Moomoo Review 2024

Quick Links

• Our Review Method

• What is Moomoo?

• Moomoo Pros and Cons

• Is Moomoo Safe or a Scam?

• Margin Trading

• Accounts

• Products

• Fees

• Commission

• Deposits and Withdrawals

• Trading Platform

• Customer Support

• Education

• Conclusion

Our Review Method ▲

In our comprehensive review process, we meticulously analyze and compare a wide array of crucial factors that contribute to a broker's overall performance and reliability. This rigorous evaluation encompasses detailed research on over 1000 brokers, examining aspects such as regulatory compliance, trading platforms, product offerings, fees, customer service, and more. Our aim is to provide an unbiased and informative review that aids traders in making well-informed decisions.

What is Moomoo? ▲

Moomoo operates under the umbrella of Futu Holdings Limited and has transitioned from its previous identity, FutuTrade, to its current brand. As a stock trading enterprise, it empowers individual investors and traders with the ability to engage in transactions involving Stocks, ETFs, Options, and Futures. The firm is under the regulatory purview of the US SEC, FINRA, and SIPC and has established its presence in various locations such as Australia, Canada, Singapore, and Japan, adhering to local regulatory standards. Moomoo prides itself on offering an advantageous trading environment complemented by an intuitive interface, facilitating efficient portfolio management, market research access, and trade execution for its clients.

Moomoo Pros and Cons ▲

Pros

• Userfriendly online trading platform

• Access to research and extensive educational resources

• Competitive fee structure

Cons

• Limited range of financial instruments

• Lack of certain advanced trading features

Is Moomoo Safe or a Scam? ▲

Moomoo is a legitimate stock trading broker, being a subsidiary of the US-based Futu Holdings Limited. The company complies with stringent regulatory standards enforced by reputable institutions such as the SEC, FINRA, and SIPC, among others. This regulatory framework ensures that Moomoo operates with a high level of security and trustworthiness, mitigating concerns regarding its legitimacy or the potential for fraudulent activity.

Margin Trading ▲

Moomoo offers margin trading, enabling traders to leverage borrowed funds against their existing securities to potentially increase their investment positions. While this approach can magnify returns, it also introduces higher levels of risk. Therefore, it's imperative for investors to thoroughly assess their risk tolerance and the prevailing market conditions prior to engaging in margin trading. Moomoo's margin levels comply with regulations set forth by the SEC, FINRA, SIPC, ASIC, and MAS, offering varying maximum leverage ratios depending on the trader's location: up to 1:50 for US traders, up to 1:30 for Australian clients, and up to 1:20 for traders from Singapore.

Accounts ▲

Account Types

Our comprehensive review highlights that the broker offers Individual Margin Accounts, specifically designed for investors. These accounts provide access to Moomoo’s advanced trading platform and an array of technological tools, enhancing the trading experience with innovative solutions.

How to Open Moomoo Live Account?

Starting an account with this broker is a straightforward process. To begin, navigate to the “Open Account” section on the website. Here’s a step-by-step guide:

• Select and click on the “Open Account” page.

• Input necessary personal information such as Name, email, phone number, etc.

• Upload documents for verification, including residential proof and ID.

• Complete an electronic quiz to confirm your trading experience.

Following these steps and depositing funds will activate your account, ready for trading.

Products ▲

Trading Products

Moomoo offers a versatile range of trading products, including Stocks, ETFs, Options, and Futures. This diverse selection empowers traders to build diversified portfolios or focus on specific investment strategies. The Moomoo Markets Range score stands at a commendable 7.9 out of 5, reflecting its broad offering and unique investment opportunities. However, it’s worth noting the absence of some popular asset classes, suggesting that traders might explore other platforms for a more comprehensive selection.

Fees ▲

Moomoo Fees

Our analysis reveals that the broker maintains competitive fees, presenting an attractive proposition for cost-aware investors. While fees vary by investment product and other criteria, it’s advisable for investors to consult the latest fee schedule and terms, as these may evolve. Boasting an overall fee rating of 4.3 out of 5 in our comparative study with over 1000 brokers, Moomoo stands out for its cost efficiency, though certain services might incur charges.

