What to know about investing apps with signup bonuses
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Chances are, you already know the credit card issuers that advertise important welcome offers to get you to apply for a new credit card.
A similar approach is used in the investment world: Trading apps attempt to attract new clients with free trade signup bonuses, free stocks, or even free money to get you started. Here is what you need to know.
Just as new credit card holders usually have to meet a spending requirement within a specified time frame in order to win a welcome offer, investors opening new accounts in the hope of earning a small bonus often also have to. meet certain criteria.
The good news is that you usually won’t have to jump through a lot of obstacles. On the one hand, you might just need to open a new account with a brokerage house in order to earn something like free stocks. Other times the broker may ask you to fund your account with a minimum amount first and / or make a trade in order to earn a bonus.
Whatever offer they advertise, note that brokers change them often, so it may not be available forever. And, as with opening any new financial account, be sure to read the fine print so you know exactly what is expected of you to earn the bonus.
Remember that while it is a good advantage to receive money or âfreeâ stocks, it should not be the only reason you decide to invest through a particular brokerage. The broker should also offer other perks like no trading fees and a user-friendly interface that aligns with your overall investment goals to make it really worth it.
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Brokerages that offer sign-up bonuses
Looking to invest and earn a bonus in the meantime? Find out what some brokerage firms are offering to new clients, as well as what criteria are needed to earn the bonuses:
Invest ally: Get up to $ 3,000 in bonus cash when you open and fund an Ally Invest Self-Directed Account. Minimum deposits start at $ 10,000, and the more you deposit, the more you earn.
Improvement: Up to one year of free management service with a qualifying deposit within 45 days of registration. Valid only for new individual investment accounts with Betterment LLC.
E * TRADE: For a limited time only: get up to $ 3,500 when you open and fund a new eligible retirement or brokerage account by March 1, 2022 and funded within 60 days of opening the account, using the promotional code: REWARD22. Minimum deposits start at $ 10,000, and the more you deposit, the more you earn.
Robin Hood: Robinhood will give you 1 free share of stock when you open a new account, link your bank account and qualify for your promotion. You can keep the share or sell it after 2 trading days.
SoFi InvestÂ®: Get up to $ 1,000 when you open an active investment account in the app. No purchase necessary. The probability that the client will receive $ 1,000 is 0.028%. Get up to $ 100 in Bitcoin when you make your first transaction with SoFi Crypto. Offer ends January 31, 2022.
Webull: Get 2 free shares: your first free share (worth up to $ 300) when you open your Webull brokerage account and another free share (worth up to $ 3,000) when you deposit an amount on your account.
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Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.