Self-directed online brokerages have not been coping well with the additional volume brought on by a devastating month-long selloff, according to retail investors who are complaining that multiple outages and apparent bugs in the systems have cost them thousands of dollars.
The combination of a coronavirus-inspired selloff that quickly brought forth a bear market and the country-wide shutdown that has forced most Canadians to work from home has led to a huge spike in trading volume. TD Direct Investing said recent volumes were nearly three times the average, while BMO InvestorLine said activity has hit record levels.
But the increase has multiple retail investors complaining about issues ranging from not being able to log in to trading platforms to outright service outages. Trying to contact customer service has led to further complaints, with investors being placed on hold for upwards of two hours.
“It’s happening across the board,” said Rick