Investment referral: understanding Trade Republic's free share or ETF

This type of offer must be treated differently from a bank bonus. A financial security is not a voucher, and its value may change.

Key points

• The amount depends on the draw or campaign.
• The €200 maximum must not be promised.
• The offer relates to investing.
• The referred friend must understand the product before registering.

Why the offer seems more spectacular

A free share sounds more exciting than a month's subscription. It gives the impression that you can start investing for free. This is commercially effective, but it requires more explanation.

The referred friend will not necessarily receive €200. The official wording is “€5 to €200”, with a random selection from a pool and variable conditions. The correct message should therefore say “a free share or ETF, subject to conditions”, not “€200 free”.

This clarification protects both the referrer and the referred friend. It avoids presenting the maximum reward as though it were guaranteed.

What distinguishes Trade Republic from Wise or N26

Wise and N26 provide payment or mobile banking services. Trade Republic, by contrast, introduces an investment product whose value may change.

The context is therefore different. Someone referred to Wise may want to reduce their transfer fees. Someone referred to Trade Republic must understand that they are opening an account linked to the financial markets.

This does not make the offer bad. It makes it more demanding to explain.

The variable conditions must be read in the app

Trade Republic displays the campaign's additional conditions in the app. Depending on the promotion and the new customer's place of residence, they may require a deposit of up to €3,000 and up to five paid investments within 21 days of opening the account. These maximums describe the most demanding possible conditions, not the requirements for every invitation.

The advice remains the same: do not present one campaign as a timeless offer. Read what the app displays at the time of registration, then check the deadlines, any required deposit and the transactions required.

If a condition mentions investments that must be made, consider whether they are genuinely worthwhile. Investing to unlock a bonus is not a strategy.

How to refer someone responsibly for an investment offer

Your message should start with a note of caution: “if you were already planning to open an investment account, take a look at this offer”. It should not encourage someone to invest solely to receive a free security.

Explain the range, the draw, the conditions and the risk. Then direct them to the official page and the detailed listing. The terms prohibit publicly sharing a personal code on coupon sites, forums or mass channels: a personal invitation must remain private. A responsible recommendation is better than a quick click.

For beginners, add a simple sentence: “do not invest money that you are not prepared to tie up or see fluctuate”.

Questions to resolve before accepting the offer

Before accepting the offer, check whether the free share or ETF really justifies the requested conditions. Is the amount guaranteed? Which transactions must be completed? How long can the security remain locked? The answers displayed in the app take precedence over an example campaign found elsewhere.

These questions separate the marketing reward from the investment decision. An attractive offer does not compensate for a deposit, transactions or a risk level that is incompatible with your plan.

When this offer may be suitable

Trade Republic can be a good referral offer if the referred friend already wanted to invest and understands how the product works. It is a bad one if the reward becomes the only reason to open an account.

To compare it with other investment offers, read the investment referral comparison and the Trade Republic guide. For a financial offer that does not involve investing, compare it with Wise or N26.

See also

• Trade Republic referral programme 2026: the complete guide
• Best investment referral programmes 2026
• French bank referral programmes: BoursoBank, Fortuneo and Monabanq

Official sources

• Trade Republic, participating in the Refer a Friend programme, checked on 19 September 2026.
• Trade Republic, customer promotion terms dated 17 February 2026, checked on 19 September 2026.