Moomoo Review 2021

Item: Moomoo
Rating: 3
Author: Eric Rosenberg

Stock Trade Fee:N/A

Account Minimum:$0

Promotion:N/A

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Eric Rosenberg
Last updated: Apr 14, 2021
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Moomoo is a trading app designed for active stock, ETF, and options traders. The app allows access to commission-free brokerages. Moomoo puts a focus on technology with native apps for most popular desktop and mobile devices. The app may not have as much name recognition as some others, but the high-tech experience and unbeatable cost make it worth consideration for anyone on the hunt for a new trading app.

Moomoo app users trade through an account with the brokerage Futu, a low-cost brokerage based in California. Keep reading to learn more about Moomoo and Futu, what it’s like to trade with Moomoo, what it costs, and if it could be right for your stock, ETF, and options needs.

Pros and Cons

Pros:

High-tech trading experience for active traders

Access to commission-free stock, ETF, and options trades in the US markets

Includes real-time level 2 market data at no cost

Cons:

No support for mutual funds

No retirement or joint accounts
Moomoo Overall Rating
3.0
Here's how we rate brokers
Cost & Fees
5.0
Banking
0.0
Account Types
1.5
Customer Support
2.0
Tradable Securities
3.0
Promotions
2.0
Account Opening
4.5
Regulations, Reputation & Security
5.0
Trading Platforms
3.5
Research & Education
2.5
Order Types
3.5
- Official Site:https://www.moomoo.com/Demo Account:Open Demo AccountAccount Minimum:N/AStock Trade Fee:N/APromotion:N/AETF Trade Fee:N/AMutual Fund Trade Fee:N/AOptions Base Fee:$0Options Per Contract Fee:$0Bonds Trade Fee:N/AFutures Trade Fee:N/AForex Trade Fee:N/A
  Phone Trades:N/ABroker Assisted Trades Fee:N/AAnnual Account Fee:N/AAccount Transfer Fee:$75Account Closing Fee:$0Account Inactivity Fee:N/AIRA Annual Fee:N/AIRA Closure Fee:N/ATradable Securities:Stocks, Options, ETFsCommissions Free ETFs:AllCommission Free Mutual Funds:N/A
  Number of Mutual Funds (Total):N/AComplex Options Max Legs:1Account Types:Taxable, Demo AccountOS compatibility :Windows, MacWeb Platform:NoMobile Trading:iOS App, Android AppOrder Types:Market, Limit, Stop, Trailing Stop, Contingent, Algo
Rate Moomoo
Review sections

Costs and Fees

Account Types

Tradable Securities

Account Opening

Trading Platforms

Order Types

Banking

Customer Support

Bonus & promotions

Regulations, Reputation & Security

Research and Education

Trading Experience

FAQ

Overall

Moomoo Video Review
Cost & Fees5.0

Summary: Moomoo has partnered with brokerages that charge no commissions for US residents trading in the US markets and charges low fees for less-common activity.

The brokerages charges no commissions on stock, ETF, or options trades. That includes options base fees. You can trade on Moomoo completely for free, only paying the same regulatory fees you would pay at any U.S. brokerage.

Moomoo includes free access to real-time level 2 market data, but some additional data subscriptions are available for a fee. Other than some rare fees for things like wire transfers, most customers won’t pay anything to use Moomoo unless they utilize margin borrowing.

Account Types1.5

Summary: Moomoo only offers a taxable, individual brokerage account. There are no joint or retirement accounts. Margin borrowing is available.

Part of the simplicity and focus of Moomoo may be a little too limiting for some. This brokerage only offers a taxable brokerage account for individual investors. If you wanted to open a retirement account like an IRA or a joint account with a spouse or other family member, Moomoo wouldn’t work for you.

The accounts are margin enabled by default. The current margin interest rate for U.S. stocks is 6.8% for long borrowing and varies for short sales. This rate can change at any time, so check your account before taking out a margin loan.

Tradable Securities3.0

Summary: Moomoo supports stocks, ETFs, and options on its trading platform.

Moomoo supports a fairly limited set of investments, though it does a good job with the investments it does support. The main investment categories at Moomoo are stocks (including ADRs), ETFs, and options.

As noted above, there is no base fee or per-contract fee when trading options. That puts Moomoo on a short list of brokerages that offer truly commission-free options trades.

You won’t find support for mutual funds or cryptocurrencies. You may be able to access other assets outside of stocks and ETFs through options trading.

Account Opening4.5

Summary: Opening an account is quick and easy at Moomoo.

You can quickly open an account on the Moomoo website or one of its apps. As with other brokerages in the United States, you are required to enter your contact information, Social Security number for tax reporting, and employment status. You can quickly access the trading platform creating an account with your email, Google, Facebook, or Twitter before creating a full Futu trading account.

Accounts are held by Moomoo’s owner, Futu Inc. Moomoo is a trading platform for Futu accounts. When you open a Moomoo account, you also have to open a Futu Inc. account. Futu also operates an international version available in China, Singapore, and other countries. This review is focused on Moomoo accounts for those in the United States. Moomoo is only currently available in the U.S. and Singapore.

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Demo Account

Trading Platforms3.5

Summary: The active trading platforms at Moomoo are a strong draw for active stock, ETF, and options traders.

