Robinhood Free Stock Referral Code Gives a Free Stock (With a Value Between $5 – $200) in October 2024

The Robinhood referral code gives you a free stock with a value between $5 – $200 if you join and link a bank account, using the Money Done Right referral link.

You could receive a share of Apple, JPMorgan Chase, or NVIDIA, which are currently the leading stocks available in the referral offer.

Keep reading to learn more about how you can get a head start with your new Robinhood account.

How the Robinhood Referral Program Works, Step by Step

All you need to do to activate our Robinhood signup bonus is to use our bonus link to sign up, then link a bank account.

Follow these steps to make sure you receive your bonus from our promo code.

Step 1: Click on our unique referral to initiate the free stock offer.

Tap or click our referral link.

Step 2: Sign up for Robinhood.

You’ll be asked for the personal information required of anyone opening a brokerage account such as your name, social security number, and employment status.

Step 3: Link a bank account to complete your eligibility.

Step 4: On the welcome screen, tap “Claim free stock”.

Step 5: Pick your stock with the value given.

Robinhood assigns a value between $5 – $200 that members can use to choose their free stock.

The company states that 98% of members will be given $10 or less to buy with.

Step 6: Choose the stock you want to buy.

Available stocks include blue-chip companies like Amazon, Apple, and Tesla.

Because your amount likely won’t be enough to buy one entire share, you’ll be given a fractional share.

Conditions

The Robinhood referral program comes with these conditions:

• Only available to new users
• Linking a bank account is required
• Must be claimed within 60 days
• The stock cannot be traded for two business days
• The cash value of the stock cannot be withdrawn for 30 days

Also, Robinhood is currently only available to US-based users, so you won’t be able to get this bonus or use Robinhood at all if you live in another country.

Related: 10+ Ways to Get Free Stock

How Robinhood Works

Robinhood is an investing platform that’s known for making trading more accessible to retail investors.

Investors are never charged any commission on trades, helping them keep more of their funds and maximize their long-term earnings.

Robinhood members can buy fractional shares, giving investors a low-cost way to invest in companies with high share prices.

Users can download the app on iOS and Android devices and make trades directly from their smartphone or tablet.

Robinhood supports several different kinds of assets including stocks, exchange-traded funds (ETFs), and stock options.

Robinhood Gold

Robinhood Gold is a premium subscription that gives users access to additional features for investing as well as margin trading.

For $5 per month, Gold users can take advantage of $1,000 in margin trading. Robinhood currently charges an interest rate of 2.5% on margin balances above $1,000, although that rate could change at any time.

Gold members also gain instant access to deposits of up to $50,000 depending on their account status, helping them get their money invested more quickly.

Finally, Gold comes with other investing features such as Morningstar stock research and access to level II market data including real-time bids and asks for Nasdaq securities.

New users can start with a 30-day free trial of the Gold service before deciding whether to stick with the subscription.

Crypto

Robinhood recently expanded into the crypto space and has been introducing their services to more and more locations.

Today, Robinhood Crypto is available in the District of Columbia, plus every US state except Hawai’i and Nevada.

Like Robinhood’s investing services, their crypto exchange doesn’t come with any commission on exchanges.

Users can also buy assets in increments of as little as $1, making it an accessible option for new crypto investors.

Cash Management

Robinhood cash management gives users the ability to earn interest on their uninvested funds while spending it through a debit card.

The Robinhood debit card is issued by MasterCard and should be accepted at any physical or online store that takes MasterCard payments.

At time of writing, Robinhood is offering an annual percentage yield (APY) of 0.30% for cash management customers.

Additionally, the account doesn’t charge common bank fees such as overdrafts, account minimums, transfer fees, or foreign transaction fees.

However, you may be charged a fee when you withdraw funds from an ATM outside of the supported network.

Referrals

Once you’re a Robinhood user, you’ll be able to earn rewards by introducing new investors to the platform.

Similar to our offer, the Robinhood referral program gives new users a free stock once they sign up and link a bank account.

The user who makes the referral will receive the same bonus, so you can continue to earn more free stocks while giving your friends and family members an introductory reward.

Again, you and your referral will need to claim the bonus within 60 days before it expires and disappears from your accounts.

However, Robinhood users are limited to a total of $1,500 in free stocks per year, so you won’t be eligible for any further rewards if you reach that maximum.

Related: 90+ Referral Programs to Make Money

Is Robinhood Safe?

Robinhood was involved in a high-profile controversy in early 2021 when it, among other brokerages, prevented users from buying or selling shares of the highly volatile Gamestop stock.

The company was also ordered by FINRA to pay damages of $70 million due to issues involving outages as well as giving customers false or misleading information.

That’s the largest penalty ever imposed in the history of FINRA, illustrating the reputational difficulties Robinhood has experienced throughout the pandemic.

While those incidents left many users with a negative impression of the service, we still feel confident recommending Robinhood as a reputable trading platform.

The mobile app has an average review score of 4.2 on the Apple App Store and 3.8 on the Google Play Store—nothing extraordinary, but enough to show that they meet a basic level of trust.

We noticed that Android users appeared to be more likely to experience technical issues with the mobile application relative to those who downloaded Robinhood on an iPhone or iPad.

Robinhood is registered with the Financial Industry Regulatory Authority (FINRA).

Additionally, funds held in the cash management program are eligible for a total of up to $1.25 million through FDIC insurance ($250,000 per participating bank).

How Did Robinhood Work for You?

If you’re new to Robinhood, we want to know how you feel about the platform and how it compares to other investing services. Please take a second to leave your thoughts in the comments below and help other readers make the right choice with their money.