Moomoo – broker review, rating and real reviews

02.08.2022

Year of foundation

2022

Site

https://www.moomoo.com/

Software

Fututrade

Payment systems

Bank transfer, ACN

Rating

4.6

  1. General Information
  2. The broker's advantages
  3. Disadvantages of the broker
  4. Investment programs
  5. Affiliate program
  6. Trading conditions
  7. Commissions
  8. Account types
  9. Bonus program
  10. Safety Guarantee
  11. Funds depositing and withdrawal
  12. Support service
  13. Overview of the personal cabinet
  14. Contacts
  15. Reviews of Moomoo customers of the company

Moomoo Inc. - is an American brokerage company headquartered in California. This investment platform is fully digitized. The broker provides real-time quotes and guarantees traders personal and financial security.

💸 Assets Stocks, options, ETFs, ADRs
⚖️ Leverage to 1:2
➕ Affiliate Program No
💰 Minimum deposit from 0 USD
💳 Account currency USD, SGD, HKD
💹 Spreads No
➕ Brokerage accounts Individual margin, demonstration
🎁 Bonuses Yes
📱 Mobile Platform Yes

General Information

Moomoo focuses mainly on foreign markets, giving investors access to the NYSE and Nasdaq stock exchanges. The broker provides real quotes, which correspond to the rates of shares on these trading floors. Investors have access to about 50 technical indicators.

One of the advantages of Moomoo is providing investment and analytical tools for professional traders. Experienced investors can set up a news feed showing current events in financial markets. The trading platform provides tools for building standard charts as well as multicharts.

The broker's advantages

  • Availability of the thematic forum for investors.
  • Access to the world stock exchanges in online mode.
  • Absence of the minimum amount of the initial deposit.
  • Advantageous trading conditions for shares and options.

Disadvantages of the broker

  • Low leverage.
  • Closed access to trade in cryptocurrencies, commodities, Forex.
  • No affiliate program.

Investment programs

The main investment program Moomoo is investing in exchange-traded funds ETFs. The company provides the opportunity to use this tool around the clock on market days. Investors can choose ETFs based on geographic location, industry of the companies included in the index and other parameters. Moomoo does not have other investment programs popular with online brokers. So, the company does not provide an opportunity to trade in automatic mode.

Affiliate program

Affiliate Program

At the moment, the company does not provide clients with the opportunity to cooperate on an affiliate program. The broker is interested in private investors who trade on the stock markets on their own. Moomoo notifies clients of all the news on their website.

Trading conditions

Moomoo broker clients get access to trading more than 5,000 stocks on world stock exchanges. Traders can also trade U.S. bonds, options, ETFs, and ADRs. Investors can use up to 1:2 leverage to increase potential profits.

Trading with Moomoo will be more profitable if you use useful services from the broker:

  1. Option Analysis: allows you to calculate profits and losses when trading options.
  2. Futu Bull: provides technical indicators for analyzing current assets in the financial markets.
  3. Smart Reminders: the service sends notifications of changes in the main parameters that the user is monitoring. Trading for clients is available in the Fututrade trading application.

The broker does not provide the opportunity to use such popular terminals as MT4 and MT5. To start margin trading on financial markets, a minimum deposit of $2500 is required. For classical trading there is no limit on the minimum amount of deposit.

Commissions

The company does not charge any commission for opening a brokerage account. We have analyzed Moomoo for hidden fees. We have not detected any hidden fees during the analysis. In the process of trading there is a commission charged for some Hong Kong and Chinese stocks, it is worth checking with your manager before you start trading.

Withdrawal through the NSA is free of charge. For withdrawals through a bank, the company sets a fee of $20 for U.S. clients and $25 for investors from other countries. Also, additional fees may be charged by banks, which should be taken into account when making transactions.

Account types

Moomoo broker offers 2 types of trading accounts: demo and individual margin account. Individual Margin Account allows traders to trade using leverage and a margin rate of 6.8% per annum. For short trades, you can choose a financial leverage of 1:1.67. For long trades, investors can choose a leverage of 1:2.

In addition to a real trading account, the broker offers beginning traders to use a demo account. The demo account is available to the registered clients of Moomoo. To use it, you do not need to make a deposit. Demo account suits beginners as well as experienced investors for working out new trading strategies.

Bonus program

Bonus program

Moomoo provides a welcome bonus in the form of the opportunity to get free shares of the world's largest companies. With a deposit of $100 or more, a trader can win 1-5 securities worth $8-1000. The bonus is only available to registered traders who have made a real deposit.

The promotions offered as a bonus are chosen at random. Moomoo customers can get free securities from Tesla, Netflix, Apple, and Microsoft. The higher the amount of the initial deposit, the higher the chances of getting more expensive stocks.

The official Moomoo website contains educational materials on trading in the stock market. In the educational section, novice traders will find articles about financial market assets, the fundamentals of investing, and trading strategies. The educational materials also include a description of the main tools for technical and fundamental analysis.

Investors who prefer independent online trading can use different analytical tools from Moomoo. Among the available indicators for technical analysis, one can choose from MACD and RSI oscillators, cash flow indices, Bollinger Bands, moving averages. Investors also have access to economic calendars displaying data and events that are important for financial markets (company reports, IPOs, etc.).

Safety Guarantee

Broker Moomoo is a subsidiary of investment holding company Futu Holdings Ltd. This corporation is registered with the U.S. Securities and Exchange Commission and is a member of FINRA. This allows the company to guarantee financial protection for traders in case of bankruptcy of the online broker. Moomoo is also a member of the SIPC corporation, which provides insurance coverage for $500,000 that will be paid to investors in the event of the brokerage company's financial collapse. The SIPC is not responsible for the loss of customers' money as a result of fluctuations in the financial markets.

With Moomoo, investments will be safe thanks to personal data encryption certificates. Personal information about traders is encrypted and transmitted to third parties. All information about the brokerage company's clients is stored in closed databases.

Funds depositing and withdrawal

Withdrawal of funds is carried out by means of an automated teller machine or transfer through a bank. In the first case, the transaction can be carried out within 3-5 working days. If you use a bank wire transfer, the period of transaction should be checked individually.

Withdrawal requests are accepted on business days. Moomoo conducts financial transactions in dollars. Traders can also withdraw funds in other currencies by converting them. The online broker sets a limit for withdrawal. An amount not exceeding $10,000 can be withdrawn per transaction.

Support service

Managers from the support service may be contacted by email. On average, the waiting time for a response can be 1-3 days. Moomoo does not provide the opportunity to contact the managers online in chat. The company works with traders from the U.S. and Asia, providing advice in several languages.

Overview of the personal cabinet

Registered traders have access to their personal cabinet. All Moomoo clients also undergo verification. It includes confirmation of contact information and residence address. Verification can be done in the personal cabinet in a separate section.

In the trader's personal account, you can deposit, withdraw money and track financial transactions. For effective trading, the personal account provides notification settings for events in financial markets. You can customize the display of information about assets and quotes on global exchanges.

Contacts

Phone

+1 888 721 0610

E-mail

[email protected]

Social media

https://twitter.com/moomooApp

https://www.facebook.com/moomooUS

Reviews of Moomoo customers of the company

Review of the broker Moomoo showed that the company is focused mainly on professional investors with large trading turnovers. In their reviews, customers note high commissions and a limited number of ways to withdraw funds. The advantages of the broker investors include security guarantees, stable withdrawal of money and the availability of bonuses.

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