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Is Moomoo available in Canada?
The Moomoo app is currently available to download in Canada from both the Apple App and Google Play stores. However, the full brokerage version of the app will not be available until the fall of 2023. That means the app does not currently have any trading functionality, but you can still start using the Moomoo app in Canada now for its helpful market analysis tools and insights.
What we think of Moomoo
Since the full brokerage version of the Moomoo app won’t be released in Canada until later this year, we can’t assess its full suite of features yet. That said, we can look at the features the app offers in the US to get an idea of what we might see in Canada in the coming months.
Moomoo trading has a lot going for it: It costs $0 to start using the app, offers paper trading and boasts a highly-rated mobile app. In the US it also stands out for direct access to the Hong Kong Stock Exchange — something that precious few brokers offer.
What Moomoo does, it does well. You’ll get complete access to the US stock markets. Even the regulatory fees imposed in the US version of the app for its Hong Kong and China A-share accounts are more competitive than some of its US competitors.
But here’s the thing: The Moomoo US app (and we can expect similar offerings in Canada) doesn’t have a whole lot on tap. At least not as far as its securities and account lineup are concerned. It doesn’t offer access to mutual funds, bonds, cryptocurrency or forex. And it only offers self-directed margin accounts.
Moomoo Financial Canada Inc. is an investment dealer regulated by the Canadian Investment Regulatory Organization (CIRO).
Pros and cons of Moomoo
Pros
Paper trading. Moomoo is among the few trading platforms to offer paper trading on its platform.
Access to the Hong Kong Stock Exchange. In addition to US markets, Moomoo app users in the US gain access to the fifth-largest exchange in the world. We’ll have to wait and see if that feature transfers to Canadian users.
Canada welcome offer. To celebrate Moomoo’s launch in Canada, Moomoo is offering the chance to win a $100 Amazon gift card, $15 Tim Hortons gift card, 500x Moomoo points, access to US Stocks Market Data Level 2 for 30 days or access to CA Stock Market Data Level 1 for 30 days . You just need to complete a few signup steps to be eligible to win.
Free practice account. While you’re waiting for the full launch of Moomoo trading in Canada, you can download the app now for free, and, for a limited time, get practice trading a variety of stocks, ETFs, options, and futures with virtual funds in a simulated environment. You can use this virtual trading practice to earn cash prizes.
Cons
Limited account options. If the Canadian version of the Moomoo app is similar to the US version, investors will only be able to access individual margin accounts.
Limited securities. Assuming the same set of trading options will be available in Canada as in the US, Moomoo won’t offer mutual funds, bonds, cryptocurrency or forex.
Moomoo pricing and fees
Because the full brokerage version of the Moomoo app hasn’t been launched in Canada yet, we can’t get a full picture of the costs and trading fees associated with the platform. However, based on the US version of the app, we’ll possibly see $0 fees on select transactions, and a fee of less than 1% on others.
The Moomoo US app offers a very competitive fee structure compared to its US competitors, so it’s reasonable to expect a similarly competitive fees when the app launches in the Canadian market.
Get $50 in free trades when you fund your account with a minimum of $1,000.
Who is Moomoo best for?
Moomoo’s targeted offerings, based on the US version of the app, make it a viable platform for a very specific type of investor: traders seeking stocks, ETFs or options through a self-directed margin account.
The full brokerage version of the app in the US doesn’t offer:
bonds, mutual funds, forex or cryptocurrency trading
cash or retirement accounts
robo-advisor or managed portfolios
What Moomoo trading options you get — namely, commission-free stocks, ETFs and options trades — it does well.
The Moomoo app in the US offers competitively priced fees, research tools are robust and trades are executed quickly. Investors in the US receive free Level 2 Nasdaq market data alongside instant deposits of up to $1,000, paper trading, charting tools and more.
The US platform is available as a desktop or mobile application, and investors also gain access to the Hong Kong, Shanghai and Shenzhen stock markets. But its security lineup is limited, and traders report a learning curve for first-time app users.
How easy is it to use?
You can sign up for Moomoo trading online in only a few minutes. Reviews of its mobile platform are favorable, but traders warn that the platform is so feature-rich, it can be overwhelming for those just starting out. Packed interface aside, reviews suggest the app becomes easier to navigate over time.
What research does it provide?
When you you use the Moomoo app, you’ll get access to a number of comprehensive research tools and market data catering to a wide range of investors. Here’s a snapshot of the Moomoo trading tools you can use:
Stock screener. Filter stocks by more than 100 search criteria.
Nasdaq Level 2 market data. Determine ideal entry and exit points with real-time bids and market data.
Charting tools. Perform analysis with a variety of drawing tools, technical indicators and AI analysis.
Research ratings. Tap into third-party analyst ratings to help you assess and compare securities.
Capital flows. Track company capital to identify performance trends.
Financial reports. View graphical financial reports to assess company finances.
Conditional alerts. Generate automated alerts that notify you about price fluctuations and indicator changes.
Is Moomoo legit?
Yes, Moomoo is a legit trading platform with its US headquarters in Palo Alto, California. In Canada, Moomoo is regulated by the Canadian Investment Regulatory Organization (CIRO).
The company has an estimated market capitalization of US$5.8 billion and over 20 million users worldwide. Before expanding into Canada, Moomoo successfully launched into the United States, Singapore, Australia, Japan and Malaysia markets.
How does Moomoo make money?
Moomoo, or rather its parent company Futu Holdings, profits primarily from commissions and interest income. If you look at Futu’s latest earnings report, 41% of its revenue for the first 6 months of 2023 came from commissions, while 54% came from interest income. The other 5% is listed under “Other income,” which is income that doesn’t come from the company’s main business and can include income such as rent or gains from the sale of assets.
Moomoo reviews and complaints
Moomoo feedback is scarce. As of now, Moomoo doesn’t have a BBB page in Canada. Most of the feedback we found is from Canadian investors who reviewed Moomoo’s mobile app through Google Play and the Apple App Store.
As of September 2023, the app scores well from both Android and Apple users, earning 4.4 out of 5 stars over 451 reviews on Google Play and 4.6 out of 5 stars across 77 reviews in the Apple App Store. Investors report that the Moomoo app is user-friendly and offers very helpful research data and insights. Some reviewers report being excited about the app’s launch in Canada after having used Moomoo trading in the US.
BBB rating
Unavailable at this time
BBB accredited
Unavailable at this time
Google Play app
4.4/5 stars based on 451 Moomoo reviews
Apple app store
4.6/5 stars based on 77 Moomoo reviews
Customer reviews verified as of
September 11, 2023
How do I sign up for Moomoo?
Sign up for an account online in about 2 minutes to begin your Moomoo trading journey:
Visit Moomoo’s homepage and select Sign Up/Log In.
Enter your phone number.
A verification code will be texted to your phone. Enter that verification number on the website.
Enter your name to finish creating your account.
Once you’ve made an account you can download the Moomoo app from the Apple App or Google Play store.
Shannon Terrell is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in personal finance. Her writing and analysis on investing and banking has been featured in Bloomberg, Global News, Yahoo Finance, GoBankingRates and Black Enterprise. She holds a bachelor’s degree in communications and English literature from the University of Toronto Mississauga.
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