In short, no.
SelfWealth members have been allowed to buy and sell GME as well as others like AMC, throughout the entirety of 2021. This is in stark comparison to other platforms that entirely halted the trading of certain stocks.
There is one limitation in place though, which is a unit price limitation on orders. Currently, this sits at $3,000 per share. At the writing of this article, GME is priced at $168. Therefore, the limit is far from any existing selling point.
Please read the full statement from PhillipCapital (the partner that enables US trading via SelfWealth) in regards to GME queries.
The recent price action and volatility due to a short squeeze in the stock of GameStop Corp (GME – NYSE) has resulted in some investors expecting a continuing rise in price to levels that are unrealistic. These high-priced sell limit orders can result in stressing contra party risk limits that monitor order values and could result in executing venues to start rejecting all orders if these limits are not closely monitored and efficiently managed. A Limit Order price restriction on GME has therefore been implemented (current Limit Order price restriction 3000) to curb orders being placed excessively far from the current stock trading price to maintain the health of the system. The price limit is not designed to stop trades being executed in GME and our counterparty has thus far remained open for trade throughout recent volatility allowing buy and sell orders to be executed. This is in contrast to other providers which halted trade completely. The counterparty is well aware of the heightened volatility in GME and other similar stocks which have the potential to go parabolic and therefore monitor the Limit Order price restriction intraday. In the event that GME began to rise rapidly the Limit Order price restriction would be raised in real-time to ensure that any order, that may be executable at some point, be allowed onto the counterparty books. The counterparty reserves the right to update its policy at any time to maintain the health of the system.
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