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GameStop (GME) and AMC Entertainment (AMC) have seen increased volatility in recent weeks fuelled by a social media buying frenzy. In response to the unprecedented jump in trading volumes, some share trading platforms have experienced outages or suspended trading on GameStop, AMC and others. We've put together this list of providers we've reviewed on our site with the latest information.
Please note that as this is a fast-moving situation these circumstances could change at any time at the discretion of the brokers. However we'll try our best to keep this as updated as possible.
On February 4, eToro apologised for an error that occurred on Monday February 1, where the maximum stop loss on GME was set to 20% in error: "This issue only affected users who opened positions on specific stocks *on Monday before 17:19 GMT* when the issue was identified and resolved. We would like to apologize for the inconvenience caused to users." Affected customers will be contacted by email.
At around 3:30am on February 3, eToro announced that GME trades may be unavailable during the trading day as "the stock keeps getting halted by the exchange due to volatility reasons."
eToro re-enabled GameStop trades on January 29 but has pre-warned that it may need to introduce restrictions to GME and other stocks with little to no notice based on its liquidity providers. AMC is not available through eToro.
As of January 29, Selfwealth had no restrictions in place for GME, AMC and other related stocks, however it notes that this could change at any time due to offshore conditions.
At 7:15am on February 3, Stake tweeted "Our broker-dealer has confirmed that buy trades are now available on GameStop ($GME), AMC Entertainment ($AMC) and Nokia ($NOK) for the remainder of market session 02.02."
From February 3, some users have reported bugs around incorrectly displayed buying power on the app. As of Feb 4, Stake is working on rectifying the issue, as posted on Twitter.
Interactive Brokers removed previous trade restrictions as of January 30. On January 29 it put AMC, BB, EXPR, GME, and KOSS options trading into liquidation with all long positions requiring 100% margin and short positions 300% margin.
On February 3 at 6:55am, Goodments announced it had lifted all previous trade restrictions for the remainder of the session on GME, AMC, Nokia and Koss.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Important: Share trading can be financially risky and the value of your investment can go down as well as up. “Standard brokerage” fee is the cost to trade $1,000 or less of ASX-listed shares and ETFs without any qualifications or special eligibility. If ASX shares aren’t available, the fee shown is for US shares. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.
Disclaimer: General information only. All forms of investments (and in particular, trading CFDs, commodities and forex) carry significant risk, including the risk of losing more than the invested amounts, market volatility and liquidity risks. Past performance is no guarantee of future results. Such activities are not suitable for most investors.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Trading CFDs and forex on leverage is high-risk and you could lose more than your initial investment. It may not be suitable for every investor. Refer to the provider’s PDS and consider the risks before trading.
Important information: Powered by Finder.com.au. This information is general in nature and is no substitute for professional advice. It does not take into account your personal situation. This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for most investors. You do not own or have any interest in the underlying asset. Capital is at risk, including the risk of losing more than the amount originally put in, market volatility and liquidity risks. Past performance is no guarantee of future results. Tax on profits may apply. Consider the Product Disclosure Statement and Target Market Determination for the product on the provider's website. Consider your own circumstances, including whether you can afford to take the high risk of losing your money and possess the relevant experience and knowledge. We recommend that you obtain independent advice from a suitably licensed financial advisor before making any trades.
Kylie Purcell is the senior investments editor and analyst at Finder. She has completed a Certificate of Securities and Managed Investments (RG146) and specialises in investment products including online brokers, robo-advisors, stocks and ETFs.
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