Brokers

Best Broker Bonuses for 2022

Qualifying for the best brokerage bonuses

E*Trade: $50 to $3,500 cash bonus

New clients can get up to $3,500 in bonus cash as long as they meet the tiered deposit requirements. The offer is only valid for new E*Trade customers opening one new eligible retirement or brokerage account using promo code BONUS22, and funded within 60 days of account opening with $5,000 or more.

E*Trade offers commission-free online stock and ETF trading and has a wide range of investment products, along with an advanced trading platform for desktop and mobile devices. Clients can also take advantage of E*Trade’s robo-advisor service to build and manage custom portfolios.

Webull: Up to five free stocks valued between $3 and $300

Investors can deposit any amount to receive up to five free stocks each valued up to $300. The free stocks can only be claimed when the deposited amount has settled into your account and for new accounts opened during the promotional period.

Webull offers commission-free investing and has an advanced desktop and mobile trading platform. Investors can consolidate their watchlists, analyze charts, place orders, and check their positions across all of Webull’s platforms. Webull also offers a wide range of investment products, including stocks, fractional shares, options, ETFs, and ADRs.

Ally Invest: Up to $3,000 cash bonus

New investors at Ally can receive up to $3,000 in bonus cash as long as they meet the tiered deposit requirements. The qualifying deposit must come from funds outside of an Ally financial account, and the offer only applies to one new Ally investment account. Ally will also credit up to $75 in transfer fees from another brokerage, as long as you’re transferring at least $2,500. The cash bonus will be credited to the account within 10 business days. Once the bonus is credited to the account, the bonus and qualifying deposit (minus any trading losses) is not available for withdrawal for 300 days. If the qualifying deposit is withdrawn, the bonus may be revoked.

Ally offers commission-free investing for U.S exchange-listed stock, ETF, and option trades. Ally also offers a wide selection of ETFs from Vanguard, GlobalX, iShares, and more. It offers a trading platform and mobile app so users can stay on top of the market with live news, market and company snapshots, and streaming charts. Ally members also have 24/7 access to brokers to help answer any investment questions.

Merrill Edge Self-Directed: Up to $600 cash bonus

New clients can get up to $600 in bonus cash as long as they meet the tiered deposit requirements. You need to make a qualifying deposit to your new account within 45 days and maintain your balance for at least 90 days.

Merrill Edge’s platform integrates with Bank of America and the broker offers $0 online stock and ETF trades. Merrill offers robust third-party research and a large library of educational resources. Merrill also provides 24/7 support and offers clients investing ideas through its “Idea Builder.”

Tastyworks: Up to $200 in cstock

New customers (and existing customers who haven’t funded a Tastyworks account prior to Aug. 31, 2022) can get up to $200 in stock as long as they meet the deposit requirements. To qualify, open an account during the promotional period and fund it with at least $2,000.

Tastyworks offers commission-free online stock trading and competitive cost per options trades. Tastyworks is an online brokerage platform built specifically for options traders. The customizable platform has a wide range of investment products, a large library of resources and educational content, and advanced tools for option traders.

Charles Schwab: Up to $1,000 cash bonus

Schwab’s Referral Offer rewards referred friends and family of Schwab clients with a Bonus Award for becoming a new Schwab client and making a qualifying net deposit. New investors using the referral offer can receive up to $1,000 in bonus cash as long as they meet the tiered deposit requirements. An investor is limited to one cash bonus per account and only one account per client with the referral.

Schwab offers $0 online stock and ETF trades and a wide selection of mutual funds and fixed income products. It has specialized trading platforms and a robust mobile app.

How does a bonus for opening a brokerage account work?

Each brokerage firm sets different qualifications for receiving a bonus. Some firms offer a sign-up bonus for opening a brokerage account, and others require a minimum investment deposit amount.

Some firms, such as Webull, offer a one-time stock or deposit bonus. Firms will either pay a cash bonus or a stock bonus. Investors need to keep their funds in the account for a specific period to qualify for the bonus.

Ally, for example, offers a cash bonus for opening and funding an account. The bonus depends on the amount invested and requires the funds to be in the account for 300 days.

Some firms give bonuses based on using a friend’s referral code and making a qualifying deposit. Charles Schwab does this, offering a cash bonus with a referral code.

Read more: Best Stock Brokers

How to pick the best broker bonuses

When picking the best broker promotions, first figure out the minimum requirements to qualify for the bonus. For example, many cash bonuses require a minimum deposit and to hold those funds in an account for a set period of time.

Another factor to consider is whether it is a stock bonus or cash bonus. New account holders with some brokers can receive free stocks worth up to a typical limit for opening a new account and meeting a minimum deposit requirement. However, many of these stocks are chosen at random, and the value is determined by a probability distribution.

How should you use the brokerage bonus earned?

For cash bonuses, you can use those funds to purchase stocks, bonds, funds, or keep as cash as part of a diversified portfolio. Just be certain that if you are wanting to transfer the bonus out of your account, there may be a minimum holding period. Otherwise, the bonus could be rescinded.

If you got a stock bonus, you may hold or sell awarded stocks once they’re credited to your account. The value from sale of the stock can be withdrawn or used to buy other eligible securities in the account.

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