Robinhood is a popular stock trading app that charges absolutely no commissions. You can read our full review of Robinhood to get a better idea of what they do.
Just last fall, they raised $460 million at a $11.2 billion valuation and are looking to blowing the doors off their promotional efforts.
They’ve started rolling out different promotions for referring new accounts and I’ll try to include them all here.
The most exciting of which is a free share of stock for new accounts when you have a referral. (and once you have an account, then you can refer your friends!)
Want more free stock? Webull will give 2 free stocks worth up to $1,850 after you open and fund an account with $100. They have no account minimums and no fees, so enjoy your free stock!
The two brokers are similar, here is a comparison between the two!
Table of Contents
Open Account, Get Free Stock
The most exciting of the referral promotions is the free stock promotion. When you refer a friend, they get a chance of getting a share of stock valued between $2.5 and $200. The stock is awarded when they fund their account.
When you refer a friend, you also get a share of stock too – you can receive up to $500 in free stocks per year.
The stock is not automatically deposited into your account. You will get a notification (or look in your history/past invites screen) and you have 60 days to claim the reward.
You can sell the stock after 2 trading days but you have to keep the cash value of the stock in your account for 30 days. That value will be reported on a 1099-MISC.
Get Your Free Stock from Robinhood
According to Robinhood, here are the probabilities (based on when they acquired the shares, the market fluctuates so award could be different):
- 100% chance of getting a free share of stock
- ~98% chance the stock has a value of $2.50-$10;
- ~1% chance the stock has a value of $10-$50;
- ~1% chance the stock has a value of $50-$200.
Once they open an account and transfer, you’ll see a notification on your phone. Click through to the person and claim your prize:
Then you get to a screen where you “pick” three stocks (part of Robinhood’s gamification):
There’s some intermediate “scratcher” screen but then you see this:
Fun! Now I can sell in 2 business days (how long it probably takes to settle).
Here are a few high stock amounts I’ve seen:
How Robinhood Promotions Work
A great part about Robinhood promotions is that your referral link never changes. It’s the same invite link you’ve always been using.
The only difference is the incentive you get, the incentive your friend gets, and the rules regarding withdrawals. So what you will see above is a listing of all the different promotions they’re actively running. As a startup, they mix it up all the time so what you see will vary based on your account.
No commission trades, referral sign-up money, this is what disruption looks like — if you get a free share of stock through this, let us know what you got! 🙂
Patricia Carhart says
I signed up for Robinhood….however I did not receive a free share of stock, nor did the person that invited me. What needs to happen for us to receive the free stock share?
I would contact customer service to get that sorted out.
Kendra Jackson says
The free stock I got was Microsoft! I wasn’t expecting that.
Brandy says
AAPL for $203.77
Who woulda thunk I’d be a 2%er
My Mom will be so proud
Lol
David says
I got a Sprint stock when I signed up for $5.77 which was cool. Just today signed up my first friend and got Apple at $211!!!! That was super cool. Created a pretty big buzz around the office and now have several people jumping on board. Great advertising by Robinhood. Meanwhile, I’ve enjoyed the App. Very simple and user friendly. Can’t beat free trades. Will enjoy this while it lasts. Free is hard to maintain.
Steve morse says
Another 2% here..got JNJ for $145.89…sometimes you’re the bug…sometimes the windshield!
Lex says
I got a share of Antero Midstream. XD
~ $5.48
Tj says
Got Microsoft @232.50 !! First reward too! Can’t beat that.
That’s awesome!