Robinhood, a trading app popular among millennials, is experiencing a system-wide outage

Jazmin Goodwin | USA TODAY

Robinhood, a trading app widely used by millennials to trade and invest in stocks is experiencing a system-wide outage on its website and app.

In an email to users, Robinhood stated it started experiencing downtime issues across its platform around 9:33 a.m. ET – as markets opened on Monday. Users are citing issues logging in and even trading, according to Down Detector.

"All of us at Robinhood are working as hard as we can to resume service, and we’ll update you as soon as the issue is resolved. We understand the impact this is having and we apologize for any trouble this has caused," the company stated in an email.

The systemwide outage was still being investigated as of 9:38 a.m. ET, according to Robinhood's status page. Equities, cryptocurrency and options trading are among some of the functionalities experiencing a major outage. Market data and corporate actions such as dividends are cited as operational.

Robinhood's Twitter dedicated to company support stated, "Our system is experiencing downtime issues that are affecting all functionalities on our platform. We are aware of the issue and are working to have all systems up and running as soon as we can. We’re so sorry this is happening!"

Our system is experiencing downtime issues that are affecting all functionalities on our platform. We are aware of the issue and are working to have all systems up and running as soon as we can. We’re so sorry this is happening! — Robinhood Help (@AskRobinhood) March 2, 2020

Many investors criticized the platform for its issues. One user tweeted: "What's your compensation plan for your userbase? How will you make up for all the losses due to the delay in functionality? Answer that."

What's your compensation plan for your userbase? How will you make up for all the losses due to the delay in functionality? Answer that. — Vivek Sevak _TLSM (@vivek_sevak_313) March 2, 2020

Another user said: "When can we expect compensation? We are losing money by the minute because of your mismanagement."

When can we expect compensation? We are losing money by the minute because of your mismanagement. — Carter Licul (@carterjlicul) March 2, 2020

This problem comes amid the market's attempt to rebound following its worst week since the financial crisis. Monday's surge comes despite headlines of coronavirus's global outbreak spread to more than 60 countries.

Shelly Lombard, former Wall Street analyst says outages at Robinhood are not surprising on a day of trading with heavy volume.

"If you're investing for the long-term, you can sit tight through all the ups and downs," said Lombard.

Some users were still citing outage issues with the web and app platform throughout the day.

At 2:19 a.m. ET on Tuesday, Robinhood's support account tweeted that it was back up and running after a day-long outage impacting customer's ability to trade after markets rallied on Monday. The outage was caused by an infrastructure issue that affected the ability of the company's systems to communicate with each other, according to a Robinhood spokesperson.

Robinhood is currently back up and running. We’re testing through the night, and you may observe some downtime as we prepare for tomorrow. — Robinhood Help (@AskRobinhood) March 3, 2020

As of Tuesday morning, outage issues resurged affecting functionalities across apps, trading and banking while market data and corporate actions were cited to be fully operational.

Robinhood said it plans to provide billing credits, compensation or both to some affected customers on a case-by-case basis. No customer data, information or funds were lost, the company says.

As of 11:54 a.m. ET, service has been fully restored.