But these days, legitimate no-strings-attached, one hundred percent free offers are few and far between.
And even in the rare instances when you find an absolutely free offer, you almost always end up paying in one way or another – even if it doesn’t come out of your wallet.
Think National Donut Day, when hordes of people are willing to wait in line for hours just to snag a free donut. Yes, donuts are spectacular – but two hours?! (Now, maybe if they were giving away burritos…) But seriously, think about all the ways you could better use that time.
Anyway, there’s almost always a trade-off. It’s like the old adage, “If it sounds too good to be true, it probably is.”
But here’s what makes Robinhood’s free stock promotion so incredible: there is no trade-off.
(In case you don’t know, Robinhood is a popular app-only brokerage that allows users to trade stocks for free – no minimum account balance, no commissions, no maintenance fees. Click to here check out our no-nonsense review of the Robinhood app.)
It’s simple. Create your free account, get a FREE SHARE of stock.
But wait, it gets better. Unlike most promotional offers, the freebies don’t end after you’ve signed up. Once you have an account, you’ll receive a referral link of your own that you can share with friends and family. When they sign up, you will both receive a free stock!
And here’s the best part – you can accumulate up to $500 in free shares of stock!
Think National Donut Day, without the lines and up to 500 donuts without the bellyache. Count me in.
Getting your free share of stock from Robinhood is easy.
1. You must be new to Robinhood to be eligible for a free share. (If you already have an account, you aren’t eligible. And no, you can’t open a second account. Sorry ☹).
2. You have to sign up using a referral link (like the one below).
Click Here to claim your free share of stock now!
*Full disclosure, this link belongs to a Dollar Builder family member. When you use this link, they’ll receive a free share too! We can’t wait to surprise them with a bundle of free shares.
After you click the referral link, you’ll be asked to provide some basic information (e.g., name, address, Social Security, date of birth, etc.). This is standard information that is required any time you open a brokerage account.
You will also be prompted to link a bank account to your new Robinhood account. Linking a bank account is not required to qualify for an account, but it does come in handy if you want to transfer funds quickly and easily.
Lastly, don’t forget that this is an app-only platform, so you’ll probably want to download the app.
Refer a Friend, Get More Free Shares
Like I mentioned earlier, you can receive up to $500 in free shares of stock, so why stop after you get your first share?
The process I described above also applies to anyone else who uses your referral link to sign up. Start by sharing your referral link. Robinhood provides a variety of methods to make it easy to send your referral link, such as text, email, Facebook, Twitter and more.
Let’s Talk About Those Free Shares
The value of each free share may be anywhere between $2.50 and $200, depending on the movement of the market. So far, I’ve only received shares valued at $10 or less (usually $7 – $8) – but hey, that’s good enough for me.
Here’s a breakdown of the approximate odds of receiving shares within certain ranges:
- 98% chance the free stock will have a value of $2.50 – $10
- 1% chance the free stock will have a value of $10 – $50
- 1% chance the free stock will have a value of $50 – $200
Once your friend opens an account using your referral link, you’ll receive a notification on your phone. Log into your Robinhood account and go to your past invites page to claim your free share. According to Robinhood’s terms and conditions, you have 60 days to claim your free share before it expires. In my experience, I haven’t had to claim my free shares – they’ve just been deposited into my account.
You can sell your free stock after two trading days, but you can’t withdraw the cash value of your stock for 30 days after you claim your free share.
What If My Free Shares Don’t Arrive?
I’ve actually had two experiences where the referral link didn’t work for some reason. And both times Robinhood fixed things right away. If you or a friend doesn’t receive the free share of stock, send a message to Robinhood’s support team and provide the referral link that was used, the new account holder’s username, and the platform that was used to sign up. They should take care of it pretty quickly.
What We Like About Robinhood
Darian and I both have Robinhood accounts (Darian actually referred me – thanks bro) and we have zero complaints.
On a personal level, this promotion has given me a free introduction to the world of trading stocks.
Most people learn by doing. And, in my opinion, there’s no better way to learn how to navigate the stock market than by experimenting with free money. You have nothing to lose. The free stocks that I’ve received from Robinhood have given me the opportunity to learn more about the stock market than I ever did through books, podcasts or other resources.
On top of that, I’ve been able to share that experience with friends and family – some of whom are taking an interest in personal finance and investments for the first time.
The truth is, for me every free share I get through a referral is like unwrapping a gift on Christmas morning. And also like Christmas, I get even more enjoyment from finding out which free stock my friends and family ended up with!
So, if you sign up through our link, let us know what you got! We’d love to hear from you!
P.s. Once you have a brokerage account like Robinhood, the next step is to start picking stocks. I have found the Motley Fool to be the BEST online resource.