WellsTrade Customer Reviews

Customer's Rating: brokerage firms reviews

Wells Fargo self-directed brokerage customer reviews: complaints, positive feedback from clients, pros and cons. Is the broker good/safe?

  • Stocks & ETFs: $8.95, $6.95 (PMA)
  • Options: $9.95 + $1 per contract
  • Mutual Funds: $35

Minimum to open: $1,000 for a cash account or an IRA.
More: WellsTrade Review »

About Wells Fargo WellsTrade Self-Directed Investing

WellsTrade® is a comprehensive online brokerage account for self-directed investors. Whether you’re experienced or just getting started, we have the tools and resources to help you make informed investing decisions.

In 2016, WellsTrade is rated very low among Best J.D. Power Self-Directed Brokers. The brokerage finished one before the last among all brokers participated in the study in the annual study.

WellsTrade Promotion Offer 2017

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WellsTrade Customer Reviews

by Raj, 3/13/2017

Pros: None

Cons: EXTREMELY slow trade execution, still require manual papers to be signed for options account, poor customer service, poor layout of trading platform

EXTREMELY slow trade execution, still require manual papers to be signed for options account, poor customer service, poor layout of trading platform,
stock alerts disappeared in new UI and even their customer service traders can't find it!

by L r jarodsky, 9/4/2016

Pros:

Cons: Customer service in the philippines, does not make me feel confident, non responsive mgmt

This is a cluster of many firms that has not become a cohesive unit because of poor leadership, Mary Mack was a joke, totally unavaileble and didn't even put down roots in St. Louis., new leader David said we are not a silk stockings firm, we are like Sears. That's just what I wouln't want but then he is if the Sears caliber. There are good leader out there but it takes a commitment to this business you can't just recruit strong advisors and recruit weak mgmt.

by They can burn in hell, 8/31/2016

Pros: none

Cons: lost hours of my life on the phone with them

These bastards froze my account right after it opened. I called them at least 10 times to resolve the issue. They would leave me on the phone for 30 minutes then just hang up. Claim they needed paper work that I had already sent them. Claim that they would call back then not call back.

Then they changed my $50 dollars to close out of my two positions that I couldn't close, because the account was frozen.

There isn't a pit in hell hot enough for this call center full of incompetent idiots.

by John Fredricks, 3/15/2016

Pros: VERY Few, if any

Cons: Terrible customer service by licensed personnel, complete lack of knowledge, and the "customer service" is in the Philippines.

I am a long-time Wells customer and I've finally had it with them. Constant misinformation, VERY slow processing, terrible online trading interface (with very little info - Google and Yahoo have better info, and even Fidelity, which ain't no great deal itself, provides better info than Wells). Combine the bad service, etc. with among the highest range of fees around and Wells Fargo Brokerage / Advisers simply isn't worth it. There are much better choices out there that provide better service, better info and charge lower fees.

by S, 3/15/2016

Pros:

Cons:

The brokerage cash from sold stocks cannot be used to buy new stocks. Get stuck for hours now and not sure when these cash can be used for trading.

by dan, 2/4/2016

Pros: None

Cons: put restrictions on your account and you can't trade for days

you get stuck since your stocks are in wells trade account and you cannot access same since you have online trading restrictions(they put this anytime).

customer service is the worst. they say we will call you and nobody calls and you are in great trouble since you cant buy/sell stocks during business days...

by Sargent, 12/28/2015

Pros: NONE

Cons: POOREST CUSTOMER SERVICE

I have been a Wells Fargo Customer since 1972. This area of services I give them an F- they failed to do what I asked in selling NCR stock and it has cost me $. They have not offered any accountability for their error in the lack of follow through with my request to sell.

If my business received these many reviews of all 1 stars and every review listed is a 1 star I would address them and take a hard LOOK at the service.

Their failure to address these 1 star reviews is another demonstration of their lack of CUSTOMER SERVICE WITH NO ACCOUNTABILITY!

by Red2015, 7/14/2015

Pros: none

Cons: Worst customer service!

