Alternatives to Stake broker after trading stopped on GME, AMC, and NOK

By: Max Adams
Max Adams
Max has a keen interest in the transformative power of technology and is the founder of a platform called… read more.
on Feb 2, 2021
  • Australia-based broker Stake stops trading of several stocks, including GME, AMC, and NOK
  • Market volatility driven by r/WallStreetbets continues as retail investors pile pressure on Wall Street
  • Find out where you can still trade freely - we list 3 brokers who still allow unrestricted trading

Popular Australian online stock broker Stake has become the latest platform to stop its users from buying GME, AMC, and NOK shares after retail investors turned the table on Wall Street.

Just as we were when this happened with Robinhood and Trading 212, we’re on hand to provide our users with alternative brokers that still allow their users to trade without restrictions.

Growing trend of brokers stopping buy orders

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Stake is unfortunately just one in a long list of online brokers that have restricted the freedom of their users. They have notably followed suit from similar platforms in preventing account holders from buying certain shares, but still allowing sell orders to go through – a move that many feel helps hedge funds at the expense of regular people.

Stake blames DriveWealth, the platform’s broker-dealer, for the stopping of buy orders on a range of popular stocks. Whatever the reason, unsatisfied users in Australia will be looking for alternatives to Stake – so here are some good options.

Stake alternatives (AU) to trade GME, AMC, & NOK

For users looking to buy shares in GameStop, Nokia, and AMC Entertainment after the stocks received huge interest from the r/WallStreetBets subreddit – here are online brokers that still allow unrestricted trading (at time of writing).

1. eToro

One of Europe’s most popular trading platforms, eToro has been used by many traders who have been targeting short positions held by Wall Street hedge funds. The platform is well regarded for its ease of use and also for its ‘social trading’ function that allows users to follow the trades of successful accounts. At the moment, eToro has no restrictions on trading stocks.

Sign up for an eToro account here >

2. Capital.com

Capital.com is a popular online CFD trading platform that allows the trading of a variety of assets, including stocks such as AMC, GME, and BB. The platform offers zero-commission trades and hasn’t stopped account holders from buying and selling these shares at any point.

Sign up to Capital.com here >

3. AvaTrade

Users on AvaTrade can open and close positions using CFDs on everything from stocks to forex. As of time of writing, AvaTrade users face no blocks on buying and selling any of the shares that have been the focus of r/WallStreetBets in recent weeks.

Get an AvaTrade account today >

More on Stake blocking its users’ trades

Many Stake users are not happy about the restrictions that have been placed on their trading activities. The evidence from social media is of a significant backlash, with many users now looking for alternatives to Stake. 

To get a broader understanding of what has been happening to the stock market over the past few days, check out our GME price page. Here are just a few examples of disgruntled Stake users considering signing up for an alternative broker:

We hope that there will not be many other stock trading platforms that follow this path, as we believe the point of retail investing sites is to allow regular people the ability to trade freely. 

Just because in this case Wall Street seemed to start losing, we don’t think they should be able to change the rules.

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