Moomoo Review: Is It the Right Fund Broker for You?

Min. deposit
0$
Min. trade price
0$
Website address
https://Moomoo.com/
Demo account
Yes
Currency
USD
Supported languages
Eng
Active
Yes
* The amount that will be credited to the account in the case of a successful deal
Moomoo Screenshot
Content

Today, I shall review the Moomoo fund broker across multiple aspects — features, fees, platforms, limits, and more — helping you decide if it is worth onboarding or not!

Moomoo review

Moomoo review

This fund broker came into effect in 2018, in Silicon Valley. At present, it has 5+ years of credibility backing its services followed by features like custom alerts, market monitors, and more.

Moomoo: Pros and Cons

Moomoo: Pros and Cons

Before you start reading through this piece, here is a quick list of pros and cons:

Pros

  • Offers commission-free trading for stocks and ETFs
  • Account opening is fast
  • The platform is stacked with analytical tools
  • Boasts nifty and interactive mobile apps
  • Prompt customer service
  • Regulated by authorities
  • Offers an extensive selection of educational tools
  • Offers SIPC insurance worth $500,000

Why Moomoo

This fund broker offers an FDIC-insured cash sweep program for uninvested cash. Sums worth $1 million are insured — way higher than the standard FDIC limit.

Cons

  • Limited products
  • Limited deposit and withdrawal methods
  • Lacks phone support on non-trading days
  • Negative balance protection is missing

Now that the pros and cons are out of the way, let us dig deeper.

Further reading

Background and History: What Makes Moomoo Credible?

Moomoo is a subsidiary of FUTU Holdings, an investment firm and a NASDAQ-listed company that launched in 2012. As of 2023, the company boasts a 20 million+ user base and an overall market capitalization of $8 billion.

While it was founded in 2018, and based out of Palo Alto, Silicon Valley, the illustrious history saw the firm expanding to the likes of Singapore, Japan, Malaysia, Australia, and more.

Moomoo history

Moomoo history

This fund broker was awarded Fintech Breakthrough’s Best Trading Platform in 2022.

Moomoo awards

Further reading

The Signup Flow

Now, if you want to create an account and start using Moomoo, the first step would be to sign up using your social credentials or email address. Post that, you need to verify the phone number, by entering the verification code sent to your number.

Moomoo The Signup Flow

Once the details are verified, you can create your Moomoo account by verifying the tax residency. For the United States, you must provide your social security number and a valid address whereas for any other tax residency, a Passport and proof-of-address, via the utility bills, seem sufficient.

Moomoo will then ask you to fill out the basic account information before you submit the same for approval, which takes up to 40 minutes.

It is worth noting that for users outside of the U.S., documents like bank statements, passports, rental contracts, and others can be provided to verify credentials and tax residency.

Further reading

Moomoo Platforms

While the sign-up process initiated via the web interface is seamless enough, Moomoo also allows you to work with mobile applications, namely Android and iOS apps. Here is how each Moomoo platform looks, in terms of features:

Moomoo iOS App

Moomoo iOS App

  1. Market-specific news bits
  2. Access to over 60 free indicators and 35+ drawing tools
  3. Updates quotes
  4. Advanced safety integrations
  5. Support for live broadcasting

Moomoo Android App

Moomoo Android App

  1. Access to multiple charts via the interactive UI
  2. Access to a detailed quotation on page
  3. Cloud sync across devices

Moomoo’s mobile apps bring in an added security angle courtesy of the Moomoo token, for verifying access.

Moomoo App feautures

Moomoo Web Interface

Moomoo Web Interface

  1. Access to every investment option in play
  2. Powerful stock analysis tools
  3. Access to financial calendars and community feeds
  4. Customizable UI

The choice of platform eventually depends on your preferences.

Further reading

Moomoo Features and Offerings

By now, you should be able to seamlessly onboard Moomoo as your choice of trading platform! Yet, if you are still on the fence, here are the feature sets to help you make a more informed decision.

