Robinhood Adds Phone Support: Here's The Details And Why It's Important

A leading stock brokerage has added phone support after receiving heavy criticism for not being as reachable as other platforms.

What Happened: In a support article on its website, Robinhood Markets Inc HOOD stated it now has live phone support available 24 hours a day, seven days a week.

The company said it can provide answers on upcoming IPOs, crypto trades, debit card transactions and other common user questions by requesting a phone call. 

Users on iOS, Android and the company’s website can request a phone call by tapping Account, Help, Contact us.

Users will ask to be called over a problem that is selected on the website.

Robinhood users will be notified when they are next in line to be called and what number will be reaching out to them.

Related Link: Wen Wallets? Robinhood Teases Crypto Wallets With New Website

Why It’s Important: One of the biggest complaints against Robinhood has been its lack of customer support.

Prior to the phone support, the only way to contact the brokerage was by sending a complaint through the contact section.

Robinhood was fined $57 million earlier this year by the Financial Industry Regulatory Authority, better known as FINRA. The fines were over losses seen by investors during outages of the app and “misleading communications.”

Robinhood was one of several stockbrokers that halted trading of GameStop Corp. GME and AMC Entertainment Holdings AMC earlier in 2021.

Many Robinhood customers were upset they had no one to call to voice their complaints or ask for information about when their shares would be available.

The company said in late February it was invested in customer support and had started rolling out live phone support for select features such as account security.

“We plan to more than double the number of full-time registered reps at Robinhood throughout 2021,” the company said.

HOOD Price Action: Robinhood shares were up 3% to $41.99 on Tuesday.

Photo: Robinhood