20,0%
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7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
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Wells Fargo Review 2024
Minimum
deposit:
deposit:
- $1
Trading platform:
- Proprietary terminal
Regulation:
- NYSE
- FINRA
- NFA
- and SIPC
Minimum
deposit:
deposit:
- $1
Trading platform:
- Proprietary terminal
Leverage:
- Floating
Trading features:
- Feel free to trade penny stocks
Summary of Wells Fargo Trading Company
Wells Fargo is a moderate-risk broker with the TU Overall Score of 6.13 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 thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews. Wells Fargo ranks 29 among 79 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
Wells Fargo is a US-regulated broker suitable for both novice investors and seasoned market participants.
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.
| 💰 Account currency: | USD |
|---|---|
| 🚀 Minimum deposit: | From $1 for active trading From $5,000 for passive investing |
| ⚖️ Leverage: | Floating |
| 💱 Spread: | Absent |
| 🔧 Instruments: | Stocks, Exchange-Traded Funds (ETFs), mutual funds, options, and fixed income |
| 💹 Margin Call / Stop Out: | No |
👍 Advantages of trading with Wells Fargo:
- 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.
👎 Disadvantages of Wells Fargo:
- 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).
Evaluation of the most influential parameters of Wells Fargo
Geographic Distribution of Wells Fargo Traders
Popularity in
97.64%
US
0.24%
MX
0.1%
VE
0.1%
CA
0.07%
GB
0.85%
Others
User Satisfaction i
3 comments
Total score:
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Expert Review of Wells Fargo
The Wells Fargo brokerage company offers clients trading and investment accounts. Active traders can trade stocks and ETFs on favorable terms, such as no brokerage fees are charged for these assets. The company has canceled the minimum deposit requirements, so even a half-baked trader and no stock of free funds can trade with a broker. More experienced clients can expand their opportunities through margin trading.
The Wells Fargo broker is not focused only on active traders who practice firsthand trading. The company offers has two types of services for generating passive income via automated investment and regular investment in portfolios managed by a financial advisor. The required minimum for participation in the programs varies from 5 to 100 thousand dollars and depends on the type of investment chosen.
Wells Fargo has its drawbacks. The main ones are the lack of high-quality training on trading stock market instruments and online chat on the site, as well as high commissions for transactions with options and cent stocks. Also, the broker does not have a desktop trading terminal. The web platform is rather slow.
Dynamics of Wells Fargo’s popularity among
Traders Union’s traders, according to 2023 data
Investment Programs, Available Markets, and Products of the Broker
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:
-
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:
-
of 0.30% for Wells Fargo Bank's portfolio; for other assets, it’s 0.35%.
-
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.
Important!
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.
Trading Conditions for Wells Fargo Users
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.
$1
Minimum
deposit
1:1
Leverage
24/5
Support
| 💻 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 |
| 💵 Replenishment / 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 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | Not indicated |
| 💱 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 |
| 📋 Orders execution: | No |
| ⭐ Trading features: | Feel free to trade penny stocks |
| 🎁 Contests and bonuses: | No |
Wells Fargo Commissions & Fees
Information
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 |
| Wells Fargo | $6.7 | Medium |
| Charles Schwab | $11 | High |
| Ally Bank | $4 | Low |
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:
-
The holding company's banking and investment services are used by over 70 million clients.
-
The market value of the company's shares is estimated at $161.8 billion.
-
The Wells Fargo mobile app has over 32.9 million users.
-
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:
-
Portfolio Analysis. Portfolio analysis tools (charts, tables) by asset class with the ability to customize the display for a specific period.
-
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.
-
Investor Guidance. Financial articles can help investors make better decisions.
Advantages:
1
There are no commissions for trading stocks and ETFs.
2
The broker provides an easy-to-use web terminal and mobile application.
3
To start active trading, it is enough to deposit $1.
4
Potential to trade cent stocks.
5
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.
6
With a deposit of $2,000 or more, margin trading might be the cherry on top.
7
Wells Fargo does not charge fees for using the web platform and mobile application, or for opening, closing, or maintaining trading accounts.
How to Start Making Profits — Guide for Traders
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:
Account Type
Description
Standard Account
is a self-service account for online trading of stocks, ETFs with zero fees (excluding penny stocks), and mutual funds with no phone load. Deposit is from $0.
Intuitive Investor Account
an account for automated investment that requires a deposit of $5,000 or more. The brokerage fee is from 0.30-0.35% depending on the selected type of portfolio.
Dedicated Financial Advisor
is an investment planning account with a personal advisor. The deposit starts at $100,000. The amount of the service fee depends on the list of services provided by the consultant and the type of account.
IRAs
are retirement accounts from which you can invest assets. The broker offers two of the most popular types of savings accounts: Traditional IRA, where contributions are deductible, and Roth IRA with tax-free retirement benefits and
with open access to deposits at any time. SEP IRA and Coverdell Education Savings Accounts (ESAs) are also available to customers.
Wells Fargo does not provide a demo account. The company offers accounts to active traders and passive investors with different levels of available funds.
Bonuses Paid by the Broker
At the moment, the broker does not provide bonuses to clients who open trading and investment accounts.
Investment Education Online
Information
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.
The information available in the "Education" section
Information not available on the Wells Fargo website
Investment basics
All-embracing glossary of stock and investment terms
Investment management rules
Descriptions of trading strategies
Investment management principles
What are diversified portfolios and how to work with them
Investment types and selected terminology
Technical and fundamental analysis
Wells Fargo focuses on educational articles on financial planning and therefore provides superficial investment training.
Security (Protection for Investors)
Information
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
Withdrawal Options and Fees
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.
-
The broker will charge $30 for domestic bank wire withdrawals and $40 for international wire transfers.
-
Withdrawals are available to verified customers who have provided an Individual Taxpayer Identification Number (ITIN) and Social Security Number (SSN).
Customer Support Service
Information
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:
-
phone call;
-
email;
-
feedback form by email;
-
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 |
Phone:
+1 800-869-3557
|
Review of the Personal Cabinet of Wells Fargo
A quick guide to registering with Wells Fargo:
1
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.
2
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:
-
Financial portal with transaction history and statistical data.
-
The section with the software where you can download the trading terminal, etc.
-
Analytical and training portal.
-
Support section.
Read also about other stock brokers:
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FAQs
Do reviews by traders influence the Wells Fargo rating?
Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about Wells Fargo you need to go to the broker's profile.
How to leave a review about Wells Fargo on the Traders Union website?
To leave a review about Wells Fargo, register on the Traders Union website or you can also leave a review through Facebook.
Is it possible to leave a comment about Wells Fargo on a non-Traders Union client?
Anyone can leave feedback about Wells Fargo on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.
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