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.
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.