How to Buy GameStop (GME) Stock? Step-by-Step Guide

 

You've probably daydreamed, like the majority of us, of buying stock in a company whose value would skyrocket in a few years, giving you enough money to travel and unwind for the rest of your life. You could have even considered GameStop as one of your top options for stock buying, or you soon will. 

Still, everyone has to start somewhere, right? Actually, investing is a little more difficult than simply waiting for the birds to fly into your mouth already roasted.

 

The good news is that, unlike to the past, it is now entirely possible to buy shares in businesses like GameStop online.

 

This page explains in plain English how to do so using GameStop as an example, while we don't specifically advise buying GameStop stock. GameStop may or may not be your initial stock purchase. We strongly advise speaking with investment professionals because this content is not meant to be taken as investment advice in any manner.

 

An explanation of GameStop

The NYSE lists the US Consumer Cyclical company GameStop under the ticker GME. It is well known for selling gadgets, video games, and add-ons including headsets and controllers. 

To buy its stocks, you must find a broker who gives you access to the NYSE, which is the company's primary exchange (keep tuned; we'll go into more depth on this).

 

Whether GameStop is a successful or failing company has nothing to do with any of this. Nevertheless, you might want to be reminded of the investments you are considering in this case.

 

Let's examine the procedure now.

How to buy GameStop stock

Okay, so you've decided that, for your own reasons, you want to buy GameStop. That's a solid start. Let's examine what's in store for you before you announce that you own shares of GameStop. Once more, we're just using GameStop as an example, but the process is pretty much the same for any company's shares.

 

First, look for a reliable online broker.

One of the characteristics that sets an online broker apart is the exchanges to which they have access. Some brokers just won't allow you to buy GameStop shares because they don't have access to the NYSE. Without a doubt, you need a broker who gives you access to this exchange.

The second important consideration is how well you mesh with the broker. When you occasionally only want to purchase a small number of GameStop shares, some brokers are incredibly pricey, while other brokers could be entirely free. 

Not all brokers allow customers to open accounts with them. You can actually get some really good tips from our survey on how to choose the best broker:

 

When making a broker recommendation, we take a number of factors into account, such as the broker's fees, trading platform, available markets, and simplicity of account opening. Another important factor is safety, but as we only recommend trustworthy brokers, you don't need to worry about that.

 

Secondly, set up a brokerage account.

After selecting your online broker, you must register an account. This can be opened totally online and functions quite similarly to a standard bank account. 

While some brokers make the procedure as easy as setting up a new Gmail account, others make you wait a few days while they look over your background. You'll store your GameStop shares here rather than with cash, so you'll surely need it to buy and store your shares.

 

Third, make a deposit into your account.

You must pay cash in order to purchase those GameStop stocks. It is necessary to send (deposit) this money with your broker as the first step. Typically, it is simpler and faster to open a brokerage account than to complete this.

Bank transfers and credit/debit cards are the two methods of depositing money that are most regularly used. Using alternative electronic wallets like Paypal or eToro, you can fund your investment account with some brokers.

 

Fourth, invest in GameStop stock.

The account, the cash, and the share target are all yours. The final step is clicking the "buy" button. Upon logging in to your online brokerage, you search for GameStop stock, input the number of shares you wish to buy, and then click the buy button to begin the share buying process (in trading lingo: execute the buy order).

 

Here are a few hints: when placing an order, you can select from a number of different order kinds. A market order purchases the share at the going market price, whereas a limit order allows you to specify the exact price at which you intend to buy the share.

 

Finally, periodically check your GameStop ranking.

You still have work to do after purchasing your GameStop stock. Keeping an eye on your investments is increasingly crucial. This just means to keep to your budget. 

If you bought a GameStop share with the idea of holding it for a while, you may want to go to the annual meeting to get the most recent news and business information.

 

If you plan to sell it quickly after an increase in price, you might use a variety of position management techniques. For example, you might set the target price at which you want to sell the share in order to sell it for a profit or use the stop-loss to determine the price at which you want to sell it in order to prevent further losses.