It’s not very often that you can actually get something for free. Even more rare is it that you can obtain $500 in free stock shares. You can do this joining Robinhood. I will walk you through this step by step.
This may sound to good to be true, but believe me it’s not. I have personally been working my way towards earning this $500 worth of free stock and will share with you how you can do the same.
It’s quite simple, and I will walk you through the steps below.
- Download the Robinhood App by clicking on this link from your mobile phone.
- When the app comes up in your app store, click on “Get Your Free Stock“
- After step 2, the install process will begin and the app will ask you for some personal information.
- Be sure to fill out all of the information asked for. Do not worry, the app is legitimate.
- When you get to the step that asks you to fund your account, you can add funds by connecting to your bank account, or you can skip that part until later.
- Skipping will not affect your ability to receive your free share of stock.
After you have completed the steps above you are on your way to receiving your first free share of stock from Robinhood. (You will get the free share only if you sign up from the link above, or another referral link). Once you get approved and are a member of the app, you can then start sharing your referral link and for each user that signs up under you, they will receive a free share of stock and so will you all the way up until you’ve accumulated $500 in free stock!
The App can sometimes take a few hours up to a few days to verify your identity and that you are a real person. They have to do this to make sure people aren’t signing up posing as fake people to try and take advantage of the system.
Next continue checking the tab on your app that says Free Stocks. You will then see the screen below on your mobile phone. Click on the “Past Invites” tab in the upper right hand corner.
You will then begin to see the users who have signed up under you from your referral link. Each time you sign a user up from your link, they get a free share of stock and so do you. You can keep referring people and receiving free shares of stock all the way up to $500. This is a pretty awesome way to get $500 of free stock. Whether you are just beginning to trade or are a seasoned trader, having funds that you can dabble with and trade commission free to me is a no brainer.
As you can see above I have received two shares of Zynga (ZNGA), one share of Groupon (GRPN), three shares of Chesapeake Energy (CHK), two shares of Sprint (S) and one share of Sirius XM Holdings (SIRI). You can see my total portfolio of $45.30 below which has been achieved just by referring people to Robinhood.
You are not charged per trade with Robinhood like most traditional investment accounts. You are charged a small fee only when you withdrawal the money out of Robinhood. I have added a screenshot of my portfolio that I’ve accumulated all from referrals below. It’s currently at $45.30 currently, and this was all received from referrals.
Here are some FAQ – frequently asked questions which are answered on Robinhoods website, but I put them here below for you for easy access.
How many free stocks can I get?
You can win up to $500 in free stocks. You can check the price of each stock you get on the History tab for these stocks.
If your total value of free stocks is approaching $500, you’ll stop receiving free stocks once the lowest priced stock in our inventory would bring you over the $500 limit. For example, if you have $497.00 in free stocks and the lowest priced stock in our inventory is $3.75, you won’t be able to receive any further free stocks. However, your friends will still receive a free stock if they sign up with your invite link.
Can I sell my free share of stock?
You are allowed to sell the free share of stock three trading days after you receive it. It’s completely up to you whether you hold or sell the stock. You can use the proceeds from the sale towards other stocks that you want to invest in.
When can I take the money out of Robinhood?
You have to keep the cash value of the stock in your account for at least 30 days before withdrawing it. After the 30-day window, there are no restrictions on the proceeds. For example, if you win 1 share worth $10 to your account, you cannot withdraw the $10 you receive by selling the stock for 30 days.
The cash value of the stock is determined by the price of the stock at the time you received it. You can check this value on the history page for the free stock.
How are my free shares of stock taxed?
The cash value of the free stock at the time you received it may be reported as “Other Income” on a 1099-Misc form. Any gains or losses on the sale of the stock are reported as capital gains or losses.
You can check the cost basis of each stock you get on the history page for the free stock.
For example, if you win a $10 stock and later sell it for $15 dollars, (1) the $10 stock gift will be reported as “Other Income” and (2) the $5 gain will be reported as capital gains.
I hope you enjoyed this tutorial on how to get free stock. If you did please share this article with others to pass along the knowledge and let me know how your Robinhood signup experience goes in the comments below.
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Jason Franklin is a forward thinker, servant leader, technology enthusiast and humanitarian. His mission is to make a positive impact on humanity and the world a better place.
Jason is involved in technology, startups, energy, real estate, science, philosophy, volunteering and outreach.
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