Moomoo.com Review: Delving Into the Pros and Cons of This Online Retail Platform

In the realm of active stock trading, familiar names like Webull have dominated the spotlight. These platforms have revolutionized trading by allowing anyone to open an account and make quick trades on the go. 

Yet, while these apps deliver convenience, they often lack extensive market data. They also lack advanced charting tools, leaving seasoned traders wanting more.

Enter Moomoo, a fresh face in the brokerage scene. This innovative platform caters specifically to active traders.  Our comprehensive Moomoo.com review delves into the broker’s standout features, fees, and the upsides and downsides it brings to the table. Stay tuned!

Is Moomoo.com Legitimate?

Moomoo emerged on the scene in 2018. Based in Palo Alto, California, this company operates as a Chinese firm Futu Holdings subsidiary.

Since its inception, Moomoo has experienced rapid growth, emerging as a formidable competitor to platforms like Valutrades and Webull. It distinguishes itself by delivering an abundance of market data, superb charting tools, and access to various markets.

Now, let’s address the question of safety and security. MooMoo Financial Inc. is registered with MAS, FINRA, SFC, ASIC, and SEC and holds membership with the SIPC. This ensures regulatory compliance and provides security for U.S. customers who trade with them. For an extra layer of protection, you can enable device locking. This stops unauthorized access to your account unless a verification code is provided on your mobile device.

Investment Options

With Moomoo trading, you can engage in stock trading, ETF trading, futures trading, and options trading. Yet, it is important to note that this firm does not currently offer support for asset classes such as bonds, CDs, crypto, or FX. 

This limitation may not pose a significant obstacle if your primary focus is trading stocks and ETFs. If you want exposure to non-U.S. markets, it’s worth considering that other brokers like Exness are expanding their offerings to include crypto. Moreover, there are more comprehensive brokerage services available. 

Note: You can check out Valutrades. This is another legitimate broker with considering. 

Commissions & Fees

When trading U.S. stocks or ETFs, this firm stands out by not charging any fees. Unlike its competitors, you don’t have to pay for level II data either. For options trading, the fee is a straightforward $0.65 per contract, similar to most brokers. One of the advantages of Moomoo is that it doesn’t require a minimum balance and doesn’t impose inactivity fees.

Yet, it’s imperative to note that Moomoo does have mixed trading fees for non-U.S. markets. This can make things a bit more complex, especially if you’re a newbie to these markets. For instance, there are transaction and trading fees specifically for Hong Kong and China A-shares. Further, you’ll encounter handling fees, securities management fees, stamp duty fees, and dividend fees.

In addition to trading fees, Moomoo.com also charges service fees. Here are the details.

• Domestic wire transfers: $10 for incoming, $20 for outgoing.
• International wire transfers: $10 for incoming, $25 for outgoing.
• Stock Transfer: $75 for outgoings.
• Phone trade: $10.
• Paper statements: $3.

Overall, Moomoo’s fee structure is comparable to other commission-free brokers.

Experience the Power of Moomoo: Tap Into Your Investment Potential

Moomoo redefines the game with its advanced analytics and features. While its primary focus revolves around granting access to U.S. stocks, ETFs, options, and futures, it also extends support to the dynamic Hong Kong, Chinese, and Singapore markets. Let’s explore the remarkable features that make Moomoo a game-changer:

• Tap into real-time insights. Enjoy free access to Level 2 market data. It provides a comprehensive view of real-time bids, asks, and executed trades for any stock.
• Empowering research tools. Amplify your decision-making with a wide range of research tools. These include trading ideas, fundamental data, advanced charting, customizable news, and insightful analysis.
• Advanced order types. Take control of your trading strategies with advanced order types. These are limit-if-touched orders (LIT), market-if-touched orders (MIT), trailing stop orders, and trailing stop limit orders. Customize expiry options, including end-of-day (GTD) or manual cancellation (GTC).
• Seize crossed-market opportunities. Capitalize on favorable price differentials across exchanges with crossed-market orders, buying a security at a lower price on one exchange and selling it at a higher price on another.
• Expand your trading potential. Unlock increased funds with margin trading. This lets you borrow against the value of securities in your account without liquidating your existing portfolio.
• Practice & learn. Dive into the world of paper trading, where you can hone your skills. You can practice buying and selling stocks and ETFs, and build a diversified portfolio, all without the risk of losing actual funds.
• Extended trading hours. Embrace flexibility with longer trading hours, from 4 am to 9 pm EST, enabling you to seize opportunities beyond regular market sessions.
• Connect and collaborate. Join an engaging in-app community of over 100,000 users, fostering connections, sharing insights, and building a supportive network.

Discover the limitless possibilities of investing with Moomoo.

Account Types

The next thing we need to evaluate is the account options. Moomoo disappointingly falls short in terms of its product offerings and account types. This can be quite frustrating. Notably, this broker fails to provide access to forex, bonds, mutual funds, and cryptocurrency. This is truly a significant drawback for those seeking diversification and alternative investment avenues. 

Although it does offer access to the Hong Kong and Chinese stock markets, the trading experience comes at a cost. There are fees imposed on every trade. Besides, Moomoo’s restriction on taxable accounts further limits the flexibility and tax advantages that traders can enjoy. Regrettably, people looking to open individual retirement accounts (IRAs) will find Moomoo’s services unsuitable. This broker does not support such accounts.

Exciting Promotions at Moomoo.com

Unveiling an exceptional opportunity, Moomoo stands proudly among the top contenders with its unparalleled free stock offer. As a new member, you have the privilege of receiving up to 15 free stocks. Each is valued at an impressive $2,000. Imagine the potential growth and rewards that await you!

