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Webull has been offering a series of rewarding referral promotions in recent months and their latest one can net your household at least $270 if you refer your partner (or vice versa).
The Deal
- Refer someone to Webull & you’ll each earn the following:
- When person being referred deposits less than $500
- Referee earns 3 Fractional Reward Shares worth at least $9
- Referrer earns at least 10 Fractional Reward Shares worth at least $30
- When person being referred deposits $500-$24,999
- Referee earns 30 Fractional Reward Shares worth at least $90
- Referrer earns at least 60 Fractional Reward Shares worth at least $180
- When person being referred deposits less than $500
- If you already have a WeBull account, you can find the new referral promotion in the Promotion Center section of the Menu tab at the bottom right
- If you don’t have an account, you must first sign-up for an account, make any deposit, and you’ll then be able to refer (our referral links are below if you’d like to use them)
Direct Link to Sign-Up without using a referral link
Key Terms
- Expires January 9, 2024.
Quick Thoughts
The best option here is clearly to have the person being referred deposit $500. That’s because if they deposit less than that they’ll only earn 3 shares worth at least $3 each, while the referrer will probably only earn 10 shares (there’s a miniscule chance of earning more) worth $3 each too. However, if they deposit at least $500 the person being referred earns 30 shares worth at least $3 each, while the referrer earns at least 60 shares worth that same amount.
That means that if you refer your partner or they refer you, you’ll earn a total of at least $270 between you. That’s an excellent 54% return on your money for a $500 deposit considering you don’t even have to invest that $500 in shares; you can just leave it sitting in a cash management account if you like (Webull offers 5% interest).
There are a couple of important things to be aware of with this promotion. To refer to this offer, you’ll need to generate a referral link specific to this promotion. To do that, tap the Menu button at the bottom of the navigation bar and then tap the card that says ‘Up to 100/600 free fractional shares per referral’. You should then see a link that says ‘Copy your referral link’ – that’s the one you’ll need to give the person that’s being referred.
Once you and the person you refer have earned your fractional shares, you’ll then need to claim them. Webull no longer seems to send an email when they’re ready to be claimed, so it’s worth setting a reminder to check the app if you’re likely to forget. To claim them, in the Menu section the ‘My Rewards’ button should change to a red color. Tap on that and then claim the shares on the next screen. I think it’ll have you spin a wheel to see how many shares you’ll earn if you’re the referrer. If the person being referred deposited at least $500, you’ll get six spins with each on getting you at least 10 shares worth $3 each. There’s a chance that you’ll earn more shares than that or shares worth more than $3, but like I said earlier – the chances aren’t good.
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How long did it take to get a referral link after signup? I signed up 12/31 and still not seen. I sent a msg to Webull a couple days ago but have not received a response.
Is the offer open to previous account holders?
Unfortunately not – the small print excludes people who’ve previously had a Webull account with the same valid social security number or tax identification number.
“Webull only offers and supports the trading of Fractional Shares for selected US stocks and ETFs.” Curious if what they are not telling us is that the fractional shares one receives for the bonus are dogs that can’t be unloaded.
No, they’re regular shares – I’ve gotten things like Ford, Starbucks, Snap, etc.
Thank you, Stephen. Is there any required holding period or could I liquidate ASAP and put the proceeds right into a CMA or buy SPX?
I haven’t seen any time period listed in the terms and conditions, so in theory it should be safe to sell the fractional shares immediately.
Thanks for the heads up, Stephen! Just referred my wife and she was approved in a few minutes. $500 ACH transfer initiated too.
Nice! Hope you’re one of the lucky ones to get more than the $270 of shares.
I won’t hold my breath, but I’ll let you know if I get lucky
I received $12 GOOG, $5 AAPL, $4 APPL, and then 57 other shares worth $3 toward SNAP and SPOT.
My wife needs to accept her bonus shares too.
My wife got 30 shares worth $3 each.
It’s a shame you didn’t quite make it to $300, but glad you got more than the minimum 🙂
I already have a webull account, but I dont seem to have any such offer in my promotion center?
That’s strange – I’d assumed that it would be available on all Webull accounts as I’ve never known that to be targeted. Does the App Store or Google Play show the app as needing an update? I wasn’t sure if that could be the reason why.
Are these deposits federally insured?
Yes, although who it’s covered by depends. If you put your money into a Cash Management account, it’ll be covered by FDIC insurance up to $250,000. If it’s not in a Cash Management account, it’ll be covered by SIPC insurance up to $250,000.
Thanks, Stephen. How long would an investor have to leave it in the account before withdrawing! What if a household has P1-P5, is it only one bonus per household?
It’s not one bonus per household, but the people opening the account do have to be at least 18 years old, so that could affect your ability to get other players set up.
As for how long you have to keep the money in there for, I checked the terms and conditions and didn’t see anything specifically addressing this. It might therefore be that you can withdraw the money as soon as you get the free shares, but I’d personally be inclined to leave the money in there for at least a month or two to play it safe provided that isn’t going to cause you any hardship.