Moomoo Review

Moomoo

Moomoo

www.moomoo.com

  • Leverage: Margin Trading

  • Regulation: SEC, FINRA, SIPC, ASIC, MAS

  • Min. Deposit: $0

  • HQ: USA

  • Platforms: Moomoo Desktop, Moomoo Mobile

  • Found in: 2018

Moomoo Licenses:

  • Moomoo Financial Inc. - authorized by SEC (USA) CRD: 283078/SEC: 8-69739
  • Moomoo Financial Inc. - member of FINRA & SIPC (USA)
  • Futu Clearing Inc. - authorized by SEC (USA) CRD: 298769/SEC: 8-70215
  • Futu Securities (Australia) Ltd. - authorized by ASIC (Australia) ACN 095 920 648
  • Moomoo Financial Singapore Pte. Ltd. - authorized by MAS (Singapore) license no CMS101000

Top 3 Forex Brokers

  1. What is Moomoo?
  2. Moomoo Pros and Cons
  3. Is Moomoo Safe or a Scam?
  4. Margin Trading
  5. Accounts
  6. Products
  7. Fees
  8. Commission
  9. Deposits and Withdrawals
  10. Trading Platform
  11. Customer Support
  12. Education
  13. Conclusion

Our Review Method

  • 55Brokers Financial Experts with over 10 years of experience in Stock and Forex Trading check all trading conditions, regulations and licenses, fees, spreads, platforms, customer service, and placed traders to see proposals fully to give expert opinions about Moomoo.

What is Futu Moomoo?

Moomoo, a subsidiary of Futu Holdings Limited, is renamed from FutuTrade to Moomoo and operates as a Stock trading company, allowing individual investors and traders to buy and sell  Stocks, ETFs, Options, and Futures.

Based on our research, the firm adheres to strict regulatory oversight by the US SEC, FINRA, and SIPC. In various locations such as Australia, Canada, Singapore, Japan, and more, Moomoo has established entities that adhere to local rules and regulations and assist investors.

Overall, the company offers a favorable trading environment and an intuitive interface for clients to manage their investment portfolios, access market research, and execute trades.

Is Moomoo Stock Broker?

Yes, Moomoo is a Stock Trading broker. The company is a subsidiary of Futu, a U.S.-based firm specializing in various financial services, including brokerage offerings for trading stocks and other Moomoo financial products.

Moomoo Pros and Cons

Per our findings, the firm comes with a set of advantages and drawbacks. On the positive side, it offers a user-friendly online trading platform, access to research and extensive educational resources, and a competitive fee structure for investors. Additionally, being part of a larger financial entity like Futu adds confidence in terms of security and regulatory compliance.

For the cons, the platform has limitations in terms of available financial instruments and lacks certain advanced trading features. Additionally, any changes in the parent company’s policies or disruptions in its operations could potentially impact the services offered by Moomoo.

AdvantagesDisadvantages
Strict regulation by SEC, FINRA, SIPC, and ASICLimited investment products
$0 minimum deposit
Low trading fees
Stocks and Options trading
Paper trading
US and International traders
Good education and research
24/7 customer support

Moomoo Review Official Website

Moomoo Review Summary in 10 Points
🏢 HeadquartersUSA
🗺️ RegulationSEC, FINRA, SIPC, ASIC, MAS
🖥 PlatformsMoomoo Desktop, Moomoo Mobile
📉 Trading ProductsStocks, ETFs, Options, Futures
💰 Stock CommissionFrom $0
🎮 Paper Trading/ Demo AccountAvailable
💳 Minimum Deposit$0
💰 Base CurrenciesUSD
📚 EducationProvided
☎ Customer Support24/7

Overall Moomoo Ranking

According to our analysis, the firm provides competitive trading solutions, a user-friendly trading platform, and low investment fees. However, we recommend considering the specific investment needs, preferences, and potential limitations of the platform before making a decision.

  • Moomoo Overall Ranking is 8.5 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry-leading brokers.
RankingMoomooAngel OneWealthsimple
Our Ranking ⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
AdvantagesTrading FeesInvestment OptionsTrading Conditions

Moomoo Alternative Brokers

While the company offers competitive trading conditions for investors, other stock trading firms may offer additional benefits such as a wider range of trading products, trading platforms, etc. So, we have compiled a list of alternatives for you to consider.

Awards

We found that Moomoo has received recognition and awards for its services over the years. Below is the screenshot that includes some of these awards.

Moomoo Review Awards

Is Moomoo Safe or Scam?

No, Moomoo is not a scam. It is a reliable Stock trading broker that follows the strict rules and guidelines established by the SEC, FINRA, SIPC, and ASIC, along with international licenses the broker operates. These Top-Tier regulations safeguard client assets and provide low-risk Stocks and Options trading.

