Another month. Another promotion. Another free amount of MONEY from an app of my choice.
This month it’s from WeBull. While I do use Vanguard as my primary brokerage and Robinhood as my realtime app for trading options, WeBull has served its purpose a few times – especially when it comes to deposit promotions.
What is a ‘deposit promotion?’
A deposit promotion is pretty easy to figure out – the user (you) receives something for depositing a specific amount of money for a set amount of time (both defined by the brokerage). WeBull is one of the best I’ve seen and used when it comes to deposit promotions. Most of their promotions are based on referring new customers. These types of promotions are also typically user-targeted and if you’ve got notifications on you’ll receive this in an email. You don’t need to be using WeBull to receive this notification – I don’t use WeBull as my primary brokerage but have kept the app on my phone and I receive these notifications.
Why I like deposit promotions…
In my opinion (and experience) deposit promotions are the easiest way to make money on a stock app without SPENDING any of your own money. They also get my attention because…
- It normally just is a deposit from your bank that takes less than a minute. Literally the most passive income there is.
- It is as safe as a savings account because a brokerage (you have to check!) is SPIC insured meaning you get your money back if something bad happens up to a specific amount.
- The return on your money is typically greater than any High-Yield Savings Account.
How do I know it’s worth it
These promotions don’t always make sense due to the amount of money required, time limit, or other variables. So I still have to do some due diligence (literally reading the little note on the ‘disclaimer’) to see if it’s worth it.
First thing is first: Identify what the promotion is and what I have to do. If it’s a certain amount of money for a specific amount of time I write that down. How much cash will be held up for ‘x’ amount of time.
Second thing I do is look at the minimum and maximum values of the stock values. For this particular promotion it was a minimum of $3 and max of $3,000 with 6 total stocks. So I was looking at $18 at a minimum. This promotion also allowed me to put in ANY amount of money so I basically got to pick my minimum return. I went with $5.
Third is to make sure that I’m doing better than my High-Yield Savings Accounts. Ally was at 4% APY when I did this and with a $5 deposit I was guaranteed a minimum of $18 which meant a minimum 27% for the MONTH.
Lastly all I do is deposit the money and let it sit. Keep in mind when you are rewarded the stock it is at the current value so you technically can lose some of that initial value while you wait to cash out.
I came out on top here receiving $18 in stock and it appreciated to $20.33 in 30 days. The rewards were frozen for about 7 days before I could sell and withdraw the cash. That ended up being a 24% return in a little more than 30 days. I received two shares of SNAP, 1 share of F, and 3 shares of SPOT. Overall a quick success for less than a minute of work. I’ve also done a few other promotions which I’ve talked about here making up to $250 for a similar amount of time.