Robinhood’s customers were enraged on Thursday when it halted new buy orders on stocks like GameStop, GME -44.29%. This step by the online brokerage has caused quite an uproar. People have been accusing it of stealing from the poor to give to the rich after it limited trading on GameStop shares. Also Read | WhatsApp Vs Signal Vs Telegram: Which App Is More Safe And Secure?

What Were Robinhood’s Statement On The Accusations And The Limited Trading On Shares?

The App had released a statement on Thursday Morning stating that users can close out their positions but cannot buy more stock. After which they even mentioned that “We continuously monitor the markets and make changes where necessary,” Robinhood said. “In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK. We also raised margin requirements for certain securities.”

Is Robinhood The Only Trading Company To Limit Stocks?

Many other trading companies have also limited transactions for these stocks. Among which TD Ameritrade and Charles Schwab have also placed similar restrictions on Wednesday. Unfortunately for Robinhood, it was the only trading app to bear the heat of the people. Since this is not their first time being criticized it makes sense as to why people have been so angry with its steps on restricting purchases of shares. Also Read | Signal Desktop Guide: How To Link Your Phone To Signal Desktop? Check Out Tweets From Traders:- 

Also trading apps: Woah not like that — alex (@alex) January 28, 2021

— Nana Kwame (@NK_Adjei) January 28, 2021

— RespekMyPoliticks (@StanFritz) January 28, 2021

— Savvy☭ (@sleepisocialist) January 28, 2021

— Lord (@ObieOne_) January 28, 2021 Even lawmakers went ahead in criticizing the online brokerage app for their actions:-

— Grace Segers (@Grace_Segers) January 28, 2021

— Rashida Tlaib (@RashidaTlaib) January 28, 2021

— Ted Lieu (@tedlieu) January 28, 2021

We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit. As a member of the Financial Services Cmte, I’d support a hearing if necessary. https://t.co/4Qyrolgzyt — Alexandria Ocasio-Cortez (@AOC) January 28, 2021