Why choose moomoo
moomoo, a relative newcomer on the US stockbroker market, provides commission-free US stock, ETF and options trading with no inactivity fees. Its value proposition is backed up by high-quality research and educational tools. It pays high interest on uninvested cash.
On the downside, some popular asset classes such as bonds or mutual funds are not available at moomoo. Like many similar US brokers, moomoo doesn’t offer convenient deposit/withdrawal methods such as credit/debit cards or electronic wallets.
- Commission-free stock and ETF trading
- Fast and easy account opening
- Quality analytical tools and excellent education services
- Pays high interest on uninvested cash
- Limited product portfolio
- Only bank transfer for deposit/withdrawal
- No live chat or telephone support
moomoo at a glance
| 🗺 Country of regulation | USA, Singapore, Australia, Canada, Malaysia, Japan |
|---|---|
| 💰 US stock fee | $0 per trade |
| 💰 Inactivity fee charged | No |
| 💰 Withdrawal fee | $0 |
| 💰 Minimum deposit | $0 |
| 🕖 Time to open an account | 1-3 days |
| 🎮 Demo account provided | Yes |
| 🛍️ Products offered | Stock, ETF, Fund, Options, Futures |
Fees
- Commission-free stock and ETF trading
- No inactivity fee
- Pays 5.1% on uninvested cash
- Options trading carries a fixed fee
We compared moomoo‘s fees with two similar brokers we selected, Webull and Alpaca Trading. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of moomoo alternatives.
Commission-free stock and ETFs
It’s extremely great as moomoo has commission-free US stock trading.
| Broker |
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|---|---|
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$0.0
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$0.0
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$0.0
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Low margin rates
moomoo has the lowest USD margin rate fees among brokers we reviewed. USD margin rate fees are calculated as follows: 6.8% annual margin rate
| Broker |
|
|---|---|
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6.8%
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9.7%
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8.5%
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Low options commission
moomoo US stock index options fees are less than half of the industry average. US stock index options fees are calculated as follows: $0.5 per trade
| Broker |
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|---|---|
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$5.0
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$5.5
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–
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No inactivity fee, high withdrawal fee
However, both depositing and withdrawing by wire transfer can incur a fee:
- Domestic wire deposits cost $8 unless it's your first deposit or you deposit more than $25,000
- International wire deposits cost $25 unless it's your first deposit or you deposit more than $25,000
- Domestic wire withdrawals cost $25
- International wire withdrawals cost $45
| Broker |
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|
|---|---|---|
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$0
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$0
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$0
|
Safety
- Majority of clients belong to a top-tier financial authority
- High level of investor protection
- Parent company listed on stock exchange
- No negative balance protection
Is moomoo regulated?
Yes, it is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). In Singapore, it is regulated by the Monetary Authority of Singapore (MAS).
Is moomoo safe?
To be certain that a brokerage is safe, we highly advise that you check two facts:
- how you are protected if something goes wrong
- the background of the broker.
How you are protected
This is important for you because the investor protection amount and the regulator differ from entity to entity. For example, US clients using moomoo are served by Futu Inc, and as such belong under the US investor protection scheme, called the Securities Investor Protection Corporation (SIPC).
| Country of clients | Protection amount | Regulator | Legal entity |
|---|---|---|---|
| US | $500,000 ($250,000 cash limit) | Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA) | Futu Inc. |
| Singapore | No protection | Monetary Authority of Singapore (MAS) | Futu Singapore Pte. Ltd. |
Moomoo does not provide negative balance protection. If the balance on your account goes negative, you will not be protected.
Background
Moomoo was established in 2018. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.Moomoo's parent company, Futu Holdings Limited, is listed on the NASDAQ stock exchange. This is a good sign, as listed companies are more transparent and are under stricter scrutiny than private companies. Futu Holdings Limited is backed by venture capital affiliates of Tencent, Sequoia Capital and Matrix Partners.Being regulated by the top-tier SEC and FINRA, and the fact that moomoo‘s parent company is listed on NASDAQ are all great signs for moomoo's safety.
Deposit and withdrawal
- No deposit fee
- User-friendly
- Credit/Debit card not available
- Only one account base currency
- High wire withdrawal fee
Account opening
- Fully digital
- No minimum deposit
- Fast
- Available only in the US and Singapore
Can you open an account?
In our experience, eligible countries can change from time to time, but as of this writing, moomoo accepts clients only from the US and Singapore.
What is the minimum deposit at moomoo?
The required moomoo minimum deposit is $0.
Account types
Moomoo offers only individual accounts. Joint accounts, IRAs, custodian or corporate accounts are not available.
How to open your account
The moomoo account opening process is fully digital, easy and reasonably fast. New accounts are verified within 1-3 business days.You can open your moomoo account on the moomoo website or on its desktop or mobile platforms. We tested the account opening process on the website:
- Click ‘Sign Up' on the left side of the welcome screen or ‘Open Account' in the top right corner of the page
- Type your email address and password and click ‘Sign Up'
- Drag the slider to complete the puzzle (to verify you're not a robot)
- Click ‘Account' or the cow icon in the top right corner, then “Open Account'
- Click ‘Open Account Now'
- Enter your Social Security Number, valid US address and employment status (if applicable), then click ‘Next'
- Click ‘Send' and you will receive a verification code
- Copy the verification code from your email and click ‘Verify'
- Enter your phone number and click ‘Continue'
- Verify your email and click ‘Next'
- Fill in your personal information and answer questions regarding your employment status and financials
- Submit your application
Mobile app
- User-friendly
- Good search function
- Good variety of order types
- No two-step (safer) login
- No Touch/Face ID login
Moomoo's mobile trading platform is available for both iOS and Android. We tested it on iOS.
