According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- Proprietary terminal
- Floating
- Feel free to trade penny stocks
Our Evaluation of Wells Fargo
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Wells Fargo is a broker with higher-than-average risk and the TU Overall Score of 4.96 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Wells Fargo clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
Wells Fargo is a US-regulated broker suitable for both novice investors and seasoned market participants.
How we tested Wells Fargo
Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
Brief Look at Wells Fargo
Founded in 1852, the Wells Fargo broker is a subsidiary of Wells Fargo & Company, which is currently one of the "big four" US banks and serves more than 70 million customers. The company offers a diversified portfolio of banking, investment, and mortgage products, as well as insurance and financial planning services. Wells Fargo is regulated by FINRA (CRD#: 11025/SEC#: 801-57434,8-28721) and the NFA (0320678). Its clients have access to SIPC coverage, securities trading, and investment in managed portfolios.
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- Banking products, bank cards, trading, investment, and savings accounts are managed through a single application.
- A vast array of assets: stocks, options, ETFs, fixed income instruments, and mutual funds.
- Deposits start at $1.
- Control of activities by FINRA and NFA.
- Availability of segregated accounts and SIPC insurance coverage.
- No fees are charged for the online trading of stocks and ETFs.
- Humongous opportunities for Wells Fargo's clients, such as active trading and passive investing are allowed.
- In comparison with market competitors, Wells Fargo has pretty hefty fees for trading options.
- The absence of online chat on the official website.
- Investment accounts are not protected by the Federal Deposit Insurance Corporation (FDIC).
TU Expert Verdict
Chief Analytics Officer
Wells Fargo offers online trading and investment services through a proprietary platform, covering stocks, ETFs, mutual funds, options, and fixed income. Regulated by FINRA and the NFA, and backed by SIPC coverage, the broker enables trading of stocks and ETFs with no brokerage fee and allows penny stock trading. Clients can manage banking, trading, and investment accounts in one app, and the minimum deposit for active trading is $1. Multiple account types are available, such as Standard Account for self-directed investing, Intuitive Investor for automated portfolios, and several IRAs, with passive investment options available from $5,000.
Drawbacks include high commissions for options and penny stocks, limited training resources, lack of online chat support, slow web terminal performance, and investment products not protected by FDIC. Wells Fargo may not be suitable for traders who value low-cost options trading or require advanced trading platforms, but could fit clients seeking integrated banking and investing with regulatory oversight and a wide product offering.
Wells Fargo Summary
Your capital is at risk.
| 💻 Trading platform: | Proprietary terminal |
|---|---|
| 📊 Accounts: | Standard Account (Self-Directed Investing), Intuitive Investor Account (Automated Investing), Dedicated Financial Advisor, Traditional IRA, Roth IRA, SEP IRA, and Coverdell Education Savings Accounts |
| 💰 Account currency: | USD |
| 💵 Deposit / Withdrawal: | Checks, wire transfer, debit cards, at Wells Fargo Bank branches or ATMs, through the automated clearinghouse (ACH) network |
| 🚀 Minimum deposit: | From $1 for active trading From $5,000 for passive investing |
| ⚖️ Leverage: | Floating |
| 💼 Copy Trading: | No |
| 📈️ Min Order: | Not indicated |
| 💱 EUR/USD spread: | Absent |
| 🔧 Instruments: | Stocks, Exchange-Traded Funds (ETFs), mutual funds, options, and fixed income |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | Proprietary aggregator |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Order execution: | No |
| ⭐ Trading features: | Feel free to trade penny stocks |
| 🎁 Contests and bonuses: | No |
The Wells Fargo broker offers favorable conditions for traders who trade stocks and ETFs. There is no brokerage fee for these assets, but it is charged for cent shares. The minimum deposit to start active trading is $0; for passive investment, it is from $5,000. When replenishing a standard account, it is from $2,000, and access to margin trading opens. Wells Fargo does not offer a bonus to customers who have opened an account to trade and invest in stock market assets. The broker also does not have an affiliate program.
Wells Fargo Key Parameters Evaluation
Trading Account Opening
A quick guide to registering with Wells Fargo:
On the main page of the broker's official website, click on the “Investing and Retirement” section of the menu, and then, depending on your investment strategy, select “Self-Directed Investing”, “Automated Investing”, or “Dedicated Financial Advisor”. After switching to the desired service, click "Open An Account". You can also use the Popular Links section.
