Review of WellsTrade
WellsTrade isn’t the most talked-about brokerage firm, but it does have some good investment services in certain areas. Let’s see if Wells Fargo’s discount broker can outdo your current one.
Investments and Accounts
WellsTrade offers both self-directed accounts and managed portfolios. On the managed side, there’s a robo service called Intuitive Investor®. It carries an annual fee of 0.35% and uses low-cost ETFs with no commissions. Wells Fargo Bank customers might get a 5 basis point reduction. Regardless of any discount, a $5,000 minimum deposit is required. Licensed advisors are on call to answer questions and provide limited guidance.
Another option is the traditional package from Wells Fargo Securities. This involves working directly with a human advisor at a Wells Fargo location. Costs depend on account value and chosen investments. You can compare these prices to what the best-priced financial advisors in your area charge.
For self-reliant traders, WellsTrade has self-directed options. These include IRAs, individual and joint taxable accounts, solo 401(k) plans, and Coverdell education accounts.
Self-directed investors will find a moderate range of products:
- Fixed-income securities
- Stocks
- Options
- ETFs
- Closed-end funds
- Mutual funds
Unlike managed portfolios, self-directed accounts have no ongoing charges or minimum balance requirements.
Cash Management Features
Even though WellsTrade is run by Wells Fargo, it doesn’t come with impressive banking features—essentially none. The broker does not offer a debit card or checks, so you won’t get ATM fee rebates.
You can link a Wells Fargo checking or savings account to a WellsTrade account, which lets you manage both under one login. Some banking tools are also available without having a Wells Fargo bank account, like a free FICO score (updated monthly) and Zelle transfers.
Website Trading
The WellsTrade site offers basic trading functions, and during our research, we found it simple to use, mostly because it has a straightforward design.
The search bar in the top-right corner is a good starting point. After entering a ticker symbol, a drop-down menu appears with a small chart, option chains, alerts, security details, and a trade link.
The broker’s trade ticket includes 4 order types:
- Market
- Limit
- Stop
- Stop limit
There is also an “all or none” setting and two duration options: GTC (Good ‘Til Canceled) and day. Options and mutual funds have their own trade tickets with unique fields, accessible via tabs on the main order ticket.
Charts on WellsTrade’s website don’t expand to the full screen, which is a big limitation. You do get seven chart styles (like candlesticks and dots) plus a few drawing tools and technical indicators. Securities with long histories can display up to 30 years of data.
WellsTrade’s option chains show only calls and puts—no multi-leg strategies. There are no Greek numbers or advanced option tools, though volume and open interest are included.
Mobile App
The WellsTrade app has the same order types and time-in-force options as the website. It supports alerts and watchlists. Its charting, however, is quite limited without drawing tools or indicators.
On the plus side, options and mutual funds can be traded on the app, which not all brokers allow. You can also access some banking tools, such as check deposit.
Other Software
There is no desktop platform for advanced trading at WellsTrade, nor is there a browser-based system. The two basic platforms discussed above are it.
Customer Support
WellsTrade doesn’t provide any live or bot chat in its software. The website’s self-help section has some useful tools (like a tax center and a password reset option).
For real-time assistance, phone reps are available weekdays, 8 am to midnight EST, but not on weekends. Branch visits aren’t possible for WellsTrade per se (though some Wells Fargo sites might be set up for advisory services).
Pricing Schedule
Like many of its competitors, WellsTrade has removed commissions from online stock and ETF trades (including through the automated phone system). A phone trade with a live broker is $25.
Mutual fund trades don’t have the $25 broker fee, so the cost is the same whether placed online or by phone. Transaction-fee funds cost $35 on both buy and sell sides.
Even though WellsTrade no longer charges commissions for stock and ETF trades, it still applies a 65-cent options contract fee.
A phone order for options with a live broker tacks on the $25 surcharge. Exercises and assignments must be done over the phone, so they incur that fee.
Margin Borrowing
Many WellsTrade accounts can be enabled for margin. The broker charges tiered rates, currently ranging from 13.25% for debit balances below $25,000 to 5.75% for more than $10 million.
