Overview of Trading Tools at WellsTrade
Investors at WellsTrade have access to basic trading tools for buying and selling all the securities the broker offers. This article takes a detailed look at these tools and compares them to those available at other brokers.
Website
Since WellsTrade doesn’t have a desktop platform, customers trade securities using its website. The site lacks educational materials and other resources, and there’s no trade bar. However, the simplicity of the site makes it easy to navigate.
Orders are placed using straightforward web pages. Stocks can be traded using market, limit, stop, and stop limit orders. A helpful calculator next to the shares field allows quick conversion from dollar amounts to the number of shares. Order execution alerts can be sent via email, and the broker supports both day and GTC orders. The order forms for options and mutual funds are also available next to the stock ticket.
In addition to the website, the broker also accepts orders over the phone, though there is a $25 surcharge for this service. Associates are available 24/7, and extended-hours trades must be placed over the phone. WellsTrade does not charge the $25 fee for extended-hours trades placed over the phone.
The WellsTrade site offers balance history, account performance, and customer service phone numbers. There’s also an area displaying account asset allocation as a pie chart, breaking down categories like real estate, emerging markets, high-yield bonds, and commodities.
Screeners for stocks, ETFs, mutual funds, and fixed-income products are available on the WellsTrade site. The stock screener has both basic and advanced modes, though the advanced mode offers limited criteria. The ETF screener can scan for funds based on Lipper ratings, while the mutual fund screener uses Morningstar ratings.
Charting
While WellsTrade doesn’t offer a desktop platform, it does provide decent charting capabilities on its website. Charts can display up to 30 years of data, with several graph styles available, including line, mountain, candlestick, filled candlestick, bar, dot, and OHLC bars. Earnings, splits, and dividends can all be overlaid. There are several drawing tools, including rays, text boxes, ellipses, and Fibonacci tools.
Several technical indicators are also available, such as Bollinger Bands, Moving Average Envelope, and Chaikin’s Volatility. Some indicators are shown over the graph, while others are displayed below. WellsTrade also offers comparisons to stocks, ETFs, and U.S. indices.
Mobile App
WellsTrade clients can buy and sell securities using the firm’s mobile app. Options, ETFs, stocks, and mutual funds can all be traded on the mobile platform, which is compatible with Android, Apple, and Windows phones. The app includes mobile check deposit, alerts, a watchlist, and portfolio information.
The WellsTrade app provides information on global markets, including indices from several foreign stock markets, such as the Brazilian Bovespa and the Belgian 20 Price Index.
A quote for a stock shows limited financial information, such as the bid-ask spread and the ex-dividend date. Detailed security analysis is not available on the mobile app, but related news stories are included.
The WellsTrade app includes a charting feature, but it is very basic. It lacks technical indicators, comparisons, drawing tools, and different graph styles. Charts can only display data up to 5 years.
While the mobile platform offers market and security news in article format, it does not provide live streaming of business news. Some features from the website, like the asset allocation pie chart, are included on the mobile app.
Comparison
Many brokers today offer desktop trading software, with or without trading requirements. The absence of such a platform at WellsTrade is a significant drawback. E*Trade, Fidelity, Ally Invest, TradeStation, and Interactive Brokers all provide desktop platforms. TD Ameritrade, for example, does not require account minimums for its very sophisticated platform.
WellsTrade also falls short by not offering a trade bar on its website. Many brokerage firms provide a trade bar that sits at the bottom of the browsing window, making it easier and faster to place trades. Firstrade, Capital One Investing, Merrill Edge, and Schwab clients all have access to a trade bar.
The trading resources on the WellsTrade site are also limited compared to those of other brokers. Schwab, Merrill Edge, Fidelity, and TD Ameritrade offer more educational and research materials.
The security screeners on the WellsTrade site have fewer criteria than those of many competitors. For instance, the WellsTrade stock screener includes just 9 criteria, while Fidelity’s screener offers over 160.
The WellsTrade mobile app is lacking in some areas compared to its competitors. E*Trade, Schwab, Fidelity, and TD Ameritrade all offer live streaming of financial news. TD Ameritrade’s mobile charting is much more advanced, with drawing tools, technical indicators, and comparisons—all of which are missing on WellsTrade’s platform.
For active traders, a better alternative platform is Webull. It offers several advantages over WellsTrade: $0 commissions on options, lower margin rates, virtual trading, cryptocurrencies, and more powerful trading software.
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Wells Fargo Trading Platform Recap
WellsTrade (read brokerage review) doesn’t focus much on trading technology. The broker offers a wide range of mutual funds, making it a good choice for buy-and-hold mutual fund investors who don’t place many orders. Active stock and options traders will find better resources elsewhere.
Updated on 8/14/2024.
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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