Wells Fargo Advisors is now offering zero-fee trading on its WellsTrade self-directed trading platform for stocks and exchange-traded funds.
The move, which excludes options and penny stocks, comes shortly after Bank of America Corp.'s own announcement that it is offering commission-free trading for stocks, ETF and options to Merrill Edge Self-Directed investors and follows big brokerages' fee-free trend.
WellsTrade allows investors to, among other things, obtain real-time quotes and review interactive charting and research from Wells Fargo Investment Insitute as they buy and sell stocks directly.
"After thoughtful review, we realized changing our commission structure was right for our clients and business," Joe Nadreau, Wells Fargo Advisors' head of independent brokerage and platform services, said in a news release.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network LLC.