fbpx

Moomoo Review

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more.
securely through Moomoo's website

1 Minute Review

Moomoo is a commission-free mobile trading app available on Apple, Google and Windows devices. A subsidiary of Futu Holdings Ltd., it’s backed by venture capital affiliates of Matrix, Sequoia, and Tencent (NASDAQ: FUTU). Securities offered by Futu Inc., regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Moomoo is another great alternative for Robinhood. This is an outstanding trading platform if you want to dive deep into smart trading. It offers impressive trading tools and opportunities for both new and advanced traders, including advanced charting, pre and post-market trading, international trading, research and analysis tools, and most popular of all, free Level 2 quotes.

Get started right away by downloading Moomoo to your phone, tablet or another mobile device.

Best For

  • Cost-conscious traders
  • Novice traders
  • Active/Advanced traders

Pros

  • Free Level 2 market data for all users who open an account
  • Commission-free trading in over 5,000 different stocks and ETFs
  • Over 8,000 different stocks that can be sold short
  • $0 contract fee for trading options, no commission either
  • Strong market data and analysis tools with over 50 technical indicators
  • Access trading and quotes in pre-market (4 a.m. to 9:30 a.m. ET) and post-market hours (4 p.m. to 8 p.m. ET)
  • No minimum deposit to open an account.
  • Active trading community with more than 100,000 app users

Cons

  • No phone or chat support
securely through Moomoo's website

Who is MooMoo for?

Moomoo was designed as a platform for smart trading, while investors can also enjoy the benefits of low fees.

This mobile trading platform built their advanced tools well-organized in one app. It’s free and easy to use for both beginners and experienced traders. A host of research tools can help you make smart investment decisions. There’s also a paper trading feature with real-time data if you want to simulate the investment experience before going all in. 

Moomoo allows you to invest when it’s convenient for you. You can initiate trades whether to go or at home, with your customized set-ups synced on different devices. Plus, there’s no minimum deposit to open an account. 

Active/Advanced Traders 

Active traders love Moomoo and all it has to offer. You can keep tabs on your account, get in-depth but free quotes, smart order types to execute trades, or use their powerful trading tools and data to monitor market trends, from both the mobile app and desktop. 

Cost-Conscious Traders 

Moomoo is also a viable option if you want a good deal. With its commission-free trades and low-cost fee structure, you can put your money to work and keep even more in your pocket. 

New Investors 

Moomoo isn’t just for experienced investors. If you aren’t quite ready to fork over and cash, you can practice making trades with a paper account for free. Investors can get trading knowledge and skills improved with moomoo, as it has a big community for sharing ideas, and offers market insights.

Moomoo's Platform and Tools

Moomoo offers its platform on PC, mobile and iPad, and tools can sync up on the three screens. The platform is perfect for an investor who gets serious about trading. Their users will grow trading techniques and experiences quickly with moomoo. 

  • Free Level 2 Quotes: Despite streaming real-time quotes that enhances trading experience, moomoo offers Level 2 quotes from NYSE Arcabook, NYSE Open book, and Nasdaq Total View, covering order books from electronic securities exchanges with top 3 trading volumes. They often have promotions of free NYSE Arcabook data, which is super competitive because the industry usually charges fees for it.
  • Advanced Charting: Moomoo has impressive charting features including some standard charts like bars, hollow candles, filled candles, lines, mountain, and advanced multi-charting with over 50 technical indicators including the VWAP, which can even satisfy day traders. It provides all time frames from 1 minute, 5 minutes, to one year. 
  • Smart Orders: It provides access to pre- and post-market trading with advanced stock orders, including stop-limit orders and trailing stop-loss orders – up to 40 orders at the same time. 
  • Longer Trading Hours: Moomoo has the longest hour for trading compared to competitors. You can jump in and out of position as soon as the news comes out  from 4 AM to 8 PM EST. 
  • Multi-Market Quotes: Moomoo offers market information for the U.S., Hong Kong(both stocks and futures), and China market. Forex quotes are available too.

Moomoo’s Research Offerings

  • Analysis and Tools: With moomoo’s Strategy tap, customizable screeners for stocks, ETFs, options, and even international securities can be built, saved, and sync to go. You can sort equities by various conditions, including market factors, fundamentals, and technical factors. 
  • Market Monitor: Alerts on moomoo are customizable and comprehensive. Users can set their own price alerts, bid/ask alerts, and event alerts, with in-app and phone notifications pushed to not miss important opportunities. All set-ups can be synchronized so you can keep a watchful eye on the market anytime and anywhere. Besides, their AI Monitor keeps the market under-watched, providing an effortless way to find stocks that are moving among thousands of data points competing for attention, as long as to detect the market sentiment by graphing long/short distribution and price volatility.
  • Customizable News and Insights: With moomoo, investors can keep abreast of Wall Street anytime. Moomoo offers news feeds from famous financial media such as CNBC and Dow Jones Newswires, as long as their exclusive market insights. And feeds can be customized based on positions and calendar.
  • Active Community with 100K+ Users: Moomoo has an in-app active community where users can comment, tag, forward, initiate a vote, just everything that you can find in a mature online community. It’s a place for beginners to learn, casual investors to engage, and active traders to share. 

