finder.com’s rating: 4.2 / 5.0
★★★★★
$0
Stock trade fee
$0
Minimum deposit
| Signup bonus | Up to 5 free stocks valued at $3-$2,500 each when you open and fund your Futu brokerage account via Moomoo |
|---|---|
| Annual Fee | $0 |
| Option trade fee | $0 |
| Available asset types | Stocks, Options, ETFs |
| Account types | Brokerage |
| Minimum deposit | $0 |
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.
As of July, 2022, Moomoo 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).
| Fees | ★★★★★ 4.3/5 | Account fees are on par with competitors. |
| Available securities | ★★★★★ 3/5 | Moomoo’s security lineup is limited to stocks, options and ETFs. |
| Customer support | ★★★★★ 4.1/5 | Moomoo’s support is available by email during US trading hours, but has a 24-hour live support chat. |
| Mobile app | ★★★★★ 4.3/5 | Its mobile app receives high marks from both Android and Apple users. |
| Research and tools | ★★★★★ 4.5/5 | Free Level 2 market data and charting tools help Moomoo serve active traders. |
| Reliability | ★★★★★ 5/5 | No major outages have been reported. |
| Bonus star | ★ 1 | 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.
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.
| US stocks | $0 |
| ADRs | $0 |
| US options | $0 |
| US ETFs | $0 |
| 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 |
| ACH transfer | $0 |
| 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.
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.
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:
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.
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.
Moomoo is equipped to cater to a wide range of investors with comprehensive research tools and market data:
Yes, Moomoo is a legit trading platform. Moomoo is headquartered in Palo Alto, California, and is 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.
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 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.
| BBB rating | N/A |
| BBB accredited | No |
| 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 |
Sign up for an account online in about five minutes:
You can contact Moomoo support by emailing its support team at support@moomoo.com, calling its customer service hotline at +1-888-721-0610 or using its 24-hour live chat available on US trading days.
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.
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.
★★★★★ 5/5 — Excellent
★★★★★ 4/5 — Good
★★★★★ 3/5 — Average
★★★★★ 2/5 — Subpar
★★★★★ 1/5 — Poor
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