- I was wondering what relations are between brokerage companies and exchanges? Are brokers representing investors to trade on exchanges?
For individual investors, what are some cons and pros of trading on the exchanges directly versus indirectly via brokers?
Doesn't the former save the investors any costs/expenses paid to the brokers?
Note that some (or all?) exchanges have their websites where I think trading can be done electronically, such as NASDAQ and BATS?
Can almost all stocks be found and traded on almost every exchange? In other words, is it possible that a popular stock can only be found and traded on one exchange, but not found on the other exchange? If needed to be more specific, I am particularly interested in the U.S. case,and for example, Apple's stock.
What are your advices for choosing exchange and choosing brokerage companies? What exchanges and brokerage companies do you recommend?
The exchanges that I have heard of are NASDAQ, NYSE, BATS, Chicago Stock Exchange.
The brokerage companies I have heard of are TdAmeritrade, Fidelity, Interactive Brokers, Vanguard.
When investing in my first mutual funds several years ago, I was a customer of ThinkorSwim, which is now part of TdAmeritrade. I also have accounts in Fidelity.
Thanks and regards!