optionsXpress Promotion: Get $100 When Opening a New Account

The reason I got my optionsXpress account two years ago was that the broker had a promotion at that time that gave every new customer $100 bonus with a minimum of $500 deposit. That’s 20% return without much work. So I opened the account, made the deposit and received the bonus. Unlike other free money I got from broker promotions, I didn’t make any trade with the optionsXpress bonus. Instead I withdrew the bonus and my deposit after the holding period ended because of the high cost of trading stocks with optionsXpress, now a Charles Schwab company, ($8.95 per trade). In fact, I didn’t use my optionsXpress account to make any trade until early this month (I will write about my trading experience later).

Now, optionsXpress is running the $100 bonus promotion again with requirements similar to the previous promotion with an addition that 3 trades must be executed in 12 months in order to qualify for the bonus offer:

Offer is valid for one new Individual or Joint optionsXpress account opened and funded with at least $500 by US residents on or before December 31, 2012 at 11:59 CST, and having executed 3 trades within twelve months of account opening. To receive $100 bonus, account must be funded with at least $500 cash or securities transferred from a brokerage firm other than optionsXpress. The $100 bonus will be deposited into the new optionsXpress account within one month after meeting the terms and conditions of this offer. optionsXpress may charge the account for the cost of the $100 bonus should account fail to remain open with minimum funding (excluding trading losses) 6 months from the account open date. IRAs, other tax-exempt, linked, or shared accounts are not eligible to receive the $100 bonus offer. Offer is not transferable, is not valid for internal transfers, current optionsXpress accounts or with any other optionsXpress offers. All taxes related to this $100 bonus offer are the responsibility of the account owner.

The requirements are stricter than last time which also make the deal less profitable because, to get the bonus, you are required to make three trades which will cost you nearly $45, a big chunk of the bonus you will receive.

Get More than $100

However, there is a way to make the offer work better. I just mentioned that I didn’t use my account until only a couple of weeks ago. The commission is still $9.95 which is quite expensive by my standard, but I didn’t pay that much commission for my trades. Here’s what I did.

optionsXpress also has a referral program, the one that I have been running for quite a while. If you refer somebody to optionsXpress, you both can get some rewards, such as $100, 10 free trades, or books, and you can choose which one you want to receive. So to make it work better, all you need to do, after opening your own account, is refer somebody else, maybe someone in your family if it’s difficult to find others, and choose either $100 or 10 free trades when making the reference. There are also requirements to receive the referral bonus, but they are relatively easier to meet:

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.

As you can see, to get the referral bonus, only one trade is required (not you, but the people being referred) and after six months, the bonus will be ready in your account for use. That’s how I traded for free with optionsXpress, with the free money I received :)

Interested? Open an optionsXpress account and get $100 free money for yourself.

Open an account

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