There are a lot of online investment brokers, and Moomoo is one in all them. At the moment, Moomoo has some nice promotions for US, CA, and Australian residents!
Within the US, you get an awesome 5.10% APY on money balances plus 15 free shares and an additional SoFi inventory (restricted time till November 20, 2023), exclusive for Millenial Money readers!
CA residents can earn as much as $1,520 in money rewards. The extra money you deposit, the extra you earn, and AU residents can earn as much as 15 free shares with every deposit.
On this Moomoo assessment, I cowl every part you need to know to find out if it’s best for you.
Moomoo Fast Info
- Minimal deposit: $0
- Inventory fee: $0
- Open account: On-line
- Customer support: Common buying and selling hours by cellphone or 24/7 on-line
- Welcome bonus: 5 to fifteen free shares, relying on how a lot you deposit
- Securities traded: Shares, choices, ETFs, ADRs, and OTCs
What Is Moomoo?
Moomoo has entered the trade of on-line discount brokers providing zero-commission trades and a web based platform that permits you to commerce out of your pc or cellphone.
Moomoo is powered by Futu Holdings Restricted to supply monetary expertise that helps empower buyers.
Members can entry skilled buying and selling capabilities paired with real-time and comprehensible knowledge, training, and an accessible group of like-minded people to make investing much less overwhelming.
Is Moomoo a Respectable Brokerage Agency?
Sure, Moomoo is a legit brokerage agency. Moomoo is an SEC and FINRA-registered firm. They’re additionally a member of SIPC.
How Lengthy Has Moomoo Existed?
Moomoo started in 2018 when it was based in Silicon Valley. Nevertheless, its dad or mum firm, FUTU Holdings, was based in October 2012, so they’re no stranger to the funding trade.
How Does Moomoo Work?
Moomoo is a buying and selling app that gives highly effective instruments for lively merchants.
It affords a customizable platform and superior instruments for all buyers to profit from their investing expertise, together with the next:
- Entry to real-time Degree 2 quotes: Members who deposit a minimum of $100 get free entry to Degree 2 quotes, which incorporates 60 worth ranges
- Prolonged buying and selling hours: Members can commerce from 4 AM to eight PM ET, which is outdoors of regular buying and selling hours
- Technical evaluation instruments: Traders have entry to numerous investing instruments, together with customized indicators (190 preset and 60 technical), 37 drawing instruments, and alternatives for multi-monitor setups for lively merchants
- Market Monitor: Gives real-time entry to all market happenings, together with uncommon trades
- Institutional monitoring: Get info from the market’s massive funds with easy-to-use knowledge and graphs
- Quick sale evaluation knowledge: Rise up-to-the-minute knowledge on brief gross sales alerts from the NYSE and NASDAQ
- Transcend earnings calendars: Get extra info than an organization’s earnings calendar, with entry to earnings summaries, monetary evaluation knowledge charts, and extra
Who Is Moomoo Finest For?
Moomoo is greatest for lively merchants, however you don’t want intensive expertise to make use of it or get one thing out of it. Moomoo grows with the investor, offering a group surroundings so buyers can study from each other and develop collectively.
The platform offers all the knowledge and instruments starting and skilled buyers have to pursue their funding journey. This consists of academic content material to fulfill you the place you might be and aid you develop.
Professionals & Cons
All buying and selling platforms have professionals and cons. We’re sharing the professionals and cons on this Moomoo assessment that can assist you resolve if it’s best for you.
Professionals
- No commissions: Commerce shares, ETFs, and choices commission-free
- Entry to superior instruments: Traders have entry to charting and analysis tools equal to what skilled buyers use
- Strong buyer help: Have entry to stay chat 24/7 or cellphone help 8:30 – 4:30 ET on regular buying and selling days
- Entry to many investments: Traders can commerce shares, ETFs, and choices
- Entry to real-time knowledge: With a minimum of $100 deposited, buyers have entry to Degree 2 knowledge
- Entry to 24/7 information: Gives entry to real-time updates from respected information sources
- Neighborhood investing: Moomoo offers entry to different buyers to commerce concepts and study from
- Low margin price: Traders have entry to a low 6.8% margin price at the moment to leverage their investments (charges are topic to vary)
Cons
- $75 inventory switch out payment: Traders pay $75 per inventory transferred out
- $10 phone-assisted trades: When you need assistance together with your trades over the cellphone, there’s a $10 payment
- Restricted funding choices: Moomoo doesn’t supply mutual funds or bonds
Charges
For probably the most half, Moomoo is free. Shares, ETFs, and choices commerce without cost, and the platform is at the moment free, though they state this may change with a 30-day discover.
Moomoo prices regulatory charges, however that’s not totally different from every other brokerage. The place you need to listen, nevertheless, is the miscellaneous charges comparable to outgoing wires, inventory transfers, and assisted cellphone trades.
