Moomoo Review 2021 | Designed For High-Volume Trading

Moomoo Review 2021 | Designed For High-Volume Trading

We’re excited to share with you our new, upgraded version of our popular trading software Moomoo Review. This is the first update we’ve made since we first released the software nearly three years ago. The Moomoo Review 2021 is a complete re-design, and we’ve spent a lot of time and effort making it as user-friendly as possible for traders at all levels, even for those who have no trading experience at all.

Futu Holdings Limited, a Nasdaq-listed business backed by world-class investors including Tencent, Sequoia Capital, and Matrix Partners, owns Moomoo. The online broker Futu Inc., which focuses on offering a strong trading tool and cutting-edge technology, provides the various goods and services.

Moomoo allows investors to trade US equities, Hong Kong stocks, and Chinese A-shares. Moomoo is particularly appealing to investors interested in trading international markets. 

This review will go over Moomoo in depth, including how it works and what features are available. Then we’ll look at the price, advantages and disadvantages, customer service, and who Moomoo is best for.

What Exactly Is Moomoo?

Moomoo is a commission-free trading platform that enables investors to trade assets including stocks, ETFs, and options. It is a very new service offering, having been established in Silicon Valley, California, in 2018. 

The user-friendly platform combines smart trading with cheap costs and provides free in-depth market data as well as a variety of analytical and research tools. It also offers a customized trading experience based on cutting-edge technologies.

Moomoo-Review-2021-Designed-For-High-Volume-TradingMoomoo is the source of this information.

What Is Moomoo and How Does It Work?

The platform aspires to be your one-stop shop for investing research and trade execution, and it provides a variety of tools and services to that end. Furthermore, the platform is updated and improved on a regular basis to optimize your trading experience. 

Types of Investing Accounts

For the time being, Moomoo only allows you to establish an Individual Margin Account. IRA, joint, and custodian accounts are not accessible. 

Creating a Bank Account

New users have two completely digital alternatives for creating an account. Users may create an account via the Moomoo app or the Moomoo website. Both applications are handled immediately and take about one business day to finish. The procedure is the same on both your phone and PC.

To create an account on the app, for example, you must first download and install the Moomoo app before getting started and signing up. After that, just enter your email address and create a password, and you’re ready to go. Following that, you must provide your Social Security number, a valid proof of residence, and, if appropriate, your work status. To get a verification code, click next and validate your phone number. Provide your personal and financial details once you’ve confirmed your phone number and email address before completing your application. 

1629736828_11_Moomoo-Review-2021-Designed-For-High-Volume-TradingMoomoo/Futu is the source of this information.

Moomoo’s Advantages

Moomoo has a lot of cool features, including a variety of trading tools that may assist both novice and experienced investors execute successful transactions. Some of those bells and whistles, though, may be too much for novice investors. 

Nonetheless, Moomoo is a good choice for serious traders who want to develop their abilities and methods by using the offered features.

Trading with No Fees

Moomoo, like many other contemporary investing platforms, allows users to trade without paying a commission. Futu Inc. offers free trading of U.S. equities, American Depositary Receipts (ADRs), and exchange-traded funds (ETFs) to investors. Options on the platform likewise don’t charge commissions, but do levy a $1 per contract fee.

Because Hong Kong equities and Chinese A-shares are not accessible for free, you will have to pay a charge to trade them. 

Level 2 Market Data is available for free.

Because the quotations originate straight from the NYSE Arcabook, NYSE Open Book, and Nasdaq Total View, Level 2 market data enables you to better develop and execute trading strategies. These real-time quotations provide you access to more market data, identify liquidity levels, and show you bid and ask prices for any stock at the exact moment you wish to place your order. 

You may use this tool to get insight into market patterns and evaluate which stocks expert players would back.

Unlike other brokers, Moomoo does not charge for this service and often offers specials that include free NYSE Arcabook market data, which is normally paid for. 

1629736829_832_Moomoo-Review-2021-Designed-For-High-Volume-TradingMoomoo is the source of this information.

Advanced Graphical Representation

To make educated choices, investors need more than just day-to-day price fluctuations, and Moomoo’s sophisticated charting excels in this area. Moomoo provides a wide range of conventional charting choices, including bars, candlesticks, lines, mountains, and more. 

This is advantageous since investors may take use of the charting tool. You also receive multi-charting choices with over 50 technical indicators, which is much more than the average number of indicators accessible.

Customized Research

Investors may tailor the platform to their preferences and adapt it to their specific assets, such as exchange-traded funds, stocks, foreign securities, and options. People may also review their financial statements, money flows, market variables, and technical and fundamental analyses of particular stocks. 

