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Wells Fargo brokerage (WellsTrade) review: very high investing/trading costs and terrible registration process
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- Equities: $19.95. Agent-assisted trading $45.00
- Options commission: $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
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 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.
- Great banking services
- Good research
- Minimum to open: $1,000
- Extremely high trading costs
- 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
WellsTrade is a brokerage operations of a well-known Wells Fargo Bank. The firm has probably the worst new account registration
process of all discount stock brokers. It is also very expensive to invest in and trade stocks and other assets with
WellsTrade: $19.95 per trade is way too high comparing to most other
discount online brokerage firms.
Wells Fargo brokerage charges $50 account maintenance fee and IRA fees. The firm has very high margin rates and poor
customer service.
The only WellsTrade's redeeming quality are great banking services offered to account holders. But it's not enough
to offset all the negatives. There are a lot of much better and cheaper brokerages in
stock broker ratings.
WellsTrade Promotion Code: none right now
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