About Broker Promotions
Below is a list of the current online discount broker promotions being offered by the various brokerage firms. Due to regulations, a number of these deals are
valid only for U.S.-based customers looking to open a new brokerage account.
Please read the details of each brokerage offer carefully; some of these offers are not valid for retirement accounts (IRAs).
The most popular types of online broker promotions for 2022 are the following:
- Free Stocks: As an incentive to sign up, brokerage companies are offering new clients
free stocks.
- Cash Bonuses: Another type of incentive is free cash in exchange for signing up with the brokerage firm.
Some firms provide cash bonuses, but do require the account to be funded with specific amounts. These investment
firm bonuses can range from $25 to $3,500, with Ally Invest offering the highest brokerage bonus. Be sure to
read the fine print as these bonuses may be available for existing customers.
- Account Transfer Rebates: Brokerage firms will often reimburse customers for the fees imposed by the
client’s old broker for transferring the account. When transferring an account, the client will often incur an
account transfer fee (i.e. ACAT fee). These fees may be reimbursed by the new broker; Firstrade and Ally Invest
offer Account Transfer Rebates.
Less popular forms of incentives and rewards include gift cards (i.e. Apple), merchandise (i.e. Kindle Fire, computer monitors), free or heavily discounted subscriptions to popular investment magazines, websites, or newsletters.
There are a number of great online broker deals available for the trader or investor looking to open a new
brokerage account. However, it is important to remember that it is the service, fees, and reliability of the
broker that are most important. Be sure to research brokers carefully by reading high quality reviews from
various sources and compare a few different brokers before deciding which one is the best for you.
All Online Broker Promotions
M1 Finance
M1 Finance brokerage is offering more than just investing in Pies. The brokerage firm is advertising cash bonuses for opening a new account with a minimum level of funding, which can be accomplished with a deposit or transfer.
The new account bonus is $30 and requires a deposit of $1,000. The transfer bonus is a little sweeter at $40 but requires an old account value of at least $10,000. If you have $2 million or more to move into a new M1 Finance account, the broker will spot you a very enticing $4,000.
But you should hurry. The transfer bonus expires on May 31, 2022, while the new account bonus expires on Dec 31, 2022.
Webull
Webull is trying to bring stock trading to the masses. Not only does it provide $0 commissions, it is now literally giving shares of companies away. New customers who open a Webull account are eligible to receive one free stock (valued between $2.50 and $250). They simply need to open the account.
New customers who take a further step and actually fund a new account (with at least $100) will receive a second free stock. This one is worth between $8 and $1,600.
Although this is a very generous offer, it is only valid for taxable accounts. IRAs are not
eligible.
If you need to transfer an account into Webull and incur a transfer fee, Webull will cover that, too. Webull is hard to pass up!
Ally Invest
New Ally Invest customers (and former customers who closed their accounts more than 90 days ago) can score some sweet bonuses from the broker with a new promotion. The broker requires a $10,000 deposit or transfer of new funds to receive a $100 cash prize. The more you deposit or transfer, the greater the prize; it caps out at $3,000 for a deposit of $2 million or more.
If you perform an ACAT transfer and have to pay a fee at your old broker, Ally Invest will refund the transfer fee, up to $75.
Robinhood
True to its name, Robinhood is handing out free stock to the public. You don’t even need to fund an account. Just open a new brokerage account and link your checking or savings account, and you’ll get one free stock (up to $221 in value, although most stocks will be valued at $10 or less).
You need to claim your free stock within 60 days by tapping on the Get Free Stock offer link inside the Robinhood mobile app.
Public
Public is trying to simplify stock trading to such an extent that it’s actually giving shares of stock away. That’s pretty easy. To qualify, just enter your mobile number on the broker’s promotion page and download the Public app. After your account is approved, you will receive a free stock, up to $20. The value of any free stock must remain in the new Public account for a minimum of 90 days.
SoFi Invest
Social Finance, Inc. is more than just student loans; the company has launched a stock and ETF trading service through its brokerage arm SoFi Invest. To entice new customers into its brokerage service, the company is offering a lucrative $50 bonus for opening and funding a new securities account. A minimum deposit of $5,000 is required.
Charles Schwab
Talk to Chuck. Seriously, you should. If you do, you could get a nice cash bonus from this broker.
All you need to do is open a new brokerage account (this will cost you absolutely nothing) and fund it with a deposit of $25,000 or more. The minimum deposit can be either cash or securities, so you could simply transfer an existing brokerage account into Schwab if you wish. The required level of funding must be received within 45 days. The cash bonus will be $100 for a $25,000 deposit, $300 for $50,000, or $500 for $100,000.
TD Ameritrade
If you want to move your existing brokerage account to TD Ameritrade for its great software and
zero-commission trading, it may cost you less than you think. TD Ameritrade will reimburse any
transfer fees your old firm charges, up to $100. Just send an internal message to the broker after
your account transfer is completed.
tastyworks
If you have friends or family members who are interested in trading stocks, options, futures, or
cryptocurrencies, you could earn some extra cash for referring them to tastyworks. The broker is
offering $75 for each person you refer to them. Just use referral code SFEEQVB7CV.
Find Financial Advisor
If you need some assistance managing your finances or picking winning trades, maybe it’s time for professional help. SmartAsset has a user-friendly online tool that can help you find an investment advisor capable of delivering some guidance on achieving your financial goals. SmartAsset’s online form will lead you step-by-step through a series of easy questions about your current financial life and then recommend a few advisors in your local area that match up with your profile. Besides answers to the online form’s questions, you will need to supply your first and last names plus an email address.
Firstrade
Firstrade may not be first on this list, but don’t let that fool you: this broker is for real. Besides $0 trades on equities, mutual funds, and options, the firm is handing out free stocks to encourage investors to give the broker a try.
Simply open an account using this link and you’ll receive one share of stock for free (valued between $3 and $200, although the vast majority of free stocks are worth less than $10). The broker chooses stocks that have been popular among Firstrade customers in the preceding quarter. The exact stock will be chosen randomly by a software program. One of out every 100 stocks will be either Apple, Boeing, or AMD.
If one stock isn’t enough for you, Firstrade will give you another for depositing or transferring
at least $100 within 30 days of account opening. Awesome deal.
Zacks Trade
If your current broker doesn’t have the software tools you need, you could transfer your account to Zacks Trade. The broker has some of the best trading platforms on the market today, and it’s currently refunding ACAT fees charged by other brokers. There is a limit of $150. Most brokerage firms don’t charge this much, so it should be no problem.
In addition to great software, Zacks Trade also provides access to numerous foreign exchanges.
Coinbase
If the cryptocurrency craze has you interested, it may be time to open an account at a firm that offers trading in the new assets. Coinbase is one place that does offer trading in digital currencies, and it’s actually giving them away for free.
Currently, there are five coins that Coinbase is giving away: Celo, NuCypher, Compound, The Graph, and Bitcoin. Coinbase gives away a few dollars in these coins for watching educational videos on them. Currently, there is a maximum of $31 in earnings potential.
Disclaimer
INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
The investment account promotions could change without notice. Each investment account offer has fine print therefore investors
should thoroughly read and understand it before opening an account. Also, remember that these investment promotions expire on
different dates, so investors need to be aware of that fact as well.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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