Who can claim a Robinhood sign up bonus?
If you’re a new user who has never created a Robinhood account at any point in the past, you’re at least 18 years old, and you live in the United States, then you’re eligible to collect a bonus. However, there is no specific bonus available for people who want to buy and sell Robinhood event contracts, such as a deposit-match bonus. Instead, you’ll need to open a qualifying investment account, link your bank account or a debit card to the account, and then you’ll get between $5 and $200 to select a stock or a fractional stock.
If that’s not what you’re looking for, just stick with us for a moment. Even if you’re not interested in claiming a free stock, you still have plenty of reasons to claim the free stock.
Use your bonus stock to fund your trading
Unlike some bonuses that this platform is known to offer – such as IRA rollover or transfer bonuses – you don’t need to hold this stock for years. You don’t even need to hold it for months or weeks. The bonus rules state that you need to hold it for three days, at which point you can sell it for cash. While the cash from this bonus is now “locked” into your account for 30 days, that lock only prevents you from withdrawing the money to your bank account. The cash from the sale will be accessible and available in your account for other trading activities.
For example, if you want to hit up the Robinhood election markets and make a few predictions, you can buy and sell event contracts using the funds from selling the free stock! So even if you do not care about the free stock directly, you can use it indirectly as a bonus to trade event contracts.
And that leads us to the next question – how much is the bonus stock worth, exactly?
Will you get $5, $200, or something in between?
You’ll see a welcome bonus that’s tied to how much you deposit into your account, but that’s not the case here. Instead, this brand gives you a random value between $5 and $200, and they state that 99% of new users get the bonus worth $5. So, if you’d like to predict the size of your bonus, it’s almost a sure thing that you’ll get a $5 stock.
But hold up – since you need to wait three full trading days before you can sell your stock, there’s always a chance that it’s not going to be worth $5 any longer, especially if it’s a highly volatile stock. It may be worth more, but it can also take a plunge in value and be worth less. Traders experienced with stocks may decide to hold it a little longer if the price is trending upward. If you’re a beginner and you have no background in predicting stock values, then you may sell your bonus stock to insulate yourself from any potential losses.
Can you claim other bonuses aside from the Robinhood welcome bonus?
Yes, existing users can collect other bonuses if they choose to do so. Here’s an overview of this platform’s offers:
| Type of Bonus / Reward | Details |
| Robinhood Welcome Bonus | Receive a free stock worth between $5 and $200. |
| Referral Bonus | Get a free stock worth between $5 and $200 for each qualifying referral. |
| Retirement Account Bonuses | Receive a 1% to 3% contribution or transfer match bonus. |
Now let’s take a closer look at the other two bonuses…
Referral bonus
Robinhood offers a referral program where both the existing user (that’s you!) and your referral get a free stock worth between $5 and $200 after the referral opens a qualifying account. This referral bonus works the same as your welcome bonus; you need to hold the stock for three days before you can sell it. You can collect up to $1500 worth of referral bonuses each calendar year.
Retirement account bonus
If you’re interested in an IRA, this brand gives you another opportunity to collect a bonus. Robinhood offers a 1% or 3% contribution match on IRAs, or you can collect a 1% to 2% transfer bonus. The differences in percentages are based on whether you’re a regular member or a Gold subscriber. Keep in mind that your funds are locked up for five years, so this bonus doesn’t fund prediction market trading directly.
Which brings us to the next point…
3 fast facts for new users who are interested in trading on prediction markets
As you’ve discovered, you can indirectly use your Robinhood welcome bonus to fund your initial event contract trades. Check out these fast facts before you jump in…
What are Robinhood’s fees for trading event contracts?
Most people new to this platform will want the Robinhood fees explained to them for prediction markets, and they’re pleased to see how transparent and straightforward the fee structure is. Unlike other platforms that use formulas to calculate the fees, this brand charges a total of 2¢ every time you purchase an event contract or exit a contract early.
For example, if you purchase 100 event contracts in a Robinhood sports market, each contract incurs a 2¢ fee, for a total of $2 on that trade. If you exit the trade early, you’ll again need to pay the 2¢ per contract fee.
What is a Gold member?
This is a subscription-based membership that gives you extra perks such as a higher percentage on IRA matches, a higher interest rate for savings, an exclusive credit card, and other enhancements to your account. The cost is $5 per month or $50 per year, and it doesn’t offer any direct perks for prediction market traders. See Robinhood’s site to get the full details.
Is it legal to trade in prediction markets on Robinhood?
Yes, it is legal for residents in all 50 states to create an account, collect your welcome bonus if you choose to do so, and trade event contracts. You can learn more about this topic by reading our Robinhood prediction markets review.
Now let’s wrap up this discussion…
Pros and cons of collecting the Robinhood sign up bonus
- New users can claim a free stock worth between $5 and $200.
- You can claim up to $1500 in free stocks as referral bonuses.
- You can sell your bonus stocks in three days for cash.
- No specific bonus for prediction markets trading.
Final thoughts on the Robinhood welcome bonus
We fully appreciate that Robinhood offers a free stock as a welcome bonus, plus you can also collect additional free stocks when you refer your friends, and they make a qualifying purchase. While this platform doesn’t offer deposit matches or any other type of bonus that’s specifically geared towards prediction markets traders, you can sell your free stock for cash, and then use that bonus cash to fund your trading activities.
To claim your bonus, all you have to do is tap the Robinhood banner on this page, which applies the bonus to your account automatically after you’ve opened a qualifying account and satisfied any other requirements. Go ahead and claim your bonus now!
Robinhood sign up bonus FAQ
What type of bonus stock will new users receive?
Once you’ve opened a qualifying account, you’ll get to select a stock from among a pool of around 20-25 stocks from top companies. Since you’re likely to get a $5 bonus, you’ll get a fractional share in the stock. If you don’t select a stock within seven days, Robinhood will select one for you.
Can you cash out your Robinhood welcome bonus?
You can sell your stock after three trading days, but you cannot withdraw those funds from your account for at least 30 days. However, that cash is immediately available for you to use to trade event contracts.
Are there any seasonal bonuses offered?
From time to time, Robinhood offers 30% commission rebates on any event contracts traded during a specific period of time. Be sure to keep an eye on your account, as well as the email you used to create your account, so that you don’t miss out on this offer if and when it comes around again.
