Moomoo Review – Pros And Cons Of This Stock Broker

Moomoo is a commission-free, no-minimum investment platform packed with powerful tools: level-2 market data, stock screeners, premium news, and exclusive market insights. While you are limited to stocks, options, American depositary receipts (ADRs), and exchange-traded funds (ETFs), the platform offers extras by way of extended trading hours, paper trading, day trading, penny stocks, short selling, and a free stock after deposit.

This award-winning mobile trading platform is a blend of cost, customizability, and features supplemented by a robust financial education center. Available on iOS, Android, Windows, and Mac, moomoo makes it easy to move between platforms as you move throughout the day.

Continue reading this moomoo review to learn more.

About Moomoo

The company was founded in 2018 as a subsidiary of Futu Holdings, Ltd. (NASDAQ: FUTU). Futu Holdings Ltd. is backed by venture capital affiliates of Tencent, Sequoia Capital, and Matrix Partners.

Your purchases through the Moomoo interface are filled by the registered broker-dealer Futu Inc., also a wholly owned subsidiary of Futu Holdings, Ltd. Futu Inc. is registered with the U.S. Securities and Exchange Commission, while also being a member of Financial Industry Regulatory Authority (FINRA) and protected by the Securities Investor Protection Corporation (SIPC).

Moomoo received two recent noteworthy awards: Fintech Breakthrough Award’s Best Trading Platform for 2022 and Benzinga’s Best Stock Brokers for Online Trading for 2021. 

Moomoo Features

In this moomoo review, I’ll take you through the main features and functionalities of the moomoo free desktop trading platform. This platform was created with the experienced investor in mind, and offers a wealth of features, research and analytics offerings, powerful free trading tools, and order selections. Trading is available on the New York stock exchange, Hong Kong stock exchange, and Shanghai stock exchange.

Platform

Moomoo is an advanced mobile trading platform designed with experienced investors in mind. To get started, you only need to download the platform on your desktop or the moomoo app on your smartphone and then to create a username and password. There is no minimum deposit to start exploring the platform.

The interface is divided into core tabs, such as markets, trade, portfolios, and messages. Within each tab are windowed sections and subsections. At first, this might seem overwhelming, but after some use, users will find that the layout is fairly intuitive.

A core feature of the moomoo mobile trading platform is its customizability. You can reorder tabs, set tabs to open on a different display, and reorder content within specific tabs. Moomoo is best-suited to a multi-screen trading setup – at least three, or more for day traders.

When you are ready to get started investing, you register and open a moomoo account. This can take anywhere from one to three days. You are limited to taxable accounts – no individual retirement accounts (IRAs) at the time of writing. After your first deposit, you will get a free stock.

Research and Analytics Offerings

Part of what makes moomoo stand out is the wide variety of research and trading insights built into the platform. The goal: help investors sort, locate, and decide on specific stocks, ETFs, and options that meet their needs.

Below are the noteworthy offerings housed in the explore tab:

• Free real-time level 2 market data (e.g., order books, market data, market makers)
• Customizable stock screener with over 100 variables
• Technical analysis strategy selector with over 60 technical indicators and 20+ charting tools for understanding market trends
• Broker ratings
• IPO tracker and market announcements
• Market hotspot indexes for U.S., Canada, Singapore, China, Hong Kong, and Australia

Moomoo platform also includes expected features, like individual securities alerts, premium news, and various charting features. You can also monitor market trends.

One of the key selling points for moomoo is that you get most of the functionality of the above advanced tools and analytics features for free. There is no platform fee and no minimum deposit required for access.

Portfolio Management

Portfolio management on the moomoo platform cuts across two tabs: portfolios and watchlist. Let’s take a look at both below.

The portfolio tab functions as a place where you can organize your trading strategy. Maybe you want two portfolios, one holding domestic U.S. stocks and one focused on overseas stocks. After creating a portfolio, you can add assets, assign weights, review distribution details, and make personal comments.

Watchlist is where you can access charting information and technical indicators (e.g., MACD or RSI), review bid-ask spreads, and, importantly, initiate trades. Clicking on individual asset information in the portfolio tab will link you to the watchlist tab.

For traders looking for ideas or community connections, the portfolio tab offers a ranking feature of top user portfolios.

