Moomoo Review

Moomoo Trading App Review 2021: Best for All Around Investors

Overview

Moomoo is a mobile trading app available on Apple, Android, and Windows devices. It offers 180-day commission-free trades for stocks and ETFs. Though providing options, warrants, futures, CBBCs, and REITs services, Moomoo has no fractional share and online chat services.

 

Pros and Cons

Pros Cons
Free commission and contract fees for options trading No chat support service. Email and phone services only
Free commission for stock & ETF trades over the US, HK, A shares, and SG markets New investors may be overwhelmed with a sea of mass data
No minimum deposit requirements New users may take a longer time to get used to investment options offered by Moomoo
Free Level 2 market data No Tax-advantaged accounts are available
Vital market data and analysis tools with more than 50 technical indicators on its professional screener Limited funding channels, only bank transfer
Free access to pre-market and post-market trading quotes in the US Platform fees of USD0.005 per share; min. USD1 per order
Over 8,000 stocks can be sold short. The limited product offers. Only stocks, options, warrants, callable bull and bear contracts(CBBC), futures, and ETFs are available. Mutual funds, cryptocurrencies, forex, or bonds are not available
Demo accounts are available to users. No fractional shares, dividend reinvestment program
No monthly maintenance fees
Generous welcome gifts for new account holders
A global investment community of more than 100,000 users for investing tips and ideas sharing
Quick and easy account-opening procedures
Access to major markets
Fast trading platform & margin trading
US IPO subscription offer

 

How does Moomoo work?

Moomoo is a pro trading platform you will like for its professional and user-friendly features. You can open an account with Moomoo and start to trade instantly. Two ways are available to register an account: Mobile App and Website.

The steps are simple and easy:

  1. Install the Moomoo app on your mobile phone or go to the website
  2. Select “open account” on the app or the web.
  3. State your nationality
  4. Verify your email address and provide a password.
  5. You should also provide your details, e.g., I/D name, date of birth, mailing address
  6. Your income, tax, and asset information is necessary for records
  7. You shall supply your work status.
  8. Copies of the details above are needed to upload.
  9. And also, the personal disclosure section
  10. Submit your application online

After Moomoo approves your application, you can fund your account and start trading. However, you may use the first S$1,000 to invest immediately; the rest(if any) needs further settlement from Moomoo before you can use it.

 

Who is Moomoo for?

Moomoo offers a technology-based app to trade securities. You have a fast and on-the-go platform to invest in. It is fit for both new and experienced investors.

1. New investors

Moomoo creates a paper trading platform for investors to know the system before becoming familiar with actual market trading. A paper platform like the real one integrates with real-time data and information and helps new investors make simulated trades. Besides, investors can share ideas and experiences in a community of more than one hundred thousand members on the app. Click here to read more on how to start your investment in Singapore.

2. Advanced traders

If you are a sophisticated investor, you can make trades while keeping tabs on your account; getting free and comprehensive quotes, and using the tools by Moomoo to monitor market trends. What’s more, you can do both on the mobile app and the website.

3. Active traders

If you are a frequent trader, Moomoo is a perfect match for you. It charges zero commissions for most trades and has only a platform fee of USD0.005 per share.

 

Moomoo vs. IBKR vs. Tiger Brokers vs. TD Ameritrade

Below you can find out more information relating to four major brokers:

Moomoo IBKR(Interactive Brokers) Tiger Brokers TD Ameritrade
Commission Fees Nil SG stocks: 0.08% of the trade volume, min USD2.5 per order

US stocks: USD0.01 per share. Min USD1.99 per order 

Nil till December 31, 2021 Nil 
Minimum Deposit Nil, but a deposit of S$2,700, USD2,000, HKD16,000 is eligible for sign-up rewards. Nil Nil, a deposit of USD2,000 is eligible for sign-up rewards. Nil
Maintenance Fees/Platform Fees US stocks:

USD0.005 per share; min USD1 per order;

HK stocks:

HKD15 per order;

SG stocks

S$0.03% of the trade value, minS$1.5 per order

Up to USD10 per month(less than commission paid for the month) Nil Nil
Promotions 180-day commission-free trades for SG, US, and HK markets;

One Apple share gift for a minimum deposit of USD2,000, S$2,700 or HK16,000 and five trades for any markets and products;

First-time US/HK share transfer to Moomoo account gets S$50 cash coupon per account.

