FAQ
How do I sell my stock(s)?
You can place a sell order on a stock you wish to no longer hold in the ticker detail page of that respective stock. You can find this by going to your portfolio and clicking on the stock ticker under "My Holdings" or under "Stocks To Trade". We currently only support market orders, which means your order will be placed at the next best available price of the security.
In is also possible to sell the whole amount of a stock you hold. To do this, when placing a sell order, leave the dollar value of the order as '0'. This way, the "Sell All" button will appear and enable you to sell your whole selected stock possession.
*At Bits of Stock, we practice notional trading. This way, you consider the dollar amount value of a stock at its spot price, not the actual amount of stock.
What is stock settlement?
The settlement marks the official transfer of securities to the buyer's account and cash to the seller's account. For most stock trades, settlement occurs two business days after the day the order executes, or T+1 (trade date plus one day). For example, if you were to execute an order on Monday, it would typically settle on Tuesday.
How do I withdraw my funds from my brokerage account?
You can withdraw any settled funds from your brokerage account by clicking the "Withdraw" button in your portfolio. We only support withdrawals through ACH, meaning you need your account and routing/ABA number. It can take up to a few business days for the funds to reach your bank account.
How do I know that my information is secure through Bits of Stock?
Safety is a top priority at Bits of Stock. We use bank rate levels of encryption to protect our users' account information.
What is the most I can get rewarded in each month?
How often do rewards get posted?
Rewards are only valid for posted transactions. Once a transaction is in a posted state it will trigger a reward. The rewards are updated every day in 1-hour intervals.
What happens if you redeem or place orders outside of market hours?
Stock rewards can be redeemed outside of market hours. Redemptions will go into a pending redemption state until the market opens and the order can be placed.
However, placing orders and selling is only possible during market hours.
*Market hours are weekdays (Monday-Friday), 9:30 - 16:00 EST. The times are also specified in your Bits of Stock portfolio.
How can I view my documents?
You can find all your brokerage documents under the Documents module. The module contains your trade confirmations, monthly statements, and tax documents.
The 'Trade Confirmations' are daily documents in which each trade is officially confirmed. It also contains additional information, like trade and settlement date about each trade.
In the 'Monthly Statements', your positions, cash balances and other trade activity can be found. The statements are automatically generated for you every month.
The 'Tax Documents' tab holds any tax information you may need regarding your Bits of Stock brokerage account, including tax instructions for your tax filings.
How can I transfer funds?
Funds can be deposited into a brokerage account or withdrawn from it using the 'Transfer' function in the Bits of Stock portfolio. By default, this function is set to deposit funds into the brokerage account, but changing the accounts will switch the function to withdrawal.
New savings and checking accounts can be added, or unwanted accounts can be removed. Adding a new account can take anywhere from one minute to one business day, depending on the bank.
After initiating a transfer and reviewing its details, the transfer will be marked as 'pending' in the brokerage account history. The transfer typically takes three to five business days, depending on the bank. The status will change to 'complete' once the transfer is finalized. The transfer status can be monitored in your account history.
How can I select stocks for rewards?
In the "Rewards" module, you'll find a curated list of available and pre-approved stocks from your financial institution. This gives you the freedom to select the stock in which you'd like to receive fractional shares of rewards for the percentage indicated per stock. Accumulate these fractional shares and redeem them once you reach the threshold set by your provider, such as $5. If you do not make a selection, a default stock will be assigned.
Keep in mind that your stock selection can be changed at any time, simply by picking a different stock in the way described above.
How can I close my investment account?