Moomoo isn’t just your average online trading platform. It’s a commission-free gateway to a world of financial possibilities. Empowering its members to seize the moment, Moomoo enables seamless buying and selling of stocks, ETFs, options, futures, and funds.

Renowned for its excellence, Moomoo was honored by Investing Simple as the illustrious “Best Active Trading App” in 2021. This prestigious recognition is a testament to the platform’s provision of free in-depth market data, advanced features, and extended trading hours. Experience the ultimate trading environment where every moment counts.

Bonuses Explained

We know by now that clients can receive up to 15 free stocks. This generous stock giveaway is remarkable for a broker promotion. Let’s take a look at how the reward tiers are structured:

• Open an account: By opening an account, you will receive one free stock. This Moomoo promotion is terrific!
• Deposit $100: When you deposit $100 into your account, you will be eligible to receive 5 free stocks.
• Deposit $2,000: If you deposit $2,000 into your account, Moomoo will grant you a whopping 15 free stocks.

To receive your bonus, note that you must maintain funds in your account for a minimum of 60 days. Yet, the chances of receiving a high-priced stock can be a bit confusing and may vary.

Starting with Moomoo Broker: Limitless Possibilities

Get started with Moomoo, the innovative broker that offers a modern investing experience. Let’s explore deposit options, withdrawal options, and the account opening process. Let’s dive into the world of Moomoo and discover how to begin your investment journey.

Deposit Options

At Moomoo, funding your account is simple and convenient. The broker offers typical options to suit your preferences. Note that funding methods are limited to bank transfers. 

Moomoo accepts bank transfers, providing a secure and reliable way to add funds to your account. Bank transfers ensure a smooth transaction process and are widely accessible.

This broker also allows fee-free ACH transfers. This makes it a cost-effective option for depositing funds. This smooth feature eliminates deposit fees, allowing you to maximize your investment potential.

Withdrawal Options

Moomoo also offers a wire transfer as a withdrawal option. This may not be enough for some people. It’s a drawback that this broker does not accept crypto or bank cards. 

While fees may apply for wire transfers, this method allows you to transfer funds internationally if needed.

Account Opening: Moomoo Age Requirement

To open an account with Moomoo, there is a minimum age requirement that must be met. Moomoo strictly adheres to regulatory guidelines to ensure a secure platform for its users. 

The age requirement for opening an account at Moomoo is typically 18 years or older. This ensures that users are of legal age to participate in investment activities.

Account Deletion Process

To delete your Moomoo account, follow a simple process provided by the platform. Access your Moomoo account settings and navigate to the account management section. Look for the option to close your account, which may be labeled differently depending on the platform. 

Follow the prompts and confirm your decision to permanently delete your Moomoo account. It’s essential to note that deleting your account will result in the removal of all associated data and cannot be undone. Take caution and ensure you no longer want access to your Moomoo account before proceeding with the deletion process.

Disclosing the Voice of Customers: Moomoo.com Reviews

The Moomoo app has been reviewed by customers on Trustpilot. It has a not-so-great average rating of 3.0 stars. These ratings reflect the diverse range of experiences shared by users. Note that this broker mostly got negative reviews about tech glitches and customer support.

Customer reviews hold profound significance when evaluating a broker. In the ever-evolving financial landscape, these invaluable insights act as beacons of guidance. They help potential investors make informed decisions. By delving into fellow traders’ firsthand experiences, you gain a deeper understanding of a broker’s strengths, weaknesses, and reliability.

There is another trusted and regulated broker that awaits your exploration. Discover the possibilities and dive into Saxo’s world for a thrilling trading experience.

Exploring the Pros and Cons of Trading With Moomoo

When it comes to active stock trading, Moomoo emerges as a fresh face in the industry. One of Moomoo’s key advantages is its delivery of abundant market data and superb charting tools. This provides traders with extensive insights and analysis, empowering them to make informed decisions. Besides, Moomoo offers access to various markets, including the dynamic Hong Kong, Chinese, and Singapore markets, further expanding trading opportunities.

In terms of safety, Moomoo is registered with FINRA, ASIC, & SEC and holds membership in the SIPC. This ensures regulatory compliance and provides security for U.S. customers. By enabling device locking, an extra layer of protection is added. 

While Moomoo excels at providing free access to Level 2 market data, it is critical to consider certain limitations. Moomoo’s investment options primarily focus on stock trading, ETF trading, futures trading, and options trading. Yet, if your trading preferences extend to asset classes such as bonds, CDs, crypto, or FX, you may find other brokers better.

Moomoo stands out by not charging commissions and fees for U.S. stock and ETF trading. In addition, it provides free access to Level 2 data. Yet, it’s critical to note that there are mixed trading fees for non-U.S. markets, which may include transaction fees, trading fees, and other associated charges. Also, Moomoo.com charges service fees for certain transactions.

Long Story Short –  Moomoo.com

Moomoo.com is a rising star in the brokerage scene, catering specifically to active traders. It stands out by providing abundant market data, superb charting tools, and access to various markets, including China, Hong Kong, and Singapore. The platform ensures security by being registered with FINRA, ASIC & SEC and holding membership with the SIPC. With Moomoo, traders can tap into real-time insights. They can empower their decision-making with advanced research tools. Also, they can take control of their trading strategies with customizable order types.

However, it is worthwhile to consider that Moomoo’s investment options are primarily focused on stocks, ETFs, futures, and options. It may not be the most suitable choice for those seeking a diverse range of asset classes.

Moomoo stands out by not charging commissions and fees for U.S. stock and ETF trading. In addition, it provides free access to Level 2 data. 

To discover more brokers like Moomoo.com and Exness, contact us for a free consultation. 

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