WellsTrade vs. Schwab Introduction
Charles Schwab and Wells Fargo are two gigantic financial institutions with lots of assets and customers. In the realm of self-managed brokerage services, Schwab and WellsTrade deliver some, but not all, critical services that self-directed traders need.
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
Investors at Schwab can trade options, stocks (including over-the-counter and foreign equities), fixed-income securities, futures, mutual funds, ETFs, and closed-end funds. WellsTrade customers lose futures and foreign stocks but keep everything else.
Managed accounts, including robo accounts, are also available at both firms. The automated accounts trade ETFs with low expense ratios. Schwab’s program is free, while Wells Fargo Advisors’ robo program costs 35 basis points per year. Wells Fargo Advisors offers free phone calls with human advisors at no additional cost.
Winner: Schwab
Category #2: Websites
Schwab’s website has a very intuitive menu at the top, which is important because there’s a lot of stuff on the site. At the bottom is a trade bar that delivers real-time data but no actual trade ticket. This can be created on a web page by clicking on the trade link on the bar. There are advanced orders on the ticket, including OTO (one triggers the other).
One step up is thinkorswim. This is Schwab’s web-browser platform. There is very good charting on the platform along with even more advanced order types. Plus, we like the option spreads.
The WellsTrade site doesn’t have a web-browser platform, option spreads, or advanced order types. Nevertheless, there are a few tools that help to create a decent trading experience. For example, charts have technical indicators (about 35 of them), drawing tools (13 of them), and multiple display choices (7 to be exact). But a graph can’t be blown up the full width of the computer screen, which is a major drawback for hard-core chartists.
WellsTrade’s order ticket doesn’t have all the bells and whistles we found on Schwab’s site, although there is a check box for tax lot choices, a useful feature on the sell side.
Winner: Schwab
Category #3: Other Software
The trading experience has only just begun for Schwab clients. The investment firm has two mobile apps. One is thinkorswim mobile, which is for active trading. The other app is the main app, and it delivers lots of resources for futures and securities research, including podcasts, on-demand videos, and a great amount of market research. There’s a virtual help bot on the app, too.
WellsTrade’s app doesn’t have much of the features we found on Schwab’s two apps. Missing are videos, podcasts, and the Artificial Intelligence. There is a trade ticket on it, and that’s about the best thing we can say about it.
Schwab, but not WellsTrade, also has a desktop trading program. Called thinkorswim, this leviathan packs in a lot of trading resources, like live streaming of CNBC, in American and foreign versions, a rare find.
Winner: Schwab
Category #4: Margin
Instead of using your own money to buy investments, why not use someone else’s? Schwab and WellsTrade offer margin trading, and this will, of course, come at 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 info on margin trading.
Winner: Schwab
Category #5: Extra Services
IRAs: An Individual Retirement Account is available at either broker-dealer. An IRA can be established in either self-managed or advisory mode. WellsTrade, but not Schwab, charges a fee to close an IRA (currently, $49.95).
Auto Mutual Fund Investing: Both brokerage houses give their clients the ability to buy mutual fund shares automatically.
Initial Public Offerings: Only available with a Schwab account.
Fractional Shares: Schwab clients can buy the 500 stocks of the S&P index in whole dollars.
Extended-hours Trading: Schwab offers it, plus it has overnight trading in some securities. Wells Fargo has
4:01 p.m. to 6:30 p.m. ET after-market trading.
Cash Management Tools: Both firms have very good banking tools, thanks to FDIC-insured banks.
DRIP: Dividend reinvesting is possible at either firm.
Winner: Schwab
Recommendations
Beginning Investors: We suggest a managed account with either firm, preferably one with 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 go with Schwab.
Mutual Fund Trading: During our research, we found thousands of funds at Schwab. WellsTrade has
much fewer funds. Plus, Schwab has better mutual fund tools on its website.
Small Accounts: There are no fees and no minimums at either company for self-managed 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 everything will be found at each brokerage firm. Schwab is the obvious outperformer
overall.
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Updated on 3/15/2026.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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