Diverse Investment and Trading Instruments

Moomoo brings home a diversified trading and investing catalog, led by access to domestic and international stocks. From U.S. stocks to shares relevant to the Hong Kong and A-shares market, Moomoo covers all.

Moomoo Diverse Investment

Here are some of the U.S. stocks offered by Moomoo:

  1. Apple Inc. (AAPL)
  2. Amazon.com, Inc. (AMZN)
  3. Tesla, Inc. (TSLA)
  4. Microsoft Corporation (MSFT)
  5. Alphabet Inc. (GOOGL)
  6. Facebook, Inc. (FB)
  7. Berkshire Hathaway Inc. (BRK.A)
  8. JPMorgan Chase & Co. (JPM)
  9. Johnson & Johnson (JNJ)
  10. The Walt Disney Company (DIS)

In case you are more interested in Chinese A-Shares, here are a few options to look at:

  • Kweichow Moutai Co., Ltd. (600519)
  • Ping An Insurance (Group) Company of China, Ltd. (601318)
  • China Merchants Bank Co., Ltd. (600036)
  • Gree Electric Appliances, Inc. of Zhuhai (000651)
  • Wuliangye Yibin Co., Ltd. (000858)
  • Industrial and Commercial Bank of China Ltd. (601398)
  • Midea Group Co., Ltd. (000333)
  • Jiangsu Hengrui Medicine Co., Ltd. (600276)
  • Luxshare Precision Industry Co., Ltd. (002475)
  • China Yangtze Power Co., Ltd. (600900)

While stocks and ETFs relevant to the U.S. market attract zero commissions, trading instruments on the Hong Kong market and A-Shares market are charged at 0.03%.

Besides stocks, Moomoo also lets you trade ETFs, with access to charts and data. With ETFs, you can diversify your portfolio better and that too at lower costs. On Moomoo, even the ETF selections are diverse, ranging from stock ETFs. bond ETFs, Index ETFs, Marijuana ETFs, and whatnot.

Moomoo features

Moomoo is also your go-to option for Options trading. Plus, you get access to 10+ Option strategies like Collar, Short-Condor, Cover Call, Long Straddle, and more. Furthermore, you also get access to insightful P/L analysis, an Options price calculator, and more.

For ETFs and Options, here is the list of popular assets supported by Moomoo:

U.S. ETFs:

  1. SPDR S&P 500 ETF Trust (SPY)
  2. iShares Russell 2000 ETF (IWM)
  3. Vanguard Total Stock Market ETF (VTI)
  4. Invesco QQQ Trust (QQQ)
  5. Vanguard S&P 500 ETF (VOO)
  6. ARK Innovation ETF (ARKK)
  7. iShares MSCI Emerging Markets ETF (EEM)
  8. Vanguard FTSE Developed Markets ETF (VEA)
  9. SPDR Gold Trust (GLD)
  10. iShares Core U.S. Aggregate Bond ETF (AGG)

Popular U.S. Stock Options:

  1. Apple Inc. (AAPL)
  2. Tesla, Inc. (TSLA)
  3. Amazon.com, Inc. (AMZN)
  4. Microsoft Corporation (MSFT)
  5. Alphabet Inc. (GOOGL)
  6. Facebook, Inc. (FB)
  7. Netflix, Inc. (NFLX)
  8. NVIDIA Corporation (NVDA)
  9. Boeing Company (BA)
  10. Advanced Micro Devices, Inc. (AMD)

Moomoo support multiple option strategies

As a professional trading platform, Moomoo also supports margin trades, at rates as low as 6.8%. Here are the margin rates charged by other fund brokers, demonstrating how affordable Moomoo is.

Moomoo customizable options chains

Cash Sweep Functionality

Moomoo also doubles down as a savings account, allowing you to get a sizable APY of up to 5.1% on idle, uninvested cash. And guess that. The uninvested sum isn’t locked and stuff and is free to be withdrawn or invested at any time. Plus, the cash sweep is even FDIC insured.

