When bitcoin first started, people gave them away because they were worth very little. Believers in the cryptocurrency wanted more people to have bitcoin because wider adoption meant it was more likely to succeed. They called them bitcoin faucets because the coins just came out like water from a faucet.
Nowadays, faucets are just a fun trip down memory lane and the ones that claim to be faucets are usually scams.
There are, however, still ways you can pick up some bitcoin.
This is not a list of ways to earn bitcoin by playing games or performing tasks (many of those are using your computer to mine crypto… and giving you a smaller piece) – these are offers that will give you bitcoin just for signing up. They are offered by financial companies who are willing to give you those bitcoins in return for your business.
While the bitcoin may be “free,” some may require you to make a deposit. So in that sense, it’s not something for nothing. You won’t just get bitcoin for free – you’ll have to make a commitment as well. But what you deposit is still yours, so the coins themselves are free.
When I looked, there were only a handful of ways to get free Bitcoins and the ones I list below are all legitimate:
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BlockFi — up to $250
BlockFi is a platform that offers bank-like services but with cryptocurrencies (they list Winklevoss Capital, Fidelity Investments, and coinbase as their investors). They offer a high-yield interest account, a trading account, as well as crypo-backed loans. Also, since the account is in cryptocurrency and not cash, it’s not back by any government entity (so no FDIC/SIPC type of insurance).
When you make a deposit, what you get is USDC, which is a USD Coin. USD Coin is what’s known as a “stablecoin,” where the value is pegged to the dollar. If you’re comfortable with all these caveats, they are offering a promotion of up to $250 in USDC based on this schedule:
- Deposit $25 – $249, get $15.
- Deposit $250 – $999, get $20.
- Deposit $1,000 – $4,999, get $40.
- Deposit $5,000 – $9,999, get $75.
- Deposit $10,000 – $19,999, get $150.
- Deposit $20,000+, get $250.
SoFi Money – $50
SoFi is best known for their student loan products but they have a cash management account called SoFi Money. It currently yields 0.25% APY, which is meh, but they also have a new account offer.
When you open an account, they will give you $50 if you deposit at least $500 - there is no direct deposit required. It’s super easy and the account has no fees.
You can use this free money with SoFi Invest, below, to get bitcoin.
SoFi Invest – $50
Now that you have a SoFi Money account, you can open a SoFi Invest account and get $50 worth of stock when you fund it with at least $1,000. There no other requirement and trades are free.
So, sign up for SoFi Invest with a referral link, deposit $1,000, collect your free fifty bucks in stock. You can then sell the stock and use the proceeds to buy crypto. There are no transaction fees for the buying and selling of stock on SoFi Invest.
You can trade cryptocurrencies with SoFi Invest and they even have a promotion where they will give you $25 in Bitcoin when you make your first crypto trade of $10 or more. Trading crypto has no “fee” but they do charge a markup of 1.25% on each trade.
Robinhood – Free share of stock worth up to $200
Robinhood changed the brokerage game when they offered a brokerage app with commission-free trades. They make money off the order flow of their customers but for the average investor, that’s irrelevant. They will also give you a free share of stock when you sign up – it’ll be worth anywhere from $2.50 to $200+ (if you’re really lucky).
You have a 1 in 80 chance of getting Visa, Microsoft, or Apple. It’s not common but it’s also not extremely rare.
Robinhood also offers cryptocurrencies so you can sign up so when you get your free stock, sell it, and then buy whatever crypto you want.
These are the reputable sources we’ve found so far (that don’t require a transaction) – we will add to this list whenever we learn of others.