Moomoo Review – Bullish About Investing
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Moomoo is a robust trading platform for active and advanced investors. But If you’d prefer to invest casually or don’t want to pour hours into analyzing your orders, it's best to look elsewhere.
8/10
Cost
9/10
Features
8/10
East of use
7.5/10
Services
9/10
Getting started in investing is always tricky. Not only do you need to decide what to invest in (stocks, ETFs, mutual funds, a-shares, equities or index funds, etc) but you also need to choose how to start trading and investing. You can invest with a broker, use a robo-advisor for a more hands-off approach, or combine the two with a digital investing platform like Moomoo.
While Robinhood and Betterment might be more well-known than Moomoo, this company’s investing platform packs a large punch — and might offer the deep-dive trading tools you’ve been looking for, along with advanced security to protect your Moomoo account.
Here’s everything you need to know about Moomoo to decide if it’s the right investing platform for your finances.
In this article
What is Moomoo
Owned by Futu Holdings, Ltd., Moomoo is backed by venture capital firms Matrix, Tencent, and Sequoia. Based in California, Moomoo was founded in 2018 to provide investors with powerful and innovative investing tools. It is also a member of FINRA.
Futu Holdings is a broker-dealer registered with the SEC (US Securities and Exchange Commission). It is also a member of SIPC (Securities Investor Protection Corporation), which offers monetary protection for members up to $500,000, including $250,000 for cash claims.
In addition to its digital investing platform, Moomoo also offers investing courses, has a library of resources on the basics of investing, and provides recent news on the market.
- In under 3 minutes, start investing spare change, saving for retirement, earning more, spending smarter, and more.
- Make your first successful Recurring Investment (min $5) - get your $20 bonus within 10 days of following month
- Over 13M All-Time Customers
- Over $22B Invested
How does Moomoo work?
Moomoo is a trading platform available to US residents, though it offers access to markets outside of the US. You can open the Moomoo platform on your desktop PC, smartphone, or iPad. You can sign up via phone or desktop in just a few minutes. While the mobile app is more intuitive than the desktop site, it’s packed with features that may feel overwhelming to access from a smaller screen.
It offers research tools and market data, including stock screeners, level 2 Nasdaq market data, research ratings from third-party analysts, capital flows, various charting tools, company financial reports, and automated notifications that can notify you when a stock price changes or a specific indicator moves.
Moomoo also offers up to seven free fractional stocks when you open accounts.
You can download the mobile app via Android at Google Play or iOS at the Apple App Store. You can sign up from your desktop here.
Moomoo features
If you’re considering Moomoo, here are some key features.
Free level 2 Nasdaq quotes
I like that Moomoo offers free level 2 quotes, which provide even more context and analysis. Most competitors charge for this level of service and only provide streaming real-time quotes. Moomoo offers both, which will be helpful for advanced traders or those looking to dive deeper into the investing realm.
Expanded trading hours
Moomoo has longer trading hours than most competitors, giving you more time to trade and set up positions. You can trade on Moomoo between 4 am and 8 am ET.
Access to multiple markets
Most trading apps only give you access to the US stock market. But if you’re looking to trade internationally, Moomoo could be a good fit. When you sign up, you’ll get access to markets in the US, Hong Kong, and China.
In-depth and advanced charting
If you’re an investor looking to get your hands on some solid market research tools, you might be a fan of Moomoos' extensive charting capabilities. There are a variety of different chart types with over 63 technical indicators, all with time frames from a few seconds to 1 minute, 5 minutes, or one year.
Trading community
Many trading apps offer an online chatroom or forum for users to share information and gain insights. Moomoo has an in-app community where you can leave comments or posts, vote, and even tag other members.
- In under 3 minutes, start investing spare change, saving for retirement, earning more, spending smarter, and more.
- Make your first successful Recurring Investment (min $5) - get your $20 bonus within 10 days of following month
- Over 13M All-Time Customers
- Over $22B Invested
What is Moomoo’s fee structure?
Moomoo has relatively low fees overall compared to other brokers. It has no trading fees in many scenarios—it doesn’t charge fees for options trading, and for US residents, Moomoo is commission-free. However, there are regulatory fees to be aware of. The SEC and FINRA do charge a fee for stock sell orders on Moomoo. These fees are independent of Moomoo and are charged on all brokerage accounts.
Non-trading fees on Moomoo are also low. US domestic and international deposits will cost you $10 each. Domestic wire withdrawals cost $25, and international withdrawals cost $45. In addition, an outgoing stock transfer costs $75 per transaction, while such incoming transfers are free.
There are no account or activity fees, and depositing and withdrawing via ACH are free.
Who is Moomoo best for?
- New investors looking to grow their portfolios. If you’re interested in active investing and learning more about the marketplace and trading tips, Moomoo may be the right fit for you. It offers extensive resources and insights to help you make better trading decisions while learning key industry terms. The online chatroom is also great for gaining knowledge and learning from other members.
- Seasoned traders. Moomoo is an excellent brokerage account for active investors who understand the industry and want access to in-depth insights and reporting. Moomoo has powerful trading tools and features to help you make more informed investment decisions, in-depth quotes, and free level 2 Nasdaq market data.