They coded my IRA for the wrong year and it took two months of calling them to get it corrected. They kept saying they would call me back and nobody did. After I spoke to 6 different reps, I finally got it corrected. I immediately rolled it over to my Fidelity account and WellsTrade charged me a $95.00 fee. They wouldn't wave the fee even after what they put me through. I've been a customer for more than 13 years and I closed all my accounts over this matter. I don't trust them with my money, nor my retirement. For being such a large firm, it's pathetic they have such poor service. DO NOT USE THEM!

by Big Moose, 5/15/2015

Pros:

Cons:

WellsTrade is a great broker as long as you don't need them. They only suck when you need them! I have been a long time customer and I am really disappointed how bad they are..

by choco, 3/11/2015

Pros:

Cons: Customer service is very poor

Customer service is very poor. Just headache to open account. They have set up 2 accounts by mistake and set up wrong bank account to transfer funds. After a few month opening they are telling me that they need a copy of SSN card...though they know our SSN. If they really need it why they did not tell me when I opened the account? It is also strange that they did not request me by writing for such a formal document, instead they just keep phoning me.

by Edward, 12/18/2014

Pros: 100 Free Trades per annum

Cons: Poorly designed website, IMPOSSIBLE email and phone service, poor execution of trades

This is 3 stars until you need help of ANY sort. They reply to you a day or two later, generally saying they cannot answer your question, but call the 800 number. If you get through to a trader within ten minutes, you must have lived numerous virtuous past lives. They are always having "unusual" call volume.

As for execution, I have NEVER before (in nearly half a century of investing-had the experience I recently had with Wells Trade. Placed a limit buy. Stock dropped to my price, dropped a penny lower, another penny, then three cents lower--traded there several times. No execution.

You get what you pay for--and, if you dare use their 800 number, all the aggravation you ever didn't want.

by craig richard, 12/17/2014

Pros:

Cons:

I opened a brokerage account with Wells Fargo in 2014. As this was my first trading account I called the 800 number. The guy I talked to emailed me info on what I had to do. I went to the links and signed stuff. But not everything, one month later they froze my account and gave the IRS $8661 out of the account without asking me. They did send me a letter to my new address as we had just moved after a house sale but I did not realize it; no emails or phone calls. I consider that theft unless the government called and told them to do it and one month later I really, really doubt it. All I get out of them is they cannot get my money back but they sure did not have any problem taking it. I am going to IRS and see how all this happened but I definitely would NOT recommend anyone opening an account with them.

by Anonymous, 4/23/2014

Pros:

Cons:

I closed my all my WT accounts (taxable, Roth IRA, Trad IRA) and now all my money is at Fidelity. 401K is with Vanguard.

Fidelity picked up the $95 closing fee for each account.

I'm sick of their no customer service(no other brokerage comes even close), lack of funds and waiting many times one day after I sell to buy instead of buying on the same day at Fidelity (This wait most times will cost me all the savings).

In the last several months I could find only one fund to buy but I could buy only investor share while I can buy the Instit share at Fidelity for free. This is already $250 difference in ER per each $100K.

Fidelity has everything I need with great customer service. I’m glad to say they didn’t make any mistake in 17 years and I’m a tough customer.

So why I opened WT accounts years ago

1. 100 Free trades per account per year. My calculation show it’s about $150-200 per year for me but as I stated before waiting one day + ER difference at Fidelity is a better choice.

2. WT allowed me to buy hard to get funds like SGIIX,PGDIX,TTRZX. Now you can’t get many funds I care about

BTW, Wells Fargo the bank is not good either. Their online system is behind (mmm…same pattern of bad IT). A few times that I needed to notarize documents I had to wait 15-20 minutes. My main bank, Bank of America, has great online services and excellent in branch services.

Lastly, having everything in one place would make it a lot easier for my wife when I'm....

See ya WF+WT

by tardinator, 4/13/2014

Pros:

Cons:

I've been using Wells Fargo for over a year now. I was able to take advantage of their 100 free trades per year per account promotion and am happy with it from that perspective. The trading itself is a bit clunky and slow at times, but I have simple needs and use limit orders so I can't complain.

by Hussain, 11/29/2013

Pros:

Cons: It took me one year to move my securities out of WellsTrade. High commisions, annual fees.

