WellsTrade Accounts

[squiffy]

I called on Saturday morning to set up my three new Wells Fargo trading accounts. I faxed in copies of my AMTD and Scottrade statements and signed and faxed in some forms to transfer the cash and stock. On Wed. I received two of the three introductory packets in the mail. Then you can sign up online. It says you will receive your password in the mail within 5 days. Then you can sign on.

So far seems like a good deal.

Looks like the first 100 trades in each account is free. I have 100K, 100K, and 30K in the three accounts, so I should stay above the 25K collective minimum.

At AMTD each equity trade was 9.99, so this Wells Fargo offer is like getting $999 worth of free trades per account, or $700 of free trades compared to Scottrade. Sounds almost too good to be true.

Spoke to someone with Wells Fargo on the phone and he says the free trades have no expiration date.

My only problem is that I like to trade options and the AMTD options charges are slightly cheaper 9.99 + .75 cents per contract and Wells is 9.95 + $1 per contract.

So for a typical trade of 50 contracts I am looking at paying about $12 more at Wells. So I am keeping about one third to one-half of my money with AMTD for a bit.

I have no idea how I will like the trading interface. I really like the AMTD screens. Don't like Scottrade so much.

After the 100 free equity trades are used up, then each trade costs only $5.95, which is cheaper than AMTD by $4 and cheaper than Scottrade by $1. Truly amazing offer.

Like saying hey, trade with us and we'll give you $3000 worth of equity trades free. No strings attached.