WellsTrade ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
WellsTrade offers online brokerage accounts that allow you to take control of your investing decisions. The broker lets you invest when and where you want to, with simple and transparent pricing. Commission starts from $0 per trade for online and automated telephone trading of stocks (excluding penny stocks) and exchange-traded funds (ETFs). I found the investing platform to be simple to use whilst you get access to some useful tools to help with analysing investment opportunities. You can buy and sell a vast range of financial assets including stocks, ETFs, options, no-load mutual funds, money markets, and more. There is no minimum required to open an account which is great, as some brokers charge at least $200 or more. However, I was disappointed to see they don’t provide any Forex or Crypto instruments. You will need to look elsewhere if you are planning to trade CFDs. They also only serve clients in the USA so if you aren’t located there, please feel free to browse our broker reviews for an alternative option.
Pros & Cons
- A wide range of investing types
- Professional and versatile platforms
- Robust tools and expert market research
- Simple and transparent pricing
- No minimum deposit
- Free deposit and withdrawal
- Investment banking services
- Wealth management
- Wells Fargo advisors
- No Forex, Crypto or CFD trading
- No online payment processors
- Could add some more educational content
- Investment products are not insured
- Maintenance fees
- Only accept USA clients
WellsTrade is the online brokerage account 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. Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance through more than 7,200 locations, more than 13,000 ATMs, the internet, and mobile banking and has offices in 31 countries and territories to support customers who conduct business in the global economy.
The WellsTrade broker account 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. With a single sign-on for your Wells Fargo Advisors WellsTrade brokerage accounts and your Wells Fargo bank accounts, everything is connected. I think this is very convenient as you can move money easily between accounts with the Brokerage Cash Services, also included within your account. You can invest online, from anywhere, at your convenience, using a computer, tablet, or smartphone.
I would personally feel very confident investing through Wells Fargo. They are an established and reputable company that has been operating for many years who are regulated by the relevant authorities. The regulation and protection give me the peace of mind that they can be trusted and should operate in a transparent manner with the utmost integrity.
WellsTrade accounts are offered through Wells Fargo Clearing Services, LLC (WFCS) who are a member of the Financial Industry Regulatory Authority (FINRA). FINRA enables investors and firms to participate in the market with confidence by safeguarding its integrity. It is a non-governmental organisation that regulates member brokerage firms and exchange markets.
The broker is also a member of the Securities Investor Protection Corporation (SIPC) scheme in the United States. 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 USA broker for residents of the United States. If you are located outside of the USA and looking for a reputable broker, please feel free to browse our broker ratings for some inspiration.
WellsTrade investment and banking accounts can be accessed 24/7 on computer and mobile devices for convenient money management. You can check your account activity, balances, holdings and performance. I like how you can find ideas and stay informed using real-time quotes, charts, market news, screeners and watchlists.
You can place trades online for stocks, no-load mutual funds, exchange-traded funds, options, and money market mutual funds online. Alternatively, they are one of a few brokers that I have come across who still let you place trades by telephone with a fixed income specialist for bonds, treasuries, and brokerage CDs.
The Wells Fargo mobile app is useful for those of you who wish to manage your account whilst on the go from anywhere in the world with an internet connection. I think it is great being able to take the markets with you in your pocket, although some functions are not available on the app.
With a single sign-on, you’ll have convenient access to your Wells Fargo Advisors investment and Wells Fargo banking accounts on your PC, laptop, tablet, and smartphone. They make it a breeze to monitor the performance of your investments from all of your devices.
Some of the key features of the platform include:
- Select a summary view of all accounts, one account, or an account group
- Help stay on top of account balances, activity, and portfolio information.
- See if your portfolio is on target
- View your asset allocations and performance
- Review recent activity and orders
- Get access to market data, quotes, news, and watchlists
- Send secure messages and documents to your advisor
- Execute trades from your self-directed account
- Trade stocks, exchange traded funds (ETFs), options, and no-load mutual funds.
- Access your Wells Fargo accounts and banking services with a single sign-on
I think the platform is sufficient for anyone who is looking to hold investments over the mid to long term. However, if you are planning on day trading, then you might want to look for another solution. I use the MetaTrader platform for my daily trading activities and think it is an ideal platform for quick and easy market access. You can get it from most brokerage firms, including Forex.com who also accept USA clients.
I am really impressed with the robust research tools that come with your WellsTrade account. They have a great selection of professional screeners and online tools, along with exclusive Wells Fargo insights and third-party research. These can all help to improve your analysis and assist with your investment decisions. It is always important to ensure you are making informed decisions and that is where these tools can come in handy. You can get broad economic and investment overviews, or drill down for a detailed analysis on companies you’re interested in with the following:
- 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
You can chart and compare stocks using a variety of indicators and timelines to help you analyse securities and trends. I found the interface really easy to navigate and was able to conduct chart analysis using some of the popular built-in technical indicators. I do think the analysis capabilities are limited compared to some platforms but that shouldn’t really be an issue unless you have some overly complex trading strategies that you plan on using.
