WellsTrade Review 2020

WellsTrade review
WellsTrade Fees Explained

• WellsTrade withdrawal fees varies on payment method
• WellsTrade does charge a fee for inactive accounts.
• WellsTrade does charge deposit fees.

Brokers offer state of the art online trading platforms, mobile trading apps, financial research tools and educational resources. For a brokerage to maintain these services and earn revenue as a company, brokers may charge clients various fees.

How WellsTrade Fees Compare Against Other Brokers

WellsTrade review
WellsTrade Minimum Deposit

WellsTrade require a minimum desposit of 30 GBP/USD when opening an WellsTrade trading account.

A minimum deposit is the minimum amount of money required by WellsTrade to open a new online brokerage account with them.

Dont be scared off by brokers like WellsTrade charging a minimum deposit to open a trading account. Brokers that charge higher minimum deposits often offer additional premium services on there platforms that are not available for free on other platforms.

Brokers that offer lower minimum deposits are generally geared towards a more mainstream audience that do not require some of the more advanced features and research tools.

Brokers that do not charge minimum deposits do so usually to attract new customers. They have to make some way, so transaction commissions and other fees may be higher with a low minimum deposit account.

Brokers that require a larger minimum deposit amount usually offer a greater range of trading features on their platforms. These brokers often have more in depth technical analysis and research tools and better risk management features.

As more and more online trading platforms have entered the market, minimum deposit requirements to open a live trading account have gone down as an increasing number of brokers compete for new clients.

Depending on the type of trading account you opt for some brokers require a minimum deposit as high as 6500 GBP/USD. Some brokers can go as high as 10,000 GBP/USD.

WellsTrade review
WellsTrade Withdrawal Fees

WellsTrade withdrawal fees vary depending on your selected withdrawal payment method.

Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.

This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees and processing times.

WellsTrade for example allow you to withdraw your funds to Credit cards, Skrill, Neteller.

WellsTrade review
WellsTrade Inactivity Fees

WellsTrade does charge a fee for inactive accounts.

An account inactivity fee is a fee charged to the registered brokerage client.

Brokers may have certain trading activity requirements that under the terms and conditions of the accounts, clients may have to fulfill.

If a clients trading account dues not have any buying and selling over a period of time as dictated by the broker an inactivity fee may be due.

Inactivity fees are not specific to online trading accounts. Many financial service companies may charge inactivity fees. Please check on the brokers website and make sure you are aware of and are happy with all the services and fees you may be charged.

If you are no longer using your trading account close it with the brokers customer support. And make sure you have a confirmation that any remaining fees are not due.

Depending on the type of account you have signed up for you can only be charged an inactivity fee under certain circumstances. As part of a brokers regulation they are required to clearly disclose any inactivity fees.

Some brokerage firms may charge inactivity fees as compensation for maintaining your account on their expensive trading platforms, in an attempt to claw back revenue for the lack of commission fees from your trading.

WellsTrade review
WellsTrade Desposit Fees

WellsTrade does charge deposit fees.

Some brokers may charge a fee when you deposit funds from your payment method to your trading account. This is because the payment method which you use to fund your account may accrue a fee. The fee may be a fixed fee when you deposit a specific fiat currency to your account. For example fees are known to be high when depositing funds from a credit card. This is if your broker accepts funding your account via a credit card.

WellsTrade review
WellsTrade Commission Fees

WellsTrade does charge commission on CFD instruments.

A broker may charge a commission fee as a service charge for facilitating the buying and selling of financial assets through your trading account.

A brokerage may make most of their revenue from charging registered traders a commission fee on client transactions.

Commission fees can differ depending on the trading type, financial asset type and what level of trading account you have.

Broker commissions are charged if the brokerage fulfills an order, cancels an order or modifies and order on your behalf.

If a market order is not fulfilled by your brokerage usually no commission is charged.

Be aware that if your order is modified or canceled, your brokerage may charge a commission fee.

WellsTrade review
Trading on WellsTrade web platforms and other applications

WellsTrade offer a user-friendly custom trading platform, available as a browser based web application. If you would rather see a comparison of MT4 brokers, you can so here.

An WellsTrade IOS or Android native App on your phone or tablet will Work quicker Than the Avatrade Website on the same device

WellsTrade also offer mobile apps, for Android and iOS making it easier to keep an eye on and execute your trades while you’re on the move.

