Don't pay any commission when you buy or sell stocks and ETFs (exchange-traded funds) online on Vanguard. On the Vanguard home page, search for Buy Funds or go to the Buy Funds page. After you sign in, you'll see the next page. Scroll until you find the account you want to use for the purchase, and then select that account.
You must buy and sell Vanguard ETF shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (who may charge fees). Not all systems are linked; therefore, you may pay more or less for your purchases or receive more or less for your sales through a participating ECN or exchange than you would pay for a similar transaction on a different ECN or exchange. Vanguard Brokerage Services reserves the right to temporarily or permanently close an extended trading session without prior notification in the event of system failure or unforeseen emergencies. The margin requirements are the same as during regular trading hours, and margin trading can only be made on an approved Vanguard Brokerage margin account.
The listing service may not reflect all available bids and offers published by other participating ECN or exchanges and may reflect offers and offers that Vanguard Brokerage's trading partners may not be able to access. Vanguard ETF shares cannot be directly exchanged with the issuing fund, except in very large aggregations worth millions of dollars. Short selling is allowed on Vanguard Brokerage approved margin accounts during extended trading sessions, as long as the security is available to apply for a loan. Liquidity is important because, with greater liquidity, it is easier for investors to buy or sell securities and, as a result, investors are more likely to pay or receive a competitive price for securities bought or sold.