Headquartered in California, USA, Moomoo is an established trading broker that is focused on providing traders with a convenient and secure way to trade various financial instruments, including stocks, options, ETFs, and ADRs. The broker provides traders with advanced trading platforms, educational resources, and some useful trading tools. They offer multiple trading account types, and no commission is charged on trades.
Moomoo Review, Pros & Cons
- Proprietary trading platform
- Educational resources
- Trading tools
- Multiple financial instruments
- No MetaTrader platforms
- Limited account funding methods
- Restricted leverage
- No live chat support
In this detailed Moomoo review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Moomoo Inc. is a wholly-owned subsidiary of Futu Holdings Ltd, an advanced technology company that is transforming the investing experience by offering fully digitized brokerage services. The broker provides all levels of investors with an intuitive and powerful investing platform whilst providing various learning resources. Their client support team is readily available to assist traders.
Moomoo is a trading name of Futu, which is regulated in the US and Singapore as follows:
- Futu Inc. is a registered broker-dealer with the U.S. Securities and Exchange Commission (SEC) (CRD: 283078/SEC: 8-69739), and a member in good standing of Financial Industry Regulatory Authority (FINRA), so it is authorised to conduct business in compliance with SEC and FINRA.
- Futu Clearing Inc. is a registered broker-dealer with the U.S. Securities and Exchange Commission (SEC) (CRD: 298769/SEC: 8-70215), a member in good standing of Financial Industry Regulatory Authority (FINRA), as well as a member of the Depository Trust & Clearing Corporation (DTCC) and the Options Clearing Corporation (OCC).
- Futu Wealth Advisors Inc. is a registered investment advisor with the U.S. Securities and Exchange Commission (SEC) (CRD: 310790/SEC: 801-119635). It is regulated by the SEC.
- Futu Futures Inc. is a licensed entity registered with the National Futures Association (NFA) (NFA ID: 0523957) and is regulated by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC).
- Futu Singapore Pte. Ltd. is a capital markets services license holder regulated by the Monetary Authority of Singapore (Licence No. CMS101000)
The broker allows traders from different parts of the globe to open a trading account with them if their countries of residence permit online trading with international brokers.
Some Moomoo features and products mentioned within this Moomoo review may not be available to traders from certain countries because of legal restrictions.
Trades are carried out via the Moomoo trading platform, an in-house-developed trading platform that offers powerful trading functionalities. It has an intuitive interface and is packed with in-depth customization tools for advanced traders. The Moomoo app — backed by independent technological Research & Development capabilities — takes a holistic view of the trading process and is regularly updated with new features and enhancements to improve the trading experience. The Moomoo trading platform is available as a desktop application for Windows and Mac computers, a WebTrader, and a mobile trading app for Android and iOS devices.
Moomoo Trading Tools
In addition to the tools that were built into the Moomoo trading platform, traders are provided with some standalone trading tools, such as market data, financial calendars, charts, technical indicators, intuitive graphs, stock screeners, and more.
The following educational resources are available on the broker’s website: market news, highlights, learning articles, trading guides, and an FAQ section that answers some of the common questions that traders may have.
The broker offers the following trading instruments: stocks, options, ETFs, and ADRs.
Moomoo Accounts & Fees
Moomoo offers an Individual Account and a Margin Account only. No commission is charged on trades.
As broker fees can vary and change, there may be additional fees that are not listed in this Moomoo review. It is imperative to ensure that you check and understand all of the latest information before you open a Moomoo broker account for online trading.
The broker’s client support team is always available to respond to all your general, technical, and account-related inquiries. They can be reached via telephone, email, and social media.
Moomoo Deposit & Withdrawal
Traders are allowed to deposit and withdraw funds to and from their trading accounts using ACH from US bank accounts.
Moomoo Account Opening
You can open a Moomoo account via the following steps:
- Install and sign up with the Moomoo app
- Click on the “Open Account” tab to fill the registration form
- Verify your email.
Upon completion, you can then submit your application form within the Moomoo app. Alternatively, you can go to Futu Inc.’s Official Website: http://www.fututrade.com, and click on Open Account in the ‘login’ tab. Then, fill the form and verify your email.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the broker’s terms, conditions, and policies. Only proceed if you fully understand and agree with them.
Moomoo is a California-based retail broker that offers access to trade multiple financial instruments via an intuitive trading platform. They provide traders with a selection of trading tools, educational resources, as well as a knowledgeable customer support team. The broker is regulated in the US and Singapore.
Margin trading involves interest charges and risks, including the potential to lose more than deposited or the need to deposit additional collateral in a falling market. Before using margin, customers must determine whether this type of trading strategy is right for them given their specific investment objectives, experience, risk tolerance, and financial situation. All investments involve risk, including possible loss of principal. Past performance of a security, market, or financial product does not guarantee future results. Electronic trading poses a unique risk to investors. System response and access times may vary due to market conditions, system performance, and other factors. Market volatility, volume, and system availability may delay account access and trade executions.