moomoo Review (July 2024) – Get up to $2,200 in rewards

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Last Updated: Jul 15, 2024

moomoo

  • Competitive-commission trading stocks, ETFs, options
  • Advanced charting tools, real-time market data
  • Vibrant community of investors, discussions, resources

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Many traders pay high fees that eat into their profits. If you are looking for a low-cost way to trade stocks and options online in Canada, then read this Moomoo review. This is a trading platform used by over 21 million investors that aims to provide easy, affordable trading.

Moomoo offers commission-free trading for U.S. stocks, ETFs, and options with access to real-time market data and over 100 technical charting tools. The user-friendly platform is available on web, desktop, and mobile apps. With paper trading, you can practice strategies risk-free before investing real money.

Read this Moomoo review to learn about their platforms, research resources, regulatory safety, and if it could be the right affordable trading solution for.

What is moomoo?

Moomoo is one of the most advanced online trading platforms, with significant growth in popularity among investors across the globe. This business was founded in 2018 and is based in Palo Alto.

At the time of writing, the Venmo equivalent has more than 21 million customers across the United States, Singapore, Australia, Japan, Malaysia, and Canada.

To ensure that they accommodate various categories of investors, Moomoo aims at giving its clients an easy, effortless and affordable way to trade. Their platform provides a host of features and services that enable them to cater to novice investors and experienced traders alike.

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moomoo features and services

Moomoo excels in the variety of the presented offerings, which are intended to provide traders with all necessary instruments for trading. Here’s a glimpse into what Moomoo has to offer:

  1. Robust Trading Platforms: The platforms offered by Moomoo include web, desktop, and mobile; this makes it easy for traders to trade through any platform that is convenient.
  2. Advanced Charting Tools: Moomoo chart application is impressive by offering more than 100 indicators, over 37 drawing tools and 20 + types of candlesticks, which allows its users to analyze every activity that may be a possibility of a trade.
  3. Real-Time Market Data: It shall also be noted that through use of Moomoo, the traders are able to get real-time Level 2 market data, which is very helpful in that it shows the depth of the market and therefore the best decisions to be made.
  4. Extensive Research and Educational Resources: Moomoo provides a wide range of research features, such as analyst rating, stock filter and institutional buying/selling tracker, supported by comprehensive tutorial with text and video to assist traders and investors in improving knowledge.
  5. Paper Trading: This way, the traders can actually trade on this platform, Moomoo and test their trading strategies before putting their money in it.

Pros and cons of using moomoo

It is also essential to understand the strengths and weaknesses of Moomoo. In this section of our Moomoo review, let’s cover some of the pros and cons to help you make an informed decision:

Pros

  • Low fees of trading stocks, ETFs, and options
  • No minimum deposit requirement
  • Advanced charting and research tools are popular in trading platforms to provide the ability to analyze complex data and optimally manage the vital information flow of the trade.
  • Real time Level 2 market data feed
  • User-friendly interface
  • Regulated and secure platform

Cons

  • Restricted categories of accepted assets (no crypto, bonds, or mutual funds)
  • Retirement accounts not supported
  • There is a possibility that the mobile interface will look cramped if seen by a beginner.
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July 2024 promotion terms and conditions

moomoo trading: fees, platform, and tools

Over the years, Moomoo has become popular due to its low fees, which attract many people, especially those who engage in trading activities.

The platform is ideal for trading in U.S. stocks, ETFs, and options. It provides a free charge for any number of stock trades, together with negligible contracts for option trades.

Canadian investors can expect commissions of $0.014 per share for Canadian stocks and ETFs with at least $ 1.49 per trade. To trade in U.S. stocks and ETFs, it charges $0.0099 per share with $1.99 per trade.

Moomoo’s trading platforms are friendly to both novice and experienced traders, with easy-to-navigate interfaces and numerous features available for use.

The trading platform is developed for desktop use and is available on Windows and Mac. The mobile trading app is available for iPhone and iPad, as well as for Android devices.

These platforms have the ability to sync with different devices, which makes it easy for traders, no matter where they are.

Another area that Moomoo is rather strong in is available charting information and technical indicators.

