robinhood has revolutionized the industry in a bad way, thinking that everything is free, with no fees (when on the back end they’re literally allowing your orders to be manipulated), but people think for pennies and not in dollars, and now there was a recent situation where their accounts were getting hacked and this is not the first situation that they’ve had. On October 15th, 2000 accounts were hacked, and unfortunately for the users, there was nowhere to call because they don’t have a customer service number, so all of these people literally just had to sit there and watch the money be taken from their account and their positions liquidated.
But the real problem is this isn’t the first time. There’s just something wrong with Robinhood, they just haven’t invested properly or they haven’t developed it properly, because we don’t see any other companies actually having the same problems. If you just google “Robinhood system outages” you can see all the dates and the info. In downdetector.com you can actually see the number of times that Robinhood has actually gone down and there’s really no reason for this to happen.
If you have a Robinhood account or if you are thinking of opening a Robinhood account, there are other companies that are a lot more reliable to provide a much better quality of service than Robinhood. You can go to another company like Weebly or fidelity that offers zero-commission trading and really do the same thing and not have to deal with this.