Trade GameStop Stock Using Your Crypto
If you don’t already know about what’s been going on with r/wallstreetbets, it’s safe to say that you’ve been living under a rock for the past week or so. In an act of financial rebellion, a group of Redditors began to rapidly buy GameStop stock, stylized as GME. This action has caused havoc for hedge funds, with Melvin Capital, a company known for profiteering from GameStop’s declining stock through short selling, losing $7 Billion as a result of the GME price rapidly increasing from a level of a few dollars per share to multiple hundreds of dollars per share.
GameStop wasn’t the only company affected by this, with other brands such as Nokia, AMC, Blackberry, and BB Liquidating Inc all receiving large boosts to their stock prices in the wake of the ongoing situation with GameStop. These moves have received condemnation from government officials and financial bigwigs alike, with calls for the SEC to investigate to the fullest extent.
Trading platforms seem to have sided with the hedge funds in terms of their stance on the GameStop situation. For example, many trading platforms, including Trading 212 in the United Kingdom, Israel’s eToro, and Robinhood have limited their retail investors’ ability to purchase shares in GameStop and a variety of other stocks that have been deemed to have been affected by the ongoing r/wallstreetbets uproar.
Interestingly, users were still able to close their positions on stocks with little difficulty. One reason for these changes was stated by these trading platforms to be due to the fact that the clearinghouses were raising the collateral requirements for operations. So, in truth, the reason why you should trade your GameStop stock using cryptos, is that it’s one of the only ways that you can do it, especially if you’re looking to purchase.
There’s now a way around the lockdowns of GME that have been implemented by the more well-known brokerage platforms. From now, we’re proud to announce that you will be able to trade GME using cryptos in Decoin. The actions of the other brokers in the market have shown that they don’t value transparency with their retail customers and people should be able to trade consciously. You will be able to use our new pairing of GME/USTD with no limitations, whilst other brokers and platforms would limit the amount you could buy.
Even if you haven’t used a trading platform before, you’ll be able to easily use ours, it has a feature to allow beginners to auto trade with professionals, or simply watch a live session to get some insight into how trading works. This can be an invaluable learning experience for someone starting their trading journey.
Another benefit of buying GME using our platform is the advanced security features that it contains. It comes with Two-Factor Authentication and monitoring tools, withdrawal screening, and protection from cyber-attacks. 97% of tokens are held in cold storage and the rest is covered through insurance. This means that traders will have nothing to worry about in terms of the security of their investment, something which can be a problem for other crypto exchanges.
As was discussed in the above article, people now need a new way to trade in GME stock due to the reluctance of more mainstream brokerage platforms to allow people to buy more GME. The sudden spike in price and losses faced by the hedge funds have scared those in positions of power because they know it’s happened once and that it can happen again.
The platform provided by the team here at Decoin provides a safe and functional way to trade GME using cryptocurrencies. This allows our users to avoid the red tape they will experience with other platforms and does so in a way that fosters trust and transparency with the community.