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January 29, 2021 10:40 pm

Robinhood Is Still Severely Limiting Trading, Customers Can Only Buy One Share of GameStop

Restrictions on Robinhood traders got tighter throughout the day on Friday, only allowing clients to buy a single share of GameStop. CNBC reports: The stock trading app also expanded its list of restricted stocks from 13 earlier in the day to 50. The restricted list tells clients how many shares and options contracts they can buy pertaining to a particular security. Robinhood customers can only buy one share and up to five options contracts of GameStop; however, if a customer already owns one or more share of GameStop, they are not able to buy any more shares. Robinhood's restrictions could take the wind out of point-and-click traders trying to jack up the price of GameStop. Robinhood, however, will not sell any client's shares of GameStop that are already over the one-share limit from a previous position. The stock, which closed up 67%, was off its highs of the session as the new more severe limits were implemented. Earlier in the day, clients could buy five shares of GameStop. On Thursday, Robinhood said the restrictions would be eased on Friday. "However, the restrictions got tighter throughout the trading day, as the list of limited securities grew and the number of shares clients could buy shrunk for certain stocks," reports CNBC.

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