Opening a brokerage account has never been easier. Plus, each one of these brokerage firms is vying for your business, and many are offering new account bonuses and brokerage account promotions just for signing up.
Whether you’re looking to trade stocks, bonds, ETFs, or even cryptocurrency, there’s an overwhelming amount of quality platforms to chose from.
In this post, we share the best brokerage bonuses available today, including the main features and benefits that you can find with each one.
13 Best Brokerage Account Promotions
Here are the top brokerage account promotions and bonus offers available now:
- Ally Invest: up to $3,500
- Schwab: up to $500
- Merrill Edge: up to $1,000
- Robinhood: Free Stock
- Webull: Free Stock
- TD Ameritrade: up to $2,500
- TradeStation: up to $5,000
- SoFi Invest: Free Stock
- Firstrade: Free Stock
- Nvstr: up to $1,000
- Tastyworks: 100 Free Shares
- M1 Finance: up to $3,500
- Betterment: up to 1 year Fee Waiver
1. Ally Invest
Ally Bank is the largest online-only bank and offers deposit accounts, investment accounts, and personal loans.
Its trading platform, Ally Invest, offers commission-free trades on stocks, ETFs, and options. You can also opt for either self-directed trading or a managed portfolio.
There’s a $100 minimum deposit required to open an account, but you need to chalk up more than that to get a sign-up bonus.
Ally Invest Promotion
Depending on how big of an initial deposit you make, you can earn up to $3,500.
Ally Bonus Tiers:
- $10,000 to $24,999 deposit: $50 Bonus
- $25,000 to $99,000 deposit: $200 Bonus
- $100,000 to $249,999 deposit: $300 Bonus
- $250,000 to $499,999 deposit: $600 Bonus
- $500,000 to $999,999 deposit: $1,200 Bonus
- $1 million to $1.9 million deposit: $2,500 Bonus
- $2 million+ deposit: $3,500 Bonus
All will review your account 60 days after opening to determine your total qualifying deposit.
Then, the cash bonus goes into your account within ten business days after that. Just keep in mind that once it’s in there, you won’t be able to withdraw the bonus or deposits (minus any trading losses) for 300 days.
On top of all that, you’ll also get a reimbursement for any transfer fees (up to $150) if you move your account from another brokerage.
Charles Schwab Corporation (usually referred to as just Schwab) offers everything from brokerage services to checking accounts and savings accounts.
Schwab is currently running an intro referral bonus that applies to all retail brokerage accounts and IRAs. You’ll need a referral link for the bonus, which you should be able to find online if you don’t know any current Schwab customers.
Schwab Bonus Tiers:
- $1,000 to $24,999 deposit: $100 Bonus
- $25,000 to $49,999 deposit: $200 Bonus
- $50,000 to $99,999 deposit: $300 Bonus
- $100,000+ deposit: $500 Bonus
You’ll have 45 days after opening your new account to claim the bonus, which shows up about a week after the 45-day period ends.
3. Merrill Edge
Merrill Edge has been around since 2010 and is the electronic trading wing of Bank of America. With a Merrill Edge brokerage account, you’ll get commission-free trades on stocks, ETFs, and options, with no trade or balance minimums.
Merrill Edge Promotion
If you open a new Merrill Edge Self-Directed account, you can take advantage of a bonus offer with the promo code 100ME.
Merrill Edge Bonus Tiers:
- $20,000-$49,999 deposit: $100 bonus
- $50,000-$99,999 deposit: $250 bonus
- $100,000 to $199,999 deposit: $500 bonus
- $200,000+ deposit: $1,000 bonus
To qualify, you’ll need to make your net deposit within 45 days of account opening. Keep in mind that the bonus won’t be credited unless you can hold that balance for 180 days after meeting the requirement.
Robinhood is a California-based brokerage firm that offers fractional shares and commission-free investing in stocks, ETFs, and cryptocurrencies. The company operates on a tech-forward platform that caters to people who are new to investing.
Robinhood has an interesting sign-up bonus going on right now. When you sign up for a new account, you’ll get a bonus in the form of a randomly chosen stock.
The share’s value ranges from $3 and $225 and is subject to market fluctuation.
While your share could be worth more, Robinhood is pretty transparent about the fact that approximately 98% of the free stocks they hand out end up being worth $10 or less.
Webull is a commission-free trading service with a heavy emphasis on cutting-edge technology.
The platform offers extended trading hours and in-depth financial analytics to help you identify market trends and understand the best moves to make with your money.
When you sign up for Webull and fund your account with at least $100, you can get your hands on some free stock.
The first stock is awarded just for opening an account and will be valued somewhere between $2.50 and $250. You can also get a second stock bonus, with a value between $8 and $1600, once you fund your account.