Options
Account Opening
You’ll be able to open a Moomoo account utterly on-line. Listed here are the straightforward steps:
- Obtain the Moomoo app
- Join a brand new account
- Full your software
- Present the required documentation to show your identification and handle
Minimal Account Steadiness
Moomoo doesn’t have a minimal stability requirement until you need free entry to Degree 2 knowledge. Then, you have to have a minimum of a $100 stability.
Deposit and Withdrawal
You’ll be able to deposit and withdraw funds freed from cost utilizing ACH financial institution transfers (digital financial institution transfers). When you select wire switch, an incoming wire is free, however an outgoing wire prices $20 per wire.
Internet, Cell & Desktop Buying and selling Platform
Moomoo is simply accessible on cellular or desktop; they don’t have an internet buying and selling platform. The cellular platform permits you to commerce anyplace you might have an web connection. The desktop platform permits extra capabilities for reporting and customizable charts.
Funding Merchandise
Moomoo affords shares, choices, ETFs, ADRs, and OTCs. They don’t supply bonds, crypto, or mutual funds.
Analysis and Training Choices
Moomoo affords strong analysis and training affords, all without cost. The one limitation is you have to have $100 deposited to entry the Degree 2 pricing knowledge. All analysis is from powerhouse corporations like Dow Jones, Benzinga, and Bloomberg, and so they supply academic programs on all newbie and skilled investor matters.
Moomoo additionally affords a paper buying and selling choice to observe your buying and selling methods with $1 million utilizing real-time knowledge to see the way you’d do.
Security & Safety
Moomoo retains private info in safe databases solely accessible by licensed employees. All info is encrypted at any time when potential, and any exhausting copies with private info are on access-restricted premises.
Buyer Help
Moomoo affords cellphone help throughout regular buying and selling hours, 8:30 AM to 4:30 PM ET, and 24/7 on-line chat.
Firm Rankings
Moomoo’s holding firm has an S&P 500 ranking of BBB- and has a steady outlook for its long-term plans.
Moomoo Success Story
Moomoo shortly went from a startup firm to having over 20 million customers by Could 2023.
It’s now probably the most well-established platforms to attach buyers and supply commission-free trades. It’s common not solely in the USA but additionally worldwide, together with within the Singapore market, the place it ranks as one of many nation’s high three apps.
Takeaways
Moomoo is a buying and selling platform that doesn’t cost commissions and has no minimal deposit necessities. It has a group feeling, connecting buyers to assist develop new concepts or study from each other.
The platform affords varied free instruments and academic alternatives to assist buyers attain their monetary targets.
Moomoo is a monetary info and buying and selling app provided by Moomoo Applied sciences Inc. Securities are provided by Moomoo Monetary Inc., Member FINRA/SIPC. The creator is a paid influencer and isn’t affiliated with Moomoo Monetary Inc. (MFI), Moomoo Applied sciences Inc. (MTI) or every other affiliate. The experiences of the influencer will not be consultant of the experiences of different moomoo customers. Any feedback or opinions supplied are their very own and never essentially the views of MFI, MTI or moomoo. Moomoo and its associates don’t endorse any methods which may be mentioned or promoted herein and will not be answerable for any companies supplied by the influencer. This commercial is for informational and academic functions solely and isn’t funding recommendation or a advice of a safety or to have interaction in any funding technique. Investing entails danger and the potential to lose principal. Funding and monetary selections must be made primarily based in your particular monetary wants, targets, targets, time horizon and danger tolerance. Any photos proven are strictly for illustrative functions. Previous efficiency doesn’t assure future outcomes.
U.S. residents buying and selling in U.S. securities could commerce commission-free utilizing the moomoo app by Moomoo Monetary Inc. (MFI). Please see our pricing web page for different charges. Degree 2 knowledge is free to moomoo customers which have an accredited MFI brokerage account. Buying and selling throughout Prolonged Hours Buying and selling Periods carries distinctive dangers, comparable to larger worth volatility, decrease liquidity, wider bid/ask spreads, and fewer market visibility, and will not be applicable for all buyers. For any Institutional Monitoring portfolio, the composition supplied is up to date on a big delay and could also be incomplete. It isn’t potential to duplicate the timing or precise holdings of institutional portfolios.
Margin buying and selling entails larger danger, together with, however not restricted to, danger of loss and incurrence of margin curiosity debt, and isn’t appropriate for all buyers. Please assess your monetary circumstances and danger tolerance earlier than buying and selling on margin. We reserve the fitting to amend our margin rate of interest sometimes in response to modifications in prevailing rates of interest and different components. The Margin Price is topic to vary with out discover. See https://www.moomoo.com/us for probably the most present margin charges.
