Robinhood Users Filed Thousands of Complaints with US Consumer Agency
17 million people trade stocks and cryptocurrency on the Robinhood app. Now Gizmodo has obtained copies of hundreds of complaints filed about the app between mid-2020 until and-2021 with America's consumer protection agency, the FTC:The inability to withdraw money from Robinhood accounts for extended periods of time was a common complaint from consumers. There were also people who said they were hacked and then became frustrated that Robinhood was unresponsive when they tried to resolve the issue. Some users who say they were hacked even claimed they lost thousands of dollars when they couldn't reach Robinhood about the issue... The FTC found 3,081 complaints, but only released 200 of those to Gizmodo under its obligations to comply with the Freedom of Information Act law... But we're publishing a small sample of the complaints in an effort to highlight patterns that point to larger problems, just as we have with other companies like Binance, Tinder, Venmo, Rent-A-Center, AirBNB, and Honest Company, to name a few. One of the most common complaints about Robinhood was an inability to reach someone with the company's customer service team. Robinhood only introduced phone support in October of 2021, so it was common for people with complaints to be unable to reach anyone, according to the FTC documents we obtained. Robinhood is aware of the issue, the company told Gizmodo, and has worked to ameliorate it with a 24/7 hotline.... "Since 2020, when some of these complaints were filed, we've invested heavily in phone support, systems stability, and security processes. We're committed to supporting our customers and offering a safe experience, and we're confident that the steps we've taken over the past two years put us in a strong position to serve our growing customer base." Another recurring complaint involves people being unable to sell a given stock while its value tanked on the market. This issue, as you can imagine, is troubling because it prevents people from minimizing their losses.
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