Moomoo is a free stock trading app that allows users to buy and sell stocks with no fees or commissions. It’s an app very similar to Webull, with almost the same interface. Moomoo is currently offering new users a referral bonus of 5 free stocks valued at up to $3,500. You’ll also earn an additional free stock for Lucid Group, Inc, with a share price typically ranging from $40 to $60 after you deposit at least $100 (ticker symbol LCID). Here’s what you need to do to earn your Moomoo referral bonus:
- Open a Moomoo account using a referral link and receive 1 free stock worth $3 – $3,500 (here is my Moomoo referral link).
- Deposit any amount into your Moomoo account and you’ll get an additional free stock worth $9 – $3,500.
- Deposit $2,000 to get 3 additional free stocks worth $9 – $3,500.
- If you deposited at least $100, you’ll also receive a free stock of LCID, typically valued at $40 to $50.
Under the current promotion, most people will receive around $75 to $100 worth of free stock after depositing $2,000 into their Moomoo account. That’s good for an instant 4% or so return on your deposit. You can sell all of the stocks you receive immediately after receiving them and you can withdraw the money you deposited into your Moomoo account after one week, so that makes this an easy bonus to earn.
In the remainder of this post, I’ll walk you through exactly how to earn your Moomoo referral bonus and provide some more information about what Moomoo is and how the app works.
What Is Moomoo?
Moomoo is a free brokerage app that allows you to invest in individual stocks and exchange-traded funds (ETFs). The app is very similar to other stock trading apps like WeBull, Robinhood, and Public (as well as apps like SoFi Invest). Like those apps, Moomoo doesn’t charge any commission or management fees. That means you can use Moomoo to buy and sell stocks for free.
As a brokerage app, I think Moomoo is fine and can get the job done, but I find the interface too complicated to use. I personally use M1 Finance as my primary investing app because they have more of an emphasis on index investing and have what I think is a better interface.
That being said, even though I don’t use Moomoo as my primary investing app, it’s still worth opening a Moomoo account for the signup bonus. It’s a free investing app, so there’s really no downside to opening an account and getting your bonus.
With that being said, let’s get into how to earn your Moomoo referral bonus.
Moomoo Referral Bonus Step-By-Step Instructions
Here are the step-by-step instructions to earn your Moomoo referral bonus:
1. Open Your Moomoo Account Using A Referral Link
The first thing you’ll need to do is open a Moomoo account using a referral link. Here’s my Moomoo referral link which you can use if you’d like to earn your Moomoo referral bonus.
Opening a Moomoo account is straightforward, so I won’t go into detail about that process here. Moomoo doesn’t do any credit checks, so opening an account won’t have any impact on your credit. Just follow the directions in the app.
As soon as you open your account, you’ll earn one free stock. Most likely, it’ll only be worth a few dollars. I ended up getting a free share of WISH, which was only worth a few dollars.
2. Fund Your Moomoo Account With $2000 Or More
Once you’ve opened your account, you’ll next need to link your bank to Moomoo, then fund your account with whatever amount you want. To maximize your bonus, you should fund your account with $2,000 or more.
It can be a bit confusing to figure out how to link your bank account. To do this, go to the “Me” section of the app, then click the “Trading Related” button. From there, you’ll click “Deposit,” then follow the directions to link your bank account.
It’ll take several business days for your deposit to clear your account. After your deposit clears, you’ll earn an additional five stocks, including one share of LCID currently valued at around $40 to $50.
Remember, you don’t have to invest your funds to earn your free stocks. You only have to deposit the money into your Moomoo account, which you can then withdraw after a week. That way, you don’t risk losing any money.
3. After Your Funds Clear, Claim Your Free Stocks In The Moomoo App.
You’ll be eligible to claim your free stocks after your deposit clears. It’s important that you claim your free stocks in the app. The stocks do not automatically post into your account and if you do not claim them, they will eventually expire.
The option to claim your free stocks should automatically pop up within the Moomoo app, but if not, you’ll need to go to the “Me” section of the app and search for the section that lets you claim your free stock. This goes to the confusing nature of this app – you’ll have to play around in the app for a bit to figure out how it works and where to find everything.
Here’s what it looked like when I was able to claim my free stock:
For my free stocks, I got three shares of GoPro, one share of Palantir, and then my share of LCID for opening the account using a referral link.
