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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®

4.2 / 5 ★★★★★

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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, IRA
Annual fee0%
Available asset typesStocks, Mutual funds, ETFs, Alternatives

Robinhood

Robinhood

4.4 / 5 ★★★★★

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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, IRA, Margin
Annual fee0%
Available asset typesStocks, Options, ETFs, Cryptocurrency

Webull

Webull

4.4 / 5 ★★★★★

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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, IRA
Annual fee0%
Available asset typesStocks, Options, ETFs, Cryptocurrency

Fidelity

Fidelity Investments

4.6 / 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, IRA, Custodial, Joint brokerage, Trust
Annual fee0%
Available asset typesStocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency, Gold/Commodities, CDs, Treasury Bills

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
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 Ratings Available asset types Minimum deposit Cash sweep APY Signup bonus
SoFi Invest®
Finder Score: 4.2 / 5: ★★★★★
SoFi Invest®
★★★★★
Stocks, Mutual funds, ETFs, Alternatives
$0
0.02%
Get up to $1,000 in stock
Commission-free stocks, ETFs and options, with no options per-contract fees. Plus, a no-cost robo-advisor and complimentary access to certified financial planners (CFPs).
Tastytrade
Finder Score: 4.4 / 5: ★★★★★
Tastytrade
★★★★★
Stocks, Options, ETFs, Cryptocurrency, Futures, Treasury Bills
$0
N/A
Get $50-$5,000
Competitive, capped options commissions, with a reliable trading platform designed for serious traders.
Robinhood
Finder Score: 4.4 / 5: ★★★★★
Robinhood
★★★★★
Stocks, Options, ETFs, Cryptocurrency
$0
0.01%
Get a free stock
Trade stocks, options, ETFs and crypto without commissions and on a user-friendly platform. Plus, a 1% IRA match and no options contract fees.
Public.com
Finder Score: 4.2 / 5: ★★★★★
Public.com
★★★★★
Stocks, Bonds, Options, ETFs, Cryptocurrency, Alternatives, Treasury Bills, High-yield cash account
$0
5.1%
Get up to $10,000 and transfer fees covered
Build a diversified portfolio of stocks, bonds, options, ETFs, crypto and alternative assets, with a high-yield cash account and options contract rebates.
Moomoo
Finder Score: 4.7 / 5: ★★★★★
Exclusive
Moomoo
★★★★★
Stocks, Options, ETFs
$0
Up to 8.10%
Choose a 1.5% match or up to 15 free fractional shares
No commission stock, ETF and options trades, with $0 equity options contract fees, low margin rates and advanced trading tools.
E*TRADE from Morgan Stanley
Finder Score: 4.2 / 5: ★★★★★
E*TRADE from Morgan Stanley
★★★★★
Stocks, Bonds, Options, Mutual funds, ETFs, CDs, Futures
$0
0.01% to 0.15%
Get up to $1,000
terms apply
$0 commissions on US-listed stocks, ETFs, mutual funds and options, with powerful, easy-to-use tools and complimentary market research.
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Finder is not an advisor or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.

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Written by

Sheri Bechtel

Sheri Bechtel is associate editorial director of product reviews at The Balance and a former editor at Finder, specializing in investments. Her writing and analysis has been featured in Yahoo News, Bond Buyer and Prospect News. She holds a B.A. in English from Columbus State University. See full profile

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