This WellsTrade review looks at some pretty interesting information. Hard to believe that Wells Fargo (who owns WellsTrade) has been around since the time of Wyatt Earp.
However, that doesn't mean they are old school. In fact, when you read this Wells Fargo review, you'll learn that they have some really modern tools for you to use. And you don't have to get into a gunfight to use it.
In 2008, Wells Fargo acquired Wachovia as well as its brokerage system, renaming it "WellsTrade." After integrating the online brokerage with Wells Fargo banking, the result is a platform with a wide selection of accounts and funds. Significantly, the brokerage offers well over a thousand mutual funds. If you invest in mutual funds, then WellsTrade is hard to beat. Hence this WellsTrade review.
Let's take a look at the platforms provided in this WellTrade review. WellsTrade provides a user-friendly, web-based platform.
You place orders for stocks, ETFs, options, and mutual funds using web pages. Also, the platform allows four stock order types, market, limit, stop, and stop limit.
Though the features are basic, the platform offers better than average charting for one that is broker-provided. You receive multiple chart types, including candlestick, bar, line, and OHLC (Open-High-Low-Close). It also comes with several drawing tools, like line, ray, and Fibonacci tools.
The platform features over two dozen technical studies, like linear regression and time series forecast. Also, technical indicators include Bollinger Bands and Chaikin’s Volatility.
If you want to compare stocks, ETFs, and indices, then you can. WellsTrade provides a comparison tool.
Additionally, the platform offers real-time quotes, account management tools, screeners, watch list, email alerts, and symbol search. It also includes a calculator that converts shares into dollar amounts.
The platform is easy to use and provides the functionality needed to trade. However, if you're an active trader, then you may prefer something more advanced.
The platform doesn't offer the ability to trade from charts or complex order capabilities, like basket orders. But it's suitable for casual traders and position traders.
Stock training means reading reviews like this WellsTrade review in order to get the best platform for you.
We take a look at the mobile app in this WellsTrade review.The mobile app works on your tablet or smartphone and integrates with the web-based platform.
Like most mobile platforms, it offers streamlined capabilities. Trade stocks, ETFs, options, and mutual funds using your mobile device.
Additionally, the app provides charts, watch list, news, alerts, and real-time quotes. Also, the app is available for Apple and Android devices.
In this WellsTrade review, let's take a look at the accounts they provide. WellsTrade offers individual and joint accounts.
Also, the brokerage accepts ESAs (Education Savings accounts) as well as traditional, Roth, SEP, and rollover IRAs. There is no account minimum. However, for margin accounts, the minimum is $2,000.
Fund your account via check deposited in any of the following ways; mail, mobile device, or Wells Fargo branch. Or fund your account via wire transfer or an account transfer from either Wells Fargo or another investment firm.
You can earn interest on your uninvested cash balances via the Wells Fargo Advisor Cash Sweep Program. Currently, rates range from 0.25% to 0.80%.
Also, the 7-day current yield for mutual funds is 1.65%. For more information, go here.
As a brokerage, WellsTrade is not covered by FDIC insurance, even though Wells Fargo accounts are. However, WellsTrade offers its accounts through Wells Fargo Clearing Services, LLC, which is a member of the SIPC.
What are the fees and commissions in this WellsTrade review? WellsTrade offers competitive rates plus special reduced rates for Portfolio by Wells Fargo members.
You qualify for Portfolio by Wells Fargo membership if:
If your account doesn't meet the requirement, then you can become a member for a monthly fee of $30. Therefore, Portfolio by Wells Fargo pays for itself if you make more than ten trades per month.
The rate for penny stocks (priced at less than $1.00 per share) is $34.95 or 3.5% of the principal, whichever is greater.
Tiered margin rates range from "Base rate + 3.5% " to "Base rate - 0.5%" depending on your debit balance. To view WellsTrade's margin rates, go here. Also, for more information on WellsTrade fees and commissions, go here.
This WellsTrade review is all about finding the pros and cons of the company. Are there unique advantages to this historic company?
With Wells Fargo behind them, it's unlikely that WellsTrade brokerage will be going out of business in your lifetime. With 167 years of history (founded in 1852) at the time of this writing, Wells Fargo is probably not what comes to mind to those who worry about 'here today, gone tomorrow'.
The Bullish Bears community may only be a few years old (site name created on April 20, 2016). However, those few years were enough to gather close to 35,000 members on our own Facebook Stock Market Community alone.
With those kind of numbers, it is fair to say that we're here to stay!
The Bullish Bears community was created with the vision of becoming the most trusted stock market trading community in the world. As a result, our mission is to give our community members an honest, realistic, and affordable education in the stock market.
Therefore, you don't get taken for a ride, waste your time, or spend your entire savings on 'education'. Our trading service is about you.
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