It is a ripoff brokerage firms. As an investor, it took me one year to move my securities out of WellsTrade. They charge high commisions per trade comparing to the other brokerages, charge annual fees, paid $95 to move my securities out but luckly the other brokerage is willing to pay for it. After I moved all my shares out, fractions of shares left in the porfolio which I am willing to get rid of because the other brokerage do not accept fractional shares, so I told them to close my account or liquidate my porfolio so they had me pay $9 for each fractional shares. YES, THAT IS HOW THEY SAY GOODBUY. Too much fees all over the place, a brokerage firm should let you focus on your objective and profit from the market but WellsTrade will milk you up!

by Income Investor, 11/29/2013

Pros:

Cons:

Yes in agreement with lurkingfox but I'm not sure that it's for the same reason.
But, the way the fee structure is written is extremely confusing.
My account is over 50K and I receive paperless statements so I get a fee rebate that results in no annual fee.
But let's face it, if it weren't for the free trades, I wouldn't be with them.

The real question is how do they compare to Merrill Edge (they also have bad reviews)?

by Steven, 11/29/2013

Pros: Customer service is good

Cons: delays due to variation in their paperwork processing rules and a feedback loop due to poorly communicated instructions

I’ve had a PMA account since June 2004. I decided to open a Wells Trade standard brokerage account in March 2008. In the past I had a modest portfolio of stocks and I used E*TRADE. I think E*TRADE has a superior trading platform; however, I am not a trader.

In September 2012 I decided to roll my Roth IRA over to a self-directed WellsTradeIRA. I was able to do so without any issue. I find the convenience of contributing to the account fantastic. It really does not get much better than having your checking, standard brokerage, retirement account, credit card and mortgage all on one screen.

In late December 2012 I began the process of transferring my Traditional IRA and my wife’s Traditional IRA to self-directed WellsTradeIRA accounts. The happy music has stopped…. We have experienced delays due to variation in their paperwork processing rules and a feedback loop due to poorly communicated instructions.

The variation: we’ve had them decline my rollover paperwork for my Traditional IRA when the paperwork was filled out the same way as my Roth and my wife’s Traditional IRA (they processed my wife’s). The loop: we’ve had a trading authorization form kicked back twice primarily due to poorly communicated instructions.

If you are a Wells Fargo customer with enough assets to quality for a free PMA account, I really think the brokerage account is a great value. The platform is built for an investor; not a trader. I find the research data is useful and use it to supplement my analysis. I just don’t think you can find a better deal with 100 free trades for stocks and exchange traded funds.

Overall, I think the customer service is good. Over the years I’ve called WellsTrade on several occasions when I had inquiries regarding updated cost basis information after a spinoff, instructions on a change from a trust to a corporation, question regarding foreign security withholding, etc. Up until recently, I’ve only had one occasion when they were not able to answer my question without pause.

I believe their operations department processes the paperwork and is borderline incompetent. The experience I’ve had moving our Traditional IRAs has been awful. I think it is fair to say, if you have to fill out paperwork to be processed; be prepared for problems. The department does not process the paperwork consistently the same way.

by Income Investor, 11/29/2013

Pros: 100 free trades per account and no maintenance fee for accounts greater than $25K Since Wachovia and Wells Fargo merged, there are plenty of banks in which to make deposits

Cons: Terrible website Transfers do not take place immediately Poor Customer Service DRIPs are limited

Pros
100 free trades per account and no maintenance fee for accounts greater than $25K
Since Wachovia and Wells Fargo merged, there are plenty of banks in which to make deposits
Cons
Terrible website
Transfers do not take place immediately
Poor Customer Service
DRIPs are limited

What's Retarded
Wells Fargo manages my company's 401K program. The 401K website is excellent (average share price included)

The only thing that helps balance out the poor website are the free trades - for that maybe the 3 is justified
I would hate to see the brokerages that received ratings lower than a 3

by Fran, 11/29/2013

Pros: Use WF for stocks

Cons:

Use WF for stocks. Use someone else (TK, OE, OH) for options. The worst part of WF is trying to change something, eg. options level. I have given up trying and just use WF for the 100 free trades per year.

by TechoPeasant, 11/29/2013

Pros: Everything is free and works as advertised for me.

