Best Broker Bonuses for April 2024

The stock market is one of the best places to put your money to work for you for the long run. To invest in a diversified stock and bond portfolio, you will need a brokerage or retirement investment account. There are many different brokers out there with a range of products, services, and fees. Some also offer competitive bonuses and rewards to attract new clients.

We've researched the industry to find the best broker bonuses and help you choose the right one for you. Bonuses may change without notice, so check back here frequently for the latest rewards and promotions.

How does a bonus for opening a brokerage account work?

Each brokerage firm sets different qualifications for receiving a bonus. Some firms offer a sign-up bonus for opening a brokerage account, but many require a minimum investment deposit amount.

Details of the best brokerage promotions:

To qualify for the best brokerage sign-up bonuses, you'll usually need to be a new customer and make a minimum deposit. But bonuses aren't the only factor to consider when choosing a stock broker. Check out our guide for how to choose the right brokerage firm to learn more about finding an investment account that suits your needs.

Charles Schwab: Up to $1,000 cash bonus

Charles Schwab has a Referral Offer that rewards referred friends and family of Charles Schwab clients with a Bonus Award for becoming a new Charles Schwab client and making a qualifying net deposit. New investors using the referral offer can receive up to $1,000 in bonus cash as long as they meet the tiered deposit requirements.

• $25,000 to $49,999: $100 bonus
• $50,000 to $99,999: $300 bonus
• $100,000 to $499,999: $500 bonus
• $500,000 and above: $1,000 bonus

There's a limit of one cash bonus per account and only one account per client with the referral. Charles Schwab offers $0 online stock and ETF trades and a wide selection of mutual funds and fixed income products. It has specialized trading platforms and a robust mobile app.

Check out our Charles Schwab promotions page for more.

SoFi Invest: Chance to win $5 to $1,000 in stocks

The SoFi Invest bonus might appeal to anyone with a small amount to invest, as you only need $10 to take part. It works along the same lines as an arcade claw machine, though all customers will win something. New customers can participate in an electronic lucky dip to win one of the following offers:

• $5 (85.5% odds)
• $10 (9.5% odds)
• $25 (3.3% odds)
• $100 (1.6% odds)
• $1,000 (0.03% odds)

You then convert the prize into fractional shares of your choice. SoFi Invest stands out for its top-notch mobile app, commission-free stock and options trading, and low account minimum.

Check out our SoFi Invest promotions page for more.

J.P. Morgan Self-Directed Investing: $50 to $700 in cash bonus

You'll need to open a new J.P. Morgan Self-Directed Investing account, deposit money within 45 days, and keep it there for at least 90 days to qualify for this bonus offer. Offer expires April 12, 2024. The bonus amount depends on the amount you deposit:

• $5,000 to $24,999: $50 bonus
• $25,000 to $99,999: $150 bonus
• $100,000 to $249,999: $325 bonus
• $250,000 and above: $700 bonus

The offer does not apply to J.P Morgan's robo-advisor account. J.P. Morgan Self-Directed Investing offers commission-free stock, mutual fund, and ETF trading.

Merrill Edge® Self-Directed: $100 to $600 in cash bonus

Use the offer code 600ME when you open a Merrill Edge® Self-Directed account with at least $20,000 to receive an introductory bonus. You'll need to deposit qualifying assets within 45 days of account opening and keep them there for at least 90 days to qualify.

• $20,000 to $49,999: $100 bonus
• $50,000 to $99,999: $150 bonus
• $100,000 to $199,999: $250 bonus
• $200,000 and above: $600 bonus

Merrill Edge® Self-Directed has all the features you'd expect from a top broker and is a particularly great option for Bank of America customers.

Tastytrade: Cash bonus of $50 to $5,000

Formerly known as Tastyworks, the trading platform that stands out for its options trading is offering new customers as much as $5,000 when they sign up. To qualify, you'll need to deposit at least $2,000 in cash or by account transfer and enter MYNEWBONUS when you open an account. You won't be able to withdraw your funds for a year if you want that tasty bonus. The offer is valid until March 31, 2024.

• $2,000-$4,999: $50 bonus
• $5,000 to $24,999: $100 bonus
• $25,000 to $99,999: $500 bonus
• $100,000 to $249,999: $2,000 bonus
• $250,000 to $499,999: $3,000 bonus
• $500,000 to $999,999: $4,000 bonus
• $1,000,000 and above: $5,000 bonus

E*TRADE: Bonus of $100 to $1,000

The popular low-cost broker, E*TRADE has two offers -- one for new customers and another for existing ones who open a new account. Both offers are valid until March 31, 2024.

If you're new to E*TRADE and use the promo code BONUS24 when you open one of its non-retirement brokerage accounts, you could qualify. You need to deposit money or securities within 60 days of account opening.

• $1,000 to $24,999: $100 bonus
• $25,000 to $49,999: $150 bonus
• $50,000 to $99,999: $200 bonus
• $100,000 to $199,999: $300 bonus
• $200,000 to $499,999: $600 bonus
• $500,000 and above: $1,000 bonus

If you already have an E*TRADE account and open a new one, you need to deposit at least $500,000 in funds and securities across your accounts to qualify. You can earn between $100 and $1,000 in bonuses, depending on how much you deposit and where you put the money.