Nil A share of Apple(APPL) for a cash deposit of more than S$D2000;

60 commission-free stock trades(new accounts);

5 commission-free futures trades(new accounts);

500 Tigercoins for first-time registrants.

Zero commission for all trades

 

Top Reasons why people are using Moomoo as their trading platform

1. Comprehensive trading tools

Moomoo has what an investor requires for managing his investments. Besides the charting tools and pricing history, you would look for more information like a corporation’s market cap, trade volume, price percentage changes, P/Es. 

You may need to dig deeper for more financials as PEG, debt ratios, growth ratios, and even technical metrics,e.g., BOLL, MACD, and RSI.

2. Free Gifts for Newcomers

As said earlier, Moomoo gives one Apple share for a new account with a minimum deposit of S$2,700 or other equivalent currencies and five trades for the new account. More than that, a new account holder has 180-day commission-free trades for stocks and ETFs.

Besides, Level 2 data for the US market and Level 1 data for the Singapore market are available to investors.

3. Competitive commission rates and hot investor community

Moomoo is one of few online brokers offering meager commission rates covering major markets. 

You can take part in an investor forum held by Moomoo in which investors alike share investing tips, experience with the company, and investing ideas among members.

 

Tools and Platforms

Moomoo’s trading tools are amazingly enough to be a bit overwhelming to an experienced investor. The app supports mobile phones, tablets, personal computers. You can invest any time and anywhere.

1. All-round trading system 

Moomoo supports pre-market, regular, and after-market trading sessions. Besides, it provides Hong Kong and Singapore market trades in the Asia Pacific. The trading system is open for business all day around except for public holidays.

2. Multiple order services

Besides the popular order types like market orders, limit orders, and attached orders, Moomoo increases the advanced orders to its services. 

They include stop orders, stop-limit orders, market-if-touched orders, limit-if-touched orders, trailing-stop orders, and trailing-stop orders. You have all you need in one place!

3. Multiple charting tools

Moomoo’s charting service is comprehensive, and you have to choose one for your sake. Apart from the typical bars, hollow candles, filled candles, lines, mountains, more than fifty indicators are available to help investors analyze.

4. Level 2 quote information

They cover the most electronic trading volumes in the US stock exchanges like NYSE and NASDAQ. The famous order book types come from the paid NYSE Arcabook, NYSE Openbook, and NASDAQ Total View.

 

How to withdraw money from Moomoo?

Withdrawing funds from Moomoo’s account simple and easy:

  1. Log in your account with Moomoo on its app or website, follow the instructions: Trade > Brokerage Account > All > Withdraw
  2. Choose the currency you wish to withdraw in and the amount. Moomoo offers three withdrawal currencies: SGD, USD, and HKD.
  3. You should note the withdrawal amount should not be more than withdrawal cash. The withdrawal cash is the money you can transfer into your bank account; the withdrawal amount is the money you request to take out of your account with Moomoo.
    There may be differences between them. You should consult the broker for more details.
  4. The funds to be withdrawn should go to an account holder’s bank account only. A bank certificate stating your full name and account details, e.g., the bank account number, is uploaded to Moomoo.
  5. Moomoo will notify you if it approves the request. Usually, you may receive money in one to two business days after approval. Moomoo does not charge transfer fees, but a possible bank fee may depend on the bank and its location. Besides, a bank charge ranging from S$0 to S$30 may be charged against the client depending on the bank. You should consult your bank for more details before making a transfer.

