Here’s another solid opening account bonus for an online broker. OptionsXpress is offering new customers a $100 bonus if they open an account with a referral from a current customer. You must maintain an average balance of $500 for 6 months, and make at least one trade. That’s a pretty sweet return on $500 in exchange for you trying out their service.
OptionsXpress offers $14.95 trades, free real-time and streaming quotes, and has lots of features for options traders. There are no minimum account balances, no account maintenance fees, and no inactivity fees.
If you’re looking for something safe to buy, the new WisdomTree Current Income Fund ETF (USY) is designed to have very low volatility and currently yields 1.03%. Another option I like is PowerShares VRDO Tax-Free Weekly (PVI), which also has a stable NAV from VRDOs and currently yields 2.62% tax-free. These would also work well with the TradeKing $50 bonus if you’re low on stock ideas.
I have an account, so if you’d like a referral just contact me with OptionsXpress in the subject, and I’ll be happy to send you one. I only need your e-mail address. You must open your account with the same e-mail you give me, and also use the promotional code FRIEND on your application.
Here’s the complete fine print:
$100 in your account and $100 in your friend’s account
Offer limited to one $100 bonus per referrer and referred friend, for each unique referral resulting in a newly activated, funded optionsXpress account meeting the terms and conditions of the refer a friend program. To qualify for the $100 bonus, the referred account must maintain a per account average balance of $500 for 6 months, and the account must trade at least once. The $100 bonus will be deposited into the referrer and referred accounts within 45 days after the referred friend meets the terms and conditions of the offer. To qualify, the referrer must enter the referred friend’s email address through this page, and the referred friend must enter the promo code “FRIEND” through the new account application form when opening the new account. A referred customer can only qualify for the $100 bonus a total of one time. A customer can only qualify for a total of $500 from any combination of optionsXpress cash promotions per calendar year. Deposits of new funds or securities from existing optionsXpress accounts are not eligible for this offer. Qualified (IRA), linked and shared accounts are not eligible for this offer. This offer is not valid for optionsXpress associates, non-U.S. residents, certain referring parties, and where otherwise prohibited. Customers can not exchange the $100 for other offers, cash or credit. We reserve the right at our sole discretion, to cancel, modify or suspend this offer program at any time without notice.
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I’m not eligible to refer people and get cash due to the fine print… “A customer can only qualify for a total of $500 from any combination of optionsXpress cash promotions per calendar year.”
I received the $500 bonus for making a deposit earlier this year. True to their word, OptionsXpress did provide me the bonus after I met their requirements, no strings attached.
I assume that I would actually have to trade twice, correct? Once to put my money into the ETF, once to take it out. That’s $30 total cost.
Also, assuming an overall tax rate of 30% on the bonus, that means the $100 would become $100-30-30=$40.
I’m not sure that’s worth it…
Do they do a hard credit pull when opening the account?
The second to the last line in the fine print makes it sound like you can’t withdraw the bonus money even after 6 months. Is that true?
It says, “Customers can not exchange the $100 for other offers, cash or credit.”
Looks like the deal is worth $85 or so (suggestion: use options on QQQQ for just one trade). Does OX do a hard credit pull?
So is this really as simple as open an account with $500, make one trade, do nothing for 6 months, and then you can withdraw your $500+$100+minimal interest (if you choose something safe)-$14.95 for your one trade?
Also can you refer people right away, like I enroll a friend, and they enroll a friend, and so on, and we all get $200?
You can definitely withdraw the bonus. I did the 500 bonus awhile back. Just use ach transfer to transfer the bonus to your bank account.
also, i didnt have a hard credit pull.
PVI is yielding about 1.2% according to etfconnect.com
Here is the catch: If you make a $500 deposit and establish a position and then it goes against you, you will have to deposit more money or both you and your friend will be risking being disqualified because of the $500 average account balance for 6 month requirement.
All in all, if you are not a serious trader, it is not worth it to go through all the trouble for that <$100. On the flip side, if you are a serious trader, do you really care about the $100?
14.95 per trade seems awfully high… Do they do any sort of commission matching like thinkorswim?
Now I sent you an email for this; I plan on referring friends too – does that mean I will receive $100 for opening my new account plus $100 per referred friend as well? How good are they about depositing the bonuses?
Now that they are owned by Schwab, would Schwab owned funds be exempt from the commission but still count towards trade?