To apply to open an account, fill out the registration form. Indicate in it your surname, name, residential address, phone number, and email. You will also need to enter your social security number, individual taxpayer identification number, name, and address of your employer (if you have one), and then provide income information. There is no minimum deposit required to open an account. Most applications are processed within one business day.
In the personal account of the broker, clients have access to the following sections:
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Financial portal with transaction history and statistical data.
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The section with the software where you can download the trading terminal, etc.
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Analytical and training portal.
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Support section.
Is Wells Fargo Safe?
The Wells Fargo broker is registered under the Wells Fargo Securities, LLC, brand. It is part of the banking holding company Wells Fargo & Company, which is a member of NYSE, FINRA, NFA, and SIPC.
Securities Investor Protection Corporation protects traders and investors from the loss of funds and securities that they have placed on the accounts of brokers who are members of the SIPC. Each client can receive compensation of up to $500,000 in securities and up to $250,000 in cash in the event of the financial insolvency of the broker serving him.
Advantages
- The broker uses segregated accounts to store clients' funds
- Each client of the broker can file a complaint with FINRA and NFA regulators
- SIPC coverage is available not only to US residents but also to citizens of other countries
Disadvantages
- Investment products are not FDIC insured
- SIPC does not participate in disputes between clients and the brokerage company before the start of the liquidation procedure
- Limited choice of available electronic systems for depositing and withdrawing funds
Commissions and Fees
After a thorough analysis of Wells Fargo's trading conditions, the experts at Traders Union identified both trading and non-trading fees. Below is the amount of fees for online trading and automated telephone trading. The fee for trades in stocks (excluding penny stocks) and exchange-traded funds (ETFs) is $0 per trade; penny stocks (stocks under $1) is $34.95 or 3.5% of the amount, with options of $5.95 + $0.75 per contract; with fixed income instruments it is $50 per transaction. The fee for mutual funds that are not listed without transaction fees is $35. For trades made through a live broker, the client pays $25 + an online fee is charged. Non-trading fees: for withdrawal of funds by internal bank transfer is $30; and for transfers outside the US, it is $40.
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Standard Account | From $6.7 | Yes |
There is an inactivity fee of $30 per year for accounts with balances below $25,0000. No fee is charged for opening and closing an account. The specialists at Traders Union also compared the fees for options trading from Wells Fargo and other US stock brokers. The table below shows the brokerage fee for each trade and contract. The level assigned is based on the data obtained as a result of the comparison.
| Broker | Average commission | Level |
|---|---|---|
|
$6.7 | |
|
$4 | |
|
$ |
Account Types
Wells Fargo offers its clients accounts for active securities trading, automated investment, and financial planning. All account types can be opened online. They provide access to research instruments and market news.
Account types:
Wells Fargo does not provide a demo account. The company offers accounts to active traders and passive investors with different levels of available funds.
Deposit and Withdrawal
You can withdraw funds from Wells Fargo accounts using checks, bank transfers, ACH (Automated Clearing House) payment. You can also transfer money to debit cards of US banks, withdraw from ATMs, or at the cash desks of Wells Fargo Bank.
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The broker will charge $30 for domestic bank wire withdrawals and $40 for international wire transfers.
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Withdrawals are available to verified customers who have provided an Individual Taxpayer Identification Number (ITIN) and Social Security Number (SSN).
Investment Options
Wells Fargo allows its clients to combine active trading with passive investing. The broker offers two types of programs for generating income in the stock market without independently trading assets. One type is Automated Investing, and the other is a dedicated financial advisor. These are the only passive income investment solutions at Wells Fargo
For passive investors who have opened an investment account, Wells Fargo’s consultants will build you a diversified portfolio based on your investment goals, available funds, and an acceptable level of risk. The portfolio is managed by a robot or an employee of the company without the active participation of the investor himself.
Wells Fargo offers two types of investment solutions:
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Automated Investing combines digital investing technology with sound professional advice and is suitable for investors looking for an automated diversified portfolio with daily account monitoring and automatic rebalancing. Automated investing is available when depositing to the Intuitive Investor Account balance from $5,000.
