I mentioned in a previous post that I have several different investment accounts spread across different brokerages. I have tried even more that I no longer use. A few years back, I opened up an M1 Finance account and I absolutely love it now. I highly encourage you to try it out, if only to get $50 for free.
M1 Finance offers a host of different account options. I currently have a Roth IRA and an Individual Account through them, but they also offer Custodial accounts, Traditional IRAs and margin accounts. My main Individual Account that I do my penny stock trading is through another broker, but that’s no slight to M1 Finance. Instead, I use my individual account on their platform to test different strategies.
That said, my Roth IRA is completely funded through M1 Finance. The interface is clean and modern; I like the fact that it is simple to use, they have research tools and I can customize my portfolio. But, the absolute best thing about M1 Finance is that they charge ZERO FEES.
Most other brokerages will charge either a transaction fee for every trade or a monthly percentage. Some of the brokerages that are geared towards beginning investors will charge as low as $1 a month. Sure, that’s almost free, but not quite. What a lot of those other brokerages don’t give you is the option to customize your portfolio.
My Roth IRA through M1 Finance consists of several different ETFs, of which I set the percentage. M1 refers to this as a “pie,” and the percentages add up to 100%. I’m not limited to ETFs however; I do have the option of adding individual stocks as well.
How does M1 Finance Make any Money Then?
If they’re not charging fees, then how does M1 Finance make any money? They do this by promoting their upgraded account – M1 Plus. This gives you the option of Margin trading, extended trading hours, a cashback credit card, and personal lines of credit borrowed against your account. Those are all super neat features, but for what I need out of this account I haven’t had a reason to upgrade.
How do I get my $50 Free?
For a limited time, M1 Finance is offering you $50 to open either an individual account and fund it with $100 or an IRA funded with $500. These funds have to remain in your account for 30 days, and then you’ll receive the bonus within 14 days. So, you don’t even have to invest the money – it just needs to be credited to your account. From there, you can either keep the funds in your account and invest as you wish or withdraw it altogether. Either way, it’s $50 for free. This deal ends on September 7th, 2021.
*Disclaimer: if you choose to sign up through my referral link I’ll also receive a commission at no cost to you.
The way that I invest, it pays to have several different brokerages. I have specific purposes for each of them. With M1, it’s awesome to invest directly into my Roth IRA and not have to worry about managing it more than once annually. I still research different ETFs that I might want to add or edit my portfolio, but I know that my account can just grow and not be hampered by brokerage fees. Keep in mind, however, that ETFs charge their own fees aside from brokerage fees, so do your due diligence prior to investing in them.
My experience with M1 Finance has been awesome so I wanted to share this opportunity with you guys to earn $50 for free just by signing up with their platform. If you’re at all interested, I highly recommend you give M1 Finance a shot!
Wow! Thanks for the heads up, I will be using your referral link. It’s nice we can trust someone out there with experience. Keep up the good work!
Thank you! Let me know what you think about their platform. I have really enjoyed it.
So far, it’s easy to use! A lot cleaner than others I’ve tried. Thanks again!