See WellsTrade's platforms

WellsTrade review
Is the WellsTrade Trading Platform Secure?

WellsTrade safeguards the personal information of its clients through SSL encryption in its PC and mobile platforms. WellsTrade also urges its clients through its web platform to always look for the SSL security sign (a lock sign) o the browser while operating WellsTrade.

WellsTrade review
WellsTrade Trading Platform Options

WellsTrade does not offer the MetaTrader 4 (MT4), MetaTrader 5 (MT5) or cTrader trading platforms.

WellsTrade offer an their own custom trading platform developed and tested in house. The WellsTrade trading platform allows traders to track their portfolios, track the current markets, locate trade ideas and place trades. The WellsTrade platform allows traders to filter the financial marketplace for trade opportunities that match a criteria. With WellsTrade you can look for and examine opportunities with actionable research and stock evaluations. Get streaming real-time information on the WellsTrade platform including news and quotes. Discover possible trades with the strong charting tools found with WellsTrade. WellsTrade is available as downloadable applications or online through the cloud. Monitor your orders with WellsTrade and receive breaking news in your positions.

WellsTrade Trading benefits :

• Low min deposit

WellsTrade Trading Accounts Offered :

• Demo account
• Micro account
• Standard account

Can I try WellsTrade before I buy?

WellsTrade offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

Your capital is at risk

WellsTrade withdrawal and funding methods.

Please note that the list of WellsTrade payment methods below depend on the WellsTrade Entity and the Clients Country of Residence.

WellsTrade offer the below funding payment methods. learn more about WellsTrade

WellsTrade Payment Methods

• WellsTrade accepts Credit cards
• WellsTrade accepts Skrill
• WellsTrade accepts Neteller

How can I start trading with WellsTrade?

When opening a trading account with WellsTrade, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on WellsTrade trading platforms here.

Your capital is at risk

Performing trades with WellsTrade

WellsTrade allow you to execute a minimum of trade of $5.95. This may vary depending on the account you open. WellsTrade allow you to execute a maxium trade of varies.

As a market maker, WellsTrade may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically have larger capital and minimum trade requirements. Market makers typically have lower minimum deposit, smaller minimum trades requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the instruments.

Education resources at WellsTrade

To trade effectively with WellsTrade, it's important to get a have a good understanding of the WellsTrade trading tools and the markets.

WellsTrade offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.

Having an analytical approach may be a good way to approach trading with WellsTrade.

Take time to look around the WellsTrade platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at WellsTrade

WellsTrade support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian

WellsTrade have a B grade support rating because sometimes the reposonse was slow or our query wasnt answered. WellsTrade offer email support and supports a limited amount of Languages. Live chat support supports a limited amount of Languages. Phone support supports a limited amount of Languages.

Livechat Support at WellsTrade

We tested the WellsTrade live chat and it works well. We sent messages to WellsTrade livechat through their app and website and recieved a response within 20 minutes.

We tested communicating with WellsTrade support in multiple languages in multiple countries. WellsTrade where able to resolve our customer issues.

Email Support at WellsTrade

We sent several emails to WellsTrade and answer times overall were excellent. The fastest response from WellsTrade was less than 40 minutes and the slowest response was 2 days. Support response times may vary for you with WellsTrade, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall average email support from WellsTrade.

Phone Support at WellsTrade

We called WellsTrade and the call was answered very quickly. The call was answered in less than 5-10 minutes.

The WellsTrade phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual WellsTrade team by calling in varying languages. WellsTrade made an effort to make sure our queries were answered.

Overall the phone support from WellsTrade was average.

See how WellsTrade Support Compares Against Other Brokers

What you will need to open an account with WellsTrade

As WellsTrade is regulated by Unregulated, every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

Be aware Please kindly note that the expiration date of Proof of address document for different entities under WellsTrade Brand may be different.

• A scanned colour copy of your passport, driving license or national ID
• A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 3 minutes or so to complete the account opening process.

While you might be able to explore WellsTrade's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with WellsTrade you can visit the WellsTrade trading platform here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.wellsfargo.com/investing/wellstrade-online-brokerage/ on November 30, 2020.

WellsTrade review written by Andrew Blumer and Mark Hansen