Buy GME Stock

Like most of us, you've probably imagined buying shares of a company whose value has skyrocketed in a couple of years, providing you with enough money to travel and rest for the rest of your life. Maybe even GameStop was among your top picks to buy. In fact, investing is a little more complicated than waiting for the bird to fly in your mouth ready to be roasted, but hey, you have to start somewhere right?

The good news is that, unlike before, today you can buy shares in companies like GameStop entirely online.

While we don't specifically recommend buying GameStop stock, this article explains in general terms how you can buy shares in companies in general, taking GameStop as an example. Whether or not the first stock you buy is GameStop you can decide. We strongly suggest contacting investment advisors as this article is not intended to be investment advice under any circumstances.

Overview of GameStop

GameStop is an American consumer electronics 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 want to buy its stock, you need to find a broker that gives you access to the NYSE as this is the main exchange it's traded on (stay tight, we'll get into that in a bit).

None of this is to say that GameStop is a good or bad company. As part of this example, you would like to remind what you are considering investing in.

Let's see the steps now!

Steps of buying GameStop shares

Okay so for your own reasons you have decided you’d like to buy GameStop. That’s a good start. Let’s see what lies ahead of you before you can officially state that you are a shareholder of GameStop! The process is rather similar for any company shares and again, we only take GameStop as an example.

Step 1: find a good online broker

One of the characteristics of an online broker is the number of exchanges they have access to. Not all brokers allow you to buy GameStop shares simply because they do not have access to the NYSE. Needless to say, you need a broker to give you access to this exchange.

The next important thing with a broker is that it should fit you as well. Not all brokers allow every citizen to open an account with them; Some brokers are prohibitively expensive if you want to buy some GameStop shares from time to time, while some brokers can be absolutely free. You can actually get good recommendations on choosing the right broker by using our questionnaire:

While recommending a broker, we take into account various factors such as the broker's fees, trading platforms, markets accessible to trade and how easy it is to open an account. Security is also of utmost importance, but since we recommend only safe brokers, you do not need to worry about it.

Step 2: open your brokerage account

After finding your online broker, you will need to open an account. It is much like a regular bank account and opening it is usually a completely online process. For some brokers it is as fast as opening a new Gmail account, for some brokers it takes a few days until they are done with your background check. You'll be storing your shares on it rather than storing money on it, so you'll definitely need it in order to buy and store GameStop shares.

Step 3: deposit money to your account

You would pay cash to buy those GameStop stocks. This cash first needs to be sent (deposited) to your broker. It's usually super easy and quick, even easier than actually 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 with various electronic wallets such as Paypal, e.g. on eToro.

Step 4: buy the GameStop share

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

Some pointers about this: When placing an order, you can choose from different order types. Market order buys at the actual market price, while limit order allows you to specify the exact price at which you want to buy the shares.

Step 5: review your GameStop position regularly

You're not finished after you've bought your GameStop stock. It is important to monitor your investments now. It basically means following your investment strategy. If you've bought GameStop stock to hold for the long term, you can attend the annual meeting and gather all the news and information about the company.

If you plan to sell it soon after seeing some increase in value, you can use various position management tools. eg. You can set the target price at which you want to sell the shares with a profit, or use the stop-loss to set the price at which you want to sell the shares to avoid further losses.

Now that you've mastered the 5 steps to buying shares, take a moment to look at the top 5 brokers we've handpicked for you.