Questrade is a Canadian ownn discount self-serve online brokerage. Currently, they have a refer-a-friend program where you receive $25 cash, deposited into your account, for each friend that you refer to Questrade.
Here is how the deal works. For each friend that you refer, you will receive $25 cash deposited into your account when they sign up. In addition, for every third friend referred friend that signs up, you will receive a $50 cash bonus. Thus, your bonus tier looks like this:
- Refer one friend: total bonus earned = $25
- Refer two friends: total bonus earned = $50
- Refer three friends: total bonus earned = $125
The $50 bonus is for every third friend, so it makes sense that you will receive that extra bonus on your sixth friend and your ninth friend as well.
Your Friends Receive:
Now, why ever would your friends sign up for Questrade? Well, there is also a cash incentive for your friends to unlock when they deposit money into their trading account. Your friends will receive:
- $25 with a $1,000 deposit
- $50 with a $10,00 deposit
- $75 with a $25,000 deposit
- $100 with a $50,000 deposit
- $250 with a $100,000 deposit
As you can see, there is extra money in this deal for both you as the referrer and your friends as the parties being referred to Questrade.
According to my partner (who invests in the market), Questrade generally has one of the cheaper fee structures for buying and selling stocks, ETFs, and stock options. ETFs are free so you can easily start investing at the touch of a button. I have read that there is a $25 fee per quarter for accounts under $5,000. However, this fee is waived if you complete a trade. Just get yourself an ETF per quarter if your balance is under $5,000.
There also appears to be 100 free trades when you first open your trading account. This is a pretty great way to start.
Now, referrals are easy. As a member, you will send out a Qpass code to your friends. When they sign up, they merely need to input the Qpass code and you will receive your bonus. To get your reward, your referral needs to open and fund their account. Then, they need to execute one commissionable trade. All rewards are paid at the end of each week.
We do not often blog about stock trading, but I thought this was a very good deal for those interested. If you are already with Questrade, then you can make a little extra money. If you want to start with Questrade, then ask a friend for a Qpass code to make a little extra money.