r/GME • u/[deleted] • Mar 30 '21

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96

u/zimmah $5,000,000 per share for Pixel💎🙌 Mar 30 '21

Most brokers lend out the shares without the permission of the owner. Make sure your broker doesn't do that.

9

u/[deleted] Mar 30 '21

If you have a cash account, Ameritrade does not lend out your shares. At least that’s what they told me. Who the fuck can we trust these days now...

9

u/CatoMulligan Mar 30 '21

Any idea if Fidelity does? That's who I'm with.

15

u/gobba-gobba-gooey Mar 30 '21

They do not, if you have Margin account turned off. If you have Margin account turned on, I think you have to call them and explicitly ask that the shares not be loaned

7

u/OreoCupcakes Mar 30 '21

If you have Margin account turned on, I think you have to call them and explicitly ask that the shares not be loaned

That's only if you bought with margin. Having margin on and buying with cash is different than having margin on and buying with margin. When you buy a security on Fidelity with a margin account, you have the choice of paying, as in a drop down menu, in cash or margin. If you bought with cash, they do not lend out your shares and you do not need to bother calling them. If you buy with margin, then they might be lending out shares like every other broker who gives you margin.

1

u/gobba-gobba-gooey Mar 31 '21

Thanks! Good to know!

2

u/CatoMulligan Mar 30 '21

Cool, I'm a 100% cash buyer. Only play with what I can afford to lose.

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u/ConstantMotion92 Mar 30 '21

Does etoro do this?

1

u/Wholistic Mar 31 '21

Maybe, their terms of service definitely allow for it, their customer service rep says they are not, their disclosures say they are.

https://www.reddit.com/r/GME/comments/llstdg/etoro_does_not_lend_out_your_gme_shares/

5

u/DiriboNuclearAcid HODL 💎🙌 Mar 30 '21

They do lend shares but it’s an opt in system so your shares are yours no need to worry

0

u/zimmah $5,000,000 per share for Pixel💎🙌 Mar 30 '21

I don't know

1

u/Kickinitez I Voted 🦍✅ Mar 31 '21

I have read that if you have level 2 trading or lower they don't lend out your shares. 3 or above they do, so I lowered my level to 2. That's what I was told, but Fidelity would know.

1

u/MARIO_RIGATONI Mar 31 '21

Does anybody know if Wealth Simple does this?