Update 9/9/22: Monthly fee added and a withdrawal fee of $9.
Update: There seems to be a high level of astroturfing occurring in the comments. I’ve deleted some that are obviously fake, but I am sure there will be more.
Update 4/1/22: New tiers added.
Contents
The Offer
- Brokerage Streetbeat is offering a sign up bonus of up to $1,020. You must deposit and hold for at least six months. Bonus tiers are as follows:
- Deposit $50 – $99 and get a $10 bonus (new)
- Deposit $100 – $499 and get a $20 bonus
- Deposit $500 – $1,999 and get a $25 bonus
- Deposit $2,000 – $9,999 and get a $40 bonus
- Deposit $10,000 – $24,999 and get a $120 bonus
- Deposit $25,000 – $99,999 and get a $270 bonus
- Deposit $50,000 – $99,999 and get a $500 bonus (new tier)
- Deposit $100,000 – $499,999 and get a $1,020 bonus (new tier)
- Deposit $500,000 – $999,999 and get a $2,500 bonus (new tier)
- Deposit $1,000,000+ and get $5,000 bonus (new tier)
Our Verdict
Seems like a good deal especially compared to other brokerage bonuses as the funds only need to be in there for six months. Apparently you can also stack it with a referral bonus ($10 for both parties) but that isn’t 100% clear. It’s also a bit annoying there is no direct link that shows the bonuses on sign up, but the app links do mention the bonus.
Hat tip to reader Davis
There seems to be a high level of astroturfing occurring in the comments. I’ve deleted some that are obviously fake, but I am sure there will be more.
It’s not my call, but I’d like to submit “Francesca” (11 comments) for a secondary review 🙂
Hi, we did notice some clearly fake positive as well as negative comments in this post as well as on the web in the last 3 days, about our app Streetbeat.
We would like to make it clear that we always answer using our name and support email.
If this happened again, we would appreciate being notified about it at [email protected]
What negative comments are you alleging are fake?
We have sent you an email, as we would like to set up a call to discuss this further.
Does streetbeat allow purchases of bonds in the app?
Hi John, we currently do not have the option to purchase bonds directly in the app.
You can currently buy and sell stocks, ETFs, and crypto directly in the app.
If you have any questions, please contact us using the “talk to us” button in the app or at [email protected], we are happy to help.
crypto account, a regular stock trading account and a “flagship stocks” account. When I noticed the new fee on the crypto account (which I don’t use) I wrote them and asked to close the crypto account. They said that is not possible and suggested I start investing in crypto!
Offer is dead. Please update
Update: New tiers, plus terms are now 360-day holding and 12 month for bonus reward.
William Charles 
Chuck
“Every Bonus Reward for a new Bonus Level will have a 360-day holding period from the date of deposit into the Qualified Account.”
“The Bonus Reward will be deposited into the Qualified Account approximately 12 months
following the day on which a Qualified Customer makes a deposit into a Qualified Account.”
https://api.streetbeat.com/media/terms/Wire_Deposit_Bonus_Terms_and_Conditions.pdf
Deposit- Bonus
$500- $20
$1000- $50
$10,000- $100
$50,000- $250
$100,000- $1,250
$500,000- $4,000
$1,000,000- $8,000
$5,000,000- $14,000
They also have a referral program where you can refer a friend and earn up to $5,000 for both:
Thanks. The deposit T&C are a bit confusing, as the bonus table uses the terms “single bonus” and “cumulative bonus”, but those terms don’t appear elsewhere in the document or examples. Presumably it’s to indicate what bonuses would be rewarded if folks make their deposit/transfer in stages.
Also wonder if folks who did the 2022 offer would be eligible for this update offer…
Thanks. So the changes are:
1) Referral is now $20 each instead of $10. (Plus chance at getting $40, $80, or $5,000.)
2) Bonus tiers are now higher.
3) Funds now are tied up for a year (previously 6 months).
But, as we previously added in a 2022 update, there is a now monthly fee and a withdrawal fee. So this won’t really make sense at the lower tiers. Possibly at $100k or higher it can start making sense to consider.
True, just like to post updates when I run across them and leave it to others to determine if it works for them.
They changed terms again.
It’s now 1 year holding period and monthly charge 12.5/month for account holders(or 120 annual), not to mention Acat transfer out with fee…
+ Restrictions in some operations according to comments below
Pass for me as of now…
I transferred some shares in and streetbeat lost my cost basis. Not worth the headache. They also charge a fee to transfer your cash to your bank.
Curious why this is marked expired?
The offer links are still active and the home page still mentions “Get bonuses up to $10,000”
so what happens if i withdraw my original and my bonus before the holding period – will they take me to collections??
im hearing from streetbeat that I have to keep money for 12 months, not 6. Not sure the terms spell it out very clearly. Confused.
Has anyone conducted an account transfer out from Streetbeat to Fidelity?
I contacted Alpaca and they provided me the same instructions as Streetbeat:
Choose delivery firm of Clearing Firm: Alpaca Markets/ Velox Clearing DTC 3856, with an account number of 1PS + actual account number.
When I tried looking for “Velox” at Fidelity, I managed to find Velox Clearing. But if I search for “Alpaca”, Alpaca Markets also shows up. I’m not sure which one to select… I called Fidelity, and they said they can’t see the DTC number associated with either entry. I tried to ask for a member of the account transfer team to confirm which entry has the DTC number of 3856, but the front line rep said that wasn’t possible. He told me to just submit with one or the other, and the account transfer team would notify me if they can process or deny after submission, which seems not efficient…
Please keep us updated on the ACAT out process. I keep coming back to decide if this is worth trying, but there’s no way I’m risking all the potential fees if the ACAT out process is more difficult than other brokers.
Rather than Schwab/Fidelity, I transferred out to Etrade. It took several calls with Etrade as they kept omitting the 1PS from the account number. Streetbeat’s monthly account statement doesn’t include the “1PS”, so Etrade incorrectly used the statement account number for their first few attempts. These attempts kept getting denied, so I called Velox to discover the “1PS” was not in the ACATS transfer request by Etrade.
But once Etrade did submit it correctly, the ACATS only took 3-4 days. Took about a month in total because of Etrade’s tomfoolery.
One thing to note, Streetbeat charged the $50 outgoing fee, but Velox also charged their own $75 fee. Etrade reimbursed me for both without issue.
Having done so much research/calling with Schwab and Fidelity beforehand, Schwab probably would have handled things better, as account holders can call their account transfer department directly, unlike Etrade and Fidelity.
Reporting these fraudsters to the SEC and FINRA. For anyone trying to do this bonus, I highly advise against it. They will not let you withdraw your cash as when you link via Plaid. The issue is that the banks give a scrambled number to them than your actual account number for security purposes when you link via Plaid. When you try to withdraw, they require you to upload a bank statement from which you deposited the funds into Streetbeat. Because the account number given to them by Plaid won’t match your actual bank statement account number, your withdrawal will be rejected. They manually review withdrawals and reject them if the numbers don’t match. What is worse is there is no number to contact them through. I’m dealing with this headache at the moment after 6 months and locked myself out of over $25k in funds.
Hi Sammy, I am sorry to hear about this situation.
There was indeed an issue with some banks providing a hidden account number. This being said, it has long been fixed.
If you have any issues you can always reach out to our customer support using the “talk to us” button in the app or by email at [email protected]
Anybody successfully acat asset transferred out from Streetbeat? The account number provided by streetbeat does not work. But streetbeat says that’s the correct account number.