Buy GME Stock

Buy GME Stock

Like most of us, you’ve probably envisioned buying shares in a company that will skyrocket in value in a few years and earn you enough money to travel and relax for the rest of your life. Maybe GameStop was even among your top picks to buy its stock, or will be. Actually, investing is a bit more complicated than waiting for the birds to fly into your mouth ready to roast, but you have to start somewhere, right?

The good news is that unlike in the past, today you can buy shares of companies like GameStop completely online.

While we don’t specifically recommend buying GameStop stock, this article explains in layman’s terms how you can buy stock in companies in general, using GameStop as an example. It’s up to you to decide whether your first stock to buy should be GameStop or not. We strongly recommend that you contact an investment advisor as this article is not intended as investment advice under any circumstances.

GameStop overview

GameStop is an American consumer cyclical company traded on the NYSE under the ticker GME. It is known for selling video games, electronics and accessories such as controllers or headsets. If you would like to buy its shares, you need to find a broker that will give you access to the NYSE, as that is the main exchange where it is traded (hold on, we’ll get into that in a moment).

All of this is not to say that GameStop is a good or bad company. As part of this example, you might want to remind yourself what you’re considering investing in.

Now let’s look at the steps!

Steps to buy GameStop stock
Okay, so you’ve decided to buy GameStop for your own reasons. That’s a good start. Let’s see what lies ahead before you can officially declare yourself a GameStop shareholder! The process is similar for all company stocks, and again we only mention GameStop as an example.

Step 1: Find a good online broker

One of the characteristics of an online broker is the exchanges they have access to. Not all brokers allow you to buy GameStop stock, simply because they don’t have access to the NYSE. Needless to say, you need a broker to give you access to this exchange.
Another important thing about a broker is that it should also fit you. Not all brokers allow every citizen to open an account with them; some brokers are super expensive if you want to buy some GameStop stock once in a while, some brokers can be completely free. Using our questionnaire, you can really get great recommendations for choosing the right broker:

When recommending a broker, we consider various factors such as broker fees, trading platform, available markets for trading and how easy it is to open an account. Security is also very important, but since we only recommend safe brokers, you don’t have to worry about it.

Step 2: Open a brokerage account

After finding your online broker, you need to open an account. It’s similar to a regular bank account, and opening one is usually a fully online process. With some brokers it’s as fast as opening a new Gmail account, with some brokers it takes a few days to verify you. However, instead of depositing money on it, you will be depositing your shares, so you definitely need this to be able to buy GameStop shares and deposit them.

Step 3: deposit money into your account

You will pay cash to buy this GameStop stock. This cash must first be sent (deposited) to your broker. This is usually very easy and quick, in fact even easier than opening your brokerage account.
The most common way to deposit your money is by bank transfer and using a credit/debit card. With some brokers, you can also deposit into your investment account from various electronic wallets such as Paypal, e.g. eToro.

Step 4: Buy a share of GameStop

You have an account, cash and a stock target. The last step is to press the buy button! You log into your online brokerage, search for GameStop stock, enter the number of shares you wish to buy, and click buy to initiate your stock purchase (in trading lingo: execute a buy order).

A few tips for this: when placing an order, you can choose from different types of orders. A market order buys at the actual market price, while a limit order allows you to specify the exact price at which you want to buy the share.

Step 5: Check your GameStop position regularly
You’re not done buying GameStop stock. The key now is to track your investments. This basically means following your investment strategy. If you bought GameStop stock to hold it for the long term, you can attend the annual meeting to gather all the news and information about the company.

If you plan to sell it shortly after seeing some price increase, you can use various position management tools. E.g. you can set a target price at which you want to sell the share at a profit, or use a stop-loss to set a price at which you want to sell the share to avoid further losses.

Now that you have mastered the 5 steps of buying stocks, take a moment to look at the 5 best brokers we have selected for you.

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