Moomoo stock trading review
It offers access to US, Hong Kong and Chinese stocks, but account options are limited.
finder.com’s rating: 4.2 / 5.0
- Consider Moomoo if you’re an active trader seeking commission-free stocks and options.
- Look elsewhere if you’re seeking a retirement account, robo-advisor or access to bonds or mutual funds.
|Option trade fee||$0|
|Asset types||Stocks, Options, ETFs|
|Signup bonus||Up to 5 free stocks valued at $3-$2,500 each when you open and fund your Futu brokerage account via Moomoo|
What we think of Moomoo
To start, let’s clarify the difference between Moomoo and Futu Inc. Moomoo is the name of a stock trading app. The actual brokerage services are offered through Futu Inc., which is registered with the US Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). This means you can see stock data and make trades from your phone using Moomoo.
Moomoo has a lot going for it: It’s competitively priced, offers paper trading and boasts a well-reviewed mobile app. But it also stands out for direct access to the Hong Kong Stock Exchange — something that precious few brokers offer.
What Moomoo does, it does well. All its US securities, including stocks, options and ETFs, are available commission-free for US residents. Even its regulatory fees for its Hong Kong and China A-share accounts are more competitive than competitors Charles Schwab and Fidelity.
But here’s the thing: Moomoo doesn’t have a whole lot on tap. At least not as far as its securities and account lineup are concerned. It doesn’t offer access to mutual funds, bonds, cryptocurrency or forex. And it only offers self-directed margin accounts — so if you have your heart set on a retirement account, you’re out of luck.
|Account fees are on par with competitors.|
|Moomoo’s security lineup is limited to stocks, options and ETFs.|
|Its support is only available by email, but we got a response within the hour.|
|Its mobile app receives high marks from both Android and Apple users.|
|Research and tools|
|Free Level 2 market data and charting tools help Moomoo serve active traders.|
|No major outages have been reported.|
|We awarded a bonus star for low-fee access to Hong Kong, Shanghai and Shenzhen stock markets.|
To learn how our star ratings are calculated, read the methodology at the bottom of the page.
Pros and cons
- No commission. US securities on Moomoo are all available commission-free to US residents.
- Paper trading. Moomoo is among the few trading platforms to offer paper trading on its platform.
- Instant deposits. After a deposit, you’ll receive up to $1,000 of that deposit in instant purchasing power.
- Access to the Hong Kong Stock Exchange. In addition to US markets, Moomoo investors gain access to the fifth-largest exchange in the world.
- Limited support. Moomoo support is available by email only for a response within two days — potentially problematic for investors seeking assistance with time-sensitive orders.
- Limited account options. Investors can access individual margin accounts only.
- Limited securities. Moomoo doesn’t offer mutual funds, bonds, cryptocurrency or forex.
Pricing and fees
Trading fees for stocks on Moomoo are as competitive as they come. While it doesn’t offer mutual funds, bonds, crypto or forex, stocks on the New York Stock Exchange (NYSE) and Nasdaq are commission-free. Its platform and research are available without a fee, and you don’t need to worry about account minimums.
It also offers access to Hong Kong and China A-shares with reasonably priced regulatory fees that shake out to about $2 to $3 per order. To access these shares, you must apply for separate Hong Kong and China A-share accounts, and there’s no minimum deposit requirement for either account. If you already hold a US Moomoo account, the approval process typically only takes a few minutes.
Once you hold a Hong Kong or China A-shares account, you can purchase stocks from the Hong Kong, Shanghai and Shenzhen exchanges using US dollars by converting funds directly through your Moomoo account, up to a maximum of $2,500 daily.
Moomoo’s Hong Kong and China A-shares accounts only offer access to A-shares. B-shares, ETFs, bonds and other securities aren’t available through either account.
|Hong Kong stocks||0.03% of the investment amount or 3 HKD — whichever is higher — plus 15 HKD an order|
|China A-shares||0.03% of the investment amount or 3 CNH — whichever is higher — plus 15 CNH an order|
|Outgoing stock transfer fee||$75|
|Assisted phone trades||$10|
*The fees stated above are for US residents. Fees may be different in other countries where Moomoo is available.
How do fees compare to competitors?
Fees on the Moomoo app are some of the most competitive we’ve seen — especially for international stocks. When purchasing Hong Kong or China A-shares, investors pay 0.03% of the investment amount, plus about $2 to $3 per order. Most of its competitors charge more.
Access to international stocks isn’t offered by many brokers. In fact, there are only a few we’ve encountered that connect investors with Hong Kong or Chinese markets: Charles Schwab, Fidelity and Interactive Brokers.
Both Fidelity and Charles Schwab charge the same amount for Hong Kong stocks: 250 HKD per order. This shakes out to about $32 — give or take a dollar depending on the exchange rate.
Interactive Brokers’ fees are more competitive. It charges 0.015% to 0.08% plus 4 to 18 HKD per order — or 3 to 15 CNH, if you’re purchasing China A-shares. These fees ring in at about $0.50 to $2.30 per order.
But here’s the catch: You need a net worth of at least $20,000 to be eligible for an Interactive Brokers account. Plus, your net worth can’t be less than your liquid net worth. Traders with student loans or other large debts, like mortgages, will have trouble qualifying for an account without hefty savings.
