Our pick to buy stocks: Sofi Invest
- $0 commissions on stocks
- Robo advisor with no management fees
- Beginner-friendly platform
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
5 Moomoo alternatives worth a look
Moomoo offers commission-free trades, but these 5 alternatives may offer more investment options.
Moomoo provides several perks, including powerful research tools and commission-free trades. But there are alternatives that also offer what the app lacks including a wider investment selection, multiple account types and multichannel customer support. Here are five apps like Moomoo to consider.
Moomoo alternatives
SoFi Invest
- Best for: beginners
- Consider switching from Moomoo if: you want a robo-advisor with no management fee.
Moomoo is a great app for active traders. But it doesn’t offer much for passive ones.
Enter SoFi Invest. This app offers an automated investing account that uses a computer algorithm to build, manage and rebalance your portfolio.
SoFi charges no management fee for its automated account, which is rare for brokers. These automated portfolios or robo-advisors are built with low-fee ETFs from major providers like Vanguard and BlackRock.
And for those who want to pick their own stocks, SoFi offers an active investing account. Stocks and ETFs can be traded commission-free.
Fees
- $1 investment minimum
- $0 commissions on stock and ETF trades
- 0% annual management fee for automated investing
- 1.25% cryptocurrency trading fee
- Inactivity fee: $0
Asset types:
- stocks, ETFs and crypto
Robinhood
- Best for: beginner and active traders
- Consider switching from Moomoo if: you want to trade crypto
Robinhood is another Moomoo alternative offering commission-free trades of stocks and ETFs. But unlike Moomoo, you can use the Robinhood app to trade cryptocurrency. Plus, Robinhood doesn’t charge commissions on crypto trades.
Trade Bitcoin, Ethereum, Dogecoin and more. However, Robinhood doesn’t offer the same intuitive research tools that Moomoo offers. It may be helpful to have both apps.
Fees
- $0 minimum investment
- $0 commission on stock, ETF and options trades
- $5 monthly fee for Robinhood Gold
- $0 contract fee for options
- Inactivity fee: $0
Asset types:
- stocks, ETFs, cryptocurrency and options
Webull
- Best for: intermediate traders
- Consider switching from Moomoo if: you want powerful research tools but also trades on crypto and access multiple types of accounts.
Webull is a Moomoo alternative that also stands out for its intuitive app and robust research tools. Webull delivers stock screeners, charts, graphs and more through a sleek interface on desktop and mobile. You can also use the Webull app to trade commission-free stocks, ETFs and options.
But Webull takes it a step further by adding cryptocurrency. The broker also offers traditional, Roth and rollover IRAs.
And unlike many brokers, WeBull also provides a paper trading platform. This lets you practice your investing skills with virtual money, so you won’t spend a dime until you feel ready.
Fees
- $0 minimum investment
- $0 commissions on stock, ETF and options trades
Asset types:
- Stocks, ETFs, options and crypto
Fidelity Investments
- Best for: beginners and advanced traders
- Consider switching from Moomoo if: you want access to multiple account types and investment options
Moomoo alternative Fidelity Investments also offers robust research tools along with commission-free stocks, ETFs and options. However, Fidelity picks up nearly everything Moomoo drops.
With Fidelity, you can open the following types of accounts.
- Individual brokerage account
- Individual retirement account (IRA)
- Roth IRA
- Rollover IRA
- 529 college savings plan
- Robo-advisor (Fidelity GO)
- Fidelity Personalized Planning and Advice (Robo-advisor + real advisors)
Fidelity offers the same asset types Moomoo does. But Fidelity also lets you invest in bonds, precious metals and thousands of mutual funds with no expense ratios.
Fees
- $0 investment minimum
- Zero commissions on stock, ETF and options trades
- $0.65 per contract on options
- Fidelity Go management fee
- $0 fee for balances under $10,000
- $3 a month for balances of $10,001 to $49,999
- 0.35% annual fee for balances of $50,000 or more
- Inactivity fee: None
Asset types:
- Stocks, ETFs, options and crypto
Merrill Edge
- Best for: active traders
- Consider switching from Moomoo if: you want vast customer service.
Full-service broker Merrill Edge offers something for all types of investors from beginners to advanced day traders. Like Moomoo, Merrill Edge offers commission-free stocks, ETFs and options. But Merrill Edge’s investment lineup also includes mutual funds, managed accounts and more. You’ll also have access to robust trading tools.
Plus, Merrill Edge customer service is available by phone, online chat, email and in person through Bank of America branches.
Fees
- $0 minimum investment
- $0 commissions on stocks, ETFs and options
- $0.65 fee per contract on options
Asset types:
- Stocks, bonds, ETFs and mutual funds
Pros and cons of Moomoo
Moomoo is a broker that can appeal to tech-savvy, active traders. But it has its drawbacks. Here are some points to weigh before deciding to open or keep a Moomoo account.
Pros
- Access to foreign markets through American depositary receipts
- Commission-free trades
- Advanced research tools
Cons
- Offers only individual margin accounts
- Customer service is available only through email
- Research tools may be too complex for beginners
How to transfer your brokerage account
If you’re switching brokers, the process may vary depending on your current broker and the one you’re moving to. Moomoo charges a hefty $75 per-stock fee to transfer assets to another broker.
Moomoo uses the Automated Customer Account Transfer Service (ACATS). So expect to go through the following process:
- Get a statement from your broker that has info like your account number and current assets.
- Open the same type of account with your current broker — for example, an individual brokerage account should go to another individual brokerage account.
- Fill out a transfer initiation or ACAT form with your new broker.
- Your current broker validates your form or notifies you of next steps within three business days.
- Your old broker completes the process and moves funds within six business days.
Note: Some brokers don’t accept the proprietary funds of others. So you may not be able to transfer mutual funds or ETFs managed by your old broker.
Compare trading platforms
*Signup bonus information updated weekly.
Disclaimer: The value of any investment can go up or down depending on news, trends and market conditions. We are not investment advisers, so do your own due diligence to understand the risks before you invest.
More guides on Finder
-
Alternatives to Northwestern Mutual
4 Northwestern Mutual wealth management alternatives to consider.
-
Alternatives to Personal Capital
4 Personal Capital robo-advisor and wealth management alternatives to consider.
-
Robinhood and SoFi race to sell pre-market IPO shares — and you might be the winner
Robinhood and SoFi plan to democratize pre-IPO investing by allowing traders to buy pre-market shares. Here’s how to get in on the action.
-
5 alternatives to TradeStation
If you’re searching for a platform that’s similar to TradeStation, here are 5 brokers to consider.
-
E-Trade alternatives
E-Trade alternatives offer lower fees and more investment options. Learn more.
-
A beginner’s guide to mutual funds
Investing in mutual funds offers instant diversification. Learn more.
-
5 key Charles Schwab competitors
Charles Schwab competitors offer low fees, research tools and plenty of investment options. Learn more.
-
Alternatives to Thinkorswim
If you’re on the hunt for a broker similar to Thinkorswim, check out these 5 options.
-
SoFi Invest alternatives
Check out apps like SoFi invest offering many of the same benefits and then some.
-
7 places to find investment advice
Tips for beginning investors and high net-worth individuals alike.
Ask an Expert