Cons:

I moved my taxable holdings to WellsTrade about when WF bought Wachovia.
Everything is free and works as advertised for me.

One MUST qualify for the linked PMA account or WT is worse than pointless.

by angryperson41, 11/29/2013

Pros:

Cons: Incompetent customer service

Do not ever use Wells Trade for all of the reasons listed above (especially incompetent––and I think dishonest––customer service).
It has taken them 2 weeks to close out an account.

by lurkingfox, 11/29/2013

Pros:

Cons:

Safekeeping is a special thing that only applies if you ask them to hold your stuff literally under your name (ex. "THIS particular certificate is MY certificate"), instead of under a "street" name with just paper records saying that you own X of the stock. Google says they've had that fee since forever. Maybe you misunderstood?

by Lolly B, 11/29/2013

Pros:

Cons: NEW outrageously high fees. Move your assets before Wells Fargo raids them for 2012 fees.

Wells Fargo's brokerages have just announced NEW outrageously high fees on various transactions including
annual safekeeping fees for each of your "positions" in addition to annual fees which are NOT waived unless your household has $250,000 (not $25K >>$250K)
NEW FEES effective April 18, 2012.
Move your assets before Wells Fargo raids them for 2012 fees.

by adam, 11/29/2013

Pros: no inactivity fee or fee of any kind

Cons:

I trade with wellstrade account, i got really smart on them. I have the PMA cause i got loads of money in my wells fargo savings account. I usually run out of the free-trades by the middle of the year, that is when i stop trading with my wellstrade account and go to my TD Ameritrade where i maintain i significant amount of money, just 9.99 per trade there. I leave all the money in my wellstrade account to just sit there, no inactivity fee or fee of any kind, when my 100 free trades reset for the 12 month, i come back wells to trade for free until they run out and the cycle begins again.

by Godric, 11/29/2013

Pros:

Cons: High commissions compared to other online brokers, bad customer service, restrictions on what stocks you can buy

Wells Trade is horrible. I went through them for a few months. I thought why not I mean I have an account through Wells Fargo and maybe this would be more convenient. Boy was I wrong.

High commissions compared to other online brokers and outrageous fees for "penny stocks". Plus, bad customer service combined with restrictions on what stocks you can buy.

Do NOT go through Wells Trade. I repeat do NOT waste your time and your money investing through Wells Trade. I will NEVER go through Wells Trade again and have since transferred all my funds to Options-Express.

by Godric, 11/29/2013

Pros:

Cons:

I completely agree. Avoid Wells Trade at all costs.

by WF is a Fees Farm, 11/29/2013

Pros:

Cons: Their Customer Service is not well versed on the requirements of the PMA.

Watch out for Wells Fargo. Their Customer Service is not well versed on the requirements of the PMA. I had three reps in a row advise that since I have a WF mortgage I can add the PMA account and get 100 free trades. I said sure, signed up, made a free trade as a test. Boom! $19 trade fee.
What the reps failed to express is that they only take 10% of your mortgage towards the required $25,000 requirement for the PMA. I live in the midwest, after last refinance, I only have a $50k mortgage. Their Trading Customer Service answer was basically that they are not responsible for the mistakes of the banking side...nice. Between the phone calls to Customer Service Boom! $60 ANNUAL FEE!!!
They left me so uncomfortable over the phone that I had to visit a branch, move $5k more to a savings account to get the Big-Time PMA account and explained the "misunderstanding" in order to have all the BS charges reversed. Yeah, they played with that money for 30 days....and lost my business for life. It is obvious that they are preying on people with ridiculous fees. $60 annual fee and a $1,000 minimum to open? $19 trades? Is this a bank/brokerage or a Buy-Here Pay-Here Used Car lot?

by lady, 11/29/2013

Pros:

