Getting started investing begins by opening a brokerage account. A brokerage account gives retail investors access to stocks, ETFs, options trading and more by buying and selling securities on your behalf. Most brokers also offer some type of research or educational resource access to help you learn more about the market and how to trade effectively.
There are dozens of reputable brokers offering online market access — and it has never been easier to get started investing from the comfort of your home. However, each broker offers its own unique set of benefits and drawbacks, which makes comparing plenty of brokers important.
Today, we’ll be taking a look at a few of the differences between the Robinhood and Moomoo platforms — and how you can decide which option is right for your individual needs.
Moomoo vs Robinhood Fees
Robinhood is well-known as 1 of the first brokerages to offer commission-free trading, a tradition that continues to this day. You’ll enjoy $0 commissions on stocks, ETFs and options trading when you invest with Robinhood. The platform also doesn’t charge any type of account maintenance fees or platform fees. Although Robinhood does charge the Securities Exchange Commission’s (SEC) required sell order fees (as do all brokers), these fees will add up to a fraction of 1 penny for most investors.
Robinhood’s paid account feature is Robinhood Gold, a monthly subscription service that gives you access to more features and market data for $5 per month. Some of the features you’ll have access to when you upgrade to Gold include:
- Level II market data and Morningstar reports for 1,700 stocks
- Larger instant deposits up to $50,000 (Robinhood typically doesn’t offer investors access to funds beyond $2,000 until they clear from your bank account to your brokerage account)
- Access to margin investing
You can upgrade to Gold at any time and you can cancel your Gold membership without a penalty.
Like Robinhood, Moomoo also offers commission-free trading on stocks, American Depository Receipts (ADRs), ETFs and options. It also offers no account maintenance fees, inactivity fees or any other fees associated with opening your account.
Unlike Robinhood, Moomoo offers access to shares on the Hong Kong Stock Exchange, as well as China-A shares. Although these purchases and sales do come along with a small commission in either Hong Kong dollars or Chinese Yuan, they’re only applicable if you’re an investor interested in purchasing foreign stocks not available through Robinhood. Additionally, Moomoo also offers free access to Level II market data, which you’ll need a Gold account to access through Robinhood.
Better platform: Moomoo. Although both brokers offer commission-free trading on a wide range of U.S.-based assets, Moomoo gets the edge with its free Level II market data, which will cost you $5 per month through Robinhood. Moomoo also offers access to foreign stocks, which Robinhood doesn’t support. Plus, Moomoo offers a 5.1% APY on uninvested cash with a 3.0% boost for qualified users that brings you to an 8.1% APY.
Moomoo vs Robinhood Mobile App
Both Moomoo and Robinhood offer comprehensive mobile apps available for free from both the Apple and Android stores. Robinhood’s mobile platform mimics its desktop platform, focusing on simplicity and easy ordering but cutting many tools that come standard with competing brokers’ mobile platforms.
Moomoo’s mobile platform includes many of the tools that come with its desktop option, ranging from advanced charting options to free Level II market data. It also extends its offerings to include unique alert features that aren’t available with Robinhood.
Better platform: Moomoo. Combining safety and a full suite of tools with a simple and intuitive ordering process, Moomoo offers investors the best of both worlds.
Moomoo vs Robinhood Customer Support
To contact Robinhood’s customer service team, you’ll need to submit an inquiry through its online messaging system. You can send a message to customer support here — enter the category of your request or inquiry, provide a short message about the issue you’re running into, and submit it through the site. Robinhood will send its response to the email address associated with your Robinhood account. You must be logged into your Robinhood account to submit an inquiry.
The broker says that it tries to respond to all customer inquiries within 24 hours or less. However, it also acknowledges that this process can sometimes take longer when representatives are backed up with questions. To the broker’s credit, when we submitted a sample question, we received a reply in about 10 minutes.
To contact Moomoo’s customer support team, you’ll need to send an email message to cs@fututrade.com. For the best assistance, the company requests that you include a screenshot of your account with the error you’re encountering included, as well as your Moomoo ID.
Both Robinhood and Moomoo also offer Help Centers where you can browse answers to some of the most frequently asked questions while you wait for a response from customer service.
Better platform: Tie. Both Moomoo and Robinhood offer a single method that account holders can use to submit inquiries and an FAQ section. In the future, we’d love to see both Moomoo and Robinhood improve their customer service offerings by expanding to include phone access or live chat.
