M1 Investment Account Introduction
[2024.1 Update]The new account opening bonus is to top up $10,000 within 30 days of account opening and get $250 if you keep the account for 30 days. Referral Links(This is what this site is showing now), the landing page doesn’t say anything but the terms are there hereThis reward takes up funds for a short time, so it is still okay. If you just want to get the reward and don’t want to really invest, you can set it to buy 100% short-term bond fundsBIL.
【2021.11 Update】The current recharge rewards are very good, and the amount requirement is much lower than before. You can get a $500 reward by recharging $50k.
【2021.8 Update】The account opening bonus has been increased to $50 (usually $30).
Application Link
Basic account information
- $250 account opening bonus: Top up at least $10,000 within 30 days of account opening and keep it for 30 days to get $250.
- The way this brokerage is used is very different from most other brokerages: you can only set a specific proportion of stock portfolio (Pie), which stocks/ETFs included in Pie can be selected by yourself, and the proportion can be freely set, and then you can easily rebalance with one click; but you cannot trade at will, but there is a fixed time window every day for them to automatically trade for you. The minimum ratio of each stock in Pie is 1%. You don't need to buy a full share. M1 Finance will automatically help you buy fractional shares in proportion. The interface screenshot is like this:
- $0 monthly fee, no minimum deposit requirement.
- Like most brokerage accounts nowadays, the fees for buying and selling stocks and ETFs are $0.
- Like other emerging Internet brokerages, you can buy and sell stocks and ETFs, but not mutual funds.
- You can refer a friend. The specific rewards are constantly changing, so please refer to the current content on the official website.
Precautions
M1 Finance only allows US citizens and green card holders to open accounts (but no document upload is required):
Qualifications: US Citizens and Permanent US Residents (Green Card Holders) over the age of 18 with a current US mailing address can apply to open an M1 Account.
In terms of investment, the tax rates for US Person (including Resident Alien (RA)) and Non-Resident Alien (NRA) are different! So before opening an account, please find out whether you are an RA or an NRA. For details, please refer to "Identification of tax filing status” M1Finance does not support NRA account opening.
Summarize
M1 is a very unique brokerage firm, suitable only for a small number of people with a specific investment style. If your investment style is to allocate the entire portfolio according to a certain proportion, the transaction frequency is very low (once a month or even once a year), and each operation is just to rebalance according to the set proportion, then it can be said that M1 is tailor-made for you. For example, some people like to invest in the way of 80% S&P 500 index fund + 20% bond fund and rebalance every quarter, in which case M1 is very suitable. If your investment style requires the freedom to buy and sell stocks, then don't use this one.