Cons: Bad investments were made, without my consent

My complaint is that after using an advisor in my WF bank to set up accounts and choose investments, the agent then overreached during a time she knew I was battling cancer. Bad investments were made, without my consent, and by taking money from my savings (over $60,000) without my knowledge, perhaps to unload some investments Fargo didn't want and to help the advisor with her new home purchase through commissions. Anyone else had Oppenheimer funds or Nuveen pushed by Wells?

by rod0071, 11/29/2013

Pros: the 100 free trades will be worth it once all is said and done

Cons: associated paperwork is a bit ridiculous

I am in the process of moving my securities to Wellstrade... I do agree that the associated paperwork is a bit ridiculous... but believe the 100 free trades will be worth it once all is said and done.

by schmoe76, 11/29/2013

Pros: the cheapest, no frills, brokerage to do routine investing tasks, No fees for stock, etf, and mutual fund purchases/ redemptions, no delineation between ntf mutual funds and fee mutual funds. Everything is free for the first 100 trades per year. No annual maintenance fees. No inactivity fees.

Cons:

The brokerage write up and comments have over emphasized the negatives. Most of the negatives listed are moot. Yes, if you do not sign up for the PMA package, you will have a crappy pricing structure. There is no point in joining the Wells Fargo brokerage unless you sign up for the PMA package. However, if you sign up for the PMA package, all those negatives do not hold.

Criticizing Wells Fargo for their non PMA package is like criticizing Ferrari's because you can't reach 60 miles an hour in the first gear. Well that is true, you can simply avoid that problem by changing to a better gear. Nobody should attempt to reach 60 miles an hour in the first gear. Likewise, nobody should be investing in Wells Fargo without the PMA package.

If your looking for the cheapest, no frills, brokerage to do routine investing tasks, than Wells Fargo is your brokerage. No fees for stock, etf, and mutual fund purchases/ redemptions. This is true for every mutual fund in their program. Unlike other brokerages, there no delineation between ntf mutual funds and fee mutual funds. Everything is free for the first 100 trades per year. No annual maintenance fees. No inactivity fees. Fidelity brokerage will charge you $70 per non ntf mutual fund purchase. Vanguard brokerage will charge you $35 for non ntf mutual fund purchase/redemption. ETrade will charge you $20 per non ntf mutual fund purchase/ redemption. Scottrade will charge you $17 for non ntf mutual fund purchase/redemption.

I can't speak to options and margins and the like, I consider that advanced investing and can't speak to the quality of the brokerage in that regard.

by schmoe76, 11/29/2013

Pros:

Cons:

$30 annual account fee? Did you not setup a PMA account? Had you set one up, there would be no such fee.

You will pay out the teeth at Fidelity. $70 dollars for fund purchases at Fidelity. $0 for Wells Fargo.

by sukh, 11/29/2013

Pros:

Cons: Fees

One of the worst brokers out there, avoid at all costs:

$30 annual account fee
$95 termination fee
$65 annual non-activity fee

Switched to Fidelity, no fees, no BS. Bye bye Wells Fargo I hope you goto hell!

by alphageek2, 11/29/2013

Pros:

Cons: brokerage stole from us, telephone help sends you round and round with no one able to answer questions

We feel the brokerage stole from us. Transfered an ira to them and linked it to our bank account for the free trades and lower commission. Had them change the ira to a roth ira but they never relinked it to our PMA account. Wound up paying thousands in fees and commissions before it was fixed and we we're told that since we did not stop them from taking the fees and commissions by mistake the money would not be returned. Bank side seems fine but they are no help when it comes to the brokerage. Company seems fragmented, telephone help sends you round and round with no one able to answer questions or fix problems. Fine for a checking and savings account if you have a local office, but stay away from the brokeage. It's a nightmarish gang of thieves.

by Jw, 9/11/2012

Pros: Openly jerks

Cons: Hi fees, dishonesty , deceptive practices

I opened a brokerage account with 50k and a Roth with 1k , fees for trades were horrible, broker would tell me "it's time to get out of NRF, then watch it rise and say it is good time to get back in....... Over and over again it became apparent all they wanted was transactions and fees. Then when I went to transfer my account to scottrade. They said they would not charge me fees since had had done so many transactions, and they understood I wanted to self direct and they didn't offer that.... Then they charged me 100 bucks on the Roth 1k to transfer, flat out lied about it, asked why I was told no fees and got charged, they said it was out of their hands.. Funny part was when it all first started I wanted to simply close the account out and they recommended I transfer it would be CHEAPER... So i have paid the fees and have ALSO decided that I will refinance my home with another bank...screw me for 100 and lie, then you will lose the thousands on the mortgage interest you would have made....buttheads

by Richard Peksens, 8/27/2012

Pros:

