The number of brokerages who will give you free shares of stock continues to grow.
The latest company to offer shares of stock is a brokerage called Moomoo.
It’s a funny name but they’re just playing off how we call rising markets “bull markets” and cows go “moo.” Bulls go “moo moo.” (ok they don’t, but that’s what they’re after!
If you want to see how you can get up to $3,350 in stock, read on:
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Who is Moomoo?
With the rise of platforms like Robinhood and Webull, both of which have been around for several years, it’s no surprise that a lot of investing companies are following their marketing plan – but who exactly are these companies?
Moomoo is a no commission brokerage that lets you invest in stocks, ADRs, ETFs, and options without a commission (options cost up to $1 per contract). You pay the regulatory fees, like the SEC fees and FINRA fees, but no commission on the trades to Moomoo. There are currently no platform fees.
Moomoo is offered by Futu Inc., which is regulated by the U.S. Securities and Exchange Commission and you can review their records on FINRA’s BrokerCheck (CRD#: 283078/SEC#: 8-69739). They are headquartered at 720 University Avenue, Suite 100, Palo Alta, CA 94301 and have been established since 2015 – which is far older than I thought since they are relatively new to me. They are licensed in 53 U.S. States and Territories.
Futu is a member of the Securities Investor Protection Corporation (SIPC) so you also get insurance on up to $500,000 (not for loss of value) and $250,000 for claims of cash.
Moomoo is, as far as I can tell, legit.
How to Get Free Stock from Moomoo
Moomoo is running a promotion, from now until September 30th, 2021 (the promotional period), where you can get free stock just for opening an account. You can get more stock when you deposit money into your account.
- Opening Bonus: Open an account using this link and complete a first deposit of $100 or more and get a free share of LCID stock, worth $20;
- $2,000 Deposit Bonus: During the promotional period, deposit at least $2,000 and maintain your average assets of $2,000 and above for 30 days, and you will get a free share of GM stock.
When you become a Moomoo user, you can also refer others to the platform and get stock. You get one stock for the first referral (after they deposit $100). You get two stocks for the 2nd through 10th person who joins and makes a $100 deposit. You get three stocks for the 11th (and onward).
What Stocks Can You Get?
They don’t list the actual shares you can get but here are the percentages of what you might get for each bonus:
Opening Bonus: You get a free share of LCID stock
$2,000 Deposit Bonus: You get a free share of GM stock
How Does It Compare?
Robinhood offers just a single share of stock while Webull will give you a few shares based on deposits too. So it’s a better offer than Robinhood, simply because you can get more by making a deposit, and comparable to what Webull is offering.
The account has no maintenance fees, it’s free to open, and there are no activity requirements. I don’t see a downside to opening an account and getting the free shares of stock.