E-Trade, Cashapp and Other Popular Investing Services Experience Outages Amid Trading Rush

With more people being drawn to the stock market because of GameStop and AMC's startling success this past week, various popular stock-trading services are experiencing outages as online traders rush to the markets.

According to Down Detector, users have reported problems using E-Trade, Cash App, Ally, Webull and Charles Schwab's services. The severity of the outages and issues that users are dealing with vary depending on the service, but some are experiencing trouble with placing orders and making transfers.

Webull has received the most reports of service outages. The site's peak number of reports came at 9:39 a.m. ET with more than 3,200 people reporting issues. The most commonly reported problem is a server connection issue, with 68 percent of users logging that complaint. The second-most common issue involves problems with trading, as 16 percent of reports showed. People also reported problems with logging in, demonstrated by 14 percent of reports.

The banking service Ally received the second-most reports, with 1,218 as of 10:04 a.m. ET. Unlike Webull, the most widespread issues on Ally were with logging-in, as 58 percent of reports said, and problems with the website, which 39 percent of reports mentioned. The third-most common problem was with "Cards," which only two percent reported. It's not clear what precisely this issue entails.

Charles Schwab received 1,493 reports as of 9:41 a.m. ET. Sixty-four percent of people on that service reported trouble placing orders. Thirty percent of reports noted difficulty logging in. Only five percent of reports from users involved website problems.

Meanwhile, E-Trade received 1,841 reports as of 9:39 a.m. ET. Similarly to Ally, E-Trades most popular problem didn't have to do with trading—72 percent of people reported problems with logging in. Only 15 percent of reports noted issues with placing orders, with 12 percent reporting issues with the website.

And even though Cash App's chart seemed to show a dramatic increase on Down Detector, the money-sending service actually had the least-reported problems on Thursday morning, with only 851 reports as of 9:53 a.m. ET. Among those people having trouble, 88 percent of them reported issues with transferring. Other problems mentioned in the reports included difficulties logging in (6 percent) and with the website (4 percent).

These services are being stretched thin as the popular finance app Robinhood has restricted transactions on certain stock tickers, including GameStop (GME), AMC (AMC), Blackberry (BB), Bed, Bath and Beyond (BBBY), Express (EXPR), Koss Corporation (KOSS), Naked Brand Group (NAKD) and Nokia (NOK). Robinhood users are only able to close positions on those stocks, according to a Thursday blog post.

GameStop Stock Market
People enter a GameStop store in Alhambra, California on January 27, 2021. Frederic J. BROWN / AFP/Getty