Once you are in the home page, navigate to the bottom of the home page and you will see a button that says “Generate Your Referral Link”. When you click on the button you will see your link, the number of people who have used your tastyworks referral code, and the number of people who have used your referral code and have funded their brokerage account.
Redeeming your tastyworks referrals
Every time someone uses your tastyworks referral code to open a tastyworks account, and if they fund their account with $2,000 within 60 days, you will receive one referral credit. You can redeem your tastyworks referral credits once you have at least two funded referrals. It may be tempting to cash out your credits as soon as you have two credits. However, if you can wait to redeem them until you have at least 5 credits, you will earn more cash!
Clicking on “Redeem Now” will take you to a page where you can select your prize. You can redeem your tastyworks referral credit for the following items or cash deposited into your tastyworks account. Personally, I like to redeem the prize in cash and it makes more sense to redeem credits in 5 credit increments.
Refer 5 friends and get $500 Referal Bonus ($100 per referral)
You can claim your referral bonus once you have referred at least two friends to Tastyworks. However, if you cash out 2 referral credits you will only get $75 per referral. To get $100 per referral, you must redeem at least 5 credits. Do you have 5 friends who could open and fund a tastyworks account with $2,000? If so, it’s worth waiting to get the $100 per referral bonus.
How long will it take to get your Tastyworks referral prize?
You have redeemed your tastyworks referral credits and are wondering when you will get your referral prize or cash. Interestingly, this depends on the time of the month you redeemed your referral credit. According to the tastyworks website, all referral credit prizes are processed at the end of each calendar month and delivered to your account within 1-2 weeks. Based on my experience, prizes are delivered around the 15th of the following month.
As a new broker in an already competitive stockbroker landscape, tastyworks is investing quite a bit on new user acquisition with very generous promotions. Currently, Tastyworks has 2 active promotions:
$250 Trading Challenge Promotion
With this tastyworks promotion, you can get paid $250 for trying out the tastyworks platform. To take advantage of this promotion, you must have an eligible account funded with at least $2,000 USD. However, you won’t actually trade with your own money. Instead, tastyworks will fund your account with $5,000 USD and you’ll have 2 days to make $250 with their money. Read more details about this promotion and how to sign-up in our other post.
$200 Crypto Promotion
If you are a cryptocurrency trader, you can receive up to $200 in free cash when you sign-up and fund your tastyworks cryptocurrency account. To qualify for this promotion, you must be a U.S. Citizen, not live in New York or Hawaii, be over the age of 18, and not have opened a tastyworks account before. To receive the tastyworks $200 crypto promotion, open and fund your tastyworks account with $2,000 before 6/30/2021. You may also fund your account with $200, in which case you will only receive $50 worth of crypto. You can learn more about this promotion in our tastyworks promotions post.
100 Free Stocks Promotion
Just like Robinhood and other new stockbrokers, Tastyworks is offering free stocks to new users when they sign up and fund their accounts. But instead of 1 share, you will get 100 shares with this tastyworks promotion. According to the promotion terms, the stocks will be priced between $1 and $6 USD, with 70% chance of being under $2 USD and 30% chance of being over $2 USD. Again, you will need to fund your account with $2,000 USD and keep the funds in your account for at least 3 months to receive the 100 shares. This promotion is set to expire on 06/30/2021. Check out my tastyworks promotions post to learn more about this promotion.