On Monday morning, Robinhood, TD Ameritrade, Vanguard, and other brokerage firms in the US reported trading glitches.
According to Vanguard, some clients experienced difficulty accessing their accounts on their broker sites.
Online brokers routinely experience short outages, but it was uncommon for several outages to happen simultaneously.
On Monday, Vanguard tweeted that they had resolved the issue by midday on Monday. The broker said earlier that some clients had experienced difficulty accessing their accounts on the site.
They said they were investigating and working to resolve the issue in the shortest time possible.
Also, Robinhood resolved disruptions on their platform on Monday after glitches affected cryptocurrency trading.
According to DownDetector – an internet service tracker, more than 550 users had reported challenges on Monday morning with the no-fee app.
Even though Robinhood had not tweeted about the issue, they updated their status page to reflect all systems were back to normal.
Robinhood provided few specifics, but there were widespread complaints from customers who could not access their accounts online.
Customer complaints included slowness or lack of access to certain features. They could not trade some asset classes on the app, and others could not see their account balances.
Ameritrade reported challenges on Monday afternoon, including slow websites and mobile apps leading to user complaints.
Clients were eager to make trades with major US indices hovering around their records as earnings from mega tech companies come into focus.
Customer Backlash
Like previous outages, customers took social media to criticize their respective platforms and threatened to switch to competitors. Other customers who could not place orders around the recent market volatility lashed out at them on Reddit and Twitter.
Almost all major US brokers had difficulty keeping their services online during the financial turmoil due to coronavirus concerns.
They blamed the crashes on a steer trading volume and new account sign-ups. They promised to improve their infrastructure and invest in additional redundancies.
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