M1 Finance: Bonus of $250 to $20,000

M1 Finance has some serious rewards available for account transfers. To qualify, new or existing M1 customers need to use its Automated Customer Account Transfer Service (ACATS) to deposit at least $100,000 before March 31, 2024. You'll need to keep the money in your account until Dec. 5, 2024 to receive the rewards.

• $100,000 to $249,999: $250
• $250,000 to $499,999: $1,000
• $500,000 to $999,999: $2,000
• $1,000,000 to $1,999,999: $4,000
• $2,000,000 to $4,999,999: $10,000
• $5,000,000 to $6,999,999: $15,000
• $7,000,000 and above: $20,000

Check out our M1 Finance promotions page for more.

TradeStation: Bonus of $150 to $3,500

If you open a non-retirement account with TradeStation and deposit more than $5,000 in cash or securities within 45 days, you could qualify for a welcome bonus. You'll need to use the promo code TSTVAGFD and leave the assets with TradeStation for 270 days, after which your reward will be deposited into your account.

• $5,000 to $24,999: $150
• $25,000 to $99,999: $300
• $100,000 to $249,999: $500
• $250,000 to $499,999: $1,000
• $500,000 to $999,000: $2,000
• $1,000,000 and above: $3,500

Check out our TradeStation promotions page for more.

Robinhood Gold: 1% to 3% IRA match

Many of the offers on this page don't apply to retirement accounts. But Robinhood's IRA match is different. If you transfer an IRA -- individual retirement account -- to Robinhood, you'll get 1% back on the amount you move.

Even better, if you're willing to sign up for the premium Robinhood Gold service for a year, you can get 3% back on your contributions. Plus, if you switch before April 30, 2024, you'll get 3% back on transfers and 401(k) rollovers too. You need to keep the funds in your IRA for at least five years to keep the match.

Check out our Robinhood promotions page for more.

How to pick the best broker bonuses

When picking the best broker promotions, first figure out the minimum requirements to qualify for the bonus. For example, many cash bonuses require a minimum deposit, which can be both cash and securities, and to hold those funds in an account for a set period of time. Think about how much you plan to invest and which account offers the best bonus for that amount. Many promotional offers are only available for set periods of time, so make sure the offer is still valid before you deposit money.

Another factor to consider is whether it is a stock bonus or cash bonus. New account holders with some brokers can receive free stocks worth up to a typical limit for opening a new account and meeting a minimum deposit requirement. However, many of these stocks are chosen at random, and the value is determined by a probability distribution.

Don't open a brokerage account purely because of the sign-up bonus. Look for an account that will suit your investment needs and won't charge you a fortune along the way. A bonus can be a nice boost to your investments, but the account types, products, and tools that you want to use are more important.

How should you use the brokerage bonus earned?

For cash bonuses, you can use those funds to purchase stocks, bonds, or funds, or keep it as cash as part of a diversified portfolio. Just be aware that if you want to transfer the bonus out of your account, there may be a minimum holding period. Otherwise, you could lose the bonus.

If you got a stock bonus, you may hold or sell awarded stocks once they're credited to your account. The value from sale of the stock can be withdrawn or used to buy other eligible securities.

If you can sell a stock with no commission, analyze the stock to see if it is right for your investment portfolio, time horizon, and risk tolerance. Research to see if the stock is for a growing company with the potential to appreciate in value over time. If not, then it may be worth selling and purchasing other securities that better fit your financial goals.

It's also worth noting that each firm requires a minimum amount of funds be deposited in an account to qualify for a bonus. So you'll probably have to keep the funds in the account for a certain time to be able to keep your bonus.

Can you earn more than one stock broker bonus?

Yes, as long as the minimum requirements are met, you can open accounts at more than one brokerage to get multiple bonuses. Keep in mind that the funds must be in the account for a specific period or the bonus may be revoked.

In addition, some brokerages have account closing fees that may be more than the bonus is worth.

If you're just getting started with investing, check out our list of the best online stock brokers for beginners to learn more about your options.

Brokerages we evaluated for consideration on this page: Acorns, Ally Invest, Axos Self-Directed Trading, Betterment, Cash App Investing, Charles Schwab, Delphia, Domain Money, Ellevest, Empower, eToro Brokerage, E*TRADE Core Portfolios, E*TRADE, Fidelity, Fidelity Cash Management, Fidelity Go®, Firstrade, FOREX.com, Interactive Brokers, J.P. Morgan Self-Directed Investing, M1 Finance, Magnifi, Marcus Invest, Merrill Edge® Self-Directed, moomoo, NinjaTrader, Personal Capital, Plynk, Prosperi Academy, Public, Robinhood, Rocket Dollar, Schwab Intelligent Portfolios, SoFi Active Investing, SoFi Automated Investing, Stash, Stockpile, Tastytrade, Titan, Tornado App, TradeStation, Tradier, Vanguard, Vanguard Digital Advisor®, Wealthfront, Webull, Zacks Trade.