Are you interested in establishing a fresh brokerage account to oversee your investment portfolio but uncertain about which one to choose?
Numerous online investment platforms vie for customers by presenting promotions for new accounts linked to the assets you transfer to their platform. While promotions shouldn't be the sole factor to consider, it's challenging to overlook the enticing bonus amounts.
Outlined below are various bonuses, suitable for individuals with an existing portfolio seeking to transfer stocks or those initiating a new account. By capitalizing on these bonuses, you can augment your account balance.
Keep reading to explore the top promotions offered by brokerage accounts for new customers.
Table of Contents
💵 Moomoo – 15 Free Stocks 💵 Webull – up to 12 free stocks 💵 Robinhood – free stock (valued $5 - $200) 💵 Charles Schwab – $101 or up to $1,000 Refer a Friend Charles Schwab $101 Starter Kit Charles Schwab Refer a Friend – Up to $1,000 💵 Fidelity Account – $100 Cash
💰 Moomoo – 15 Free Stocks
Moomoo functions as a brokerage app that operates on a commission-free model, similar to Webull and Robinhood. It operates under the umbrella of Moomoo Financial Inc., a subsidiary of the FinTech company FUTU listed on Nasdaq. The platform is subject to regulatory oversight from the U.S. Securities and Exchange Commission and FINRA, ensuring that your account is safeguarded by the Securities Investor Protection Corporation (SIPC), with insurance coverage extending up to $500,000.
Moomoo is currently providing an incentive of free shares of stock for individuals who open and fund an account, based on their total net deposit:
For a total net deposit ranging from $100 to $999.99, new clients are eligible to receive 5 free stocks. New clients making a total net deposit of $1,000 or more can avail themselves of 15 free stocks.
While there are no specific trading requirements, it is essential to maintain the deposited cash in the account for a duration of 60 days.
For a comprehensive evaluation of Moomoo, you can refer to our detailed review.
| Total Net Deposit | Total Stocks You'll Get | Eligibility |
|---|---|---|
| $100 - $999.99 | 5 free stocks | New client |
| $1000 or more | 10 additional free stocks | New client |
Get your free stocks from Moomoo
💰 Webull – up to 12 free stocks
Webull is a cost-free trading application developed by Webull Financial, a brokerage situated in New York City and subject to regulation by FINRA. You can verify their credentials on BrokerCheck for added assurance. Our comprehensive review of Webull and its offerings is available here.
New users who register can receive up to 12 free stocks upon opening an account. With zero fees and no minimum account requirements, the stocks are genuinely complimentary. Webull is regarded as one of the top alternatives to Robinhood.
For an in-depth analysis of Webull, feel free to explore our complete Webull review.
Get your free stocks from Webull
💰 Tastytrade – up to $5,000
Tastytrade is currently running a new account promotion where you can receive up to $5,000 in cash by opening and funding a new account or transferring funds. This enhanced offer is particularly attractive for those considering opening a Tastytrade account, representing an improvement from their previous promotion.
This promotion is applicable to both new and existing Tastytrade customers, provided they haven't funded an account yet. The bonus amount is determined based on the transferred funds.
| Deposit Amount | Cash Bonus |
|---|---|
| $2,000 - $4,999 | $50 |
| $5,000 - 24,999 | $100 |
| $25,000 - $99,999 | $500 |
| $100,000 - 249,999 | $2,000 |
| $250,000 - 499,999 | 3,000 |
| $500,000 - $999,999 | $4,000 |
| $1,000,000+ | $5,000 |
Get your bonus from Tastytrade
💰 Robinhood – free stock (valued $5 - $200)
Robinhood operates as a brokerage with zero commission fees, and upon opening an account and linking a bank account, they provide complimentary stock valued between $5 and $200. The offer comes with no additional prerequisites – simply the act of opening an account suffices.
No deposit is required for the stock (although a deposit is needed for cash), and there are no obligations regarding transfers or other criteria.
You can find a detailed review of Robinhood here.
Get your free stock from Robinhood
💰 Fidelity Account – $100 Cash
Fidelity is currently running a new promotion where you can receive $100 by opening a Fidelity Account, Cash Management Account, Roth or Traditional IRA. To qualify, all you need to do is deposit $50 or more within 15 days of account opening, and you'll receive the $100 within 25 days.
Use the promo code FIDELITY100 to avail of this offer, which currently does not have a specified expiration date. This promotion is limited to one offer per customer and is applicable to residents of the United States.
It's worth noting that existing customers can also participate, provided they open an eligible account and fulfill the specified requirements. Additionally, it is mandatory to retain the $100 cash reward in the account for a minimum duration of 90 days.
Learn more about this offer
Frequently Asked Questions
Here are some commonly asked questions regarding bonuses and the process of transferring brokerages.
How do brokerage transfers function?
Most brokerage firms support ACATS, or Automated Customer Account Transfer Service, allowing you to transfer your assets "in-kind." This means your holdings move without necessitating a sale, avoiding any taxable events. If you have significant unrealized gains in a stock, the shares are transferred without a sale, maintaining the same cost basis. However, some items may pose challenges for transfer; for instance, certain brokerages may accept Vanguard Admiral shares of mutual funds, while others may not. In such cases, you might need to transfer them to an alternative asset type, like the ETF version, which is acceptable. ACATS typically takes a week or two to complete the transfer.
Is it advisable to switch brokerages?
While I don't recommend frequent switches solely for bonuses, the process itself isn't overly complex. If you're already contemplating a move, receiving compensation for the effort can be a worthwhile incentive. Keep in mind that some brokers might impose fees for transferring, which you would be paying regardless. Thus, moving around might impact your returns, especially from a bonus perspective.
How are brokerage bonuses taxed?
Bonuses received in new taxable brokerage accounts are reported as income and must be claimed on your taxes. However, if you're creating retirement accounts, such as an IRA, the bonuses go into these accounts, and immediate taxes are not applicable. Traditional IRAs are subject to taxation when you begin taking distributions, whereas Roth IRAs remain untaxed. It's crucial to review the terms and conditions for each account to determine how the brokerage treats the bonuses.