The investor pays the broker a management fee:
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of 0.30% for Wells Fargo Bank's portfolio; for other assets, it’s 0.35%.
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for its Dedicated Financial Advisor, which is a financial planning program for clients who are ready to invest $100,000 in portfolios.
After applying for connecting the service and making a deposit, a personal financial advisor is assigned to each investor. He develops an individual investment strategy according to the needs of the account holder. Consultations can be obtained not only by phone but also by meeting in person at a Wells Fargo Bank branch. Also, the investor has access to open statistics on portfolios and their automatic rebalancing in case of a change in the market situation.
An investor can be any US resident who has opened an account with Wells Fargo and deposited the required minimum amount established by the offer for the provision of investment services. At the same time, a person without experience in independent trading or managing asset portfolios can receive passive income.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Wells Fargo’s affiliate program
The company's website does not have a section describing the referral or affiliate program. The lack of such information suggests that Wells Fargo is not currently offering referral rewards to its customers.
Customer Support
Current customers can call support Monday through Friday from 8:00 am to 12:00 pm, new customers can call support on the same days from 8:30 am to 9:30 pm (Eastern Time).
Advantages
- Separate phone numbers are available for each service
- Support is available in Spanish and English
Disadvantages
- Absence of online chat
- Inability to contact the support 24/7
To reach out to the support, the broker's client can use:
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phone call;
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email;
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feedback form by email;
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social networks Facebook and Twitter.
Unregistered users can ask a question through popular instant messengers and by email.
Contacts
| Foundation date | 2052 |
|---|---|
| Registration address | 420 Montgomery St San Francisco, CA 94104-1207 United States |
| Regulation | NYSE, FINRA, NFA, and SIPC |
| Official site | wellsfargo.com |
| Contacts |
+1 800-869-3557
|
Education
The Financial Education section on Well Fargo provides training materials on investing and financial planning. For the convenience of users, all information is divided into 7 blocks. Traders’ training is in the Investing section.
Wells Fargo focuses on educational articles on financial planning and therefore provides superficial investment training.
Detailed Review of Wells Fargo
The Wells Fargo broker is a part of the world-famous holding conglomerate Wells Fargo & Company. Therefore, it can offer its clients the most ground-breaking technological solutions, crackerjack service, and comprehensive consulting support. Wells Fargo is targeted at US traders and investors and provides a vast array of brokerage services for both active trading and passive investing.
Wells Fargo facts:
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The holding company's banking and investment services are used by over 70 million clients.
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The market value of the company's shares is estimated at $161.8 billion.
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The Wells Fargo mobile app has over 32.9 million users.
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The company manages assets worth $1.6 billion.
Wells Fargo offers favorable trading conditions for active traders
Wells Fargo is a US stockbroker that offers simplistic and crystal clear pricing. You do not need to deposit to open an account. In addition, all accounts opened with Wells Fargo are linked, which allows the client to easily and quickly transfer funds between different accounts. The broker does not charge fees for online trading of stocks and ETFs and also provides reliable monitoring tools, real-time quotes, exclusive analytical information, its own research, and third-party experts.
The Wells Fargo Web Terminal is compatible with desktop and mobile devices. The company also has an app for smartphones. On the trading platforms, clients can place market, limit, and stop-limit orders. However, conditional orders are not supported, and Market-on-Open and Market-on-Close orders are only available from a live broker.
Useful Wells Fargo Services:
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Portfolio Analysis. Portfolio analysis tools (charts, tables) by asset class with the ability to customize the display for a specific period.
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Top News and Commentary. A section of the latest news with comments and opinions from Wells Fargo strategists on the current market and economic situation.
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Investor Guidance. Financial articles can help investors make better decisions.
Advantages:
There are no commissions for trading stocks and ETFs.
The broker provides an easy-to-use web terminal and mobile application.
To start active trading, it is enough to deposit $1.
Potential to trade cent stocks.
Customers can make transactions in a web terminal that is compatible with desktops and mobile devices and does not require additional software to be installed.
With a deposit of $2,000 or more, margin trading might be the cherry on top.
Wells Fargo does not charge fees for using the web platform and mobile application, or for opening, closing, or maintaining trading accounts.
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