Moomoo Review – Is it Legit? (July 2024)

Despite the fact that the company itself is relatively new, Moomoo has quickly gained a reputation as a very trustworthy place to trade. This is due to a number of factors beyond them only being in existence since 2018. The first of these is that they are a subsidiary of Futu Holdings Limited which is a NASDAQ listed company in the United States.

If you are a US trader, you will be further insured for as much as $500,000 under the Securities Investor Protection Corporation (SIPC). The only point to keep in mind is that you will not be covered by negative balance protection. This means you could, in theory, lose more than you deposit.

You will find the main focus of Moomoo is on US stocks, ETFs, and Options. There are many assets offered by the company for commission-free trading with a number of unique features also in place.

The range of stocks available to trade through Moomoo is predominantly US-focused with thousands to choose from. This is a similar number to most main competitors in the space, including Robinhood. Stocks from a total of 5 markets are currently offered including some from Hong Kong and China exchanges.

ETF and options trading is also offered. The markets available for these are much the same as the Moomoo stock offering. Many are US-based while there are also some Hong Kong and Chinese assets available. IPO stock subscription for upcoming offerings and access is also possible.

Moomoo offers completely commission-free trading on US stocks and options in U.S. This means, much like other low-cost providers, you will pay almost nothing in fees. The only costs you have to consider in trading are extremely minimal. The SEC transaction fee on sell orders is $0.0000207, FINRA has a trading activity fee of $0.000119, and there is a custodian fee of $0.01 to $0.05 per share on ADR trades. Options trading has similar negligible fees.

There are some fees to consider for bank wire transfer deposits. A domestic wire transfer in the US will typically cost $8 unless it is your first, or you are depositing more than $25,000. International wire transfers will be $25 with the same conditions. International wire withdrawals will cost $45, domestic is $25 per withdrawal.

There is no inactivity fee charged by the broker, and the only supported base currency at the moment is the US Dollar.

There is a desktop and mobile trading platform available at Moomoo. Both of these platforms provide a very intuitive and user-friendly trading experience while combining some more advanced trading features that are very popular with more experienced traders. The mobile trading platform is compatible with iOS and Android devices, while the desktop platform is Windows compatible with both English and Chinese language support.

The platform layout in both forms is very clear and easy to navigate. You will find just one-step convenient log-in for both types, and both are extremely easy to both customize and search with a great degree of technical and fundamental information accessible to provide as much insight as possible.

Pre and Post market trading is available through an array of advanced smart orders that help to put Moomoo a step ahead. You will also be able to break down the market with a wide variety of charting tools and trading indicators accessible across several timeframes. . This kind of research data is usually charged for at many other brokers and services but is provided free of charge by Moomoo.

Moomoo customer support can be contacted by email, phone support and web-based live chat function.

With that said, the responses of the support team were both professional and fast with the email service or online service seeming to operate on a 24/7 basis, and fast responses to phone inquiry in trading days. They also provide a useful help center through their website. This can help answer many of the most common questions you might have without needing to contact the support team.

When it comes to education, there are some resources made available at Moomoo. These are all written guides that are reasonably basic and easy to follow. They cover a number of key topics that will be helpful to traders, particularly when starting out in the industry.

A demo account is made available by Moomoo. This can be extremely useful if you are a new trader, or simply new to a broker. It is a chance to develop your skills and also get to know what is on offer with no risk or obligation since you are trading virtual funds.

In all, there are many positives to reflect on with Moomoo. They work hard to keep costs as low as possible and provide a good deal of choice for you in trading commission-free stocks, ETFs, and options.

* Fees are different in different country and regions, kindly refer to official websites.

They also excel in the research and trading tools provided through their platforms. These are perfect for offering insight to traders at every level and making advanced tools accessible for free where they otherwise would not be. At their current rate of growth, it is easy to see Moomoo as a very top leader in the industry very soon.