Commission ▲

Trading Commission

The broker’s commission-free trading model is a significant advantage, enabling the purchase and sale of various products without the burden of traditional commissions. This approach aligns well with investors’ preferences for minimizing transaction costs. Our assessment places Moomoo’s Commission at a strong 4.3 out of 5, indicating competitive, transparent, and investment-friendly fee structures.

Moomoo Trading Hours

Our research indicates adherence to the standard trading hours of major U.S. stock exchanges, permitting trades from 9:30 AM to 4:00 PM Eastern Time, Monday through Friday. The platform also accommodates extended trading hours, offering flexibility for those reacting to market changes outside regular hours.

Deposits and Withdrawals ▲

Moomoo facilitates account funding via electronic funds transfers (ACH) and wire transfers, providing a straightforward pathway for users to deposit funds. These methods enable traders to efficiently support their trading and investment endeavors on the platform.

Moomoo’s funding methods received a commendable score of 4.0 out of 5, standing out for their low fees and the convenience they offer.

Pros

• No minimum deposit requirement, allowing investors to start trading with any amount

• Low transaction fees for deposits

Cons

• Limited funding options compared to other platforms

• Potential fees from banks or for currency conversions

Moomoo’s policy enables traders to withdraw funds using the same methods they employed for deposits. Notably, Moomoo does not impose charges for deposits, but traders should be mindful of possible fees linked to bank transactions or currency exchanges, which vary based on individual circumstances and financial institutions.

To withdraw funds, users must:

1. Log in to their account

2. Navigate to and select 'Withdraw Funds' in the menu

3. Specify the withdrawal amount

4. Select the method of withdrawal

5. Complete and submit the electronic request form

6. Confirm withdrawal details

7. Monitor the status of the withdrawal through the Dashboard

Trading Platform ▲

Moomoo offers diverse trading platforms, including both desktop and mobile versions. The desktop platform is designed for a more detailed trading experience, featuring advanced tools and functionalities. The mobile platform, on the other hand, caters to traders on the move, providing a user-friendly interface with essential trading features for mobile devices.

Moomoo’s platform is highly rated, with a score of 4.0 out of 5, reflecting its advanced trading capabilities.

The Moomoo App offers a straightforward trading experience, available for both smartphones and tablets. It includes real-time market data, customizable charts, research tools, and an intuitive design, facilitating trading from anywhere at any time.

Customer Support ▲

The firm delivers 24/7 customer service, including phone, email, and live chat support, to address users' inquiries, technical issues, and account concerns.

Customer support at Moomoo is rated highly, at 4.4 out of 5, thanks to prompt and knowledgeable responses and accessibility throughout the week, including weekends.

Education ▲

Moomoo offers an array of educational resources aimed at enriching investors' understanding of the financial markets. These include articles, learning courses, webinars, a comprehensive library, market insights, and the Moomoo Learn Premium program.

Moomoo’s educational offerings are rated 4.3 out of 5, showcasing the value of its materials and research for traders seeking to enhance their trading knowledge.

Conclusion ▲

Moomoo emerges as a trustworthy online trading platform, characterized by a user-centric experience, favorable trading conditions, and a competitive fee structure. Moreover, it provides extensive educational resources, equipping traders with the necessary knowledge and tools for informed investment decisions.

Overall, Moomoo presents a conducive environment for trading, but we recommend personal research to ascertain if the broker’s features align with your trading needs. Based on our analysis and expert opinions, Moomoo is suitable for:

• U.S. traders

• Investment pursuits

• International trading activities

• Trading in stocks and options

• Advanced trading strategies

• Professional trading experiences

• Lowcost trading

• Paper trading practice

• A competitive investment landscape

• Quality educational resources and trading tools

• Roundtheclock customer service