Securities and Orders

As mentioned above, moomoo only deals in the following commission-free securities:

• Stocks
• ETFs
• Options
• ADRs

Unfortunately, moomoo doesn’t offer cryptocurrencies, forex, or any other security – arguably, its main downside. Fortunately, moomoo does include short selling, day trading, and penny stocks.

As an advanced trading platform, Moomoo comes equipped with important features for experienced and sophisticated investors:

• Smart orders: Up to 40 orders simultaneously
• Advanced orders, such as stop, stop limit, limit if touched, and trailing
• Order processing time: 0.0037
• Cross-comparing on execution for price orders
• Pre-market and post-market trading orders
• Extended trading hours: 16-hour trading window

Extras

Moomoo has several extra features worth exploring. The platform has a built-in community center tab, called ‘moo’, and is much like your Twitter feed. Here, you can follow other traders, find popular posts, comment on important posts, and even keep a trading journal.

Beyond the community section, moomoo also offers the following extras:

• Free paper trading
• Stock Academy with how-to’s for technical trading and fundamental trading styles

Moomoo Pricing

Moomoo is a commission-free trading platform. This means there are no stock trading costs for most ADRs, stocks, ETFs, and options. In addition, Moomoo has no minimum deposit, and no extra platform fees. These fees are comparable to competing online trading platforms, like TD Ameritrade or Robinhood.

However, there are some specific fees and requirements for certain services:

• Day trading available when your moomoo account has over $25,000
• Margin trading minimum account balance of $2,000 (standard)
• Margin fees of 6.8% for U.S and Hong Kong stocks, 8.8% for Chinese stocks
• Commission charges for China-A shares and Hong Kong stocks
• Regulatory fees for stocks and ADRs

Moomoo squares up with most trading platforms regarding miscellaneous fees. Here’s a list of some of the more frequent extra fees you’ll encounter:

• Domestic wire transfer, $10 for incoming and $20 for outgoing
• International wire transfer, $10 for incoming and $25 for outgoing
• Stock transfer, $75 for outgoing
• Phone assisted trades, $10 per trade

Moomoo Customer Service

Moomoo offers three ways to address your support issues:

• In-app inquiry or online inquiry
• Email or phone customer service support
• Help center webpage

If you are using the platform on your phone or desktop, the help feature will route you to an automated inquiry system. This is a chatbot that can help you answer your questions. You can also search for answers on the help center. If you need live support, you’ll want to email or call live support – hours are from 8:30 to 16:30 Eastern Time. 

How Does Moomoo Compare?

While moomoo has many competitors on the market, we’re going to look at three: TD Ameritrade, Interactive Brokers, and Robinhood.

• Moomoo vs. TD Ameritrade: Both have similar services, trading fees, and platform features. With moomoo, you get zero-commission trading but at the cost of fewer available assets, a lower overall quality of research, and fewer customer support options.
• Moomoo vs. Interactive Brokers: Both rank high in overall trading fees, features, and platform functionality. You’ll have access to more assets with Interactive Brokers, but fewer research and investing tools.
• Moomoo vs. Robinhood: Both have somewhat comparable trading platforms and features. Robinhood has better access to assets and cost-saving features, while moomoo has stronger research and educational tools and opens up trading of Hong Kong and China A-shares.

Who is Moomoo Best For?

Moomoo is a solid platform for advanced and active traders willing to stick to ADRs, stocks, ETFs, and options. The no-cost commissions, free level-two data, and access to foreign exchanges are big sells for experienced investors with specific needs. Additionally, moomoo offers access to Chinese and Hong Kong markets, a niche benefit for some investors.

New investors interested in more sophisticated research tools, or the ability to day trade, may find the moomoo trading platform a good fit. If you are looking to upgrade your trading knowledge, free paper trading, or learn about technical or fundamental trading, moomoo is a good choice.

FAQ: Moomoo Review

Final Verdict: Moomoo

Moomoo is a good, all-around trading platform for active traders who want to balance cost and sophistication. The main benefits are the zero-commission trading, free level-two market data, a wealth of research tools, and extended trading. Investors who need access to a wider range of assets, like cryptocurrencies or mutual funds, will need to look elsewhere.