WellsTrade (Wells Fargo) Registration

Updated Sunday, July 26, 2009

Registration Grade: D


The WellsTrade registration process needs improvement. Multiple forms need to be signed and physically mailed/faxed to WellsTrade in order to set up an account. This process is now paperless at most online brokers. To log in to my account for the first time, I was required to call technical support. This is an unnecessary hassle that I did not experience with any other broker.


Minimum initial account deposit: $1000

I opened a general brokerage account.

The WellsTrade welcome screen (click on images for larger views):

Before I have even entered any information, I was prompted to apply for a student loan. This was an ominous sign:

I navigated through roughly a dozen pages entering standard account opening questions. In the end, I was greeted with a message informing me that in a few days I would receive a mailing with the rest of the account opening information. Sure enough, a few days later I received a package from Wells Fargo. The package consisted of a privacy policy, online account assistance guide, commissions and fees form, account agreement and a signature page. The signature page needs to be physically mailed or faxed before the account can be opened.

A few days after faxing in the signature page, I decided to log in to my account to see if it had been activated. My previously created user name and password, however, would not work. I was prompted to call the WellsTrade help line for further details. I spoke to an account representative who informed me that she first had to link my user name to my account before I could log in. The rep was helpful and friendly but this step should not be necessary.

Once I was in, I was able to find the electronic funds transfers authorization form which, along with a voided check, is required to be mailed or faxed before a checking account can be linked to a WellsTrade account. A few days after I faxed WellsTrade this form, micro deposits were credited to my checking account, which need to be verified to complete the process. The verification process was fast and I was able to transfer funds into my WellsTrade account quickly.

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