Users of TD Ameritrade, Robinhood, Vanguard and other US brokerage firms were reporting problems Monday morning. While online brokers routinely experience brief outages, it had not been common for several of them to happen simultaneously.
Vanguard tweeted that it had resolved the issue around midday on Monday. The firm said earlier that some clients were experiencing difficulty accessing their accounts on their site. They stated it was investigating and working to resolve the issue as soon as possible.
We understand that some clients are experiencing difficulty accessing their accounts on our site. Our team is working to resolve this issue as quickly as possible. Thank you for your patience.
— Vanguard (@Vanguard_Group) January 25, 2021
Additionally, Robinhood Markets resolved disruptions on their platforms Monday after a morning of glitches affected cryptocurrency trading on its platform. According to the internet service tracker, DownDetector, by late morning Monday more than 550 users had reported problems with the no-fee app.
However, Robinhood had not tweeted about the issues but updated its status page to reflect that all systems were operating normally.
Although Robinhood provided few specifics, there were widespread complaints from customers who could not get into their accounts online. Moreover, complaints included either slowness or lack of access to certain features, as well as problems trading some asset classes on the app. Others said they could not see their account balances.
Later on Monday afternoon, TD Ameritrade also reported difficulties, including slowness with websites and mobile apps that resulted in user complaints.
Clients were eager to make trades today with major US indices hovering around their records as this week, earnings from mega tech companies come into focus.
Similar to previous outages, traders took to social media to criticize their respective platform, threatening to switch their current broker. Traders who said they were unable to place orders around the recent market volatility lashed out at these firms on Reddit and Twitter.
Almost all major US brokers had difficulty just keeping their service online during the financial turmoil largely driven by coronavirus concerns. They often blamed the crashes on a steer trading volume and new account sign-ups, promising to improve their infrastructure and investing in additional redundancies.