【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 Basics

Below are introductions and sign-up bonuses for several commonly used U.S. stock brokerages.

Review Sign-up bonus Quick take
Moomoo (Futu) $200 stock card + $1,000 NVDA + 8.1% APY Feature-rich, with a good Chinese-language experience. Market data, Level 2, options, and cash management are all practical, making it suitable for everyone from beginners to active traders.
TradeUp (Tiger Brokers) 50 NVDA shares + chance to win 5 shares + 4% for three months Good for active trading. Trading fees and margin are relatively competitive for U.S. tax residents, and it supports Web Trading, Level 2, and Chinese-language customer service.
Webull 12 fractional shares + 1 month of Premium membership Strong market-monitoring and active-trading features, with relatively complete charts, technical indicators, options, and pre-market/after-hours trading. Best for users who trade frequently.
BBAE Up to $650 bonus Relatively convenient account opening for Chinese users, and you can apply without an SSN/ITIN. Chinese-language support is good, but there is currently a Platform Fee, so it is not ideal for small-balance high-frequency trading.
Robinhood Chance to get 1 stock Simple interface and easy to use, 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 Chinese residents, making it suitable for advanced and global investors.
TradeStation $250 Geared more toward professional and active trading, with strong advanced charting, strategy backtesting, and automated trading features. Ordinary long-term investors may not need it.
Schwab Up to $1,000 Good for long-term investing and larger asset balances, and convenient for buying ETFs and CDs. Checking and worldwide ATMs are also strengths, but the default interest rate on idle cash is relatively low.
Fidelity brokerage account Sign-up link A long-established full-service brokerage, suitable for long-term investing, ETFs, and retirement accounts. Cash management is also solid, making it a good primary brokerage for the long run.
BIT (formerly Matrixport) Deposit and trade to get $210 Suitable for Chinese users and digital-asset users. You can use funds such as USDT/USDC to allocate to U.S. stocks. It is not a traditional U.S. brokerage, so fees and the asset custody structure need to be reviewed separately.
SoFi Invest Open an account to get $75 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 Invest Deposit money to get $10 Focuses on Pies and automated investing. It is suitable for long-term recurring investments after setting your stock and ETF allocations, but not for users whose main focus is active trading.

If you do not have an SSN/ITIN but still want to trade U.S. stocks, you can consider the brokerages/platforms below. They can be registered entirely with Chinese documents, using either an ID card or passport. None participate in China's CRS.

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

If you are in mainland China and want to invest in U.S. stocks, see this summary: