Moomoo review 2024
- Stock trade fee
- $0
- Minimum deposit
- $0
Our verdict
Trade stocks, options and ETFs, with advanced charts and a cash sweep program. But you'll only find taxable accounts — no IRAs.
Consider Moomoo if you want commission-free stock, option, index options and ETF trades, a competitive cash sweep program and free pro-grade tools on both mobile and desktop platforms. Moomoo charges no options contract fees and robust educational material to help you learn and level-up your options trading and investing strategies. Meanwhile, its advanced trading tools, available on its desktop platform and mobile app, help it compete with some of the biggest brokers on the market. Look elsewhere if you want to trade crypto or want to open an IRA.
Best for: Traders and investors of all skill levels who want advanced tools and metrics; Options traders
Pros
-
Commission-free US stocks, ETFs, options and index options
-
No equity options contract fees
-
5.1% APY cash sweep program
-
Free access to pro-grade tools, including analyst ratings, real-time Level 2 market data and advanced charting
-
Paper trading, and free options, stocks and investing education and courses
Cons
-
Limited account types, with no IRAs
-
Limited tradable assets, including no crypto
-
No robo-advisor
How we rate Moomoo’s features
| Fees | ★★★★★ | Commission-free US-listed stock, ETF and options trades, no options contract fees and account fees that are on par with competitors. |
| Available securities | ★★★★★ | Moomoo’s security lineup is limited to stocks, options and ETFs. |
| Customer support | ★★★★★ | Contact Moomoo’s customer support by phone, live chat and email, with fast response times. |
| Mobile app | ★★★★★ | Its mobile app receives high marks from both Android and Apple users. |
| Research and tools | ★★★★★ | Level 2 market data, analyst ratings and advanced charting tools help Moomoo stand out. |
| Reliability | ★★★★★ | No major outages have been reported. |
| Bonus star | ★★★★★ | We awarded a bonus star for offering paper trading. |
To learn how our star ratings are calculated, read our methodology at the bottom of the page.
Moomoo is best for active traders and options traders
With its low-cost trading — including no options commissions and no contract fees for equity options — paper trading, in-app learning resources and advanced trading and research tools, Moomoo’s best for active traders and options traders.
Choose from 11 options strategies and customize your own options chains. Access helpful visuals of company metrics and insights, a customizable heat map, analyst ratings and more. If you have a minimum 30-day average account value of $100 or more, Moomoo will throw in Level 2 market data for stocks and options. Also access instant deposits of up to $1,000 and a cash sweep program for your idle cash.
Moomoo’s a more-than-capable trading platform for active traders and options traders, of all skill levels, and it’s available as a desktop and mobile application. Regular investors seeking a user-friendly platform with access to a variety of trading tools will find Moomoo to be a suitable option as well.
What you can trade on Moomoo
- Options
- Index options
- Stocks
- ETFs
Account types available with Moomoo
- Individual brokerage
- Margin
Where Moomoo shines
Moomoo’s trading tools and research are on par with some of the biggest brokers in the space, but, in addition to a dedicated desktop trading platform, you get all this on a user-friendly mobile app, which isn’t always the case with many brokers. You’ll find:
- Advanced charts
- Analyst ratings and price targets
- Valuation metrics
- Financials, with a breakdown of revenue by business and market
- Shareholder information
- Free real-time level 2 market data with $100 average account value over 30 days
Competitive trading costs with no options contract fees, paper trading to hone your trading skills and a competitive cash sweep program that lets you earn 5.1% APY as of March 2024 on your idle cash are just some of the other features that helps Moomoo stand out.
Options-specific tools you’ll find on Moomoo
Here are the different options trading tools Moomoo offers:
- 11 options strategies. Short condor, collar, short butterfly, single option, covered call, long straddle, long strangle, vertical spread, short iron butterly, condor and put horizontal.
- Customizable options chains. CBOE-powered real-time options chains for transaction details.
- Advanced options tools. Unusual options activity, options price calculator, options volatility analysis, a most active 0DTE (zero days until expiration) indicator and profit and loss analysis to understand your options strategy’s possible performance at expiration before entering a new position.
