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App-based brokerage Webull is offering ten free stocks when you refer two new customers between 4/1/21 and 4/15/21 who each deposit at least $100. Given that each stock is worth between $8-$1,600, that’s at least an $80 bonus for referring two new people (and potentially more).
The Deal
- Webull is offering a referral bonus whereby you can receive a total of 10 free stocks after successfully referring two new customers who each open their accounts by 4/15/21 and deposit at least $100 as per the following:
- 1st successful referral = 3 free stocks
- 2nd successful referral = 7 free stocks
- Each subsequent referral = 2 free stocks for each
- Our referral links:
Key Terms
- A successful referral is a new user who uses the referee’s unique referral link to sign up, opens a brokerage account, and makes an initial deposit of at least $100 within 30 days of signing up
- Note: Your referrals must initiate the deposit between 4/1/21 – 4/15/21 for you to receive the free stocks listed in this offer
- You can only claim your free stocks when your referee’s funds settle (usually takes 5 business days)
- Stock awarded during the promotion must be claimed within 30 days and then will be reflected in your account within 15 trading days from being claimed
- Stocks can be sold after being awarded, but the proceeds from the sale of free stocks can not be withdrawn for 30 days
Quick Thoughts
This is a nice little bonus if you have two friends or family members willing to play along and deposit at least a hundred bucks each. Note that there is no requirement that they invest the money, it just needs to get deposited into the account (it can be held as cash and later transferred out if they change their mind / don’t like the app).
I’ve been using Webull for a couple of years now and been fairly happy with it. My Webull account isn’t my main brokerage account, but I’ve kept it around for bonus offers between these types of referral promotions and deposit / transfer bonuses.
In my experience, the stocks I’ve gotten from referral and deposit bonuses have typically been just above the minimum threshold. While I’ve occasionally received a stock worth a buck or two more, the vast majority have been within fifty cents of the minimum advertised threshold. I’ve also had some instances where a stock must have dipped between when they allocated it for a promo and when they awarded it to me, because I’ve had a few experiences where the stock I received was ten to thirty cents per share less than the advertised minimum. They do note in the terms that this is a possibility because they have the stocks settled in advance of the promo and were above the target range when purchased but can fluctuate before being awarded. The good news is that I have held every stock I’ve received and over time, all of them are up between 14.44% and 350% (before Viacom recently collapsed on me, it was up about 600% from where I’d gotten it). Obviously those returns are influenced by whenever I received the shares and unpredictable market conditions, but what I’ve enjoyed about Webull bonuses is watching them grow.
It is worth noting that Webull varies these promotions in terms of the minimum value threshold: sometimes they give fewer stocks with a minimum value of $12 per share, sometimes they increase the number of potential shares but decrease the minimum value to $8.
In terms of a brokerage app, the Webull interface is perhaps a bit advanced for me — it seems busy compared to apps like Robinhood and SoFi. Despite my extreme distaste for Robinhood after the whole Gamestop fiasco, I have to admit that I like the Robinhood interface more than Webull’s. However, Webull seems to have a lot of bells and whistles that are likely appealing to some (apart from free stocks I gather, my investment strategy is simple enough that I don’t need a lot of the additional functionality). Given the low hundred dollar deposit threshold, I think it’s potentially worth opening an account assuming that you’ll try to take advantage of the promotion for yourself and/or if you’re angling to be targeted for a future deposit bonus. In our experience, we’ve received deposit bonus offers in proportion to our initial deposits, so you may want to start small to have room for an additional targeted deposit bonus in another month or two as Webull is sometimes known to offer them.
Note that I’m not positive whether this promotion is targeted, but since Stephen received it as did my wife and I, my assumption is that it is open to everyone. To be sure, open your Webull app, click the menu, and find the “Invitation bonus” button to hopefully find the offer as shown above. If you do participate, be sure to go into the app and “claim” the free stocks within 30 days of receiving notification that they have been awarded (you should receive both an email and a phone notification, though you can also go into the app, menu, and “My free stock” to see if you have any available to claim).
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