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Robinhood, the free trading app that has signed on more than 10 million users, went down on Monday morning, frustrating investors looking to position their portfolios around the recent volatility.

The company told users that it was experiencing a “systemwide outage” that it was working to resolve. “We’re experiencing downtime, and are working to resolve this as quickly as possible,” a Robinhood spokesperson said in a statement.

The free app, founded in 2013, has attracted young traders and helped push down industry fees. Its latest funding round valued the company at $7.6 billion.

The outage comes as other online brokers have also faltered amid a spike in volume. New York Stock Exchange trading volume on Friday was the highest since May 2019, as more than 8.6 billion shares traded hands -- more than double this year’s average trading day.

Vanguard and TD Ameritrade users also reported some difficulties trading last week. Vanguard customers said they were having trouble logging into their accounts on Friday. The company said there was a two-minute outage for its digital services and some slowness for users because Vanguard was “experiencing higher-than-normal phone and web traffic,” according to InvestmentNews. Vanguard clients also struggled to access accounts amid a more widespread pricing issue on the NYSE last year.

A Vanguard spokesperson told Barron’s on Monday that the websites “were unavailable for a very short time period Friday morning. However, most clients were able to log on after retrying their credentials. By early Friday afternoon the situation was fully rectified. At the time, Vanguard was experiencing higher-than-normal volumes, given the steep declines in the global stock markets.”

TD Ameritrade told some clients via Twitter that outages were related to a forced iOS update that caused problems for people using old hardware or software.

Trades were processed normally, but confirmations were slow on Friday, TD Ameritrade said.

“While client access was not impacted, we did experience some slowness in the reporting of trade confirmations this morning related to heavy trade volumes,” a TD Ameritrade spokesperson wrote in a Friday statement. “The issue has been resolved.”

Write to Avi Salzman at avi.salzman@barrons.com