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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
SoFi Invest
4.6 / 5 ★★★★★
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.
| Account types | Brokerage, Retirement, Robo-Advisor |
|---|---|
| Annual fee | 0% |
| Available asset types | Stocks, Options, ETFs, Cryptocurrency |
| Annual fee | 0% |
|---|
Robinhood
Robinhood
4 / 5 ★★★★★
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.
| Account types | Brokerage |
|---|---|
| Annual fee | 0% |
| Option trade fee | $0 |
| Available asset types | Stocks, Options, ETFs, Cryptocurrency |
| Annual fee | 0% |
|---|
Webull
Webull
4.6 / 5 ★★★★★
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.
| Account types | Brokerage, Retirement |
|---|---|
| Annual fee | 0% |
| Option trade fee | $0 |
| Available asset types | Stocks, Options, ETFs, Cryptocurrency |
| Annual fee | 0% |
|---|
Fidelity
Fidelity Brokerage Account
4.2 / 5 ★★★★★
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. 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.
| Account types | Brokerage, Retirement |
|---|---|
| Option trade fee | $0 + $0.65/contract |
| Available asset types | Stocks, Bonds, Options, Mutual funds, ETFs |
| Annual fee | N/A |
|---|
Merrill Edge
Merrill Edge Self-Directed
4.1 / 5 ★★★★★
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.
| Account types | Brokerage, Retirement |
|---|---|
| Option trade fee | $0 |
| Available asset types | Stocks, Bonds, Options, Mutual funds, ETFs |
| Annual fee | N/A |
|---|
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.
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Information on this page is for educational purposes only. Finder is not an advisor or brokerage service, and we don't recommend investors to trade specific stocks or other investments.
Finder is not a client of any featured partner. We may be paid a fee for referring prospective clients to a partner, though it is not a recommendation to invest in any one partner.
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