Is Moomoo Legit?

Yes, Moomoo is a legitimate and regulated investing firm. It is regulated by financial authorities in the countries where it operates and has a good reputation and integrity in the financial industry. Additionally, the company does not offer services in offshore zones, emphasizing its commitment to operating within regulated jurisdictions and providing transparency to investors.

See our conclusion on Moomoo Reliability:

  • Our Ranked Moomoo Trust Score is 8.7 out of 10 for the good reputation and services provided, as well as not holding licenses in offshore zones and its regulation by respected authorities.
Moomoo Strong PointsMoomoo Weak Points
Top-Tier licensesNone
Multi-factor authentication
Account protection
Professional investing environment

Customer Trading Protection

The firm prioritizes the security and protection of its clients’ investments by adhering to regulatory standards and industry best practices. This commitment includes implementing measures to prevent fraud and unauthorized account access along with stringent identity verification processes.

Moreover, being a member of SIPC, the company protects customer accounts up to $500,000 (including $250,000 for cash), providing an extra level of security. However, traders should remain cautious, regularly monitor their investments, and practice safe online habits to enhance their trading protection further.

Moomoo Review License

Margin Trading

The platform provides margin trading options, allowing investors to borrow funds against their existing securities to potentially amplify their trading positions. While margin trading can enhance returns, it also involves increased risk, and investors should carefully consider their risk tolerance and market conditions before engaging in margin trading on the broker’s platform.

Moomoo Margin Levels are offered according to SEC, FINRA, SIPC, ASIC, and MAS regulations:

  • US traders may use a maximum of up to 1:50 for major currency pairs.
  • Australian clients are entitled to up to 1:30.
  • Traders from Singapore may use low leverage up to 1:20.

Moomoo Review Margin Rates

Account Types

Based on our findings, the company provides Individual Margin Accounts tailored for investors, providing access to Moomoo’s trading platform and technological tools.

ProsCons
No minimum depositNone
Fast and easy account opening
Paper trading account

How to Open Moomoo Live Account?

Opening an account with a broker is considered quite an easy process, as you can log in and register within minutes. Just follow the opening account or Moomoo login page and proceed with the guided steps:

  • Select and Click on the “Open Account” page
  • Enter the required personal data (Name, email, phone number, etc.)
  • Verify your data by uploading documentation (residential proof, ID, etc.)
  • Complete the electronic quiz confirming your trading experience
  • Once your account is activated and proven, follow with the money deposit.

Moomoo Review Opening Account

Trading Products

Through the platform, traders can buy and sell Stocks, ETFs, Options, and Futures. This selection of trading instruments provides users with the flexibility to create diversified portfolios or engage in more specialized investment strategies.

  • Moomoo Markets Range Score is 7.9 out of 10 for trading products overall which we rank high also for offering some unique opportunities and investment options. Yet, on the other hand, many popular asset classes are not available to invest in, so it might be good to consider alternatives too.

Moomoo Review Trading Products

Moomoo Fees

According to our findings, the company offers low costs, making it an attractive choice for cost-conscious investorsHowever, specific fees can vary depending on the investment products used, and other factors. Therefore, investors should review Moomoo’s current fee schedule and terms as they can change over time.

  • Moomoo Fees are ranked low or average with an overall rating of 8.5 out of 10 based on our testing and compared to over 500 other brokers for all fees applied. Some services are free of charge and others may apply some charges. See more comparison details below:
FeesMoomoo FeesAngel One FeesWealthsimple Fees
Deposit feeNoYesYes
Withdrawal feeYesNoYes
Inactivity feeNoYesNo
Investment PlansYesYesYes
Fee rankingLow/AverageLow/AverageLow/Average

Moomoo Review Fees

Trading Commission

Based on our test trade, the company is known for its commission-free trading model, allowing users to buy and sell different trading products without incurring traditional trading commissions. This fee structure is particularly appealing to investors looking to minimize transaction costs.

  • Moomoo Commission is ranked good with an overall rating of 8.5 out of 10 based on our testing comparison to other brokers. We found fees are competitive, transparent, and suitable for investment.
Asset/ PairMoomoo CommissionAngel One CommissionWealthsimple Commission
Stocks FeesFrom $0From ₹0From $0
Fractional SharesNoYesYes
Options FeesFrom $0From ₹10From $2
ETFs FeesFrom $0From ₹20From $0
Free StocksYesYesYes

Moomoo Trading Hours

We found that the firm generally follows the standard trading hours of major U.S. stock exchanges, allowing users to execute trades during regular market hours from 9:30 AM to 4:00 PM Eastern Time, Monday through Friday.

