WellsTrade review 2009

WellsTrade review

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




Wells Fargo Commissions

  • 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.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 Drawbacks/Disadvantages

  • 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


Wells Fargo Brokerage Review Summary

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


WellsTrade review




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