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5 Moomoo alternatives worth a look

Moomoo offers commission-free trades, but these 5 alternatives may offer more investment options.

Our pick to buy stocks: SoFi Invest

SoFi Invest logo
  • $0 commissions on stocks
  • Robo advisor with no management fees
  • Beginner-friendly platform
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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 typesBrokerage, Retirement, Robo-Advisor
Annual fee0%
Available asset typesStocks, Options, ETFs, Cryptocurrency

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 typesBrokerage
Annual fee0%
Option trade fee$0
Available asset typesStocks, Options, ETFs, Cryptocurrency

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 typesBrokerage, Retirement
Annual fee0%
Option trade fee$0
Available asset typesStocks, Options, ETFs, Cryptocurrency

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 typesBrokerage, Retirement
Option trade fee$0 + $0.65/contract
Available asset typesStocks, Bonds, Options, Mutual funds, ETFs

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 typesBrokerage, Retirement
Option trade fee$0
Available asset typesStocks, Bonds, Options, Mutual funds, ETFs

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:

  1. Get a statement from your broker that has info like your account number and current assets.
  2. Open the same type of account with your current broker — for example, an individual brokerage account should go to another individual brokerage account.
  3. Fill out a transfer initiation or ACAT form with your new broker.
  4. Your current broker validates your form or notifies you of next steps within three business days.
  5. 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

1 - 6 of 6
Name Product Available asset types Stock trade fee Minimum deposit Signup bonus
SoFi Invest
Stocks, Options, ETFs, Cryptocurrency
$0
$0
Get up to $1,000
when you fund a new account within 30 days.
Winner of Finder’s Best Low-Cost Broker award.
Finder Award
eToro
Stocks, Options, ETFs, Cryptocurrency
$0
$10
FINDER EXCLUSIVE: Get $15
when you sign up and deposit $100
Winner of Finder’s Best Broker for Beginners award. Not available in NY, NV, MN, TN, and HI.
Robinhood
Stocks, Options, ETFs, Cryptocurrency
$0
$0
Get a free stock
when you successfully sign up and link your bank account.
Make unlimited commission-free trades, plus earn 4% interest on uninvested cash in your account with Robinhood Gold.
tastyworks
Stocks, Options, ETFs, Cryptocurrency
$0
$0
Get $200 in US stocks
when you open and fund an account with min. $2,000 for 3+ mos.
Highly commended for Best Derivatives Trading Platform award.
Public.com
Stocks, ETFs, Cryptocurrency, Alternatives
$0
$0
Get up to $300 in either stocks or crypto
when you use code FINDERUS to sign up and fund a new account.
Trade stocks and ETFs commission-free, plus gain access to alternative investments like art, NFTs and more.
Interactive Brokers
Stocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency, Futures, Forex
$0
$0
N/A
Winner of Finder’s Best Overall Stock Broker award.
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