WellsTrade vs. Schwab Introduction
Charles Schwab and Wells Fargo are two enormous financial institutions with large asset bases and many customers. In the self-directed brokerage category, Schwab and WellsTrade provide several important services that independent traders need, although neither firm offers everything.
Commissions
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Options
Commission |
Maintenance
Fee |
Annual IRA
Fee |
|
Charles Schwab
|
$0
|
$49.95 ($0 to sell)
|
$0.65 per contract
|
$0
|
$0
|
|
WellsTrade
|
$0
|
$35
|
$0.65 per contract
|
$0
|
$0
|
Services
New Account Promotions
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
WellsTrade: none right now.
Category #1: Available Securities
Schwab investors can trade options, stocks (including over-the-counter and foreign equities), fixed-income securities, futures, forex, mutual funds, ETFs, and closed-end funds. WellsTrade customers do not get futures, forex, or direct foreign-stock trading, but they still have access to many products, including stocks, ETFs, options, mutual funds, money market funds, and fixed income.
Managed accounts, including robo accounts, are also available at both firms. The automated accounts trade ETFs with low expense ratios. Schwab’s program has no advisory fee but requires a $5,000 minimum, while Wells Fargo Advisors’ robo program requires $500 and costs 0.35% per year. Wells Fargo Advisors also offers advisor-based programs with higher minimums and fees.
Winner: Schwab
Category #2: Websites
Schwab’s website has a very intuitive menu across the top, which matters because the site contains a lot of features. At the bottom is a trade bar that shows real-time data but does not place trades directly. A trade ticket can be opened on a web page by clicking the trade link on the bar. The ticket supports advanced orders, including OTO (one triggers the other).
A step above that is thinkorswim. This is Schwab’s web-browser platform. It has very good charting along with even more advanced order types. We also like the options spreads.
The WellsTrade site does not have a web-browser platform, options spreads, or the same level of advanced order types. Still, it does include a few tools that help create a decent trading experience. For example, charts have technical indicators, drawing tools, and multiple display choices. But a chart cannot be expanded across the full width of the computer screen, which is a major drawback for serious chart users.
WellsTrade’s order ticket does not have all the advanced features we found on Schwab’s site, although it does include a check box for tax-lot choices, which is useful when selling.
Winner: Schwab
Category #3: Other Software
The trading experience has only just started for Schwab clients. The investment firm has two mobile apps. One is thinkorswim mobile, which is built for active trading. The other is the main Schwab app, and it includes many resources for futures and securities research, including podcasts, on-demand videos, and a large amount of market research. There is a virtual help bot on the app, too.
WellsTrade’s app does not have many of the features we found on Schwab’s two apps. Missing features include videos, podcasts, and artificial intelligence. There is a trade ticket on the app, along with mobile-only tools such as Stock Fractions and Extended Hours Trading.
Schwab, but not WellsTrade, also has a desktop trading program. Called thinkorswim, this powerful platform includes many trading resources, such as live streaming of CNBC.
Winner: Schwab
Category #4: Margin
Instead of using only your own money to buy investments, why not borrow from the broker? Schwab and WellsTrade offer margin trading, and this service, of course, comes with a cost.
Schwab customers pay between 11.825% and 10.075%. WellsTrade clients pay between 12.5% and 8.5%.
Only Schwab displays margin details on its software for specific assets. Its website also has more information on margin trading. Wells Fargo Advisors requires at least $2,000 in cash, or generally twice that in fully paid eligible securities, to open a margin account.
Winner: Schwab
Category #5: Extra Services
IRAs: An Individual Retirement Account is available at either broker-dealer. An IRA can be opened in either self-directed or advisory mode. WellsTrade, but not Schwab, charges a fee to close an IRA (currently, $49.95).
Auto Mutual Fund Investing: Both brokerage houses offer mutual funds, but Schwab has stronger tools for systematic mutual fund investing.
Initial Public Offerings: Only available with a Schwab account.
Fractional Shares: Schwab clients can buy fractions of stocks and ETFs trading on the U.S. exchanges. WellsTrade also offers Stock Fractions in the Wells Fargo Mobile app for hundreds of stocks and ETFs.
Extended-hours Trading: Schwab offers it, plus it has 24/5 trading in all S&P 500, NASDAQ 100, and Dow 30 stocks, plus more than 600 ETFs, on thinkorswim. WellsTrade has
4:01 p.m. to 6:30 p.m. ET after-market trading for eligible stocks and ETFs in the Wells Fargo Mobile app.
Cash Management Tools: Both firms have banking tools, thanks to FDIC-insured banks and brokerage cash services.
DRIP: Dividend reinvesting is possible at either firm.
Winner: Schwab
Recommendations
Beginning Investors: We suggest a managed account with either firm, preferably one that includes a human advisor in some capacity.
Equity Trading: Schwab with thinkorswim.
Long-Term Investors and Retirement Savers: Schwab has more materials on its website for retirement planning and other forms of long-term investing. We would choose Schwab.
Mutual Fund Trading: During our research, we found thousands of funds at Schwab. WellsTrade also has mutual fund access and a mutual fund screener, but Schwab has stronger mutual fund tools on its website.
Small Accounts: There are no fees and no minimums at either company for self-directed accounts. Schwab requires $5,000 for its robo service, while Wells Fargo Advisors requires $500.
New Account Promotions
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
WellsTrade: none right now.
Charles Schwab vs Wells Fargo: Which is Better?
Clearly, not every service is available at both brokerage firms. Overall, Schwab is the obvious
outperformer.
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Updated on 5/29/2026.
Chad Morris has been analyzing investment firms for Brokerage-Review.com since 2015. Backed by FINRA Series 65, 66, and SIE credentials, his work reflects a deep knowledge of the retail brokerage industry and digital trading tools.
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