Moomoo’s Commission and Fees

First and foremost, Moomoo is commission-free for both stocks and options trading, and does not charge platform fees or options contract fees. You’ll pay minimal fees as follows:

  • Stocks: Securities and Exchange Commission (SEC) transaction fee of $0.0000207 for sell orders; a Financial Industry Regulatory Fee (FINRA) trading activity fee of $0.000119; American Depositary Receipt (ADR) custodian fee of $0.01 to $0.05 per share
  • Options: SEC transaction fee of $0.0000207 for sell orders; a FINRA Trading Activity Fee of $0.000119; an Options Regulatory Fee (ORF) of $0.0379 per contract; an OCC fee of $0.05 per contract for 0 to 999 contracts or $55 per trade for over 999 contracts; an exchange fee that varies by exchange

Moomoo account holders enjoy commission-free trading with no monthly maintenance fees or data fees for real-time monitoring. But minimal fees do apply for stock and options trades, as indicated above. 

Some other fees to know: 

  • Outgoing wires (domestic): $25 per transaction 
  • Incoming wires (domestic): $8 for any wires following the initial transaction (also free during promotional periods)
  • Outgoing wires (international): $45
  • Incoming wires (international): $25 for any wires following the initial transaction (also free during promotional periods)
  • Outgoing stock transfers: $75 per stock 
  • Mail paper statements: $3 per statement
  • Assisted phone trades: $10 

Moomoo's Security

Futu Inc., the entity that owns Moomoo, is a broker-dealer registered with the SEC. This means it is subject to oversight and must adhere to stringent industry standards. 

It is also a member of FINRA and the Securities Investor Protection Corporation, and Moomoo’s security accounts are also insured by the SIPC for up to $500,000 (including $250,000 for cash claims).

Moomoo's Customer Support

Have a question about Moomoo or need help navigating the platform? 

Submit an inquiry via the mobile app. Be sure to provide your email address, Moomoo ID, a subject and description of your question and any related attachments. You will also need to choose the most relevant category from this list — general, account, funding, trading and options or promotions.

The help center is also available to find answers to common questions that fall into these categories:

  • Account: Learning more account profiles and opening or closing an account 
  • Funding: Includes information on deposits, withdrawals and the instant deposit feature 
  • Trade: Covers general trade, options, margin trade, pattern day trading and derivative-related questions
  • Moomoo use: Learning more about market quotes and analysis and how to reset your login or trading password
  • Referral and free stocks: Includes answers to questions related to Stock Cards 
  • Fees and taxes: Offers more in-depth insights on the fee schedule and taxation

Moomoo's Tradable Asset Classes

  • Stocks, including Hong Kong stocks, Chinese stocks coming soon
  • Over 8,000 different stocks available for short-selling
  • Options 
  • Exchange-traded funds (ETFs) 
  • American depositary receipts (ADRs)
  • IPO stocks subscription 

For retail investors, international trading opportunities is a plus. You can trade stocks in other markets with low fees compared with other platforms.

Moomoo's Ease of Use

Want to give Moomoo a test drive? Get started in minutes. Visit Moomoo’s homepage or download the mobile app on your Apple, Google or Windows device. 

You can open an account if you’re a U.S. resident, 18 or older, with a valid Social Security number.

Follow these instructions to apply for a Futu brokerage account through the Moomoo app: 

  • Select “Open Account” from the dashboard. 
  • Enter your email address and set a unique password.
  • Input your full legal name, phone number, date of birth and Social Security number. 
  • Select your country of citizenship from the comprehensive list of options.
  • Enter your mailing address.
  • Answer questions about your employment status. Indicate if you’re employed, unemployed, retired or a student. Enter your industry, employer name and occupation. 
  • Select your annual income and total net worth from the ranges presented. 
  • Answer the personal disclosure questions. 
  • Sign your full name and submit the application. 

Applications are processed within 1 business day. Expect an email response indicating if you are approved to start investing with Moomoo or if they need additional information to process your application. 

Moomoo Overall Rating

Whether you’re a new or experienced investor, Moomoo is a reliable platform to grow your assets. Its streamlined application process allows you to start making trades within 1 business day and you’ll enjoy commission-free trading. 

You can also use its tools and resources to simulate trades or monitor market activity in real-time without incurring any fees. The app is accessible 24/7 if you need to adjust your portfolio.

Create a free account with Moomoo today and experience all the mobile-trading app has to offer. You can invest with companies you love while at work, home or on the go.