1. Is the trading time different?

The trading hours of the American stock market are very long, from 9: 30 am to 4: 00 pm EST, that is, from 10: 30 pm to 5: 00 am Beijing time. Due to the implementation of daylight saving time in the United States, the trading hours in summer will be one hour earlier than in winter, from 9: 30 pm to 4: 00 am Beijing time. ?

Second, the transaction code is different?

American Stock Exchange code is the abbreviation of listed companies, Microsoft Stock Exchange code is MSFT, and the newly listed Focus Media China Stock Exchange code is FMCN. ?

Third, the trading units are different?

Domestic trading is 65,438+000 shares, and there is no trading unit limit in the United States. You can only buy 1 share. Transaction costs far exceed the stock price, which is not cost-effective?

Fourth, are there different restrictions on the range of ups and downs?

There is no limit to the fluctuation range of the US stock market. The original unit of stock price fluctuation is $65,438+0/65,438+06, and now it is mostly changed to decimal (the minimum is 65,438+0 cents). ?

5. What are the differences in the account opening process?

You only need to open a securities account to buy and sell US stocks. The securities account also has the function of a bank account. If you deposit money in this account and don't buy stocks, the brokerage will pay you interest, but the tax of 10% will be deducted. If you want to be tax-free, you can choose to transfer short-term funds automatically, and the brokers will make profits for you.

6. Are the transaction costs different?

The handling fee for buying and selling US stocks is not calculated by the proportion of "transaction amount", but by the number of transactions, and it varies with different brokers. Besides, online ordering is much cheaper than telephone ordering. For example, when opening an account with Interactive Brokers, a well-known online brokerage firm, the minimum handling fee for each transaction is only 1 USD (although the minimum monthly consumption of Yingtong Securities is1USD); If the transaction is conducted in Firstrade with Chinese website and Chinese customer service, the handling fee is $6.95 per transaction. In the United States, different brokers provide different services and different trading fees. You can choose a broker that suits you according to your personal needs to open an account. Generally speaking, IB Yingtong Securities is the most popular among American veterans with frequent transactions because of its low transaction cost and comprehensive investment varieties. Firstrade is more suitable for novice investors who have just come into contact with US stocks.

Seven, the tax burden is different?

In order to encourage foreigners to invest in American stocks, the capital gains of foreigners buying and selling American stocks are tax-free, but the cash dividends that American companies may give you are subject to withholding tax of 10%.

8. Financing system?

Us stocks can be financed. The financing amount is twice of your total assets, and there is no limit to the number of stages; Chinese stocks can't. ?

9. Short selling mechanism?

There is no short-selling mechanism in China stock market. Only when the stock rises can it be profitable. In this case, the stock price tends to deviate from its actual value and the P/E ratio is high. In addition, because there is no short-selling mechanism, as long as the dealer controls most of the outstanding shares, the stock price can fluctuate completely according to the dealer's intention.

In the United States, because of the existence of short-selling mechanism, as long as the stock trend is judged correctly, you can make money even in a bear market. In addition, it is more difficult for bookmakers to manipulate stock prices, because they can short without stocks.

X.T+0 system?

China stock market implements the T+ 1 system, that is to say, once the stock is bought, it can only be sold on the second trading day. In this case, when you buy stocks, you will be resigned to your fate for the rest of the trading day. Even if the disk changes dramatically, there is nothing you can do.

The American stock market implements the T+0 system, which means that it can be bought and sold immediately, so the United States has also produced a large number of excellent Japanese stock traders. If investors participate in the US stock market and have a new judgment on the stock market, they can immediately put their ideas into action.

Xi。 No non-tradable shares?

In China stock market, there are as many as 2/3 non-tradable shares. Non-tradable shares include state-owned shares and corporate shares. It is very common that one share of state-owned shares is dominant. These state-owned shares cannot be listed and circulated, and their value cannot be compared with that of tradable shares. If the state-owned shares are reduced, it is bound to face a dilemma: either the state-owned assets are lost or the price of state-owned shares is not recognized by investors.