WellsTrade at a glance
*or $2.95 if linked to a Wells Fargo account
Features you'll love
Wells Fargo One Stop: Wells Fargo One Stop is a tool that aggregates your accounts at the bank and broker as well as at hundreds of other financial institutions. The goal is to give you the most complete picture of your financial life. You’ll also be able to break down the holdings in your portfolio by asset type, with useful charts and tables, and assess where you might have gaps in your holdings.
Where WellsTrade rocks
Discounted commission: WellsTrade discounts its headline $5.95 commission for stock and exchange-traded fund (ETF) trades to just $2.95 for customers who have linked their Portfolio by Wells Fargo account. That’s a substantial savings for customers who are trading frequently, and it compares well to the standard commissions ($4.95) at Fidelity Investments and Charles Schwab, and even Ally Invest’s discounted commission for frequent traders ($3.95).
But clients should note that this discount is only available for stock and ETF trades, and does not apply to options trades.
Integration with Wells Fargo: One of the biggest reasons to select WellsTrade is its integration with Wells Fargo, so you’ll be able to see your whole financial life at one company. There’s a real benefit to this kind of consolidation, and companies such as Wells do a good job offering small perks that encourage this kind of consolidation. And Wells tries to make this obvious and natural with Wells Fargo One Stop, an account aggregation tool.
Another advantage of aggregating your accounts is quick money delivery from a bank account to a brokerage account, or vice versa. The process is usually completed by the next day.
Account minimum: WellsTrade requires no account minimum, a very investor-friendly move from a brokerage that doesn’t always have the most investor-friendly policies (more below). But no account minimum is the standard for the industry now, so while it’s nice, it doesn’t do much to differentiate the broker from its rivals.
WellsTrade is a brokerage best-suited for buy-and-hold investors and current Wells Fargo customers:
- The discounted commission structure encourages clients to broaden their relationship with the company.
- A basic trade interface will not prove attractive to frequent traders, but will be acceptable to long-term investors.
- However, account fees and the lack of commission-free ETFs may dissuade newer investors.
Investors looking to expand their relationship with a bank should consider Bank of America’s Merrill Edge, which offers a better experience all-around and the possibility of free ongoing trades, too. Those who need a pro-level trading interface should look at Merrill as well as E*Trade and Interactive Brokers. Investors looking to avoid fees will find a friend in Fidelity Investments.
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