There are more than 100 technical indicators, more than 37 tools, and 20 types of candlesticks available for traders. This significantly increase their ability to perform a technically appropriate analysis of trades with opportunities to find new trade.

moomoo trade fees-comparewise

moomoo stock: investment options and research

Besides stock trading, Moomoo provides clients with an opportunity to trade in a diverse range of financial instruments, catering to various investment preferences and strategies.

This includes exchange-traded funds (ETFs), options, futures, forex, and index funds. However, it is worth noting that at the time of writing, Moomoo does not offer investing in cryptocurrencies, bonds, or mutual funds.

To assist traders in making informed investment decisions and researching available opportunities, Moomoo has equipped its platform with robust research tools and materials.

One notable feature is access to analyst ratings from more than 4,000 Wall Street analysts, providing valuable insights and professional perspectives on various securities.

Additionally, Moomoo offers a stock filter tool, enabling traders to screen and identify potential investment opportunities based on specific criteria and preferences.

Furthermore, Moomoo’s institutional tracker and heat map features provide traders with a glimpse into the trading activities and positions of institutional investors.

This can be very useful in identifying potential market trends and sentiment. Complementing these tools is real-time market news from reputable sources such as Bloomberg, Dow Jones, and CNBC.

moomoo login and account setup

Setting up an account with Moomoo is a straightforward process. To get started, you’ll need to visit the Moomoo website follow these steps:

  1. Once on the home page, click the “Open Account” button on the top right of the page, and enter your email address and a strong password.
  2. Provide your legal first and last name, your date of birth, your Social Insurance Number (SIN) and your contact information.
  3. Choose the account type that you want to open (individual margin, individual cash, TFSA or RRSP).
  4. Present a valid means of identification and proof of residence.
  5. Review the application and submit it.

After your application has been reviewed, which should take between 1-3 business days, you are ready to fund the account and start trading. Once your account has been created, you can log in using email and the password you created.

moomoo app: mobile trading and investing

The Moomoo app is properly developed for both ios and Android, and it will offer the best trading experience to the users. It boasts of a simple, easy-to-navigate interface, and comes with a long list of tools and services that address the various trading needs of its clientele.

Another area where the Moomoo app excels is in the proper combination of different tools and components.

Real-time market quotes, charting tools, and trade tickets are conveniently located and organized in such a way that the trader can never be left in a position where they will miss a good trading opportunity.

Such a transition between the different components allows for a coherent process to be carried out and the traders to make appropriate decisions as quickly as possible within fluctuating markets.

Also, the notification and alert features of the Moomoo app are critical and help the traders stay ahead of market trends and events. These timely alerts enable the trader to take the necessary measures and maximize the benefits of a particular shift in the markets, thus being flexible all the time.

Moomoo financial and investment options

The Moomoo trading platform covers investment products and services to accommodate all traders’ individual needs. Besides stock trading services, Moomoo Financial offers option trading, futures trading, and Forex trading. Here are some additional details about Moomoo financial and investment options:

moomoo paper trading: practice investing risk-free

Another interesting service that is offered by Moomoo is paper trading. This feature helps the beginner traders to test their skills on the simulated environment in the stock market or the forex market. Still, they do not employ any of this real capital.

This option can be advantageous for familiarizing yourself with the platform before investing real funds in the game. First of all, real-time market data and all the functionalities that are available on the live trading platform are used in paper trading.

moomoo investing: stocks, ETFs, options, and more

In addition to regular stock and ETFs, Moomoo offers investments from other areas. The platform also enables the trading of options so that traders can look at more opportunities in more depth.

Thus, within Moomoo, options trading can be effective due to the real-time options quote, the highly flexible and customizable options chain, and other features enhancing the tools for analysis.

Moomoo Financial: investment products and services

In addition to the trading facility, there are other offerings from Moomoo Financial in the form of investment products and services to meet the expectations of consumers.

These are the margin trading opportunities where the interest rate remains low, Hong Kong and Chinese stocks. But there is also what is known as the cash sweep program, which enables the traders to earn interest on the funds that they do not invest in trading.

Is moomoo legit?

In terms of the legal status of the Moomoo exchange, it is worth saying that it is monitored and regulated by various agencies in different countries. Moomoo Financial Canada Inc. is based in Canada and operates under the regulatory authority of the Canadian Investment Regulatory Organization (CIRO).

The firm is also a member of the Canadian Investor Protection Fund (CIPF), which provides an additional layer of protection for investors.