Moomoo imposes no such net worth requirements.
Who is Moomoo best for?
Moomoo’s targeted offerings make it a viable platform for a very specific type of investor: traders seeking stocks, ETFs or options through a self-directed margin account.
It doesn’t offer:
- bonds, mutual funds, forex or cryptocurrency trading.
- cash or retirement accounts.
- robo-advisor or managed portfolios.
What it does do — namely, commission-free stocks, ETFs and options trades — it does well.
Its fees are competitively priced, research tools are robust and trades are executed quickly. Investors receive free Level 2 Nasdaq market data alongside instant deposits of up to $1,000, paper trading, charting tools and more.
The platform is available as a desktop or mobile application, and investors also gain access to the Hong Kong, Shanghai and Shenzhen stock markets. But its security lineup is limited, and traders report a learning curve for first-time app users.
How easy is it to use?
You can sign up for Moomoo online in about five minutes. Reviews of its mobile platform are favorable, but traders warn that the platform is so feature-rich, it can be overwhelming for those just starting out.
Packed interface aside, reviews suggest the app becomes easier to navigate over time and that orders are executed quickly and reliably.
What research does it provide?
Moomoo is equipped to cater to a wide range of investors with comprehensive research tools and market data:
- Stock screener. Filter stocks by thousands of search criteria.
- Nasdaq Level 2 market data. Determine ideal entry and exit points with real-time bids and market data.
- Charting tools. Perform analysis with a variety of drawing tools and more than 50 technical indicators.
- Research ratings. Tap into third-party analyst ratings to help you assess and compare securities.
- Capital flows. Track company capital to identify performance trends.
- Financial reports. View graphical financial reports to assess company finances.
- Conditional alerts. Generate automated alerts that notify you about price fluctuations and indicator changes.
Is Moomoo legit?
Yes, Moomoo is a legit trading platform. Moomoo is headquartered in Palo Alto, California, and US stocks are offered by Futu Inc., a registered broker-dealer with the US Securities and Exchange Commission. It’s also a member of the Financial Industry Regulatory Authority and Securities Investor Protection Corporation. In the event that the brokerage goes under, funds are insured by the SIPC for up to $500,000, including up to $250,000 in cash balances.
How does Moomoo make money?
Moomoo, or rather its parent company Futu Holdings, profits primarily from commissions and interest income. If you look at Futu’s latest earnings report, 54% of its third-quarter 2021 revenue came from commissions, while 36% came from interest income. The other 10% is listed under “Other income,” which is income that doesn’t come from the company’s main business and can include income such as rent or gains from the sale of assets.
Moomoo provides a breakdown of its fee schedule, which shows the types of fees and commissions it charges to both US and non-US residents.
Moomoo reviews and complaints
Moomoo feedback is scarce. Neither Moomoo nor its parent company have a BBB page, and the app has only 6 reviews on Trustpilot.
Most of the feedback we found is from investors who reviewed Moomoo’s mobile app through Google Play and the Apple App Store. As of March 2022, the app scores well from both Android and Apple users, earning 4.1 out of 5 stars over 8,7313 reviews on Google Play and 4.7 out of 5 stars across 7,568 reviews in the Apple App Store. Investors report that the app is responsive, research data is plentiful and trades are executed quickly.
|Trustpilot score||4.2 based on 6 reviews|
|Google Play app||4.1/5 stars based on 8,731 reviews|
|Apple app store||4.7/5 stars based on 7,568 reviews|
|Customer reviews verified as of||March 2022|
How do I sign up?
Sign up for an account online in about five minutes:
- Visit Moomoo’s homepage and select Log In and then Sign Up.
- Enter your email address and create a password.
- Select Open Account.
- Enter your full name and phone number, Social Security number and residential address. Select Next.
- Answer Moomoo’s questions about annual income, net worth, investment goals and more. Select Next.
- Review Moomoo’s Risk Disclosure statement and enter your online signature. Select Submit.
How do I contact Moomoo support?
The only way to contact Moomoo support is by emailing its support team at email@example.com. Expect a response within one to two business days.
Compare other stock trading platforms
Before you sign up, explore your options across multiple trading platforms to find a broker or platform that best meets your investment strategy and budget.
*Signup bonus information updated weekly.
Frequently asked questions
Can I open a Moomoo account if I live outside the US?
Yes, but only if you are a resident of mainland China.
What are China A-shares?
China A-shares are shares from companies based in mainland China. These shares can be accessed from the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE). They’re also known as domestic shares because they’re valued in Chinese renminbi (RMB) rather than foreign currencies like US dollars.
How we rate trading platforms
★★★★★ 5/5 — Excellent
★★★★★ 4/5 — Good
★★★★★ 3/5 — Average
★★★★★ 2/5 — Subpar
★★★★★ 1/5 — Poor
We analyze top online trading platforms and rate them one to five stars based on factors that are most important to you. These factors include fees, securities available for trade, customer support, customer feedback, platform resources and overall reliability.
For a complete breakdown of how we score each category, read the full methodology of how we rate trading platforms.