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How to Buy Gamestop Stock
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How to Buy Gamestop Stock

Thanks to the numerous online trading platforms, now you can easily purchase almost any stock in the world, including Gamestop (GME). This article will show you exactly how to buy Gamestop stock and what to do after you've acquired it. Please keep in mind that this article is not offering any trading advice. We're simply showing you the step-by-step process of purchasing the stock.

About Gamestop

Gamestop is an American retailer specializing in selling consumer electronics, video games, and related merchandise. The company, which has its headquarters in Grapevine, Texas, was founded in 1984 and quickly became the largest video game retailer in the US. 

Initially named Babbage’s, the company changed its name to Gamestop in 1999 and 5 years later started expanding outside the US into Canada, Australia, Europe, and Africa. 

Between 2005 and 2016, Gamestop had its most successful years. During this period, the company’s earnings grew, reaching almost 3.6 billion Q4 of 2015. Gamestop also acquired other companies to expand, both nationally and internationally.

In 2016, the company started seeing a decline in sales due to increased online video game sales. The company also suffered terribly during the beginning of the Covid-19 pandemic, when it had to close all of its stores between March and May 2020.

Currently, the company still operates over 4,800 stores worldwide. 

In May 2021, the company announced that it was working on an NFT platform on the Ethereum blockchain technology. Through this, Gamestop plans to reinvent itself as a company. 

Gamestop stock

Gamestop trades on the New York Stock Exchange (NYSE) under the ticker GME. Gamestop became a publicly-traded company in 2002, and since then, its stock price has had a lot of ups and downs. 

In 2002, GME stock price was a little under $10, and it constantly grew, reaching an all-time high of around $60 in early 2008, during the company’s incredible growth period. In just 4 years, the stock devalued by more than 300%, to $17.4. One year later, GME stock price peaked again, at around $52, before beginning a slow but steady decline. 

January 2021 short-squeeze

In early January 2021, GME was trading at around $10 before surging by more than 1,500% because of a short squeeze. In just two weeks, GME reached an all-time intraday high of $483. The surge was attributed to the coordinated efforts of a Reddit community called WallStreetBets.

How to Buy Gamestop Shares

Below you will find a simple step-by-step process that will take you from here to owning the Gamestop stock and beyond. What you do after you buy the stock is just as important as buying it from the right online broker.

Step 1 – Find the Right Broker for You

Before buying GME stock, you first need to pick a trading platform and open an account. If you already do, just skip this step.

If you don't have one opened, you might be wondering which platform to start using—the answer: the best platform for you.

To find the best platform you can use, go to our best trading app comparison page. Once there, answer a few simple questions, and our algorithm will show you which broker is the best for you. 

Step 2 – Open your account

After you've discovered the best trading platform, it's time to open an account. By clicking the button on our comparison page, you will be taken directly to the sign-up page on the brokers' website. 

Once there, you need to fill in the required information and receive an email to confirm and activate your account. 

Step 3 – Verify your identity

This is a mandatory step if you want to have access to all the platform's features and make deposits and withdrawals. Some platforms will allow you to make a small deposit before the process is complete, but not withdrawals. 

To confirm your identity, you upload your ID and, depending on the platform, other additional documents. In some cases, you will even receive a phone call from one of the company's representatives. 

The entire process can take anywhere from a few hours to a few days. 

Step 4 – Making your deposit 

After the KYC process is finished, you can make your first deposit. Most platforms accept several payment methods, like:

  • Credit/debit cards
  • Bank transfer
  • Mobile wallets (Paypal, etc.)

The transfer fees can vary significantly based on your chosen method. To make sure you use the cheapest way, read our review of that broker. We mention all the fees of each broker, so you don't have any surprises.

Step 5 – Buy Gamestop stock

Now that you funded your account, you can buy the Gamestop stock. To do that, search for the company's name on the platform and then click the buy button. Again, depending on your broker, the minimum amount you can invest may vary. 

Step 6 – Monitor Your Gamestop Investment

Purchasing a Gamestop share and forgetting about it isn't a sound investment strategy. Instead, you should constantly monitor your position and news about the company. This way, you won't get caught off-guard when the stock price plummets or soars. 

Being constantly informed will also help you decide when to sell a stock. Knowing when to get out of a position is crucial for any trader or investor.

Keeping track of all your positions might be difficult if you don't have the right instruments. Therefore, we created this comprehensive yet easy-to-use investment tracker spreadsheet. It will help you see how all your investments are doing at any given time. Moreover, it's completely free. Try it now! 

Start Investing Today

Buying a stock just because you've read about it on Reddit or some other forum (link to when to buy) doesn't necessarily make it a good investment. So, before you buy Gamestop shares, make sure that you understand the company's fundamentals. 

Once you've bought it, make sure you also monitor your position. Portfolio management is a crucial element for anyone who wants to become a successful investor or trader. 

Now you are truly ready to invest in Gamestop! So head to our investment platform comparison page immediately and find the best broker for you.

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