Online stock exchange question?

Question

1-How long does it take from the time that I submit my 'Stock Purchase' order and the time that the order gets executed?

2-How about the time I submit a stock sale and the time it gets sold (I guess this one depends on demand)

I am practicing online stock exchange using some simulation websites (which simulate exactly the real prices and markets) but there is always a fix 20 minute delay from the time you submit the order until the time it gets executed therefore the actual price being used for the transaction, usually differs widely from the amount that you decided your transaction to be done base on.

3-Is this the same in an actual online stock market?

Thanks a lot!

Answer 1

In the United States there is no on-line stock exchange for the investing public or institutions.

All broker/dealers are connected to the stock exchanges in which they are a member or to their clearing corp which is a member of a stock exchanges.   All non-members or the general public can connect to a broker/dealer through the B/Ds services,

For most major firms a listed market buy or sell order takes a few seconds to execute.   Other executions depend on the price on the order and the current market quote and size.

Orders entered within the current market quote and within the size are also executedd within a few seconds.

Maket simulators do not, and can not use, current market prices and/or quotes, they are always delayed.

Answer 2

No, no... on a real brokerage account ( I use Fidelity and E*trade) your buy/sell is almost instantaneous... in rare instances your sell order may take a minute. You trade in one tab and by the time you click back to " portfolio" or " orders"  the change is there...with the exact price you paid, or were paid.

In some very rare instances, in very, very thinly traded stocks it might take some time to fill....but in the broad market that most people trade in, its done in the blink of an eye.

Only other thing to mention is, of course " limit orders"...where you set a price for your trade...and it may take time to reach that set price ( either up or down..buy or sell)

P.S. IPOs generally are a little different, too. Most brokers won't take a "market order"( afraid a customer may be shocked at the high price...IPOs sometimes just fly )  so you have to make a limit order...and you can be left in the dust if you don't allow for the rapid increase ...even with brokers' real time quotes.

Of course what I am describing is a " broker"...not a " stock exchange"... a broker ( Fidelity, E*trade, Scottrade, etc.) executes your trades on the " exchange" for you...hence, the commission .