 

Commissions and Fees

Moomoo is promoting 180-day commission-free trades for most of the transactions. But you should know more details about their fee schedule.

    • For US stocks and ETFs:
      Commission fees(free): USD0.0049/share, min. 0.99/order; Platform fees: min. USD0.005/order, min.USD1/order
    • For HK stocks and ETFs:
      Commission fees(free): 0.03% of a transaction amount, min. HKD3/order; Platform fees: HKD15/order
    • For SG stock, ETFs and REITs:
      Commission fees(free): 0.03% of a transaction amount, min. SGD0.99/order; Platform fees(free): 0.03% of a transaction amount, min. SGD1.5/order.
    • For China A-shares:
      Commission fees(free): 0.03% of a transaction amount, min. CNH3/order; Platform fees CNH15/order.
    • For US stock options trading:
      Commission fees: USD0.95/contract, min. USD1.99/order; Platform fees USD0.03/contract.
    • For Hong Kong Warrants & CBBCs:
      Commission fees(free): 0.03% of a transaction amount, min HKD3/order; Platform fees: HKD15/order.
    • For US & SG futures:
      You can refer to
      Moomoo’s website for charges and levies as the promotion is not applicable.
    • Margin interest:
      The rates for USD & SGD are 4.8% per annum, and HKD & CNH are 6.8% per annum.
    • Regulatory fees:
      Investors should beware the regulatory authority, and bodies charge investors for costs related to trades. They apply to clients from all brokers in Singapore.

 

Businessman monetary report

Alternatives

You may find several online stockbrokers are rivals to Moomoo.

1. Stash Invest

Stash allows investors to trade on its mobile trading platform. Like Moomoo, it offers commission-free trading and requires no minimum deposit and account balance.

You have to subscribe and open an account with Stash to trade stocks. Besides, it offers fractional shares of stocks, bonds, and ETFs.

2. Robinhood

Investors will be impressed by its elegant mobile app and trading platform. Like Stash, it does not charge commission and inactivity fees for US stocks. It also offers fractional shares services to clients. 

3. Webull

Like Moomoo, it also offers extended hours trading service to the US stock market investors. The services Webull include commission-free trading, no minimum account requirement, free access to Level 2 data, and advanced charting indicators. 

4. E*Trade

It offers smart trading services on its mobile app. E*Trade does not charge clients any commission rate for the US stock, options, and ETFs. It also provides investors with free market data and research tools. A paper trading service is available to new clients to understand the trading system.

 

Frequently Asked Questions(FAQ)

1. Is Moomoo Safe?

The US Market

Futu Inc., the owner of Moomoo, is a registered broker-dealer with the US securities and exchange commission. The licensed broker must be subject to stringent requirements by the securities and exchange commission in business activities.

Moreover, Futu is a member of the securities investor protection corporation. The organization protects investors’ interests regarding monetary loss.

In addition, Futu is a member of the industry regulatory authority FINRA. The professional body is a self-regulatory association protecting clients’ interests and members’ professional conduct.

Singapore & Hong Kong Market

Futu is also licensed and regulated by the Monetary Authority of Singapore and the Hong Kong Securities and Futures Commission.

 

Final Thought

Final but not least, if you plan to invest using the Moomoo – a disruptive technology startup, you should consider the following five takeaways into consideration:

  • With a Moomoo account, you can trade stocks, China A-shares(through Hong Kong Connect from Shanghai Stock Exchange), options, CBBCs, warrants, and futures from Hong Kong, Singapore, the US markets. Margin trading service is available.
  • No commission or inactivity fee is charged, but a platform fee and a US FINRA trading activity fee or a minimum fee apply to each share. Other market regulatory fees are also applicable. You should ask for financial advice before investing.
  • The Moomoo app is the perfect solution for both new and experienced investors
  • Advanced trading platforms and great investment tools are available. 
  • No fractional share services.

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