Moomoo vs Robinhood Ease of Use
Robinhood is a platform founded on the idea that investing should be as easy for new traders as possible. The platform has taken steps to streamline both its desktop and mobile platforms — account documents are clearly labeled and easy to find; placing an order takes just a few seconds and your account home page is quickly navigable from any device. Getting started with Robinhood takes only a few minutes, and opening an account is intuitive and simple.
Robinhood has also incorporated a number of unique features that new investors will find helpful when placing their first orders. For example, when you place a buy order, you’ll see a short explanation of how each order type works and how choosing a specific type of order could influence what you pay for each share of the security you’re purchasing.
When you place a buy order through Robinhood, you’ll see a short description of each available order type. This can be a major benefit for new investors who are still learning about how each order varies.
Moomoo’s account application process is also simple and easy to begin with, allowing you to open your first brokerage account in as little as a few minutes. However, the platform specializes in offering a wider range of charting tools and options, which can be intimidating for newer investors. While more experienced traders will find plenty of resources to enhance their market research, casual investors might find it easier to invest with Robinhood’s straightforward, no-frills layout.
Though Moomoo’s platform includes a massive range of research and charting tools not available through Robinhood, the broker’s layout might be intimidating to newer investors.
Better platform: Robinhood. If your primary concern is having your investing platform be as easy to operate as possible, Robinhood will be your best bet. Designed with simplicity and new investors in mind, anyone can master Robinhood’s platform in as little as 1 hour. However, this simplicity comes with a trade-off of tools and features. More experienced investors will prefer Moomoo’s enhanced range of tools — even if it takes a little more practice to master the platform.
Moomoo vs Robinhood Accounts and Features
Moomoo focuses on providing traders with access to a range of quality tools and research sources. Some of our favorite features that you’ll find through Moomoo include:
- Free Level II market data: Moomoo combines commission-free investing with complimentary Level II market data — which requires a paid monthly subscription if you use Robinhood to invest. It also offers intuitive visual financial reports that are easier to interpret than complicated Form-10(k) information reports.
- Advanced charting options: Moomoo offers a range of charting options, including candlestick charting, bar graphs and mountain line charts on both mobile and desktop platforms.
- Demo account access: Moomoo offers unique conditional alerts, which will notify you via push notification when prespecified price movements or indicators are realized. This can be a major benefit for mobile investors — you can set your conditional alerts in the morning and go back to your platform when they’re hit.
Robinhood’s suite of tools is lackluster when compared to Moomoo’s impressive options. The platform offers almost no charting tools — though you can access basic candlestick charting from the mobile platform, you’ll need a paid Robinhood Gold to access candlestick charting on your desktop. Even with a paid account and desktop access, Robinhood users can still only access 5-minute candlesticks.
Charting isn’t the only area where Robinhood falls short. Moomoo offers users a comprehensive stock screener, which allows users to investigate trading options using metrics like volatility, volume change, company cashflow and more. Robinhood only offers a very basic stock screener that sorts opportunities by industry.
Better platform: Moomoo. Although new investors might prefer Robinhood’s simple account setups and clean platform, the broker seriously lags behind Moomoo in terms of available tools. With alert features, comprehensive charting options and free Level II research access, Moomoo dwarfs Robinhood when it comes to professional trading tools.
Robinhood Vs. Moomoo: Which Is Better?
It’s difficult to say definitively whether Moomoo or Robinhood is a better brokerage because both platforms are aimed at different classes of investors. If you’re a casual investor or you’re simply looking for the easiest way to purchase and sell shares of stock or begin investing, Robinhood’s straightforward platform and easy-to-understand buy and sell orders can provide the ideal platform.
On the other hand, more experienced or active investors will likely be frustrated with Robinhood’s lack of tools. The broker doesn’t offer comprehensive charting options or a stock screener, which come free on all Moomoo accounts. Moomoo users also have access to free Level II market data, which only comes with a paid Robinhood Gold account. With commission-free investing available on both accounts, the decision should come down to each investor’s needs of tools and platform layout.
Frequently Asked Questions
Can I do OTC trading on Moomoo?
Moomoo does not offer OTC trading, but you can purchase penny stocks under $5.
Does Robinhood offer access to mutual funds?
Robinhood does not have access to any mutual funds.
About Sarah Horvath
Sarah is an expert in the insurance, investing for retirement and cryptocurrency space.