Moomoo features a desktop or mobile trading experience for most popular devices. You can download a native app for Windows, Mac, iOS, and Android. Those who are tech-savvy can also download and use a Moomoo API and Linux versions for Ubuntu and CentOS.

The platform is clearly built for active traders. New and passive traders may find the tools overwhelming. Anyone with experience in trading apps should be able to find their way around fairly quickly.

Unique features include a social stream from other traders in the Moo tab and a strategy tab with tools designed to help you analyze and screen trade opportunities. Find screenshots of all the most important views below:

Home screen for Moomoo on Mac OS

Moomoo’s stock page features live charting and quotes.

Trading screen for US stocks

The strategy tab features trade ideas based on automated analysis.

Order Types3.5

Summary: Moomoo supports basic trade strategies as well advanced and conditional orders.

Like any other brokerage, you can easily enter market, limit, and stop orders for stock and ETF trades. For options, you can enter regular calls and puts. More advanced traders can use other strategies, including conditional orders.

Moomoo’s “advanced order types” list includes stop, stop limit, trailing stop, and trailing stop limit orders. There is also support for market if touched and limit if touched orders.

Moomoo doesn’t support some of the most complex multi-conditional trades, but it should work for many advanced traders. If you use complex strategies, it may be worth looking at the Moomoo/Futu help section to make sure it works for your strategy.

Banking0.0

Summary: Moomoo does not offer banking products at this time.

Moomoo is currently focused on its taxable brokerage accounts and does not offer bank checking or savings accounts.

Customer Support2.0

Summary: Moomoo has limited options for customer support. This brokerage is best for those who can handle their account needs using self-service tools online.

Moomoo operates out of an office in Palo Alto, California, and only offers support via email. According to a recent reviewer, it can take days to hear back. There is no phone number or live chat support.

If you don’t feel comfortable handling most of your account needs yourself online or in a mobile app, you may be better off with a large, full-service brokerage.

Promotions2.0

Summary: Moomoo currently offers a new account bonus worth one or two free shares of stock.

If you sign up and create a Moomoo and Futu account, you can qualify for a free stock promotion. Fund your account with $100, and you will get one share worth $4 to $200. If you fund your account with $1,500 or more, you get a second stock worth between $10 and $1,000 per share.

This is a limited-time offer, though it has been offered in the past as well. Check on the current details here.

Regulations, Reputation & Security5.0

Summary: Futu accounts are subject to US regulations and are insured by the SIPC.

Futu Inc. is regulated by the SEC and is a member of FINA and SIPC. SIPC insurance protects accounts up to $500,000 ($250,000 in cash) if something goes wrong at the brokerage. Other entities are regulated by or members of the Depository Trust & Clearing Corporation (DTCC), Options Clearing Corporation (OCC), the National Futures Association (NFA), and the Commodity Futures Trading Commission (CFTC).

Futu Inc. is listed on BrokerCheck with no negative disclosures. It has been operating in the United States since January 2018. The Moomoo apps generally have good reviews on the mobile app stores, indicating most people have a positive experience.

Research & Education2.5

Summary: Moomoo offers research and education resources geared toward active traders.

Active traders can tap into a trove of data, including news, live market data, and chat from other Moomoo traders. Resources are lighter than you would get with some of the larger brokerages, but the tools and data you have at Moomoo are sufficient for many active traders.

Education resources directly on the Moomoo site are fairly light, though you also have access to all Futu resources. Still, this area of the site leaves much to be desired. It’s better to come to Moomoo with an idea of what you’re doing in the markets.

Trading experience

Summary: Moomoo is best for intermediate to expert traders and those looking to expand their active trading knowledge.

Moomoo says it is beginner-friendly, but the platforms and tools are more appropriate for those who have a bit of market experience. New and beginner traders may find the tools and resources here a bit overwhelming.

If you’ve tried out other trading apps, you should only have a small learning curve to get up and running with Moomoo’s tools. Overall, any intermediate to expert trader will do fine at Moomoo. Intermediate traders may find the best experience here with a good balance of tools and features to meet your needs.

FAQ

Is Moomoo regulated?

Yes, Moomoo is subject to all applicable US laws and regualtions. Futu Inc. Is regulated by the SEC and FINRA.

Where is Moomoo based?

Moomoo is based in the heart of Silicon Valley in Palo Alto, California, as is Futu Inc. They are both indirect, wholly-owned subsidiaries of Futu Holdings Limited (Nasdaq:FUTU) a company based in Hong Kong

When was Moomoo founded?

2018

How does Moomoo make money?

Moomoo licenses its app to the brokerages. Parent company Futu makes money from trade routing, margin interest, subscriptions, and fees.

How do I deposit in a Futu account?

ACH or wire transfer

How do I withdraw money from Futu?

ACH or wire transfer

How do I open an account with Futu?

In the Moomoo app or online

Does Futu offer margin accounts?

Yes

Are funds at Futu secured or insured?

Yes

Overall3.0

Summary: Overall, Moomoo is a great low-cost trading app for intermediate to expert traders looking for commission-free stock, ETF, and options trades.

You can’t beat the price: free! With no commission for U.S. residents, Moomoo is definitely worth considering for your stock, ETF, and options trading needs. With active investing and trading tools geared toward more experienced traders, limited account types, and a somewhat limited set of investments, it isn’t perfect for everyone. But if it lines up with your needs, you should have a positive trading experience with Moomoo.
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