Moomoo review 2024: $0 options trading and advanced trading tools
Moomoo isn't available on Finder right now.
- Stock trade fee
- $0
- Minimum deposit
- $0
Our verdict
Trade commission-free stocks, options and ETFs, with advanced tools and a competitive cash sweep program.
Moomoo operates in a space somewhere between beginner-focused trading apps like SoFi Invest and big brokers like Charles Schwab in that its platform is both user-friendly and powerful. It delivers impressive pro-grade analytical and trading tools on both mobile and desktop platforms, commission-free stock, ETF and options trades, with no equity options contract fees, and a competitive cash sweep program. Moomoo offers robust educational materials and paper trading to help you learn and level-up your stock and options trading and investing strategies. But unlike other trading apps, you won't find cryptocurrency and its account types lags the competition.
Best for: Active traders and options traders.
Pros
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Commission-free US stocks, ETFs, options and index options
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No equity options contract fees
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Up to 8.1% APY cash sweep program
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Free access to pro-grade tools, including analyst ratings, real-time Level 2 market data and advanced charting
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Paper trading, and free options, stocks and investing education and courses
Cons
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Limited account types, with no IRAs
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Limited tradable assets, including no crypto
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No robo-advisor
Moomoo at a glance
Feature | Rating | Details |
---|---|---|
Investment options | ★★★★★ |
|
Trading costs | ★★★★★ | Zero commission stock, option and ETF trades, with low margin rates and no options contract fees. |
Account fees | ★★★★★ | No annual fee, no inactivity fee and an average outgoing account transfer fee of $75. |
Account types and minimums | ★★★★★ | No minimum deposit requirements but only offers individual brokerage accounts. |
Trading platforms and technology | ★★★★★ |
|
Features and amenities | ★★★★★ |
|
Customer support | ★★★★★ | Contact Moomoo customer support by live chat 24/7, by email or by phone support during regular business hours. |
Mobile app | ★★★★★ | Google Play app reviews: 4.5/5 stars based on over 25,050 reviews Apple App Store app reviews: 4.7/5 stars based on over 21,180 reviews |
Cash sweep rates | ★★★★★ | Offers a cash sweep program that pays a competitive 5.1% APY, with automatic sweeps. |
To learn how our star ratings are calculated, read our methodology.
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 13 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 we like about Moomoo
Moomoo stands out for its low-cost trading, advanced trading and analysis tools, high-yield cash sweep program and user-friendly, but powerful, mobile trading app.
Trade without commissions
Moomoo’s among just a handful of brokers that offers $0 commissions on stock, ETF and options trades and no equity option contract fees. Most brokers charge 65 cents to open and close each options contract. Moreover, Moomoo boasts one of the lowest margin rates among brokers we review, at 6.8%. It also charges no commissions to trade over-the-counter stocks, which is typically $6.95 per trade with many brokers.
Advanced trading and analysis tools
Moomoo’s trading and analysis tools are on par with some of the biggest brokers in the space. It’s one of the only mobile-first brokers we review that offers a dedicated desktop trading platform. Trading tools you’ll find include:
- Advanced charts with more than 63 technical indicators, 38 drawing tools and over 190 pre-set functions
- Set up to 6 multi-monitors for desktop trading
- Analyst ratings and price targets
- Valuation metrics
- Level 2 market data
- Financials, with a breakdown of revenue by business and market
- Institutional holdings
- Short sale volume
- Interpretation of indicators
- Shareholder information
- Free real-time level 2 market data with $100 average account value over 30 days
- Paper trading
Options-specific tools
- 13 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.
High-yield cash sweep program
Earn 5.1% APY on your idle cash with Moomoo’s cash sweep program and up to 8.1% APY if you’re a new customer.
Powerful mobile app
Moomoo’s mobile app is impressive because it maintains the modern trading app feel and functionality while being packed full of insightful analytical and trading tools. We appreciate its versatility and intuitive design, making it more-than-capable platform for mobile traders.
Where Moomoo falls short
Moomoo is one of the most feature-rich trading apps we review but it has a couple drawbacks to point out:
- Limited tradable assets. Moomoo’s investment options are limited to stocks, ETFs and options. Unlike many other stock trading apps, you won’t find cryptocurrency.
- Limited account types. 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.
- No robo-advisor. While Moomoo is geared more toward active traders, we think a robo-advisor could be a helpful option for beginners who want day-to-day portfolio monitoring and rebalancing as they learn and grow as traders and investors.
- No information about its order execution quality. 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
Type of fee Fee details Minimum deposit to open $0 Minimum investment $5 Annual fee $0 Stock trading fee $0 Options trading fee $0 Options contract fees $0 Margin annual interest rate 6.8% Outgoing account transfer fee $75 Wire transfer out $20 Inactivity fee $0 *The fees stated above are for US residents. Fees may be different in other countries where Moomoo is available.
Is Moomoo legit?
Moomoo is a legit company and 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 platform is also 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.
Customer experience
Customer sentiment and feedback for Moomoo across the Better Business Bureau (BBB), Trustpilot and Reddit is generally mixed, with both positive and negative aspects highlighted by users.
BBB
Moomoo holds an F rating, is not accredited by the BBB and has no reviews as of June 2024.
Trustpilot
Moomoo receives mixed reviews on Trustpilot. Positive feedback emphasizes the platform’s ease of use, free real-time level 2 market data and competitive trading costs. Customers appreciate the active community and educational resources available on the platform. On the downside, some users report dissatisfaction with the limited tradable assets, high fees for wire withdrawals and occasional customer service challenges. Moomoo earns a 2.6 out of five stars on Trustpilot based on over 60 reviews, as of June 2024.
Reddit
On Reddit, user reviews are varied but generally provide a deeper insight into personal experiences. Many users commend Moomoo’s advanced monitoring tools, real-time news feed and the overall trading experience. The platform is also appreciated for its educational features and paper trading options. Nevertheless, some Redditors express concerns over the limited account types, such as the absence of retirement accounts, and the high withdrawal fees for non-ACH transfers. Discussions also highlight occasional issues with order execution quality and customer support responsiveness.
Overall, Moomoo is well-regarded for its free trading options, advanced tools and supportive community, but it faces criticism for limited account options, specific fees and customer service issues.
Compare Moomoo to other platforms
Moomoo
★★★★★
Finder rating 4.2 / 5
Available asset types
Stocks, Options, ETFs
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
Get up to 15 free stocks
Tastytrade
★★★★★
Finder rating 4.4 / 5
Available asset types
Stocks, Options, ETFs, Cryptocurrency, Futures, Treasury Bills
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
Get $50-$5,000
Robinhood
★★★★★
Finder rating 4.5 / 5
Available asset types
Stocks, Options, ETFs, Cryptocurrency
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
Get a free stock
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
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.
Moomoo is not currently available on Finder
Have you considered Tastytrade?
Competitive, capped options commissions, with a reliable trading platform designed for serious traders.
- Trade options, futures, options on futures, stocks, ETFs
- $0 commission to close options
- Pro-grade platform and risk analysis tools
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Your reviews
Matt Finder
Editor, Investments
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