Moreover, we find that Moomoo complies with various regulatory bodies, including the U. S. Securities and Exchange Commission (SEC).

Likewise with the Monetary Authority of Singapore and the Australian Securities and Investments Commission, to name a few. It is through these regulatory bodies that the operation of Moomoo is stringently regulated, with standards protecting the interests of investors.

Moomoo reviews and ratings: what users say

To be able to understand more about the Moomoo app, it is critical to focus on the reviews and ratings from the users of the app. There is also a large amount of Moomoo reviews from first-hand traders on various platforms, like Trustpilot and the App Store.

As seen on the Trustpilot website, Moomoo has received 4.6 out of 5 stars. The overall satisfaction rate on this trading platform is high, as reviews are filled with customers’ appreciation of the easy to use platform, feature richness, and relatively low cost.

Likewise, the Moomoo reviews in the Apple Store provide the app with a rating of 4.6 out of 5 stars. Most positive users’ reviews are regarding the user-friendly interface and real-time market information.

As far as the feedback is concerned, not all the Moomoo reviews can be regarded as positive. But speaking in general, it can be concluded that Moomoo is a platform that meets the needs of traders regardless of their experience level.

Moomoo customer support and service

Moomoo knows the significance of delivering excellent customer service, making sure that the traders are provided with help as soon as they need it. Customers can access support on the platform through the live chat, the contact-us section, and phone support.

It also offers around the clock live chat support for traders to get any help they want or face any difficulties. Furthermore, phone support is provided during trading hours, meaning that a trader can talk to a representative from the company during crucial times where important trading decisions have to be made.

The help center of Moomoo is an online support service containing detailed answers to often asked questions and a list of the most remarkable topics classified by categories such as account information, orders, deposits and withdrawals, and trading.

Final thoughts: Is moomoo right for you?

Moomoo has extremely low trading fees and provides diverse charting solutions, as well as a vast amount of research materials This makes this platform interesting for both beginners and professionals.

Hence for traders looking for a cheap commission while at the same time making use of the many tools that are available, Moomoo is great.

Nevertheless, if you are concerned with investing in a more diverse portfolio, including cryptocurrencies, bonds, mutual funds, etc., then it might be better to look at other platforms. We’ve reviewed several other trading platforms on Comparewise that may fit your trading appetite.

To conclude this Moomoo review, it is advisable to rely on the reports comparing Moomoo to other trading platforms to make the final decision.

Of course, this depends on the general investment plans, tolerance for risks, and trading tendencies. In light of these recommendations, you would understand the extent to which Moomoo fits into your requirement, goal or wish.

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FAQs about our moomoo review

Is Moomoo a Chinese company?

While Moomoo is headquartered in Palo Alto, California, it is a subsidiary of Futu Holdings Limited, a company based in China. However, Moomoo operates under the oversight of regulatory bodies in various jurisdictions, including the U.S. Securities and Exchange Commission (SEC) and the Canadian Investment Regulatory Organization (CIRO).

Is Moomoo better than Robinhood?

Both Moomoo and Robinhood offer commission-free trading. But, Moomoo offers more advanced trading tools and research resources, making it a better choice for experienced traders. However, Robinhood's simplified interface and user-friendly design may be more suitable for beginners who are just starting their trading journey.

Does Moomoo have monthly fees?

No, Moomoo does not charge monthly account fees or inactivity fees. However, it's important to note that while Moomoo does not charge these recurring fees, there may be fees associated with specific services or transactions, such as wire transfers, account transfers, or certain trading activities. Always review the fee schedule carefully to understand any potential costs associated with your intended use of the platform.

I want to trade options, are they available at Moomoo?

Yes, Moomoo provides a comprehensive suite of tools and features to support this activity. In addition to offering options trading for U.S. stocks and exchange-traded funds (ETFs), Moomoo equips traders with advanced options analysis tools, customizable options chains, and competitive contract fees.

How do you withdraw money from Moomoo?

You can initiate a withdrawal request directly through the Moomoo platform, either via their website or mobile app. Moomoo supports various withdrawal methods, including bank transfers and wire transfers, allowing you to choose the option that best suits your needs. However, it's important to note that while some withdrawal methods may be free, others may incur fees.

July 2, 2024
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