Webull’s bonus stocks are chosen in a random lottery, and the odds are that you won’t win a top-tier share (similar to Robinhood’s promo). Webull puts your odds at 1 in 100 to get a blue-chip stock like Facebook, Snap, or Starbucks, and 1 in 50 to claim Google, Kraft, or Proctor & Gamble.
6. TD Ameritrade
TD Ameritrade Promotion
If you open up a new TD Ameritrade brokerage or retirement account by the end of June 2021, you can get up to $2,500 in free cash.
Note: This promotion only caters to high-income individuals, and you won’t be eligible for even the lowest tier unless you have $250,000 to invest.
TD Ameritrade Bonus Tiers:
- $250,000 to $499,999 deposit: $350 Bonus
- $500,000 to $999,999 deposit: $700 Bonus
- $1 million to $1.9 million deposit: $1,500 Bonus
- $2 million+ deposit: $2,500 Bonus
To get your bonus, you’ll have to make the required deposits within the first two months after account opening and maintain your balance for 12 months. For most people, the deposit requirements are going to be out of reach.
TradeStation is an online brokerage platform that provides trading technology and market analysis for all major U.S. exchanges.
With TradeStation, you can invest in commission-free in stocks, ETFs, options, futures, cryptocurrency, and more.
TradeStation is currently running two different brokerage promotions.
The first one pays $100 cash back if you deposit $500 or more into your account with the offer code TSTVAFVE.
To cash in on the bonus, you have to maintain a $500 balance for five months, and the bonus comes in $20 increments each month.
The second offer is for both new customers and existing accounts and pays a cash bonus of up to $5,000 with the promo code CASHAFRV.
TradeStation Bonus Tiers:
- $5,000 to $25,999 deposit: $50 bonus
- $25,000 to $99,999 deposit: $200 bonus
- $100,000 to $199,999 deposit: $300 bonus
- $200,000 to $499,999 deposit: $600 bonus
- $500,000 to $999,999 deposit: $1,200 bonus
- $1 million to $1.9 million deposit: $2,500 bonus
- $2 million to $4.9 million deposit: $5,000 bonus
8. SoFi Invest
Social Finance Inc., most commonly known as SoFi, is an online personal finance company out of San Francisco.
SoFi is best known for offering competitive student loan refinancing rates. The growing fintech firm now offers financial products like personal loans, credit cards, and you guessed it — an investment platform.
Through the end of March 2021, SoFi is offering free stock for new brokerage accounts.
All you have to do is sign up for a SoFi Active Invest account and fund it with at least $5,000, and you’ll get $50 worth of a stock of your choosing within 10 days.
Firstrade is a New York-based brokerage firm that offers online stock, ETF, and options trading with no monthly fees, commissions, or deposit minimums.
When you sign up for a new Firstrade account by the end of April 2021, you’ll be in line for up to two free stocks.
The first stock comes just for signing up. The second free stock comes if you deposit or transfer $100 or more in the first 30 days after opening.
Bonus stocks are selected randomly by an algorithm and could be worth anywhere from $3 to $200 each. Firstrade sets the odds at about 1 in 100 to grab a high-value stock, such as Apple or Boeing. 10.
Nvstr is an online brokerage platform that offers one-click portfolio optimization through a Robo-advisor.
Nvstr is built on modern tools that allow for data-driven market insights and connects you with other members of its community for guidance.
New account holders can earn up to $1,000 in free cash just for signing up. Nvstr’s is one of the few bonuses out there that doesn’t base your reward on how much you invest.
Instead, the bonus amount you can get is selected at random, so everyone has a small chance at maxing it out.
Here’s where Nvstr sets the odds of getting each tier:
- $10 bonus: 34.94% chance
- $10.50 bonus: 40% chance
- $11 bonus: 15% chance
- $12 bonus: 5% chance
- $20 bonus: 5% chance
- $500 bonus: 0.04% chance
- $1,000 bonus: 0.02% chance
Looking at the numbers, most people will qualify for a bonus of $12 or less. You can get an additional bonus if you refer people to Nvstr. However, the total earnable amount caps at $1,000.
Tastyworks is a do-it-yourself investing platform that encourages investors to take control of their own portfolios rather than letting stockbrokers or Robo-advisors do the work.
The company offers low commission trading on stocks, ETFs, futures and provides retirement and corporate accounts.
When you sign up for a new brokerage account and fund it through an account transfer with at least $2,000, Tastyworks lets you choose between a reward of 100 free shares or ten free options, which it then picks at random.
Tastyworks estimates that each reward’s average value is around $200.