Cons: Overcharging for stock and option transactions

Last year, I paid about $60,000 for "broker fees" where I was making all the decisions and Wells Fargo was just placing the orders through my brokerage account. They were charging me a percentage of the "dollar cost" on both the purchase and sale side. If I purchased 1000 shares of XYZ for $10,000, I was paying about $1200 to get "in and out" of the trade. Similar trades could have been made with ETRADE for less than $50! I called and complained about the high cost of transactions and was told my the manager that nothing could be done. Recently, I was told that I could no longer trade options and they were "concerned about my losses".....they didn't seem to be concerned about "their gains". I plan to close my acoounts (6 family accounts) when I can get a guarentee that I won't be charged an exorbatant fee for changing brokers.

by Ross Willingham, 5/31/2012

Pros: 100 free trades per year with linked banking account

Cons: Restrictions on which mutual funds, etfs can be purchased, no access to management with problems.

It's so great to get 100 free trades that I'm willing to accept a relatively slow execution of limit orders, and research tools which are worse than the major brokers.

But I feel like I'm treated as a 2nd class investor. Customers who pay a percentage of their account to go through an advisor have more investment options than I do.

I was able to purchase the Guggenheim corporate bond ETF BSCH which matures in 2017, thinking I would created a bond-ladder over time. Today 5/31/2012 I was told that I cannot purchase the ETF BSCI which is similar but matures in 2018.
Only customers of Well's Fargo Investor Service can purchase that ETF. When I told the broker on the phone that I wanted to complain about this policy, I was told that there was no higher person I can complain to but I can initiate a written complaint which will receive a response within 30 days!

My response will be to take some of my money out of Well's Fargo so I can purchase both BSCH and BSCI at another brokerage. Not convenient but don't see a good alternative.

by angryperson41, 4/27/2012

Pros: There are none. Wells Fargo Brokerage sucks.

Cons: Incompetent customer service. Deceptive, dishonest.

Dealing with these people has been one of the most irritating, angry-making experiences of my life. I have been told things that make no sense, are outright lies and are at best
misleading. I wouldn't recommend Wells Trade to my worst enemy.

by Godrich, 3/19/2012

Pros:

Cons:

Wells Trade is horrible. I went through them for a few months. I thought why not I mean I have an account through Wells Fargo and maybe this would be more convenient. Boy was I wrong.

High commissions compared to other online brokers and outrageous fees for "penny stocks". Plus, bad customer service combined with restrictions on what stocks you can buy.

Do NOT go through Wells Trade. I repeat do NOT waste your time and your money investing through Wells Trade. I will NEVER go through Wells Trade again and have since transferred all my funds to Options-Express.

by Byaly, 3/13/2012

Pros: Linked bank & brokerage accounts.

Cons: High fees and commissions. No online account creation process

I have used W-F Advisers/Wells-trade for 2 years. Overall, I am generally satisfied with it. I use it because of the convenience of having the brokerage account linked to bank accounts. Dividends are deposited straight to savings (after a 2 day delay), and stock sales puts the money right in my bank account (again, a 2 day delay).
There is no fee for this automatic transfer of funds.

Opening an account is rather tedious. You have to mail (via the Post Office) several pages of the application and wait a week or two for it to be processed. If you want to upgrade your account, such as to trade options, you must mail in another application. None of this process can be done online, unfortunately.

Note to WellsFargo: "it is the 21st century now. Online forms!"

If you are a high-frequency trader it is imperative to have a Premier PMA account to qualify for 100 free trades. This requires a minimum $25k balance in the sum of your accounts. If your balance falls below this you pay a $30 monthly fee.

