Wellstrade review, Wells fargo tarding



WellsTrade review 2010

WellsTrade review

Wells Fargo brokerage (WellsTrade) review: very high investing/trading costs and terrible registration process




Wells Fargo Commissions

  • Stocks and ETFs: $19.95; agent-assisted trading: $45.00
  • Options: $9.95 + $1 per contract
  • Mutual funds: $35
  • Auction of Treasury Bills, Notes and Bonds: $49 per transaction
  • Investment products: stocks, options, mutual funds, bonds, ETFs
  • Minimum to open account: $1,000


WellsTrade.com Registration

WellsTrade account opening process is the longest we have tried and it is still done by filling paper forms, signing and mailing them. With most other brokerage firms you can do it all online in 10-25 minutes.


WellsTrade.com Trading Tools Review


WellsTrade review

WellsTrade offers independent research and education: market commentaries, profiles, S&P Stock Reports and Morningstar® mutual fund ratings. Charts are less comprehensive than in most other brokerages. The gain/loss information on the positions screen is not updated right away. Overall, the WellsTrade's trading tools are disappointing, especially considering how high commissions are.


WellsTrade Pros/Advantages

  • Great banking services
  • Good research
  • Minimum to open: $1,000


WellsTrade Cons/Disadvantages

  • Extremely high commissions
  • For stocks below $1/share commission is greater of $34.95 or 3.5% of principal
  • Understaffed customer service
  • High margin rates
  • Annual account maintenance fee: $50
  • IRA annual custodial fee (all except Education Savings Accounts): $30
  • IRA annual custodial fee for Education Savings Accounts: $20


Wells Fargo Brokerage Review Summary

WellsTrade is a brokerage operation of a well-known Wells Fargo Bank. It is very expensive to invest in or trade stocks and other assets with WellsTrade: $19.95 per trade stock/ETF commission is way too high comparing to most other discount brokerage firms.

The company has probably the worst new account registration process of all online stock brokers. Unlike most other firms, Wells Fargo brokerage charges $50 account maintenance fee and custodial IRA fees. The firm has very high margin rates and poor customer service.

The only WellsTrade's redeeming quality is great banking services offered to account holders. But that is not enough to offset all the negatives. There are a lot of low-cost, highly-rated Online Brokerage Houses that offer more value to their customers.


WellsTrade Promotional Code: none right now


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