The app may seem intimidating, but it’s not as scary as it looks. Just open the account, fund it with $2,000 or more, wait for the deposit to clear, then follow the directions that appear in the app to claim your free stocks.
Once you get your free stocks, you can either keep them or sell them. I personally sold all my free stocks, then withdrew my money a week later. I ended up getting $99.83 of free stocks, all for depositing $2,000 and keeping it in my Moomoo account for a week.
Refer Your Friends For More Moomoo Referral Bonuses
In addition to opening a Moomoo account for the Moomoo referral bonus, I also recommend opening a Moomoo account so you can refer other people using your own referral link. You’ll find your referral link in the “Me” section of the app. There’s a big button in that section that says “Invite Friends.”
If you have a spouse or partner, this is an easy way to make even more from Moomoo. What you’ll do is first open your Moomoo account and get your referral bonus, then you’ll refer your spouse or partner. You’ll get a bonus for referring them and they’ll get a bonus for using your link. If you do this, you’ll essentially end up getting 3 bonuses without having to do much work.
Final Thoughts
Moomoo is the newest of these investing apps that offer commission-free trades. It seems like these apps are getting a lot of funding and are using that funding to attract customers. Whether or not you want to use these apps, it’s worth taking advantage of them to get your free stocks. There’s money being spent out there to acquire new users – so you might as well get your share of it.
Since Moomoo is a free brokerage app, there’s no real downside to opening a Moomoo account to earn the referral bonus. Yes, the app is clunky and not very intuitive, but it doesn’t really matter if you’re only opening the account to earn the referral bonus.
At a minimum, you’ll earn a decent amount of free stocks, sell it all, then withdraw all your money. In a better scenario, you’ll even have a few people you can refer to Moomoo with your link.
I hope this information helps! Please feel free to leave a comment below if you have any questions.
More Recommended Ebike/Scooters
Check out these other ebikes/scooters I've had the chance to do a review for:
- GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
- Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($10) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
- Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- Upgrade ($100) – Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Importantly, this bonus says that it’s now scheduled to end on October 31, 2022. As long as you get your account opened before October 31st, you should be eligible. Here’s a post I wrote with more details: Upgrade $100 Referral Bonus – Step By Step Directions.
- SoFi Money ($350) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $300 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Fifth Third Bank ($250) – This offer is limited to customers in the following states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, West Virginia, and South Carolina. If you don’t live in one of those states, you won’t be able to open an account online but you can still open an account in-branch if you happen to be visiting a city that has a branch. This is a fairly easy bank bonus to earn, especially since there are plenty of data points showing what will trigger the direct deposit requirement. In addition, you can open the Fifth Third Momentum Checking bank account, which comes with no monthly fees or minimum balance requirements. Read my guide on this bonus here.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- OnJuno ($100) – OnJuno is a fintech/neobank that is currently offering a $100 referral bonus if you open an account using a referral link and complete a direct deposit of $250 or more. The account has no fees or minimum balance requirements. Even better, the bonus posts immediately after you meet the requirements. If you can meet the direct deposit requirements, OnJuno is an easy bank bonus that’s worth snagging. Check out my OnJuno referral bonus guide here.
- Varo ($50) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $50 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
- Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Spiral ($50) – Spiral is a fintech bank that's currently offering new customers a $50 signup bonus after opening a free checking account with them. The Spiral referral bonus is especially good because it's a free checking account and doesn't require a direct deposit to earn the bonus. Here is my step-by-step guide on how to earn your Spiral Bank bonus.
- One Finance ($50) – One Finance is a fintech bank that’s currently offering a $50 signup bonus if you open an account using a One Finance referral link and have a direct deposit of $250 or more. This is a completely free bank account with no minimum balance requirement, so if you can meet the requirements, it’s worth doing. Check out my One Finance referral bonus guide here.
- Albert ($150) – If you can manage to do a real direct deposit, Albert is an easy account you can use to earn a referral bonus. Here’s a review about Albert I wrote. And here’s a step-by-step guide on how to earn your Albert referral bonus.
- Netspend ($20 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $20 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $20 to start! Make sure to check out my in-depth guide on how to set up these accounts.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
- Upgrade Bank. Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Note that it’s now scheduled to end on October 31, 2022.
- Novo Bank. Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. It’s the business checking account I currently use for this blog.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account.
- Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
Just curious, but what are the tax consequences of selling the gifted stocks right away? Would this trigger capital gains tax since you aren’t holding for a year?
It’s just regular income tax. Same as interest earned in a bank account.