iguser3

Learn about PFOF (Payment For Order Flow). Brokers can sell your order information to hedge funds, which use the information to "front run" you, or basically just use this information to beat you

I'm not sure it is legal. There is a big class action lawsuit in the US against Robinhood about restricting any new positions

But it's not a free market. That's the point. You can't just offer one side of a trade. It has a flow on effect for the value of the security, if lots and lots of people can only SELL but not BUY, you're artificially reducing demand and therefore lowering the market price. And that is exactly what has happened.

You can't buy GME shares at all, even with 100% of your own money upfront on a non-margin account.

Does IG sell its customers Order Flow information? Payment for Order Flow (PFOF). For those unaware of what it is, "In financial markets, payment for order flow refers to the compensation that a broker receives, not from its client, but from a third party that wants to influence how the broker routes client orders for fulfillment. It is a controversial practice that has been called a "kickback". Wikipedia article.

But you offered GME and AMC, then restricted all buying at a time people when wanted to buy it the most.

Anyone know which organisation in Australia is the most appropriate to file a complaint with?

Does anyone know of the legal ramifications for IG? Surely this is breaking multiple laws

By restricting the buying you're putting downward pressure on the share price. This is the definition of market manipulation.

Hi, I am trying to trade shares on GameStop and putting in Buy/Sell Limits Orders for the Day - e.g. a limit buy order for $150 and the Last Traded Price is $300 - I get the error message "Order too far from last traded price" !! But the share price is SWINGING up and down a LOT... and the price has already changed too much for you place it!! I read that there is a 20% up or down limitation across the board for all shares. I guess it's in place to stop someone adding an extra zero by mistake or something like that. BUT this is a SEVERE problem for a lot of people trading heavily on volatile shares like GME. Can you PLEASE QUICKLY add a prompt "Are you sure?" if it's a long distance away... INSTEAD of just not accepting it at all. Thank you!! (note to moderator - please publish this post not the earlier one I had done as a guest)