Update 5/19/22: All of Us is closing down and accounts will be transferred to Firstrade.
This is to notify you about an upcoming change to your brokerage account. All of Us Securities LLC (“All of Us”) will no longer be offering brokerage services as of June 27, 2022. We understand that this disruption is not ideal. However, we have reached an agreement with Firstrade Securities Inc. (“Firstrade”) to transfer your accounts to them, unless you opt out of the transfer as described below.
To minimize your disruption, Firstrade also clears through Apex Clearing Corporation (“Apex”), which is the current clearing firm of All of Us. While Firstrade will be responsible for opening, approving and monitoring all activities in your brokerage account, your assets will remain at and cleared through Apex. Firstrade offers substantially the same services as All of Us.
Update 6/30/21: Looks like they’ve lowered it to $25 for new member and $10 for referrer. Also increased minimum deposit to trigger bonus up to $10.
The Offer
- Fee free brokerage All Of Us is offering a $50 referral bonus to both parties when a referral link is used and $1 or more is deposited.
The Fine Print
- The start date of the offer is Jun 10, 2021, and the expiration date (unless extended) is Friday June 18
- An existing customer provides their unique referral link to a person, and that person utilizes the link when opening their account. The referral link is available to logged in customers on the account dashboard within the platform.
- The referred customer is new to All of Us.
- The referred customer funds their account from a linked bank account by ACH transfer within 7 days of account opening and before the expiration of the offer, whichever is earlier.
- IRA’s do not qualify for this offer
- Successful referrals will result in $50 cash awarded to the new customer as well as the existing customer who made the referral. IRA accounts cannot receive rewards.
- The referring customer must have a non-IRA to receive the cash and the new customer must open a non-IRA account.
- Recipients of the cash referral bonus may not withdraw the cash received for 6 months after the bonus is issued. (However, it may be invested.)
Our Verdict
All of Us also gives rebates based on selling order flow information, unlike other similar brokerages (Robinhood). This referral bonus seems a little bit too good to be true, so I suspect it’ll be pulled before the end date (surprised it hasn’t already been pulled). All of Us has raised $4million+ according to Crunchbase. Do not share your referrals in the comments below, used this linked post instead.
Hat tip to reader Matt I for sending this in (his referral here)