If you do not have a PMA account then each trade (buy or sell) is $19.95 ($39.90 total to buy then sell a stock). An additional 1.5 cents per share will be charged for more than 1,000 shares. I personally think this fee should be dropped.

If you must rely on a brokerage agent, there is a $25.00 fee on top of the $19.95 trading fee.

Options are $9.95 + $1.00 per contract, plus a $3.00 transaction fee, plus an (approximate) 35-cent Finra/SEC fee. If your option is called away, your total cost to process the transaction will be about $35 so make sure if you sell a covered call, for instance, the premium is high enough to cover the fees and commissions. Because of these high costs, it is generally not economical to deal with only 1 contract unless the premium you can receive is high.

Additionally, a non-PMA account has a $60 yearly maintenance fee.

TRADING INTERFACE

The web interface to conduct trades, conduct research, review charts, or screen for stocks (yes, there is a stock screener but you have to dig a little through the menus) is rather bland but functional. The website is not "snappy" fast. It is a bit sluggish but not terribly so. Compared to e-Trade the website is like going back to the Jurassic period. It really could use an upgrade and a redesign.

The one thing I would say WellsTrade could use is the ability to create accounts online instead of mailing in paperwork. An online account creation/upgrade option would be really helpful.

Overall, I would give WellsTrade 4 stars if you have a PMA account, 2 stars if you do not. If WellsTrade would provide an online account creation process, and upgrade their web servers, and streamline the interface, I would give 5 stars for a PMA brokerage account and 3 stars for the non-PMA account.

by Steven, 1/25/2012

Pros: Free Trades

Cons: Everything Else

Understand what you are getting.... If you have $25k across all WFC accounts you will have a lot of free trades (don't complain about going under the threshold). There will certainly be drawbacks....

The website is garbage compared to E Trade, but you could save substantial sums over the course of a year. This service is geared towards investors who want zero contact with the people at Customer Service. My brief interactions there have been horrid. In one instance I had multiple limit orders fill in a short period and I overcharged my cash account. When asking how that was possible since it was a cash account, some tool mumbled for a couple minutes. When I repeated the same question 4 more times, he finally answered with "I see your point". The other disturbing problem is frequently altered limit orders. Example: I put in an order for stock A at $120 a share. I come back 2 weeks later to find limit order at less than $120 a share...... Very disturbing.

The bottom line is this. The service and the website stink. But, if you want to be left alone to tend to your massive portfolio free of charges this is the only place to be. BAC offered a free service for awhile, but there were nickel and dime tactics all over the place and the minimum balance was higher. Everything is free here except options trades.

So if you're like me;

- Run your investments like a business and perform all research alone
- Refuse to talk to mindless traders
- Hate paying commissions on purchases
- Never exceed 100 trades a year (200 with IRA there)

This is the place to be. If you make more than 50 trades a year (which is probably too many for anyone) you're saving at least $350. When that factor is considered into the total return the numbers start to really add up over the years (even with a $100k+ portfolio). Also, since commissions favor large investments in 1 instance, the dynamics of purchasing securities change with so many free trades...

Good luck!

Brokerage Review Websites About WellsTrade Broker

"Overall, the trader workstation is no more than standard at best, is slow to respond and certainly not suitable for active traders. If the registration process and high stock trading fees doesn’t put you off, then the basic trading screen with delayed portfolio information certainly will. The high fees don’t stop at stock trading: they boil over to mutual funds and other instruments too."

WiseStockBuyer.com

"Wells Fargo has an outdated website with terrible charts, average stock trading and decent research tools. Commissions and fees have been reduced in recent years but are still up in the high range among brokers. All of this coupled with the lack of an advanced trading platform or mobile apps eliminates Wells Fargo as a broker choice in our mind."

OnlineBrokerRev.com

Brokerage reviews from customers/users/consumers. Broker ratings, promotional codes, scam reports/complaints, pros and cons, stocks, options, ETFs, mutual funds trading/invseting commissions/fees for 2017. Consumer opinions and feedback on brokerage services.
WellsTrade Customer reviewed by TopRatedFirms.com users. 40 customer reviews. Rating: 2.