“If you’re a smaller fintech startup, your reputation is everything,” he said “If you can’t get in, you lose all trust in a brand.”
A growing number of Robinhood users on social media have been reporting trouble with closing their accounts. They’re also criticizing the $75 fee associated with the transferring to another platform.
Pankaj Sharma, a New Jersey IT professional with a $70,000 Robinhood account, said he sent an email to the company when he realized the site was down March 2, but didn’t receive a response until after the market closed. He’s now considering moving his money to a different brokerage.
“It’s really shaken my confidence,” he said by phone.
This story was provided by Bloomberg News.