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Best Brokerage Account Bonuses of 2023

Ashley Jackson

Brokerages offer bonuses to compete for your business. Set yourself up for success by selecting a broker that understands your needs. We’ve considered the best brokers based on commissions, account minimums, bonuses, and overall quality.

Discover new ideas from an active investing community

$0

Fee Per Trade

$0

Account Minimum

Overview

Public provides access to a powerful suite of tools, daily insights from millions of investors, and curated content and news, so all members can have the tools and resources needed to invest with context.

What we like

  • All-in-one investing platform 
  • Wide selection of product offerings 
  • Commission-free
  • Insights from an investing community of millions
  • Invest in any fractional asset
  • Live in-app shows about the markets

What we don't

  • Limited account types
  • No in-person customer support

Get up to $625 when you open and fund an account

$0

Fee Per Trade

$0

Account Minimum

Overview

J.P. Morgan Self-Directed Investing offers beginners and seasoned investors free trades and a portfolio tool to help build out their asset allocation.

What we like

  • Unlimited trades with $0 commissions
  • No minimum investment
  • Manage investments from a mobile app
  • Portfolio builder tool to help with asset allocation
  • Access to research and insights

What we don't

  • Limited accounts, such as no SEP-IRA
  • No fractional share trading

INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Copy investments from successful traders

$0

Fee Per Trade

$0

Account Minimum

Overview

eToro is a multi-asset platform that offers both investing in stocks, cryptocurrencies, and trading in CDF assets. It provides an innovative approach to ‘Social Trading,’ also known as ‘Copy Trading.’ Social trading allows users to connect, share their trades, and copy successful traders’ trades for potential gains.

What we like

  • Commission-free real stock trading
  • Offers money and risk management tools
  • A lot of learning materials available
  • Offers a free demo account
  • Copy successful traders investments

What we don't

  • Higher spreads and rollover fees
  • High non-trading fees

Margin trading available with premium account

$0 - $9.95

Fee Per Trade

$0

Account Minimum

Overview

Axos Self-Directed Trading provides investors commission-free trades and an all-in-one solution for banking and investments.

What we like

  • Commission free trading on most assets 
  • Easy to use platform
  • Wide selection of product offerings 
  • No minimum deposit required
  • Extended market hours for premium accounts
  • Joint accounts available

What we don't

  • Crypto not supported
  • Premium account required for certain features
  • No in-person customer support

Offers fractional share trading

$0

Fee Per Trade

$0

Account Minimum

Overview

SoFi allows you to trade cryptocurrencies, stocks, and ETFs. It also uses the SIPC protection scheme and offers up to $500,000 in insurance coverage.

What we like

  • Free trading on ETFs and stocks
  • Offers fractional shares
  • A wide variety of cryptocurrencies
  • Free financial advice
  • No account minimum

What we don't

  • Does not offer mutual funds, bonds and options
  • Limited track record

What do brokerage account bonuses do?

A brokerage account bonus is an investment incentive to attract new clients and is a great way to save on your next account. This incentive usually comes in two forms, which are cash bonuses and free trades. You’ll need to meet certain conditions to qualify. 

  • Cash bonuses: A cash bonus is an upfront payment made by the broker to anyone who opens an account with them. Some brokers offer higher amounts than others, but they are usually $50 to $3,500.
  • Free trades: Free trades usually can be used immediately or anytime in the future if needed.

Why use a brokerage account?

Here are some of the most common uses:

  • Buy and sell financial securities: If you want to buy or sell stocks or other securities, you can do so through your brokerage account. You’ll have access to research reports, other information about individual companies, and research tools to help you make the best decisions when investing your money.
  • Potential long-term growth: Opening a new brokerage account allows you to invest in the stock market to earn a long-term profit. Depending on how much risk you’re willing to take, this could involve buying shares in individual companies, investing in index funds, etc.
  • Investment research, tools, and strategies: When you open a brokerage bonus account with one of the major banks or online brokerages, you’ll gain access to research tools that allow you to track the performance of individual stocks over time and compare them against other investments. You’ll also have access to stock screening tools that help you determine whether an individual stock meets your criteria for purchase, such as price range.

Are brokerage accounts safe?

Brokerage accounts are safe. They are licensed, regulated, and insured financial professionals who help people manage their money and investments, such as stocks and bonds. Brokers are accredited by the Financial Industry Regulatory Authority (FINRA) and licensed to sell securities. They must also meet specific minimum net worth requirements and submit a registration fee to FINRA.

What can you invest through brokerage accounts?

You can invest in various financial securities and funds. Here are some examples:

  • Stocks: Stocks represent shares in a company that trades on public exchanges like the New York Stock Exchange (NYSE) or Nasdaq. You can purchase individual shares or certain kinds of pooled funds that own hundreds or thousands of shares.
  • Bonds: Bonds are loans from companies or governments that pay interest until they mature at a specific date (i.e., when they become due). Most bonds have fixed maturities ranging from 10 years to 30 years, but there are also floating-rate bonds that change their interest rates based on current market conditions.
  • Mutual funds: Mutual funds represent portfolios of stocks owned by multiple investors who pool their money together to diversify their holdings across many companies rather than just one stock or sector. The two main types of mutual funds are open-end funds and closed-end funds.
  • ETFs: ETFs are a good way to invest in the markets because they’re extremely diversified and low-cost. They allow you to buy into thousands of stocks, bonds, or other assets in one easy transaction.
  • Commodity funds: Commodity funds provide exposure to commodities such as gold, silver, oil, and gas. The value of these funds is based on the underlying commodity price.
  • Currency funds: Currency funds provide exposure to a specific currency pair e.g., USD/EUR. The value of these funds is based on the exchange rate between two currencies. These funds can help investors hedge against currency fluctuations or take long positions when they believe that one currency will appreciate against another.
  • Real estate funds: Real estate funds are a great way to gain exposure to commercial real estate without tracking individual properties. Real estate funds typically invest in a concentrated portfolio of properties. They also invest in real estate-related securities such as mortgage-backed securities, REITs, and derivatives.

Benefits of investing in funds with a brokerage account

Here are some reasons why you should consider investing in funds with a brokerage account:

  • Portfolio diversification and risk management: A brokerage account gives you access to a wide range of investments that can help reduce your risk exposure in your portfolio. ETFs provide access to hundreds or even thousands of securities in one trade, allowing you to diversify your portfolio in one transaction.
  • Lower costs: ETFs are low-cost investments because they don’t have to pay for research or salespeople. Instead, they simply replicate an index and hold all the securities. This allows them to charge lower fees than mutual funds, which have to employ people to manage portfolios and sell shares to investors.

How to choose the best brokerage account

When choosing a brokerage account, it is important to look for a bonus that will benefit you the most. Here are some things to consider:

  • Commissions: The best way to save money on commissions is through commission-free trading. If your broker has this feature, then you should definitely take advantage of it as much as possible. Some brokers also offer discounts on certain types of trades, such as market orders or limit orders.
  • Reliability:  You can start by researching the reputation of the brokerage firm and its brokers. Look for reviews from other customers and any awards or recognition the company has received.
  • Account fees: The next important factor is any additional fees associated with your account. Some brokerages will charge a monthly fee if your balance falls below a certain level while others may charge nothing at all. You’ll want to check out both options before making your decision because paying an extra fee could drastically reduce the value of any bonus you receive.
  • Tools, education, and features: A good broker will offer you a variety of tools and education so that you can learn how to use their platform effectively. They should also have platforms or apps that are easy to navigate and understand.