BUY GAMESTOP SHARES IN IRELAND
Attributed to the Reddit community, GameStop's share price resulted in a 1,500% increase. What happened? How to buy GameStop shares?
So, you've heard some fuss about something going on with people fighting against Wall Street by pushing GameStop shares price up to unprecedented territory. Would you like to be a part of this? On this article, we will explain what happened and how to jump on board.
What is GameStop?
GameStop is an American video game, consumer electronics, and gaming merchandise retailer. They have been financially struggling over the last couple of years since their real-life shops have been facing both Amazon's competition and the fact that most games are downloadable. Someone could say that GameStop is the Blockbuster of Video Games. Lovely shop, but inconvenient compared to the vast online options.
So, What Happened?
Mainly attributed to a coordinated effort by the Reddit community (A Forum website) and the wallstreetbets subforum, GameStop's share price resulted in a 1,500 per cent increase in January 2021 (From close to USD 17 to 325).
Basically, many, many, many average Joe's were discussing that several hedge funds were shorting the stock (A trade in which they've bet against the company's performance, it would be the opposite of buying the stock). The Reddit community took action to "preserve" the company's share price and started buying the stock massively, which made the price skyrocket and moved against the hedge funds. This movement is called a "short squeeze". Elon Musk tweet "Gamestonk!" triggered a subsequent jump in after-hours trading. Then prices went down awfully, but on the 24th of Feb, they increased 100% again. So, the rollercoaster seems far from the end.
How to Open a Trading Account to Buy GameStop Shares
Opening an investment account with an Online Broker is a process that is completed online and requires:
That you upload your ID or Passport and a proof of address (electricity, water bills, etc.), through the Broker's App or via email.
Make sure to choose the right base currency of the account. With some brokers, changing it once you open the account can be painful. Trading Accounts may be based in US Dollars (USD), Euros (EUR), Pound Sterling (GBP), Swiss Franc (CHF), Australian Dollar (AUD) as the base currency. Practically all of them offer the option in US Dollars or Euros. For the record, GameStop Shares trade in the US, so they are nominated in USD.
Once the Broker has approved the account, it's time to deposit cash. The depositing and withdrawing money methods are usually Credit Cards, Bank Transfers or eWallets (PayPal, PaySafe, Skrill, SafetyPay, Neteller, among many others). The available options to deposit funds will depend on each Broker. A vital fact to mention is that all of the Brokers presented above allow you to use a simulator on their platform; that is, they allow testing their Demo account, which is totally Free. In other words, you can open a Demo account, try the platform, and then decide whether to deposit money or not.
But I am not an Investment Banker... Is it easy to invest in GameStop Shares?
Online Brokers allow investing in stocks and shares straightforwardly through optimized apps that grant easy and fast access to the US financial markets. In fact, most platforms resemble a social network or any other phone app: They are designed so that the investor can learn and start trading very quickly, without the need for much prior knowledge. Literally, to buy shares of GameStop, you have to:
open a trading account as explained before,
Search for "GameStop" on the Broker's Trading platform, and
press the "Buy" button.
What is the minimum amount to Buy GameStop Shares?
Unlike most general public thinks, the answer to this question is that many stockbrokers do not have a minimum deposit (or a tiny amount of cash); which means no minimum amount. Also, to gain more clients, many brokers (like eToro) do not charge a commission to acquire American companies' shares.