Find stocks, ETFs, bonds, and mutual funds based on your custom criteria, and save your searches so you can check back in the future. I really like how you there is a Mutual Fund Screener to research thousands of mutual funds across different asset classes, Morningstar categories, sectors, and risk tolerance levels. You can easily filter and select the ones that suit your investment needs, or start with the expert’s Mutual Fund Screened List if you are looking for some guidance along the way.
This section provides a convenient way to find out what the Wells Fargo Investment Institute experts have to say about market moves throughout the day. I found there to be some very insightful opinions which I believe could be used to help inspire trade ideas. However, I would be sure to conduct my own analysis for extra confirmation.
You can easily check in for the latest market news and research to stay on top of market performance. I think it is really handy to have everything in one place. I always like to check what is happening in the markets in order to help me with my existing positions and plans moving forward.
As a client of WellsTrade brokerage, you will have access to an excellent selection of proprietary and third-party research resources. These can be used to help with market analysis, finding potential opportunities, planning and managing investments. I like how the empower investors who can take advantage of the numerous educational resources and tools attached to the Wells Fargo Advisors investment account. Whether you’re new to investing online or interested in learning more about the brokers services, there is a detailed overview on the website along with guided tours that will introduce you to the advantages of Wells Fargo Online and the Wells Fargo Mobile app.
You will find a comprehensive research centre where you can access online tools and educational resources to help you make smart investing decisions, including:
- Stock, exchange traded fund (ETF), and mutual fund screeners.
- Insightful market commentary and easy-to-understand research and investment insights from Wells Fargo Investment Institute.
- Consensus ratings, news, interactive charts, and real-time quotes.
The WellsTrade brokerage account offers a wide range of investing types including stocks, exchange-traded funds (ETFs), options, mutual funds, bonds and certificate of deposits (CDs). Simply choose what you wish to purchase and the amount you’d like to invest. You can also set alerts to buy more or withdraw money when your investments hit a certain dollar amount.
- 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
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 which is good when you consider some brokers require a deposit in the hundreds or even thousands to get started.
- Standard Account: This is a general investing account for trading stocks, ETFs, options, mutual funds, bonds, CDs and more.
- Roth IRA & Traditional IRA: This account is for savings. You can plan for retirement with traditional, Roth, and SEP IRAs. Save for college with an education savings account, and more.
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. Your Brokerage Overview shows a consolidated view of your investment accounts in one place. I find this very convenient rather than needing to switch between different windows.
Margin borrowing is available but may not be suitable for all investors. You can use a margin loan to borrow against securities you hold in your account, for personal or business needs, or to finance investment opportunities. When you use margin, you are subject to a higher degree of risk.
You can get electronic versions of account statements, trade confirmations, tax documents/1099s, and other important brokerage documents. Download your account information easily. You are able to customize alerts for relevant activities such as trade executions, market or balance changes, and news. I like how you can transfer money easily between your Wells Fargo banking and Wells Fargo Advisors investment accounts.
Brokerage Cash Services comes standard with WellsTrade, enabling easy account transfers, mobile check deposit with a smartphone, and transfers to another person. You can also visit a Wells Fargo branch teller to make deposits, which are processed through an associated limited-purpose Wells Fargo Bank account in your name. You can even earn interest on your uninvested cash with the Wells Fargo Advisor Cash Sweep program.
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. The process is relatively straight forward and will be a lot quicker if you already have an account with Wells Fargo.
WellsTrade has a knowledgeable customer service team on hand to provide 24/7 phone assistance. I think they could improve significantly by adding online chat support as I find this to be the quickest and easiest way to speak with someone.
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.
From a trader’s perspective, I feel WellsTrade has limited payment options as many brokers accept and offer funding via debit/credit cards, wire transfers, e-wallets and cryptocurrencies. IG is another broker catering to the USA who has multiple reliable payment methods available.
To conclude this WellsTrade review, I think they can be an excellent choice of broker for anyone in the USA who wants to self-invest at your own convenience. You can choose the right account and investments for your needs. It is great how they have everything in one place from banking to investing, trading and saving. This way, you can conveniently and effectively control your funds.
When you’re ready to choose where you’d like to invest, WellsTrade provides you with excellent tools and market research reports. You can find opportunities with professional screeners and expert analysis to help you build a portfolio aligned with your goals.
With Wells Fargo Online and Wells Fargo Mobile, you can keep tabs on and manage your money conveniently from all of your devices. With a single sign-on, you’ll have convenient access to your Wells Fargo Advisors investment and Wells Fargo banking accounts on your PC, laptop, tablet, and smartphone.
The only downsides from my perspective are that they only have a proprietary platform and do not offer CFD trading. I also think they could improve by adding some more funding options and live chat support. This are minor point that may not be a deal breaker for most but are worth being aware of.
Overall, I feel that WellsTrade provide you with a simple and convenient way to take an active role in investing for your future.