Moomoo Cash Sweep Functionality

Powerful Charts and Analytical Insights

One of the top Moomoo features is access to trading charts, indicators, and insights. Once you open an account, you can set six screens to trade and look at insights, simultaneously. Plus, you can use the drawing tools, pre-set functions — all 190 of them, 63+ indicators, and other tools to time the market perfectly.

Moomoo Powerful Charts

Access to Quotes

If you prefer to see Order Books while trading, Moomoo has you covered. This platform offers access to free Level 2 data, in the form of 60 bid/ask price reveals, customizable tools, and more. With quotes and insights, you can amplify your trading capabilities and even analyze the bid-ask spreads.

Paper Trading

In case you aren’t a pro at trading and still learning the ropes, Moomoo is one of the few platforms to offer paper trading support. This feature works more like a demo account, with up to $10,000,000 worth of virtual funds, allowing novice traders to test out pro strategies.

Moomoo Paper Trading

Besides the mentioned features, Moomoo also brings a market insights section, letting users track gainers and losers, top performers, investment themes, and more, from a single page.

Moomoo Paper Trading

Moomoo Paper Trading

Further reading

Fee Structure, Deposits, and All Limits Explored

With the features sorted, let us explore Moomoo’s fee structure and other relevant features. For instance, stocks, ETFs, and Options relevant to the U.S. market are commission free and neither does the fund broker accrue any platform fee. Yet, for index Options, you need to pay a contract fee of 0.5 cents, per Options contract.

Moomoo Fee Structure, Deposits, and All Limits Explored

For international markets, a 0.03% commission is charged, among other overheads like platform fees. Additionally, fund deposits and transfer-in of stocks are free.

Moomoo For international markets

However, an important aspect of the fee structure has to be wire transfers for fund deposits. Even though on paper Moomoo doesn’t impose any deposit or withdrawal limit and doesn’t accrue deposit fees, wire transfers for the same are charged anywhere between $8 and $25.

Wire transfers for withdrawals are charged at $30 and $50 for domestic and international avenues, respectively.

The minimum lot size on Moomoo is one whereas the base currency is set to USD. Another important observation is that only bank deposits — ACH and wire — are available for deposits and withdrawals.

Further reading

Moomoo and Its Security Posture

The features are good and the fee structure is competitive. What remains is the security aspect of things! Moomoo doesn’t slack in this department and brings top-notch implementations into the mix, in the form of two-factor authentication, multi-level verification, regular audits, and regulatory compliance.

Besides the implementations, the SIPC coverage and FDIC insurance further enhance the safety quotient of the user funds.

This fund broker boasts one of the best regulatory postures. Besides being compliant with the SEC regulations, Moomoo also adheres to the FINRA guidelines in the U.S., the Monetary Authority of Singapore, and ASIC in Australia.

Further reading

How Good Is the Moomoo Customer Support?

Moomoo boasts a minimal yet detailed support system led by a dedicated help section that literally answers every question a user might have. Plus, you get access to live chat support, a customer service number that’s available on trading days, and a round-the-clock online inquiry solution at [email protected].

Moomoo For Customer Support

Moomoo customer support

Traders can reach out to Moomoo’s social handles on Twitter (now X), Facebook, Instagram, and LinkedIn. Plus, the company even has a YouTube presence.

Yet, like most other fund brokers, it has received mixed reviews on the credible review platform, Trustpilot.

Further reading

Is Moomoo the Right Trading Platform for You?

Moomoo, the fund broker, might just be the right trading and investing platform if you do not want to be restricted by traditional trading hours. Plus, the offerings or rather instruments cater to the more aggressive folks. And finally, with zero commission and platform fees on most products, you, as the trader, get to keep most of your profits.

Further reading

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