High transaction costs and fees associated with trading stocks on an exchange can significantly impact investors. For frequent traders, these costs can quickly add up and reduce overall returns. In addition, high fees can discourage investors from making trades or investing in certain assets, limiting their investment options and potentially hindering portfolio diversification. High fees may also disproportionately affect smaller investors, who may struggle to compete with larger institutional investors with greater resources. Overall, high transaction costs and fees can be a significant barrier to entry for some investors and can negatively impact their investment performance and ability to achieve their financial goals.