So there’s a (relatively) new stock trading app called Robinhood that seems to love giving away free stuff. All stock trades are free and you get a free share of stock by simply opening an account through a referral link (so here’s mine!). Of course I’ll get a free share too so thanks in advance 😊 Did I also mention that there’s no minimum balance?
So what’s the catch? Well you don’t get option trades and you’ll have to make every trade through the app. But that’s not so bad. And if you’re wondering how they make money it’s mainly from collecting interest on idle cash and selling order flow. They also offer a premium service called Robinhood Gold for margin accounts.
But enough background info, here are some details/instructions on how to get your free stock.
- Click on my referral and open an account.
- Make an initial deposit into your new account through a linked bank account.*
- Once your account is approved, you’ll get a free share of stock in your account.
Of course you don’t get to pick the stock as it’s completely random. Nonetheless there’s a 1% chance of getting something in the (a) $10-$50 price range or (b) $50-$200 price range. That means there’s a 98% chance of getting something under $10.** But hey, it’s still free money!
*My initial deposit was $5.00.
**My first free share was Groupon (GRPN).