This promotion is running until the end of June 2021. Use the promo code STOCK_AWARD_21 to qualify.
12. M1 Finance
M1 Finance’s investing tools allow you to customize your own investment strategy and utilize automation to keep it in balance.
M1 Finance Promotion
If you’re looking to transfer funds from an existing brokerage account, you can take advantage of a cash bonus of up to $3,500 with M1 Finance.
M1 Finance Bonus Tiers:
- $10,000 to $19,999 deposit: $40 bonus
- $20,000 to $49,999 deposit: $75 bonus
- $50,000 to $99,999: $150 bonus
- $100,000 to $249,999: $250 bonus
- $250,000 to $499,999: $500 bonus
- $500,000 to $999,999: $1,000 bonus
- $1 million to $1.9 million deposit: $2,500 bonus
- $2 million+ deposit: $3,500 bonus
This promotion expires at the end of February 2021, so you don’t have a ton of time to take advantage of it. Bonuses tend to come and go, so there will most likely be another one soon.
Betterment is a financial advisory company built to help customers achieve long-term success. As one of the first mainstream Robo-advisor services, Betterment is a leader in the field of automated investing.
As an account holder, you simply select your risk tolerance and investment goals. Betterment’s Robo-advisor then takes it from there by building a customized portfolio and automatically allocating your investments for you.
Betterment’s promotion is a little different from the other offerings because it comes with a fee waiver instead of a free stock or sign-up bonus.
Typically, Betterment charges an assets under management fee that ranges from 0.25% to 0.40%. For example, if you invest $10,000, your annual assets under management fee would be around $25.
You can avoid the fee for up to one year by taking advantage of Betterment’s current promotion. The more you deposit, the more fees you can avoid.
Betterment Fee Wavier:
- $15,000 to $99,999 deposit: 1 month fee waiver
- $100,000 to $249,000 deposit: 6 months no fee
- $250,000+ deposit: 1 year free
Looking at the numbers, if you were to deposit $250,000, you could save an impressive $625 in fees on the first year that your account is open.
For investors looking for a hands-off Robo-advisor account, this looks like a pretty good deal.
Brokerage Account Promotions FAQs
What is a brokerage account?
A brokerage account is a financial account that allows you to buy and sell securities like stocks, bonds, mutual funds, and ETFs. Just like a normal bank account, you can deposit and withdraw money. The difference is that with a brokerage account, you can actively grow your money through investments. You can also lose money, depending on market conditions and how your securities perform.
There are many different types of brokerage accounts for all kinds of investor profiles. Whether you have just a few dollars or a few million to invest, you should be able to find an account that meets your needs.
Who is the best online broker?
It’s tough to say which broker is the outright best online broker because it really comes down to your investment style and goals.
Some online brokers are ideal for investors that love to buy and sell funds and actively time the market. Others are better for those that simply want to buy and hold funds for the long term.
It also depends on whether you’re looking for more of a DIY platform (e.g., Robinhood and Tastyworks) or a more traditional experience (e.g., Schwab and Vanguard) with access to customer advisors when you need help.
That said, the best online broker for you is the one that meets your needs. If you get get a sign-up bonus while you’re at it, go for it. But whatever you do, avoid signing up for a platform that you don’t understand just to get the bonus.
Are trading apps legit?
Yes, most of them are legit. With the onslaught of mobile brokerage apps in recent years, it can feel overwhelming trying to determine if they are trustworthy. But rest assured, there are a ton of legitimate, convenient trading apps, and any of the platforms listed in this post are safe. Be sure to look into reviews and read the fine print before you invest, and you should be just fine.
Can you have multiple brokerage accounts?
Yes. There’s no law against holding onto more than one brokerage account, but you should weigh the pros and cons before taking that route.
It might make sense to have multiple portfolios if you have a variety of investment goals that cannot be accomplished on the same platform. Plus, opening multiple accounts can help you take advantage of more than one sign-up bonus.
On the other hand, too many accounts can complicate things. The more places you have your money, the harder it is to keep track of. You also might miss out on relationship bonuses if you’re spread too thin because financial institutions tend to reward those who have more money with them.
Which Brokerage Account Promotions Are For You?
No matter your investing goals, there’s a brokerage account out there that should be able to facilitate them.
Whether this is your first shot at investing or you’re just shopping around for the best deals, you now have a better idea of the top brokerage incentives for new account holders.
You should never choose a financial partner based on a sign-up bonus alone. But the extra cash in your pocket or stock in your portfolio can help to narrow your choices down while bolstering your account in the process.
Also, remember to keep an eye out for any disclaimers that could wipe out the bonus you are hoping to earn.
Here’s to making the most of your online brokerage relationship.