Reliability<\/strong><\/td>| 5<\/td> | Little\/no reports of downtime or outages.<\/td><\/tr><\/tbody><\/table>Moomoo is best for active traders<\/h4>Moomoo is best suited to active or experienced traders who can make the most of its advanced trading tools. Features like free Level 2 market data and advanced charting allow you to perform in-depth market analysis, while competitive brokerage fees are another plus for regular traders.<\/p> Where Moomoo shines<\/h3>Moomoo\u2019s trading apps are user-friendly, easy to navigate and provide fast access to all the essential features you need. When it comes to accounts, choose between a cash account, margin account (if you want to trade with leverage), TFSA or RRSP account.<\/p> Second, it provides plenty of bang for your buck for experienced traders. While other platforms charge a fee for real-time Level 2 market data, Moomoo offers it for free. You\u2019ll also find a host of advanced charting tools on the platform, including a wide range of customizable charts and technical indicators as well as handy features like trailing stop orders.<\/p> Third, its brokerage fees are low, so you\u2019ll pay CAD $1.49\/stock to trade Canadian stocks and ETFs (minimum CAD$1.49 per trade) and USD$0.99\/stock to trade US stocks and ETFs (minimum USD$1.99 per trade). There are no account maintenance or inactivity fees to worry about either, which is good news for your bottom line.<\/p> More pros of Moomoo<\/h4>- Paper trading account.<\/strong> Moomoo lets you open a demo paper trading account, so you can test out trading strategies and get a feel for how the platform works.<\/li>
- Real-time quotes.<\/strong> Stock quotes are updated every 0.3 seconds. Moomoo users can access Level 2 data for Canadian and US stocks at no extra charge.<\/li>
- Educational resources.<\/strong> Moomoo users can access an extensive library of courses to learn more about different aspects of investing. Topics range from the basics of investing through to advanced trading strategies and analysis.<\/li>
- Analyst ratings & charting tools.<\/strong> You also get free access to stock ratings and analysis from over 4,000 Wall Street analysts. Discover technical patterns and get alerts using 35+ charting tools and over 60+ technical indicators across 10 categories.<\/li>
- Market news.<\/strong> Moomoo provides free access to 24\/7 market and financial news from 50+ reputable sources, including Bloomberg, Dow Jones and Reuters.<\/li>
- Extended trading hours.<\/strong> For US securities, Moomoo offers pre-market and post-market trading from 4am to 8pm ET. Trade Canadian securities from 8am to 5pm.<\/li>
- No account minimum.<\/strong> There is no minimum deposit required to open an account, and Moomoo also doesn\u2019t charge an account inactivity fee.<\/li>
- Competitive currency conversion costs.<\/strong> If you want to exchange CAD to USD to trade US stocks, Moomoo charges a low currency exchange fee (on transactions under $100,000) of 0%.<\/li>
- Red-green colorblind-friendly app.<\/strong> Those with red-green colorblindness can use Moomoo with greater ease than many other investment apps in Canada.<\/li>
- 24\/7 customer service.<\/strong> Get help from real people via live chat or email any time you need it.<\/li><\/ul>
Where Moomoo falls short<\/h3>Moomoo may not be the best choice if you prioritize variety, as the platform doesn\u2019t offer many choices when it comes to account types and securities.<\/p> Joint accounts aren\u2019t available, although you can open a Spousal Registered Retirement Savings Plan (SRRSP). You can only trade Canadian and US securities, including stocks and ETFs. That means other markets are off limits, and you can\u2019t invest in mutual funds, bonds, GICs or crypto.<\/p> While Moomoo\u2019s extensive array of charting and analysis tools are a big plus for experienced traders, the fact that its trading fees aren\u2019t limited might be a deterrent, especially if you trade frequently.<\/p> Moomoo fees<\/h4>Minimum deposit<\/strong><\/td>| $0<\/td><\/tr> | Annual fee<\/strong><\/td>| $0<\/td><\/tr> | Stock and ETF trade fee<\/strong><\/td>- Canada: $1.49\/stock<\/li>
- US stocks and ETFs: USD$0.99\/stock (min. US$1.99 per trade)<\/li><\/ul><\/td><\/tr>
Interest on margin trading<\/strong><\/td>- USD margin rate: 6.40% -7%<\/li>
- CAD margin rate: 3.85% - 4.45%<\/li><\/ul><\/td><\/tr>
Currency conversion fee<\/strong><\/td>| Varies depending on monthly trade value and transaction amount per order. If you have monthly trade value of USD$1 billion or less and a transaction amount of up to USD$100,000, the fee is 0.09% of transaction amount + USD$2.<\/td><\/tr> | Inactivity fee<\/strong><\/td>| $0<\/td><\/tr> | Deposit and withdrawal fee<\/strong><\/td>- $0 deposit fee<\/li>
- free withdrawals for both EFTs and wire transfers<\/li><\/ul><\/td><\/tr>
Account closing fee<\/strong><\/td>$0<\/td><\/tr><\/tbody><\/table>Is Moomoo legit?<\/h3>Moomoo was founded in 2018 in Palo Alto, California. It has since expanded its operations into Singapore, Australia, Japan, Malaysia and Canada, and it is a subsidiary of China-based company Futu Holdings Limited.<\/p> Moomoo Financial Canada Inc. is regulated by the Canadian Investment Regulatory Organization (CIRO) and is a member of the Canadian Investor Protection Fund (CIPF). The platform has over 23 million users worldwide.<\/p> Moomoo trading platforms<\/h3>Moomoo offers mobile and desktop apps you can use to trade Canadian and US stocks and ETFs. It also offers an OpenAPI platform for quantitative investors.<\/p> Moomoo Mobile<\/h4>The Moomoo mobile app is available for Android and iOS devices. It allows you to place trades, freely access real-time Level 2 Canadian and US stock quotes, use advanced charting tools and create customized screeners.<\/p> The app has received many positive reviews from both Android and iOS users. They commonly praise the app for making it easy for beginner investors to get their feet on the ground and for providing access to lots of information and educational resources. However, those who left negative feedback sometimes mentioned factors like inconvenient or malfunctioning features.<\/p> Moomoo Desktop<\/h4>The desktop version of the Moomoo app is available for PC and Mac. It features integrated charting tools with over 100 technical indicators and the ability to create your own custom indicators. There are also dozens of charting tools to help you identify when to trade, and you can use up to six monitors to track multiple stocks in real-time across different timeframes.<\/p> Moomoo\u2019s app store reviews<\/h3>Google Play app reviews<\/strong><\/td>\n\n\n\n\n\n\n\n\n \n \n4.5<\/strong> \u2013 \n\u2605\u2605\u2605\u2605\u2605<\/span>
\n\n50.1K Moomoo reviews\n\n<\/span>\n\n | |
| |
| | | |
| |
| | | |
|