Wells Fargo is dropping the trade fee on stocks and ETFs from WellsTrade, its self-directed trading platform. They’ll still charge commissions to trade options.
This comes on the heels of Merrill Edge removing fees yesterday, along with many other brokerages who’ve announced the same over the past month or two. Not sure how many people use WellsTrade, in any case, it looks like everyone is headed in this direction.
Hat tip to Investment News
The brokerage still charge per options fee. I think the exchange charges them that fee?
Know any brokerage that does not charge the fee per options contract?
No, the exchange is not the reason for the options fees. Options have always been the cash cow for brokerages. The fees have also been coming down recently, though not yet to $0 (except Robinhood). Robinhood has $0 commissions for options, but this is not an endorsement – use them at your own risk.
My warning on robinhood is they will bungle your tax documents and they literally took until April 12 last year to finally send me the corrected form AND that’s only because I relentlessly hounded them and filed complaints with BBB, FINRA and any other consumer protection group. Cowards refused to get on the phone and for FIVE WEEKS failed to see anything wrong (often responding 2-3 days later) in email communications. btw many of their options were 5 or 10 cent increments. Not sure how Merrill and others do it, but robinhood essentially has a backdoor (ignorance) fee for their options.. including options contracts being how my income was grossly initially overstated by them
I believe Fido no longer charges commission on option.
Fido is the first one went commission free almost a month ago.
May be Schwab too.
What are you talking about, Schwab was the first, TD was the second, and Fidelity fought for 3 weeks to keep their commissions because the CEO was so arrogant. Finally at the absolute last moment, they decided to remove them because assets started flying out. They most certainly were not the first to go commission free. Please don’t give credit for something amazing Schwab did, to Fidelity, especially when the intent wasn’t there and they complained the whole way.
Actually Interactive Brokers was first, then Schwab.