Where Moomoo falls short
Moomoo’s tradable assets are limited to stocks, ETFs and options. Unlike many other stock trading apps, you won’t find crypto.
Another downside to Moomoo is that it’s account types are limited to individual brokerage accounts. Retirement-minded investors looking to trade and invest within a tax-advantaged account will need to look elsewhere.
Lastly, Moomoo doesn’t publish information about its order execution quality. Order execution is important to many traders because it directly impacts the price at which your trades are executed and can influence the overall profitability of your trades. Legally, brokers must execute orders at the best available market price. But some brokers may provide order execution at a better price than the public quotes.
Moomoo’s fees
| US stocks | $0 |
| US ETFs | $0 |
| ADRs | $0 |
| US options | $0 commissions and $0 contract fees |
| US index options | $0 commissions, $0.50 per-contract fees |
| Margin rates | 6.8% as of March 28, 2024 |
| ACH transfer | $0 |
| Outgoing wire (domestic) | $20 |
| 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.
Is Moomoo legit?
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’s trading platform is easy to use
These are some of the tools you’ll be able to view and use through Moomoo:
- Set up to 6 multi-monitors for desktop trading
- Charts with more than 63 technical indicators, 38 drawing tools and over 190 pre-set functions
- Desktop and mobile trading platforms synced in real-time
- Level 2 market data
- Paper trading
- Learning center
- Stock screeners
- Analyst ratings and price targets
- Advanced options analysis tools
- 11 options strategies
- Options price calculator
Moomoo app reviews
| App store | Rating | Total reviews |
|---|---|---|
| Google Play | 4.6 | Over 20,550 |
| Apple Store | 4.6 | Over 20,150 |
Moomoo’s customer support
Quickly reach a Moomoo representative in a few ways:
- Email support
- Phone
- Live chat
How to open an account with Moomoo
Sign up for an account online in about five minutes:
- Select the “Sign up now” button below and then select Get free stocks to start your application.
- Enter your phone number or email.
- Select Open Account.
- Enter your full name, 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.
Eligibility and required information
- At least 18 years old
- Valid Social Security number
- US citizen or lawful permanent resident with a physical address
How safe is Moomoo?
Moomoo is considered safe and secure. The platform has a device lock feature, a transaction security feature called moomoo token and a portfolio privacy feature to improve your account’s security. Moomoo also uses biometric authentication.
Compare Moomoo to other platforms
Moomoo
★★★★★
Finder rating 4.7 / 5
Available asset types
Stocks, Options, ETFs
Stock trade fee
$0
Minimum deposit
$0
Complete signup bonus
Choose a 1.5% match or 7 free fractional shares when you open a new account and meet funding requirements
SoFi Invest®
★★★★★
Finder rating 4.2 / 5
Available asset types
Stocks, Mutual funds, ETFs, Alternatives
Stock trade fee
$0
Minimum deposit
$0
Complete signup bonus
Get up to $1,000 in stock when you fund a new account within 30 days.
Tastytrade
★★★★★
Finder rating 4.6 / 5
Available asset types
Stocks, Options, ETFs, Cryptocurrency, Futures, Treasury Bills
Stock trade fee
$0
Minimum deposit
$0
Complete signup bonus
Get $100-$5,000 when you open and fund an account with $5,000 to $1,000,000+
Frequently asked questions
Can I open a Moomoo account if I live outside the US?
Yes, if you’re 18 years or older are a non-U.S. resident in supported countries and regions, including Hong Kong, Singapore, Australia, Japan, Malaysia and Canada.
Is Moomoo a Chinese-owned company?
Moomoo is a global company owned by Chinese parent company, Futu Holdings Ltd.
How we rate trading platforms
★★★★★ 5/5 — Excellent
★★★★★ 4/5 — Good
★★★★★ 3/5 — Average
★★★★★ 2/5 — Subpar
★★★★★ 1/5 — Poor
For a complete breakdown of how we score each category, read the full methodology of how we rate trading platforms.
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Finder is not an adviser 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.
Your reviews
Matt Finder
Editor, Investments
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