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. Even though they’ve been around awhile 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. 

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 primarily in mutual funds, then WellsTrade is hard to beat.

Platforms

Wells Fargo & Co. Express building circa 1860, Stockton, CA. 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.

We of course are especially affectionate to technical analysis, because they are the only things in our mind that tell you when to buy and sell.

Comparison Tool

Here is a live look inside the platform.

If you want to compare stocks, ETFs, and indices, then you can. WellsTrade provides a comparison tool that is pretty comprehensive.

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. All the tools you need in one place. No need to purchase another tool, unless you need something that’s very specific. 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 like ThinkorSwim.

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 who want to keep it simple.

Mobile Platform

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. We generally prefer to use an app over a browser because it feels much more stable and you get overall better feedback.

Like most mobile platforms, it offers streamlined capabilities that you expect from mobile apps. The desktop version is going to have more features. 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 so you don’t have to go buy a new $1,000 phone.

Accounts

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%.  But we expect those to rise or decline depending on what the Federal Reserve does in the next few years.

Also, the 7-day current yield for mutual funds is 1.65%.  IC 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, so you do have some protection.

What Are Wellstrade Fees and Commissions? (Pricing Review)

1. WellsTrade offers competitive rates plus special reduced rates for Portfolio by Wells Fargo members.
2. You qualify for Portfolio by Wells Fargo membership if:
3. Your linked bank deposits are at least $25,000, or
4. Your bank, brokerage, and credit balances are $50,000 or more
5. 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
6. The standard rate for stocks and ETFs is now free at $0 per trade. Check this link for updated information
7. The rate for options is $5.95 plus $0.75 per contract
8. For mutual funds, the rate is $35 for no-load funds but $0 for no-load NTF (No-Transaction Fee) funds
9. T-Bills, notes, and bonds cost $50 per transaction
10. 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.

It looks like if you are a banking member and use Wellstrade there are lots of reward programs available to you that may interest you.

Final Thoughts 

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’.

We do think the fees are a bit high, but for someone who is a distinguished investor, you’re in good hands and probably not worrying about the fees. For an active trader, you may want to look elsewhere.