Customers with enough assets get margin discounts based on total household assets, meaning accounts that share the same ownership or address. Right now, a household with at least $250,000 in assets qualifies for a 0.50% discount, with bigger discounts given at higher balances, up to 2.50%.
Research and Education
We found screeners for equities, mutual funds, ETFs, and bonds on WellsTrade’s website. There are no screeners for closed-end funds or options.
To use the screeners, head to the Research tab in the top menu. You’ll also see educational materials there.
WellsTrade’s stock screener has both basic and advanced versions. The advanced tool has additional criteria, though it still omits some search parameters.
The mutual fund screener offers more detailed filters, such as fund family, standard deviation, and turnover ratio.
The Commentary & Strategy section under Research has many PDFs. These discuss current market trends like “S&P 500 slides for a fifth straight day” or “FOMC Meeting Key Takeaways.” Some focus on specific products, like “Dynamic Growth Equity List: Holdings by Sector” or “Recommended Closed-end Funds by Asset Class.” They’re generally published by the Wells Fargo Investment Institute.
News articles are also under the Research tab, featuring sources such as GlobeNewswire, Associated Press, and PR Newswire. Market news covers stock indexes, futures, forex, and interest rates. Keep in mind that some of these products can’t be traded at WellsTrade.
Stock profiles at WellsTrade show PDF reports from Wells Fargo Securities and Morningstar, along with trade recommendations and a Consensus Rating from various analysts.
Miscellaneous Services
DRIP Availability: Customers at WellsTrade can sign up to reinvest dividends on stocks and ETFs, but they must do so by phone, as there is no online enrollment feature.
Initial Public Offerings: No IPOs here. We suggest Webull.
Fractional Shares: WellsTrade still restricts stock and ETF trades to full shares.
Recurring Mutual Fund Purchases: This is offered, but like DRIP, you have to enroll by phone.
Extended Hours Trading: Pre-market is not provided. There is an after-hours session from
4:01 pm until 6:30 pm EST, only on the app. Webull, by contrast, supports trading from 4:00 am until 8:00 pm EST.
Individual Retirement Accounts: SEP, SIMPLE, Roth, and traditional IRAs can be opened at WellsTrade. We don’t like the $49.95 closure fee, though.
Recommendations
Retirement Savers and Long-Term Investors: Besides IRAs, WellsTrade offers solo 401(k)s and profit sharing plans. The robo and full-service management options are suitable for retirement strategies, and there is a decent lineup of target-date mutual funds.
Beginning Investors: New traders may find WellsTrade’s robo program useful, especially with free phone support from licensed advisors. Self-directed trading is a different story. Although WellsTrade does supply thorough research and market analysis, it isn’t tailored to beginners. Charles Schwab, on the other hand, has an extensive set of educational tools for novices.
Small Accounts: Intuitive Investor’s $5,000 starting requirement can be high. We like Robinhood, which has no minimum. For self-managed taxable trading, WellsTrade has no deposit requirement or recurring fees, but for IRAs, Robinhood is better: it has no closure fee and a 1% contribution match.
Mutual Funds: WellsTrade does well here. We located 8,151 mutual funds open to new investors, including 2,887 no-load, no-transaction-fee options. Firstrade has over 11,000 free fund trades, though. WellsTrade’s mutual fund screener is robust, and fund profiles include Morningstar ratings with links to additional documents.
ETF and Stock Trading: With no desktop or browser platforms, WellsTrade is lacking in advanced trading tools. Charles Schwab, in contrast, offers both, plus fractional shares and better option trading resources.
WellsTrade Review Verdict
Overall, WellsTrade probably won’t outperform your current broker in most areas. It is strongest in mutual funds and portfolio management. But other features, like customer support, software, banking capabilities, and margin rates, need further improvements.
WellsTrade IRA Fees
| Fee |
Amount |
| WellsTrade IRA setup fee |
$0 |
| WellsTrade annual IRA fee |
$30. Coverdell Education Savings Account annual fee: $20. Command Asset Program/Command Asset Program for IRAs: $125 |
| WellsTrade IRA termination fee |
$49.95 |
| WellsTrade account inactivity fee |
$0 |
| WellsTrade outbound full account transfer (ACAT) fee |
$49.95 |
Updated on 3/17/2025.
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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