broker

A firm or individual that acts a mediator for buying and selling securities such as individual stocks, mutual funds, exchange-traded funds (ETFs), bonds, options, etc. Brokers are licensed by legal authorities and should be recognized members of organizations such as the Financial Industry Regulatory Authority (FINRA). Exchanges will only work with licensed and accredited brokers; you can't trade exchange-listed securities for yourself as an individual investor. A full-service broker not only executes your trades but also manages your investment decisions. Discount brokers give you a better deal on costs, with the understanding that you are responsible for your investment research and decisions.