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Chances are you may have already heard of the news of major short interest stocks like GameStop and AMC stocks rising in price extremely fast because of a potential short squeeze and the fiasco with Robinhood in restricting stock buying and only allowing the selling of these stock tickers because of Reddit investors.
It has been rumored that more than 50% of Robinhood users own at least 1 GameStop share. The trading restriction by Robinhood in a “free market” is totally unacceptable and is in my opinion the definition of market manipulation. So for the purposes of this post today, I will be creating a tutorial on how to buy GameStop (GME) or AMC stock with trustworthy, reputable brokers who haven’t broken the law and betray their clients.
Fortunately, there are two brokers who have not restricted trade on AMC or GameStop stocks this entire time, Fidelity and Vanguard.
How to Buy GameStop (GME) and AMC Stock with Fidelity
1. The first step is to register for a Fidelity account. Fidelity allows instant deposit when transferring over cash. In other words, you do not have to wait for your cash to settle to buy GME or AMC stock. You will have immediate buying power upon transferring your funds over to Fidelity.
Become an Insider
Click on “Open a Brokerage Account” and fill out the required application to get instantly approved for an Investing Brokerage account with Fidelity.
2. Login to your Fidelity account and you should be taken to a page like this:
3. The next step is to get ready to buy GameStop (GME) or AMC stock. On the top left corner, select “Trade” and you will be taken to a screen somewhat similar to the below:
4. Enter the necessary trading details in the left-hand trading box and hit “Preview Order” when you are ready to purchase Game Stock (GME). Read about the difference between Limit orders vs Market orders.
5. After reviewing the transaction and double-checking, hit “Submit” and you are officially done and Fidelity has opened a transaction to buy GameStop (GME) shares for you.
How to Buy GameStop (GME) and AMC Stock with Vanguard
1. The first step is to start registering for a Brokerage account with Vanguard if you don’t already have an account. Select “Open a new account.”
If you decide to move stock assets from Robinhood to Vanguard or another broker, be wary the process may take multiple weeks to fully process before you can buy GameStop or AMC stock. Vanguard allows instant purchasing power as well if you transfer cash funds before it fully settles.
2. After you have successfully created your Brokerage account with Vanguard, simply login to your account.
3. Once you have login in, hover over the left-hand side on the top nav menu under “My Accounts” and select “Buy & Sell.”
4. You will now be taken to a page similar to the below and toggle to “Trade Vanguard ETFs (and non-Vanguard ETFs)” under “Brokerage Products” on the right-hand side.
5. Now you are able to buy AMC stock with Vanguard using the details below: Fill in the necessary trade information before previewing your order.
6. Hit “Preview Order” and if everything looks good, simply submit the order and your trade will be executed by Vanguard, a real broker (looking at Robinhood). You are officially done and have bought AMC stock with Vanguard.
Extra Robinhood Alternative: Webull & Cash App
Webull, an investment brokerage mobile app, enables investors to purchase stocks, options, margin investing, and even cryptocurrency on their platform. Think of Webull as a direct competitor to Robinhood, but with $0 fees.
Developed by Square Inc, the Cash app is another good alternative to purchase AMC shares with your mobile phone.
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Vanguard will no longer allow immediate purchases after a transfer is initiated. This is a new policy as of 2/1/2021. Stick with Fidelity
[Fidelity allows instant deposit when transferring over cash. In other words, you do not have to wait for your cash to settle to buy GME or AMC stock. You will have immediate buying power upon transferring your funds over to Fidelity.]
Can you elaborate on this because I don’t see this option anywhere available.
Transfer from your existing Fidelity account
Fidelity Mobile® check deposit
Only options listed…