Wells Fargo Trading Platform Review 2024: Wells Fargo offers a robust trading platform for investors looking to buy and sell stocks, ETFs, options, mutual funds, and bonds. With competitive commissions and fees, strong trading tools and research, and good customer service, the WellsTrade platform provides an excellent option for active traders and long-term investors alike. This review covers the key features, pros and cons, pricing, and user experiences of the Wells Fargo trading platform.
Wells Fargo Company Overview:
| Company Details for Wells Fargo & Company | Details: |
|---|---|
| Industry | Banking and Financial Services |
| Founded | 1852 |
| Headquarters | San Francisco, CA, USA |
| CEO | Charles W. Scharf (since 2019) |
| Number of Employees | Over 250,000 (2022) |
| Number of Customers | 70 million+ (2022) |
| Total Assets | $1.95 trillion (2022) |
| Stock Symbol | WFC (NYSE) |
| Key Subsidiaries | Wells Fargo Bank, Wells Fargo Advisors, Wells Fargo Asset Management |
Wells Fargo Trading Platform Login
Logging into your WellsTrade account is simple. Just visit the WellsTrade website and click on “Log In” at the top right. Enter your username and password and you’ll be directed to your dashboard.
The login process is safe and secure thanks to Wells Fargo’s use of encryption and security measures like two-factor authentication. You can access your WellsTrade account on desktop or mobile devices. The mobile app lets you manage your account, trade, and view charts on the go.
Wells Fargo Trading Platform Fees
WellsTrade offers $0 stocks and ETF trades with $30,000+ account balance or $30 flat-fee trades with lower balances. Options trades are $0 + $1.25 per contract. The $30 equity/ETF trade fee is competitive, but frequent traders may find cheaper rates elsewhere.
There are no annual, maintenance, or inactivity fees. Account transfer reimbursement and other special services fees can apply in some cases. Margin interest rates are set based on current competitive rates. Overall, WellsTrade offers reasonable pricing for the average buy and hold investor. Active options traders may want to comparison shop around for lower per-contract costs though.
How to Withdraw Money from Wells Fargo Brokerage Account
Withdrawing funds from your WellsTrade account is straightforward:
- Log into the website of WellsTrade and go to Transfers & Payments
- Select Withdraw Funds
- Enter the amount you want to withdraw
- Confirm whether it should go to your Wells Fargo bank account or an external bank account
- Review and submit the withdrawal request
Withdrawals typically process within 1-2 business days. You can also visit a Wells Fargo branch to withdraw funds in person if needed. Retirement accounts have special withdrawal guidelines to consider as well depending on age and account type.
How to Add Money to Wells Fargo Brokerage Account
Adding funds to WellsTrade works similarly to withdrawing:
- Log into WellsTrade and go to Transfers & Payments
- Select Deposit Funds
- Enter the amount you want to deposit
- Confirm whether it should pull from your Wells Fargo bank account or an external bank account
- Review and submit the deposit request
Deposits initiated before the cutoff time (4 PM ET) are usually available the next business day. Bank wires and checks can also be used to add funds quickly. Make sure to factor in any potential transfer fees your bank may charge.
Wells Fargo Brokerage Fees
The standard WellsTrade fee schedule includes:
- $0 stock, ETF, and options trade for accounts over $30,000
- $30 equity/ETF trades for smaller accounts
- $1.25 per options contract
- No annual, maintenance, or inactivity fees
Retirement accounts have special pricing and rules around contributions, withdrawals, etc. Margin accounts have interest charges for borrowed funds. Account transfer reimbursements and other fees can apply in limited cases.
Overall, the WellsTrade fee structure is straightforward and relatively low-cost for buy-and-hold investors. Very active traders may find cheaper commissions and options fees at other brokerages. But for most individual investors, the WellsTrade pricing is competitive.
How to Buy Stock on Wells Fargo Brokerage Account
Buying stocks with WellsTrade is intuitive:
- Log into your brokerage account
- Enter the stock symbol or company name in the search bar
- Input the number of shares (or dollar amount) you want to purchase
- Select the Order Type (Market, Limit, Stop Loss, etc.)
- Review the order details and preview your commission/fees
- Submit the buy order
Orders entered during market hours are normally executed almost instantly. You can find all your open orders and trading history under the Order Status tab. Market research, screeners, trading ideas, and analysis are also all conveniently integrated.
How to Sell Stock on Wells Fargo Brokerage Account
Selling stocks follows the same straightforward process:
- Log into WellsTrade and locate the stock position you want to sell
- Enter the number of shares (or dollar value) you want to sell
- Select Market or Limit order type
- Review order details and confirm your commissions/fees
- Submit the sell order
Proceeds from sale go into your account’s cash balance automatically upon order execution less any trading fees or closing costs for the position. You can then withdraw funds or reinvest as desired.
Wells Fargo Brokerage Account
Opening a WellsTrade brokerage account grants access to Wells Fargo’s full-featured investing platform and research tools. Accounts types include:
Individual Brokerage Accounts
Personal non-retirement accounts for trading stocks, funds, options, etc. Self-directed investing for individual investors.
Joint Brokerage Accounts
Joint tenancy brokerage account shared with other owners typically spouses or partners. Survivorship benefits and differentiated control options.
Retirement Brokerage Accounts
IRAs, Roth IRAs, traditional brokerage IRAs, and Rollover IRAs. Tax-deferred retirement savings and investing options.
Custodial Accounts
UGMA/UTMA accounts for investing gifts and money for minor children. Transfer control at age of majority.
Trust Accounts
Allow trustees to invest trust assets in stocks and securities. Unique control and distribution rules around trust structures.
Along with these account types, WellsTrade also offers college savings 529 plans, estate accounts, and other specialty offerings tailored to trust and fiduciary-based investors.
Wells Fargo Brokerage Customer Service:
Wells Fargo clients have access to dedicated customer service for WellsTrade during regular business hours (8AM to 8PM ET Monday to Friday).
Contact options include:
- Phone support at 1-800-869-3557
- Online chat and secure email messaging through account login
- Virtual face-to-face meetings by appointment
Many common questions and issues can also be self-served through the WellsTrade FAQ databases and resource knowledge base online.
For time-sensitive issues like placing trades or handling disputes, the toll-free phone line is typically the fastest way to reach a live brokerage representative. Wait times average under two minutes during peak volume according to recent consumer surveys.
Overall, WellsTrade customer support channels are rated highly for speed, knowledge, and resolution quality compared to other major brokerage firms. The US-based team brings extensive investing and trading expertise alongside stellar customer service skills. Between user-friendly self-service tools and expert personal support, WellsTrade users can get assistance tailored to their preferences.
In summary, the WellsTrade online investing platform provides an excellent blend of low fees, strong tools and research, and helpful customer support. Both casual and very active traders can find value trading stocks, options, and funds with Wells Fargo. While it lacks some of the advanced features found at pure-play online brokers, WellsTrade delivers a full suite of investing capabilities for clients under the trusted Wells Fargo brand. Opening either a standalone brokerage account or integrating seamlessly with existing Wells Fargo bank accounts makes this platform a top choice for individual investors.