Wednesday’s retail swarm has shaken online brokers. Several websites reported malfunctions and malfunctions, and one even restricted hot stocks trading.
Charles Schwab Corp. was among those hit by service disruptions as traders suffered from wild swings in stocks of sharply shortened stocks like GameStop Corp. and AMC Entertainment Holdings Inc. were affected. Robinhood Markets, Morgan Stanley’s E * Trade and Fidelity were also affected on Downdetector.com, which is tracking user complaints.
Schwabs TD Ameritrade has taken the rare step of restricting some transactions to shares in GameStop, AMC, and others. The company said high volume may have restricted access to its mobile app and prompted customers to use the other platforms.
« We made these decisions out of caution amid unprecedented market conditions and other factors, » TD Ameritrade spokeswoman Margaret Farrell said in an email.
GME appears to have literally disrupted retail investor access to the market at the moment. Trading212 down. ETrade down. Robinhood in the US below. Ameritrade down. If you don’t follow this story you have to start, it’s insane.
Robinhood said it managed to resolve issues with its web app, while Schwab said some customers were having trouble trading online due to a technical issue.
Schwab customers had problems with the « increased trade in the market, » said spokeswoman Mayura Hooper in an email.
Schwab and Fidelity spokespersons said the companies had resolved the issues with their platforms. E * Trade declined to comment.