WellsTrade is the online brokerage for Wells Fargo, who are a multinational financial services company founded in 1852, located in the United States and one of the world’s largest banks. The WellsTrade broker account is not the cheapest but may be considered for investors who are not interested in their own self-directed investing and those who already use Wells Fargo for their banking services.
Pros / Cons
- Strict regulation
- Securities Investor Protection Corporation (SIPC)
- Flexible platforms
- No minimum deposit
- Restricted leverage
- No MetaTrader platform
- No forex, CFD or crypto trading
- No online payment processors
- Fees not the cheapest
WellsTrade accounts are offered through Wells Fargo Clearing Services, LLC (WFCS) who are a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC) scheme in the United States.
FINRA enables investors and firms to participate in the market with confidence by safeguarding its integrity. It is a non-governmental organization that regulates member brokerage firms and exchange markets.
The SIPC is an investor protection scheme established in order to protect clients against the loss of cash and securities in case the broker cannot fulfil their financial obligations. The SIPC protection is limited to $500,000 with a $250,000 limit for cash.
WellsTrade is a US broker for residents of the United States.
WellsTrade Trading Platforms
WellsTrade investment and banking accounts can be accessed 24/7 on computer and mobile devices for convenient money management. Users can check their account activity, balances, holdings and performance.
You can find ideas and stay informed using real-time quotes, charts, market news, screeners and watchlists. The mobile app is useful for those who wish to place and manage trades whilst on the go from anywhere in the world with an internet connection.
The WellsTrade platform is limited compared to other trading platforms offered by online brokers such as the ever popular MetaTrader platform which is packed with powerful analysis tools and features.
WellsTrade Trading Tools & Education
WellsTrade brokerage clients have access to a limited selection of proprietary and third-party trading tools and research resources. These can be used to help with market analysis, finding potential opportunities, planning and managing investments.
- In-depth market insights & commentary
- Economic outlooks & intraday reports
- Real time market news
- Industry watch & performance ratings
- Investment ideas from Wells Fargo Advisors & industry experts
- Investing Basics offers general tips & information about investing
- Screener tools to find stocks, ETFs, bonds & funds that match your requirements
- Portfolio Tracker to monitor your portfolio, stream quotes, news & charts
WellsTrade Trading Instruments & Fees
The WellsTrade brokerage account offers trading on various financial products including stocks, exchange-traded funds (ETFs), options, mutual funds, bonds and certificate of deposits (CDs). Unfortunately, they do not offer forex, CFD or cryptocurrency trading.
- Stocks & ETFs: $5.95 or $2.95 discounted rate when you link your WellsTrade brokerage account to your Wells Fargo Bank Portfolio by Wells Fargo $30.95 when broker assisted
- Options: $5.95 plus $0.75 per contract
- Mutual Funds: $35
- Bonds: $50 per transaction
As fees can vary and change, there may be additional fees that are not listed here in this WellsTrade review. It is imperative to ensure that you check on the official WellsTrade website all of the latest fees and are completely clear about all of the charges before opening a brokerage account with any online broker.
WellsTrade Trading Accounts
The WellsTrade online brokerage account gives you control over your investments. The standard account is suitable for general investing whereas the Traditional, Roth, and SEP IRAs accounts can be used for retirement planning. There is also an education savings account to plan for the future.
With the WellsTrade brokerage account you can conveniently manage your investments, plan, select, and monitor your investment portfolio with trading tools and independent investment resources. There is no minimum deposit required to open an account.
A WellsTrade account that is opened online comes with brokerage cash services, that offers additional money-movement options such as online money transfers between your Wells Fargo accounts and mobile check deposits.
Margin borrowing is available but may not be suitable for all investors. When you use margin, you are subject to a higher degree of risk.
- Standard Account: This is a general investing account for trading stocks, ETFs, options, mutual funds, bonds, CDs and more
- Roth IRA & Traditional IRA: Savings accounts
WellsTrade Customer Service
WellsTrade has a knowledgeable customer service team on hand to provide 24/7 phone assistance. It would perhaps be more convenient for some customers if they offered online chat and email support.
WellsTrade Deposit & Withdrawal
WellsTrade brokerage account holders can make deposits and withdrawals online and through the mobile application using wire transfers. Customers can also transfer funds and securities from an existing brokerage account at another firm, mail in checks and go into a Wells Fargo branch to transfer funds in person.
Some fees may be charged when using certain payment methods. Withdrawal requests are processed within the same day or next if outside working hours. The withdrawal time can vary depending on the payment provider and method. Bank transfers can take a few business days to clear.
WellsTrade Account Opening
The WellsTrade online account application usually takes around 5 – 10 minutes to complete, and most applications will be processed within one business day. You will need to provide personal information, choose your account type and funding method, verify and submit your application.
Your information may need to be verified by third parties and you will need your social security number, employer name and address (if applicable) and income information. Once your account has been verified by the WellsTrade accounts team, you will be able to fund it and start investing.
Despite WellsTrade having huge backing from Wells Fargo, it does not have the cheapest broker fees. The platforms and tools offered are limited whilst the vast size of the corporation could mean that you will not get as dedicated a service as you would from some other online brokers. That being said, there are a range of trading instruments to choose from, not including forex, CFDs or cryptocurrencies.
Trading complex instruments can come with a high risk. You should consider whether you understand how investments and trading work and whether you can afford to take the high risk of losing all of your money.