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Wells Fargo has recently introduced a product called “Wells Fargo Propolis” to help traders in the forex market to avoid unnecessary transaction fee. The Wells Fargo Propolis is a mobile application that works like an online calculator where the user enters the amount to be traded and it will then calculate the number of trades to be done for a given account. The calculator determines the potential transaction fee charged on the trade and if the trader plans to execute the trade using his or her credit card, the amount to be paid will be clearly stated in the user's account statement.

The idea of this foreign transaction fee calculator was indeed a great help to most brokers and traders who were struggling with figuring out the potential cost of executing a particular transaction. It has been a proven fact that the foreign transaction fee levied by many brokers is one of the causes for the slowdown in trading for most traders around the world. The ability of a tool such as the Wells Fargo Propolis to help determine the potential transaction fee has actually resulted to increase in the interest of many traders who are using the foreign exchange market. The calculator is able to provide valuable data such as the average account opening balance and the number of successful trades done by the account holder.

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The calculator however also offers other useful features such as the ability to export data, compare various fees and deposit details into a particular account. With these added features, the trader can get a clear picture of how much he or she is going to be required to pay for the services of a broker. It helps the trader to decide whether to go with the quoted transaction fee of a particular broker. If the trader is still interested in using the service of a broker after reading the account statement, he or she is free to do so without any obligation.

Another useful tool that the Wells Fargo Propolis provides is the option for the user to pay the fee directly into his or her account. This is an excellent way of avoiding payment of brokerage costs and other transaction fees. By paying the fee directly to the account, the trader eliminates other middlemen such as the banks. This helps the trader to save more money, which he or she can use for other investments. The amount of money that can be saved can really make a huge difference for the aspiring investor.

In order for the trader to use the Wells Fargo Propolis, he or she should open an account with the bank. By doing this, the trader will be able to receive quotes from different brokers free of charge. Once these quotes are received, the trader can choose the one that offers the best rate and services. This is the only way through which a trader will be able to determine whether or not the Wells Fargo Propolis foreign transaction fee is worth it.

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Before choosing a particular broker, one should check on the rates that he or she is offering in order to ensure that the foreign exchange broker is not just out to take advantage of you. If you happen to open an account with a broker that is offering higher rates than the competition, it is best that you go with the one that is willing to give you the most competitive rates. When it comes to fees, it is really all about being prudent and choosing the one that is a little bit below the competition and allows you to benefit from it. With the right broker, you will never regret having opened your account with Wells Fargo Propolis.

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