The GameStop fiasco is ongoing at the moment making crybabies out of billionaires. A bunch of guys who were laughing at Yee Yee Ass haircut a few weeks ago have brought market manipulators like Melvin Capital to their knees. The GME stock is doing all kinds of crazy since 27th January but the company is not ready to die just of yet, as Melvin Capital so smugly predicted and wanted to.
All thanks to the r/wallstreetbets and the well-connected world, more and more countries are joining the fight against the market manipulators. India seems to be also ready to help the Davids among the retail investors against the Goliath of Wall Street. People in the country want to know how they can buy GME shares from India. This article tries to answer that very question.
GameStop company is listed on the New York Stock Exchange (NYSE) which means you need to be able to trade in the US market in order to buy it. There are 3 ways in which you can buy GME stock from India.
1. Domestic Brokerages
The best and safest way to trade on the NYSE or buy GME stock is through domestic brokerages. Banks like ICICI, Kotak Sec, Reliance Money, Axis Securities and HDFC have tie-ups with foreign brokers that make these trades happen. You need to open an oversea trading account with these banks in order to buy stocks listed on NYSE. The process is quite easy, the same as opening a bank account with these banks.
2. International Brokerages
While signing up with domestic brokers is a safe way to buy stocks on NYSE, it comes with some limitations such as cost and trading frequency. If you want to make the best of your trading at NYSE you need to open an account with a foreign broker. TD Ameritrade, Charles Schwab International, Interactive Brokers are some of the platforms that allow Indian individuals to trade on NYSE and could be used to buy GME stock from India.
3. Through Trading Apps
Trading apps like Vested, Webull and Robinhood are platforms that allow Indian users to buy or sell on NYSE. These are registered with the US Securities and Exchange Commission (SEC) and are safe to use. The disadvantage would be that these companies sell data to Hedge Funds something that Robinhood was recently caught doing. These platforms proudly claim to be free of cost. There is however a saying for services like these. If you’re not paying for the product that means you’re the product. While this isn’t an issue most of the times, it becomes a very huge one when things start to go sideways. Robinhood was caught blocking users from buying GME shares when it started climbing upwards on the expense of Hedge Funds like Melvin Capital and others.
These are the three ways you can buy GameStop stock or any other stock listed on the NYSE from India. As is the case with every stock market advice, please research on your own before putting your hard-earned money in the stock market.