finder.com’s rating: 3.2 / 5.0
★★★★★
Despite the backing of one of the largest financial institutions in the US, WellsTrade simply fails to offer low trading fees against competitors. Wells Fargo customers may find the platform handy for managing multiple accounts from a single sign-on, but experienced traders will find more flexibility elsewhere.
$0
Stock trade fee
$0
Minimum deposit
WellsTrade investors gain access to the securities that include:
However, you won’t be able to make futures, cryptocurrency or forex trades.
A WellsTrade brokerage account is well suited to two types of investors:
WellsTrade’s high fees for options trading and lack of futures make it a poor fit for derivatives traders. It also lacks cryptocurrency and forex trading, ultimately narrowing its ideal investor to those executing a buy-and-hold strategy.
A variety of accounts are available, including educational savings accounts and IRAs. The platform also offers a cash sweep program that allows investors to earn interest on uninvested cash.
Pricing is where the WellsTrade platform falls short. While it doesn’t charge commissions on select stocks, ETFs and mutual funds, you’ll pay fees for every other security WellsTrade offers — and many of the fees are steep.
Options traders will find more competitive prices on almost any other platform, including free options trading on platforms like Firstrade and Robinhood. Even platforms that do charge for options typically only charge fees per contract, usually in the neighborhood of $0.25 to $0.65 each.
WellsTrade also charges an annual account fee — something we haven’t seen with other trading platforms. Granted, there are ways to waive the fee, including enrollment in electronic account statement delivery or by holding a Wells Fargo private bank account. But account maintenance fees on a self-directed brokerage account are rare.
| Minimum deposit to open | $0 |
| Stocks and ETFs | $0 |
| Penny stocks (less than $1 per share) | $34.95 or 3.5%, whichever is greater |
| No-load, NTF funds | $0 |
| No-load, transaction fee funds | $35 |
| Options | $5.95 + $0.75 per contract |
| Options exercises and assignments | Agent assistance only |
| Bonds, notes and treasury bills | $50 |
| Annual fee | $30 |
| Account transfer fee | $95 |
You can open a WellsTrade brokerage account by heading to Wells Fargo’s website:
Whichever account you choose to open, you’ll need to meet a few eligibility requirements:
The WellsTrade platform comes with a basic lineup of research and reporting tools but lacks the robust charting technology of platforms like TD Ameritrade and Interactive Brokers:
*Signup bonus information updated weekly.
WellsTrade brokerage accounts are offered through Wells Fargo Clearing Services and protected by the Securities Investor Protection Corporation (SIPC) for up to $500,000, including up to $250,000 in cash balances.
Wells Fargo encrypts all online and mobile banking sessions and uses 24/7 fraud monitoring to stay on top of suspicious activity. Users are automatically signed out after periods of inactivity, and you’re encouraged to protect your account with two-factor authentication and biometrics sign-on options.
Reviews specific to the WellsTrade platform are tough to source amid the overwhelmingly negative feedback on Wells Fargo generally.
Despite its many years in business, Wells Fargo isn’t an accredited business with the Better Business Bureau. As of February 2022, the BBB hasn’t given it a rating, as the company is in the process of responding to customer complaints. In the past three years, the company has amassed 4,008 BBB complaints, and it receives a 1.07 out of 5 star rating based on the feedback of 513 reviews.
It earns a TrustScore of 1.3 out of 5 based on 685 reviews and more than 23,000 complaints with the Consumer Financial Protection Bureau. Among the most common complaints are high account fees and the bank’s subpar customer support.
| BBB rating | NR |
| BBB accredited | No |
| BBB customer rating | 1.07/5 based on 513 customer reviews |
| Trustpilot score | 1.3/5 out of 685 customer reviews |
| Google Play app | 4.7/5 stars based on 1,441,825 reviews |
| Apple app store | 4.8/5 stars based on 6,672,828 reviews |
| Customer reviews verified as of | February 2022 |
That said, the bank appears to be doing something right with its mobile app, which you can use to access your investments and bank accounts. The app scores 4.7 out of 5 on Google Play and 4.8 out of 5 in the Apple App Store. Users report that the app is useful for managing multiple accounts but report login difficulties and crashes.
There’s only one way to contact Wells Fargo about opening a WellsTrade account:
WellsTrade offers a respectable lineup of securities, and you can open an account with any amount. But platform fees are far from competitive, and the reputation of its parent company might give you pause.
Unsure about WellsTrade? Explore your trading options with other platforms to find a brokerage account that best fits your budget and investment goals.
★★★★★ 5/5 — Excellent
★★★★★ 4/5 — Good
★★★★★ 3/5 — Average
★★★★★ 2/5 — Subpar
★★★★★ 1/5 — Poor
WellsTrade is not currently available on Finder
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