Is it Legit? Can you Really Get up to $1,700 in Free Stock Your First Year? Is it Good for Crypto?
As a service to the 100,000+ students using StockTrak each year, we are constantly reviewing financial products and their offers. We evaluate them to see if they are truly a legit and tell you just the facts about what you need to know.
Robinhood is a brokerage platform that many students frequently ask us about, so here is what you need to do now about Robinhood.
Robinhood Summary:
- Founded in 2013, Robinhood has quickly grown to over 23,000,000 customers (January, 2025) as a commission-free stock brokerage platform. They went public in July, 2021 with ticker HOOD.
- Yes, it is absolutely legit as it is a member of SIPC which means your securities are protected to $500,000 and your cash protected to $250,000.
- They allow you to trade U.S. stocks, ETFs, options and cryptos commission free.
- We have tested their crypto trade execution pricing and it is 1% to 3% better than their competitors.
- Robinhood is ONLY available to U.S. citizens.
Robinhood Current Offers to Get New Customers:
OFFER #1: Get a Free Stock (up to $200) When You Open an Account
This offer is absolutely legit as we have tested it frequently over the years. When you click on their promotional link, open an account and deposit as little as $10 into the account you will get an alert that you have received a dollar amount between $5 and $200. With this dollar amount you will have to pick your gift stock from a list of 20 of the most popular U.S. stocks. They will allow you to buy fractional shares.
You just need to sign-up and fund your account to receive your free stock. It only takes 3 minutes – but we are here to walk you through this process;
Step 1: To be eligible for this offer, you must be new to Robinhood and your must be a U.S. citizen.
Step 2: You must sign-up for Robinhood using THIS promotional link, and you will land on a page that says “Robinhood blah blah blah--and your first stock is on us.” After you click their Get Started link, you will need to provide some standard information:
- Name
- Address
- Social Security Number
- Date of Birth
But do not be afraid to give this info– any brokerage account will require this information.
Step 3: From there, the app will prompt you to link a bank account to your new account. Once you link your bank account or debit card and transfer at least $10 your will get an alert that your gift cash credit is available for you to choose your stock.
OFFER #2: Get up to Another $1,500 per Year in Free Stock
Once your account is opened and funded, you will get your personal referral link. When you share this link with your friends and they click on your link and open an account, you will get another credit so you can pick another stock. They allow you to refer as many friends as you want, but they will only give you up to $1,500 in free stock per year.
OFFER #3: Upgrade to Robinhood Gold and Get a 3% Match on IRA Deposits & Earn Higher Interest Rate on Your Cash
This is another offer they will promote to you once you have an account. The advantages of having a Gold account are that you get immediate access to your deposits, you earn about 4% interest on your cash and if you open a Robinhood IRA they will give you a 3% match instead of a 1% match on your IRA deposits. To be a Robinhood Gold member costs $5 per month. So if you have at least $1,500 in cash in your Robinhood account you will get that back in interest-so it is definitely worth it.
Only certain Robinhood pages offer the free stock. Visit THIS page to be eligible for your free stock!
Join the over 23,000,000 investors that are now using Robinhood.
Is this Truly Free?
This is Robinhood’s advertising and growth strategy! They don’t spend any money buying the normal print or TV ads, or even on online ads. Rather, they let YOU advertising for them and they spend their money on giving away free stocks to users that open accounts and then share the word with their friends.
To enjoy Robinhood’s initial complimentary stock offering, you need to use one of their promotional links (see top of page) and then fund your account with a minimum deposit of $10. Following this procedure ensures the acquisition of your initial free share, valued between $5 and $200. I actually got a share of Microsoft back when it was around $150.
But here is the one thing you have to understand. Notice it says “between $5 and $200 cash value.” Robinhood’s current offer as of October 2024 says most will receive a value of between $5 and $10. Two years ago, however, one of my stocks that I got for free was Microsoft, back when it was about $150 a share. So they absolutely do give stocks up to $200.
Once You Open Your Robinhood Account and Add Cash, Then What?
Once your Robinhood account is open, have a plan and consider getting some real advice from sources that have proven track records. If you are not sure what stock to buy, then read our review of the best performing stock newsletters. Some of their returns are truly amazing.
Is Signing up for Robinhood Worth Your Time?
Opening a Robinhood account takes less than 3 minutes. It provides free opportunity for individuals to venture into stock trading with a low barrier.
Should the initial free stock selection not be one of your favorites, you have the flexibility to sell and invest in stocks of your choosing is at your fingertips.
Do not let this opportunity pass you by, as Robinhood stands out as one of the few companies currently providing free shares, and the availability of such promotions may change unpredictably. Additionally, the potential to earn up to $1,500 in free stocks through referrals enhances the overall benefit.
Click HERE to sign up with Robinhood and get your free stock.