Additionally, the platform may offer extended hours of trading, enabling investors to trade before the market opens and after it closes, providing greater flexibility for those looking to respond to pre-market or after-hours market movements.

Deposits and Withdrawals

The firm offers electronic funds transfers (ACH) and wire transfers to enable users to deposit funds into their accounts conveniently. By providing these funding options, Moomoo allows traders to fund their trading and investment activities on the platform efficiently.

  • Moomoo Funding Methods we ranked good with an overall rating of 7.9 out of 10. Fees are low, and you can also benefit from convenient funding methods.

Here are some good and negative points for Moomoo funding methods found:

AdvantageDisadvantage
Fast digital depositsLimited funding methods
No deposit fees

Moomoo Minimum Deposit

The platform offers no minimum deposit requirement for opening a new account. Investors can open an account and start trading with any amount they are comfortable with.

Moomoo minimum deposit vs other brokers

Moomoo Most Other Brokers
Minimum Deposit $0 $500

Moomoo Withdrawals

Per our analysis, the company allows traders to initiate withdrawals from their accounts using the same methods they used for funding. While Moomoo does not typically charge for deposits, users should be aware of any potential fees associated with bank transactions or currency conversions, depending on their circumstances and the financial institutions involved.

Withdraw Funds from Moomoo

To initiate a withdrawal fund from your trading account, the firm provides a set of typical steps that can be followed:

  1. Login to your account
  2. Select Withdraw Funds’ in the menu tab
  3. Enter the withdrawn amount
  4. Choose the withdrawal method
  5. Complete the electronic request with the requirements
  6. Confirm withdrawal information and Submit
  7. Check the current status of withdrawal through your Dashboard

Moomoo Review Funding Fees

Trading Platforms

Moomoo provides traders with versatile platforms, offering both Moomoo Desktop and Mobile options. The Desktop platform is tailored for more comprehensive and in-depth trading experiences on desktop computers, providing advanced features and tools. On the other hand, Moomoo Mobile caters to users who prefer trading on the go, offering a mobile-friendly interface with essential functionalities for convenient and efficient trading from smartphones or tablets.

  • Moomoo Platform is ranked good with an overall rating of 8 out of 10 compared to over 500 other brokers. We mark it as good since the firm offers advanced trading platforms.
PlatformsMoomoo PlatformsAngel One PlatformsWealthsimple Platforms
MT4NoNoNo
MT5NoNoNo
cTraderNoNoNo
Own PlatformsYesYesYes
Mobile AppsYesYesYes

Moomoo App

According to our findings, Moomoo offers a user-friendly mobile application designed to provide a seamless and efficient trading experience. The app is available for download on smartphones and tablets, allowing users to trade stocks and other financial instruments from the convenience of their mobile devices. The app typically features real-time market data, customizable charts, research tools, and an intuitive interface, empowering investors to stay informed and execute trades on the go.

Moomoo Review Trading Platform

Customer Support

The firm offers 24/7 Moomoo customer service to assist users with inquiries, technical issues, and account-related concerns. The support channels typically include phone support, email assistance, and live chat, providing traders with multiple options to seek help and guidance.

  • Customer Support in Moomoo is ranked good with an overall rating of 8.7 out of 10 based on our testing. We got fast and knowledgeable responses, and also easy to reach during the working days and weekends.

See our find and ranking on Customer Service Quality:

ProsCons
24/7 customer supportNone
Live chat, email, phone support

Moomoo Education

In the end, the platform provides a range of educational resources to empower investors with knowledge and insights into financial markets. These resources include articles, learning courses, webinars, a library, market insights, and the Moomoo Learn Premium program.

  • Moomoo Education ranked with an overall rating of 8.5 out of 10 based on our research. We found that the firm provides good educational materials and research that are beneficial for traders looking to improve their understanding of trading strategies.

Moomoo Review Education

Moomoo Review Conclusion

In conclusion, Moomoo stands as a reliable online trading platform offering a user-friendly experience, comprehensive trading conditions, and competitive fee structures. Additionally, the firm provides extensive educational resources, equipping traders with the knowledge and tools necessary to make informed investment decisions.

Overall, we found that Moomoo provides a good trading environment for investment, however, we advise conducting your research and evaluating whether the broker’s offerings suit your specific trading requirements.

Based on Our findings and Financial Expert Opinions Moomoo is Good for:

  • Traders from the US
  • Investing
  • International trading
  • Stocks and Options trading
  • Advanced traders
  • Professional trading
  • Low trading fees
  • Paper trading
  • Competitive investment environment
  • Good education and trading tools
  • 24/7 customer service

No news available.

Leave a Reply

Your email address will not be published. Required fields are marked *