Robinhood Restricts Trading On GME & AMC – Is This Legal?
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Robinhood Restricts Trading On GME & AMC – Is This Legal? | Coffee With Markus | Special Episode
I’m pissed! Because brokers are restricting our right to place trades! And that’s outrageous!
So in this video, I’ll talk about:
1.) What is happening?
2.) Is this legal? and
3.) Do they have the right to do this?
Before we do this, let’s take just 30 seconds to talk about what’s happening:
WallStreetBets, a popular forum on Reddit with millions of followers, decided to declare war on hedge funds, especially short sellers. They chose a few stocks as targets and drove prices up, so that ultimately Short Sellers, who were mocking the “small account traders” had to surrender and lost billions of dollars.
Amongst those stocks were Gamestop (GME), AMC Theaters (SMC), Blackberry (BB) and Bed Bath and Beyond (BBBY).
And here’s the latest development in this craziness:
Brokers are restricting trading.
It started yesterday with TD Ameritrade and Charles Schwab restricting trading on these “Reddit stocks” – and it has really spread.
Today, Robinhood decided that it is only allowing traders to sell to close positions on 12 stocks:
And Interactive Brokers is only allowing traders to sell to close options on GME, AMC (AMC), and BlackBerry (BB):
Express (EXPR) and Koss (KOSS) are on that list, too.
And it’s requiring 100% margin on long stock positions and 300% margin on short stock positions until further notice.
And some brokers aren’t even allowing new clients!
Check out this tweet from trading app Trading 212:
Due to the unprecedented demand, we have temporarily stopped onboarding new clients. Once we process the existing queue, we will be open for new registrations.
— Trading 212 (@Trading212) January 28, 2021
So let’s talk about this: Is this legal?
Yes, I’m sure there’s something way back on page 100 of the terms and conditions that allows brokers to do this.
But is it right? – Absolutely NOT!
Trading is risky. We all know that. That’s why we sign all these disclaimers.
We can’t sue brokers if we lose money.
So let us do what we want!
Dear Brokers, please listen up: THIS is America!
I’m not interested in trading Gamestop (GME), and I have talk about my reasons for it in another video. In fact, I’m VERY happy with my positions that I have in my account right now. And as you can see, I’m up XXX today.
BUT: If someone wants to go all in on GameStop, they are allowed to do that.
If somebody wants to gamble $1,000 on GME, let them us it!
Let me show you how idiotic this is:
New Concept Energy (GBR) is up 600% today. And I can buy and sell shares on GBR all day long!
But I’m not allowed to do it on Blackberry (BB)? Or Bed Back and Beyond (BBBY).
Dear brokers and clearing firms, PLEASE listen up:
If you get pressure from “the big guys” to restrict the little guys from trading, say “NO”.
It’s OUR right to do what we want with our money.
If we want to gamble in Vegas and put $1,000 on red, we are allowed to do that, right?
If we want to spend $1,000 on Lottery tickets, we are allowed to do that, right?
But we are not allowed to take $1,000 and buy Gamestop (GME) or AMC?
Give me a break!
THIS is too much!
You owe us an explanation, and “significant market volatility” is not an excuse.
I have just shown you the example of GBR: up 600%, and I can STILL buy stocks!
If you are watching this video and agree with me, share this video.
Our voices need to be heard!
THIS is wrong – and it needs to end – NOW.
#GameStop #GME #WallStreetBets
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Did Interactive Brokers Restrict Gme, Robinhood Restricts Trading On GME & AMC – Is This Legal?.
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