- Investors looking for low fees. You might also be interested in trying Moomoo if you’re looking for an affordable trading platform. Moomoo offers commission-free trading and a relatively low fee design, particularly compared to other similar platforms. Price-conscious traders will likely enjoy the minimum fee structure of this platform.
Who shouldn’t use Moomoo?
- Passive investors. Those looking for a robo-advisor or a more hands-off approach to investing won’t find much value in Moomoo. There are plenty of services that shine when it comes to passive investing, but Moomoo is only helpful to those who want to research and buy orders actively.
- Beginner investors. Although beginners certainly may love Moomoo, overall it’s not a very beginner-friendly platform. There are others that are designed with beginners in mind, that offer more user-friendly interfaces and make getting started easy and painless. Moomoo can take some time to figure out, and may not be best for casual investors who like to drop in here and there.
- In under 3 minutes, start investing spare change, saving for retirement, earning more, spending smarter, and more.
- Make your first successful Recurring Investment (min $5) - get your $20 bonus within 10 days of following month
- Over 13M All-Time Customers
- Over $22B Invested
Pros and cons
Pros
- No commission trading
- Low fees
- Advanced charting capabilities
- Free Nasdaq level 2 data
- Multi-platform support
- Access to US, Hong Kong, and China markets
- Extended trading hours
- No minimum deposit is required to get started
- More security than other platforms
Cons
- Limited email customer support
- No access to mutual funds, cryptocurrency or bonds
- Access to only individual margin accounts
- May be too advanced for casual users
Moomoo vs. Competitors
Robinhood
A top name in the investing and brokerage world, Robinhood platform is one of Moomoo’s top competitors. Robinhood is designed with casual and beginner investors in mind. It makes buying and selling stocks and other investments simple and easy and requires very little know-how. Moomoo, on the other hand, is aimed at more advanced investors who want to search for information and data on their own.
That said, if you’re looking for investing tools, insights, and data, Moomoo beats Robinhood hands down. Moomoo offers stock screeners and detailed charting to help you make clearer investment decisions. It also lets you access more than just US stocks, while Robinhood does not.
You can buy and sell crypto through Robinhood, but Moomoo does not offer crypto trading.
Webull
Another platform you might be looking into when researching Moomoo is Webull. Both Webull and Moomoo offer zero-commission trading, but similar to Robinhood, Webull only offers access to US markets. Webull offers the ability to invest in crypto, but not funds or futures, like Moomoo. Webull also offers better support — both via phone and email — compared to Moomoo’s email-only service.
Both offer comprehensive charting and data for advanced trading. Webull also allows for voice commands, letting you buy and sell hands-free. Ultimately, Moomoo has more customizable tools for active traders and investors, but both platforms are intuitive, well-designed, and robust.
FAQs
What’s the benefit of a trading platform?
If you’re an investor, a trading platform can offer a variety of benefits. First, it allows you to set customizable alerts and watchlists, and get notified when your positions change. It also offers real-time quotes and many, like Moomoo, come with advanced data analysis tools designed to help you make smarter investment choices.
Is trading on Moomoo safe?
Most investors consider Moomoo to be a very safe platform because it is regulated by top financial authorities and comes with additional protections for investors — in the amount of $500,000 (including a $250,000 cash limit).
Does Moomoo allow day trading?
You have the option to day trade on Moomoo, but it is regulated. First, if you are a PDT (pattern day trader), which is someone who trades four or more times a day over a five day period, and you have $25,000 or more in equity, you can only trade in margin accounts. Users can view how many day trades they have left in their account page.
Does Moomoo offer margin trading?
Yes, you can participate in margin trading on Moomoo.
Is Moomoo good for beginners?
It depends. Moomoo can be a great place for beginners to dabble in active investing. It offers a large library of tools beginning traders can immerse themselves in to better learn the ins-and-outs of the trading world. However, Moomoo is particularly designed for active investors — those who want more control over their investments and spend the time researching their orders. If you want to invest in a more hands-off fashion, Moomoo may not be a good fit. Instead, you should look for an option designed for beginners, like Robinhood, or consider a robo-advisor that will establish a portfolio on your behalf.
Can you short sell on Moomoo?
Short selling has grown in interest since the Gamestock hysteria early in 2021. While short selling can be an extremely risky move, it’s still legal. You can short sell on Moomoo, but it’s important to do your research first. Short selling can lead to extreme gains — but it can also devastate your account.
Can you buy crypto on Moomoo?
Currently, Moomoo does not allow you to buy, sell, or trade crypto on its platform. Other platforms like Robinhood and Webull do.
The bottom line
Moomoo is a robust trading platform designed for active and advanced investors. It's considered more secure than most and comes with comprehensive charts, screeners, data, and customization options. Anyone looking to learn more about active investing will find the resources they need on Moomoo.
That said, Moomoo may be too powerful and overly complicated for some users. It’s a platform designed to let users who put the most time and effort into it get the most value. If you’d prefer to invest casually or don’t want to spend the time necessary analyzing your orders, you might do better on a less intense platform.
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Writer
Courtney Johnston is a freelance writer, specializing in finance, travel, and health. She has written for The Chicago Tribune, Benzinga, BestReviews, Mashvisor, Fundera, MoneyGeek, and The Culture Trip. She also teaches writing instruction at the University of Indianapolis. Courtney currently resides in Indianapolis.
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