Update 9/10/24: Now requires a deposit of $25,000 rather than $3,000. No longer worth doing.
The Offer
- Opto is offering a bonus of up to $300. You must make a deposit of $500 – $3,000 and invest at least 50% of that for 120 days from the date of deposit.
- Deposit USD $500 – USD $999.99 and get a $50 bonus
- Deposit USD $1,500 – USD $2,999.99 and get a $150 bonus
- Deposit USD $3,000 or more and get a $300 bonus
- Note you must register for the bonus by clicking find out more on the home page you also must be subscribed to the newsletter, but you’re auto enrolled at sign up. Can see more information here.
The Fine Print
- The Offer entitles an Eligible Customer to receive from Opto the one-time corresponding bonus amount (“Bonus”) set out in the below Table (“Table”) in their Alpaca Trading Account. To receive the corresponding Bonus, the Eligible Customer must: (a) Make their deposit into their Alpaca Trading Account after the commencement of the Offer Period and before the Offer Period ends or expires; (b) Keep the deposit made under this Offer in their Alpaca Trading Account for a minimum of one hundred and twenty (120) days from the date their deposit is credited into their Alpaca Trading Account; (c) Meet the minimum deposit requirement of USD $500; and (d) Meet the investment value threshold requirement in the Table that corresponds to the value of their deposit within a period of one hundred and twenty (120) days from the date their deposit is credited into their Alpaca Trading Account.
Our Verdict
Bit of a weird brokerage, they offer ‘themes’ which are just a bucket of investments targeting particular sectors (e.g AI) but you can also buy individual stocks or something like SGOV. Overall seems worth doing and will add to the best brokerage bonuses.
Hat tip to reader snailrock
I finally got around to selling my SGOV investment 2 days ago. The funds were available to withdraw yesterday and withdrew everything.
I just logged into my external account and was pleasantly surprised to see that the funds arrived yesterday. Therefore, like Fidelity, Opto offers same-day transfers. 😀
I messaged Opto regarding 1099 tax documents. I received the following response:
“End-of-year tax statements are usually available from mid to late February. You will receive an email once they’re ready, and you can find them under Account > Trade Documents > Tax Statements.
Let us know if you have any other questions.
Best, team OPTO”
Update: I received my 1099 via App.
I got it. Thanks
Yes, got it. Thanks!
Anyone got a tax form for them for dividends, etc?
I don’t see any tax docs online as of today
Just checked. Nothing yet.
Davis
DP of bonus posting automatically:
9/10: Deposited $3k
9/12: Bought SGOV
1/21: $300 bonus posted automatically without contacting anyone
9/6 Signed up $300/$3k promo
9/10 Chat to confirm promo attached $300/$3k
9/17 $3k bought SGOV
1/21 $300 Bonus
Overall easy bonus and just needed to reinvest div. each mth. making an additional ~$50. No rush to liquidate yet. Will wait for the next round of div. to post prior to closing at end of mth. Glad to be part of the early birds on this one.
With SGOV it really does not matter: If DIV posts then the value falls proportionally. If you are not in a hurry that ok as well. Just pointing out that there is no tangible benefit to waiting to liquidate SGOV to the end of the month if you need the money elsewhere.
Gotcha. For me it’s about timing. I like to sync churning opportunities back to back etc. One done another opens so funds don’t bounce around too much.
I think the dividend would be exempt from state tax whereas the value of the ETF would not be?
Yeah, the difference in price would result in a capital gain/loss and taxed accordingly. Best case if you timed right and held for a year is you get to convert one month’s “interest” from ordinary income into a long term cap gain.
Got mine today, signed up when promo is on, then registered after they took away promo, confirmed with CSR that I’m qualified same day.
Opened on 9/10. Bought 3k worth SGOV same day.
$300 Bonus posted on 1/16.
9/10/24: opened
9/12/24: $3k xfer, bought SGOV
1/15/24: contacted support
1/15/24: CS said the bonus will be posted later this week.
Question: Is it safe to move fund out and close after getting the bonus? Or should I move most of the fund out and leave the account open for a while?
Yes, I tried to get this discussion going below, but got no response and after looking into it decided that there is no penalty to do anything and so cleaned it out. Now will wait a week or so to close.
Did you actually contact them on the 15th? Nobody answers mine.
Yes I sent them a message last night and they responded this morning.
Thanks, still no reply for me.
They never responded to my P2, but paid out the same day as mine (4 days ago).
The bonus was posted today. Probably going to move out the fund and close soon.
9/10/24: opened
9/12/24: $3k xfer, bought SGOV
1/14/24: still no bonus, contacted support
1/15/24: $300 bonus posted
9/3/24: Applied & opened account
9/4/25: $3k+ transfer
9/9/25: $3k+ SGOV purchase
1/13/25: No bonus yet, messaged support
1/14/25: Support responded, $300 bonus posted