The mobile trading platform is available in the following languages:
- English
- Chinese
Look and feel
The moomoo mobile trading platform is user-friendly, has a clear structure and is well designed. You can view both technical and fundamental information about traded companies.
moomoo review – Mobile trading platform
Login and security
moomoo provides only a one-step login for its mobile platform. A two-step authentication would be more secure and adding this feature should be high on any company's list of security changes.
You can't log in using biometric authentication. Providing this feature would be more convenient.
Search functions
The search functions are good.
The app's search functions are great. You can search either by ticker or by the name of the asset.When viewing a list of assets, a decline in value is highlighted in red, increases in green, while no change in the price is indicated by gray, making it easy to see each asset's performance at a glance.
moomoo review – Mobile trading platform – Search
Placing orders
moomoo provides many order types on the mobile trading platform.
| Limit | Market | Stop |
| Stop Limit | Limit if Touched | Market if Touched |
| Trail Limit | Trail |
There are also order time limits you can use:
- Good 'til canceled (GTC)
- Day
Alerts and notifications
You can set alerts and notifications on the moomoo mobile platform.
To do this, simply click the instrument and choose the ‘Alerts' icon at the bottom of the screen.
Desktop platform
The desktop trading platform is available in the following languages:
- English
- Chinese
Look and feel
Moomoo's desktop trading platform is user-friendly, well-designed and has a clear structure. It's easy to navigate using the tools on the edges of the screen, while the middle of the screen works like a traditional desktop platform.The workspace is highly customizable. For example, you can divide the screen into 3 parts:
- assets/tickers on the left
- chart in the middle
- fundamental data about the selected company on the right
With all this information at hand, it's easier to make quick decisions.
moomoo review – Desktop trading platform
Login and security
moomoo provides only a one-step login. A two-step authentication would be more secure and adding this feature should be high on any company's list of security changes.
Search functions
The search functions are good.
There is also an auto-suggestion feature that shows relevant results as you start typing.
moomoo review – Desktop trading platform – Search
Placing orders
moomoo provides a wide range of order types on the desktop trading platform.
| Limit | Market | Stop |
| Stop Limit | Limit if Touched | Market if Touched |
| Trail Limit | Trail |
If you are not familiar with the basic order types, read this overview.
There are also order time limits you can use on the desktop platform:
- Good 'til canceled (GTC)
- Day
Alerts and notifications
You can set alerts and notifications on the desktop trading platform.
To do this, simply right-click on the chart and choose ‘set alert' or click the bell icon.
Portfolio and fee reports
moomoo has clear fee reports.
Product selection
Moomoo's focus on US stocks and ETFs is not a surprise, as most US brokers mainly or exclusively cover the US market.Moomoo provides free access to Level 2 market data, which displays the real-time bids and asks for any stock as well as the trades being executed right in front of you. Using this information, you can determine entry or exit points that ensure the liquidity needed to complete the trade.Moomoo offers Level 2 quotes from:
- NYSE Arcabook
- NYSE Open book
- Nasdaq Total View
| Broker |
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This selection is average compared to competing brokers.
Stocks and ETFs
Moomoo's stock selection is far from the best on the market, but it does beat some of its close competitors. It gives access to the US, Hong Kong and Chinese markets.
| Broker |
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|---|---|
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5
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5
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5
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Funds
| Broker |
Fund providers (#)
|
|---|---|
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2
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–
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–
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This selection is great compared to competing brokers. Both Webull and Alpaca Trading offer fewer fund providers to choose from.
Options
Moomoo provides access to some US and Hong Kong options markets, although it's not clear which options exchanges specifically.
| Broker |
Options markets (#)
|
|---|---|
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5
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6
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–
|
This selection is average compared to competing brokers.
Futures
Moomoo provides access to US, Hong Kong, Japan and Singapore futures markets, with more than 200 products.
| Broker |
Futures markets (#)
|
|---|---|
|
5
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–
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–
|
This selection is great compared to competing brokers. Both Webull and Alpaca Trading offer fewer futures markets to trade on.
FAQ
We recommend moomoo for investors and traders looking for zero-commission trading and focusing on us markets..
Below you can find links to all aspects of moomoo in this comprehensive collection.
Lower fees, lower costs?
We detailed this in our moomoo fees article.
What about the minimum deposit?
Our ultimate guide to the moomoo minimum deposit is updated regularly.
How to start your moomoo account?
Look no further than our evaluation of the moomoo account opening.
How's their trading app?
Here's our expert view after checking the moomoo trading app.
Is the quality of customer service satisfactory?
All you need to know about the moomoo customer service.
Legit or scam?
Is moomoo legit features all the key aspects you need to look at to see if a broker is safe and legit.
Free or premium? Or both?
A glance at actual costs and whether moomoo is really free.
Is this broker good for beginners?
We checked it in Is moomoo good for beginners.
Should you buy your silver bullets on moomoo?
Research for silver bugs in the Silver buy on moomoo guide
I want to trade options, are they available at moomoo?
We explored the topic in Can you trade options on moomoo?
What is the minimum account balance at moomoo?
Check out the current account balance requirements at moomoo in our What is the minimum account balance at moomoo article.
Looking for commission and fees data for moomoo?
We collected them in moomoo commission and fees.