Our pick to buy stocks: Sofi Invest
- $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 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.
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.
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.
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.
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.
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.
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.
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:
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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