【May 2020 Update】Yesterday we just mentioned that after depositing $500 into Moomoo, we drew Tesla stock worth $790. Today we saw MSFT stock inside Firstrade, worth $181.57. Their reward is different from Moomoo's: you can enter to win high-value stocks simply by registering an account (no deposit required; with Moomoo, registration only gets you small-value stocks, and you need to deposit to enter for higher-value ones). Being able to win a stock worth $150+ is still pretty good. Please note that Firstrade accounts include U.S. accounts and international accounts; international account openings are not eligible for a bonus. In theory, U.S. accounts require a green card or U.S. citizenship. If you use a U.S. account to invite a friend to open an international account, you can still receive the refer bonus. Everyone is welcome to share your refer in the comments.

The winning odds are as follows:

  • 98% chance of the free stock being worth $3-$10
  • an approximately 1% chance of the free stock being worth $10-$50
  • an approximately 1% chance of the free stock being worth $50-$200
  • Rewards are limited to $500 total per user per calendar year.
Firstrade - Get Free Stocks offer is valid for existing qualified U.S. domestic accounts only (individual, joint and custodial accounts) who successfully refer a new qualified account. Both the referrer and the person referred (known as "referee") will be eligible for one share of stock. However, if the existing qualified account invites a non-qualified account (IRA & other U.S domestic account types), the referrer will still be entitled to claim the free stock, but the referee would not be qualified.

Now, registering for Firstrade (Firstrade) also comes with a bonus of one free stock.

Firstrade was founded in 1985 by its current Chinese-American director John Liu, and is headquartered in Flushing, New York City. In 2018, the company was a leading U.S. online broker offering commission-free trading and provides Simplified Chinese, Traditional Chinese, and English services. The author tried it out and overall felt it was pretty good. Readers who registered using our link are welcome to share your referral link or your experience in the comments below this update.

Stock Investing Basics

Below are introductions to several commonly used U.S. stock brokerages and their signup bonuses.

Overview Signup Bonus Quick Take
Moomoo Futu Get a $350 stock card + $1,000 NVDA + 8.1% APY Comprehensive features and a strong Chinese-language experience. Quotes, Level 2 data, options, and cash management are all practical, making it suitable for everyone from beginners to active traders.
TradeUp Tiger Brokers Get 50 NVDA shares + draw for 5 shares + 4% for three months Good for active trading. For U.S. tax residents, trading fees and margin are relatively competitive. It supports Web Trading, Level 2 data, and Chinese-language customer service.
Webull 12 fractional shares + 1 month of Premium membership Strong market-watching and active-trading features. Charts, technical indicators, options, and pre-market/after-hours trading are fairly complete, making it suitable for frequent traders.
BBAE Up to $650 in rewards Convenient account opening for users in China, with no SSN/ITIN required to apply. Chinese-language support is strong, but it currently has a Platform Fee, so it is not ideal for small-balance, high-frequency trading.
Robinhood Draw 1 stock The interface is simple and easy to use, making it suitable for beginners buying U.S. stocks for the first time. Gold users also get a high yield on idle cash and a lower Margin Rate.
Interactive Brokers Up to $1,000 Highly professional, with support for global markets and multiple currencies. Margin costs are competitive, and it also supports account opening for China residents, making it suitable for advanced investors and global investors.
TradeStation $250 More geared toward professional and active trading. Advanced charting, strategy backtesting, and automated trading features are relatively strong, but ordinary long-term investors may not need them.
Schwab Get up to $1,000 Good for long-term investing and larger asset balances. Buying ETFs and CDs is convenient. Checking and global ATM access are also advantages, but the default interest rate on idle cash is relatively low.
Fidelity Brokerage Account Signup link A long-established full-service brokerage, suitable for long-term investing, ETFs, and retirement accounts. Cash management is also good, making it a strong choice as a long-term primary brokerage.
BIT (formerly Matrixport) Get $210 for deposits and trading Suitable for users in China and digital-asset users. It can be used to allocate USDT/USDC and other funds into U.S. stocks. It is not a traditional U.S. brokerage, so you should review fees and the asset custody structure separately.
SoFi Invest Get $75 for opening an account Simple to use and supports Stock Bits, making it suitable for small-balance and long-term investing. Professional market data and trading tools are limited, so it is not suitable for frequent trading.
M1 Finance Investing Get $10 for depositing money Focused on Pies and automated investing. It is suitable for long-term dollar-cost averaging after setting your stock and ETF allocations, but not for users mainly focused on active trading.

If you do not have an SSN/ITIN but still want to trade U.S. stocks, you can consider the following brokerages/platforms. They can be opened entirely with China-based documents, and you can register with an ID card or passport. They do not participate in China CRS.

  • BBAE: Chinese-user friendly, and you can open an account without an SSN/ITIN
  • BIT (formerly Matrixport): You can open an account with an ID card, and approval can be completed within a few hours.
  • Bitget platform: Identity verification can be completed with an ID card/Chinese passport

If you are in mainland China and want to invest in U.S. stocks, you can read this overview: