eToro and Revolut are suffering service outages on Wednesday, which is the latest in a series of glitches as online trading apps struggle to cope with surging demand from retail investors.
The glitches left users of both brokerages scrambling.
The social investing platform, eToro has just published an update saying that “trading actions are not unavailable,” and advised users to close their open trades throughout with a backup trading tool.
It was not immediately clear what had caused the issues and how many users had been impacted. But, the bug was apparently minor, at least for now as few users complained about such technical issues, according to outage monitoring website, Downdetector.com.
eToro first tweeted that users are experiencing an issue with buy and sell functions. The company then outlined that it identified what was causing the issue and is working to fix it.
We’re aware that some users are unable to close positions on eToro.
We’re working to resolve this issue quickly & in the meantime, you may close existing positions via https://t.co/ydRIghscm7
We apologize for the inconvenience and thank you for your patience.
– The eToro Team
— eToroService (@eToroService) January 27, 2021
Today, at 15:40 GMT, eToro updated that the incident was resolved and functionality has been fully restored.
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“Due to a technical issue, some eToro users were unable to log onto the platform or to execute trades. This has now been resolved, and we sincerely apologise for the inconvenience caused,” a company spokesman told Finance Magnates.
Revolut Experienced a ‘Disruption in Service’
Meanwhile, at least hundreds of Revolut customers have been left unable to sign into the banking app due to a technical issue. Customers of the fintech giant reported issues on Downdetector.com and Twitter with making new deposits, as well as accessing their accounts. Others complained that they were seeing an error message when they tried to log in to its app, with some complaining of long waits to speak to customer service agents.
Hi, Friedrich! We are truly sorry about this. Rest assured our relevant team is looking into it as we speak! You can keep an eye out on this page: https://t.co/jTqTxiHDHH 🚦
— Revolut (@RevolutApp) January 27, 2021
Cause I can’t leave the bloody house Revolut! pic.twitter.com/AbyjFkRzuj
— Leigh (@LeighWalsh1) January 25, 2021
Many online brokers were struck by controversy this week when their platforms faced outages with such inconvenience and have recently become a point of contention and competition between those who offer similar services.
2020 had been peppered with similar incidents with most of these brands suffering from large scale disruptions that cut off trading for clients.
Ameritrade, Robinhood, Vanguard and other US brokerage firms also endured multiple outages over the past two days on its websites and apps, which prevented clients from accessing their accounts. This morning, some of these firms’ customers may have also experienced short disruptions in trading due to technical issues.
Clients were eager to make trades today with major US indices hovering around new records this week, with earnings from mega tech companies coming into focus.
Earlier in September, eToro’s Chief Solutions Officer, Tuval Chomut, assured clients that the company platforms can handle volumes at current activity levels, and they are working hard to minimize the risk of an issue like this from happening again. He added that they will continue to improve systems so that it can handle volumes up to 100x current levels as eToro continues to add more assets.