Free Stock! Sounds too good to be true, right? This is no different from a bank offering free money when you refer people. Robinhood is offering free stock for referrals. Share your own referral link through Facebook, Twitter, or other means, and get your friends to sign up for Robinhood. Once a friend signs up, both you and your friend will get a free stock when their application is approved. Rewards are limited to $500 total per user.
Considering the number of available stocks, there is no guarantee on the value of the free stock. You do have a chance in some worthwhile stocks: 1 in 200 chance in getting Facebook, Apple, or JPMorgan Chase stock. You also have a 1 in 150 chance of getting stock for GE, Ford, or Snap.
The best part about Robinhood is that trading stocks through them involved ZERO commission. Haven’t heard of Robinhood? They are a member of SIPC, which means securities in your account are protected up to $500,000. You can also check out Robinhood Financial on FINRA’s BrokerCheck to make sure they are legit (which they are).
How can Robinhood do business without charging commissions? They offer a service called Robinhood Gold, where you can have access to extended trading hours, larger instant deposits, and instant access to funds. Check out Robinhood’s website for more information.