Robinhood App Gets Over 100,000 One-Star Reviews On App Store After Restricting Trades Of GameStop And Other Meme Stocks

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Some of the biggest online brokerage apps have begun to respond to the insane surge of market trading after a group of Reddit users banded together to drive up stock prices of certain companies to stick it to traditional hedge funds that get rich off shorting stocks.

On Thursday morning Robinhood and TD Ameritrade took steps to restrict the trading in GameStop, AMC, and other “meme stocks” in an effort to “mitigate risks” for companies and clients.

Statement from Robinhood

We continuously monitor the markets and make changes where necessary. 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.”

Statement from TD Ameritrade

“In the interest of mitigating risk for our company and clients, we have put in place several restrictions on some transactions in $GME, $AMC and other securities,” a spokeswoman for TD Ameritrade told MarketWatch, referring to the ticker symbols of the companies. “We made these decisions out of an abundance of caution amid unprecedented market conditions and other factors.”

The reaction to Robinhood and other apps restricting trades for meme stocks was universally panned by social media users who crushed them for pandering to Wall Street with these moves.