Portfolios made to order

The platform’s bespoke portfolios option is another useful feature. To monitor performance, investors may build portfolios and give percentage weights to each stock. You may build up to 30 portfolios, each of which can hold up to 50 stocks.

These personalized portfolios may also be used as watchlists. You can also make your portfolio public and share it with the Moomoo community. Other investors on the site will be able to remark and share their thoughts and insights with you if you do so.

Trading Hours Extend

Traders will benefit from Moomoo’s trading hours. Moomoo provides free extended-hours trading from 4:00 a.m. to 9:30 a.m. EST, as well as after-hours trading from 4:00 p.m. to 8 p.m. EST. 

This is particularly interesting for casual investors who don’t have time to trade during normal trading hours or who don’t want to wait for stock exchanges to open to make their transactions. One of the biggest windows in the business is between 4:00 a.m. to 9:30 p.m.

1629736830_105_Moomoo-Review-2021-Designed-For-High-Volume-TradingMoomoo is the source of this information.

Trading in Paper

Paper Trading is a great method to learn about the Moomoo platform and how it works. Only a handful of Moomoo’s online investing rivals provide this free option, which enables you to mimic genuine transactions without risking any of your real money. 

You may practice trading and build a diverse portfolio of your favorite assets without risking any money by utilizing paper trading. You’ll soon discover if trading and the Moomoo platform are right for you.  

Trading on Margin

Margin trading is when you borrow money from your broker to make more transactions. Margin trading allows you to boost your purchasing power without having to sell any assets beforehand. Users of Moomoo may borrow money against the value of their accounts. 

However, you must pay interest on the borrowed funds, which may substantially raise your trading expenses. Long margin rates for US equities are 4.80 percent, Hong Kong stocks are 6.80 percent, and Chinese A-shares are 8.80 percent as of this writing. The short margin is determined by the stocks selected. See the app and look at the daily statement for further information. 

Watchlists

You may build personalized watchlists of your favorite stocks using Moomoo’s platform. You select those you wish to monitor more carefully while making these watchlists. A list like this also helps in tracking and analyzing price changes as well as spot trade opportunities. 

1629736831_639_Moomoo-Review-2021-Designed-For-High-Volume-TradingMoomoo is the source of this information.

The worldwide investing community, for example, is a rather unique feature that allows you to interact with other Moomoo investors of all levels. Speaking with other individuals may help you expand your trading horizons and acquire new views on investment. Following the internet community will help you better understand which stocks are popular and if they are worth investing in.

You may write and comment on articles, share your thoughts, debate trading strategies, follow other investors, and do everything else that an internet community would allow.

News Feed & Updates

Moomoo provides its users with a complete financial news section that is available 24 hours a day, seven days a week, including financial media from CNBC, so they can keep up to date on what’s going on in the investing world. The tool enables you to monitor the most important market headlines, express articles that may cause price swings, news relevant to your watchlist, and special reports.

Moomoo Fees & Pricing

Moomoo enables investors to trade U.S. equities, ADRs, and ETFs for free, but there are certain costs to be aware of.

The SEC charge (sells only) for U.S. stocks is 0.0000051 times the transaction value, with a minimum of $0.01. The Trading Activity Fee is $0.000119 per share (minimum $0.01, maximum $5.95), whereas the ADR Custodian Fee is $0.01 to $0.05 per share.

While there are no commission or platform costs with options, there is a contract charge of up to $1. Regulatory fees also include an SEC fee (0.0000051 times the transaction amount or a minimum of $0.01), a trading activity fee ($0.02/ contract or a minimum of $0.01/ order), an options regulatory fee ($0.0388/ contract), OCC fees ($0.045/ contract for 0 to 1222 contracts and $55.00/ trade for 1222 contracts and over), and an exchange fee that varies by exchange.

Moomoo also charges a fee for its services. ACH transfers are free, however ACH returned funds are $9. Domestic wires incoming are $10, and domestic wires leaving are $20. Outgoing international wires cost $25, while incoming international wires are $10. You’ll pay $75 for outgoing stock transfers, $3 for a postal print statement, and $10 for aided phone transactions.

Moomoo Security is a company that provides security services.

Moomoo’s parent business, Futu Inc., is a provider of securities products and services on the platform. The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have registered and regulated it as a broker-dealer (FINRA). As a result, it must conform to industry-specific guidelines.

Furthermore, the company is a member of the Securities Investor Protection Corporation (SIPC), which means that the securities in your Moomoo account are covered by the SIPC for up to $500,000 in total, including a cash limit of $250,000. Investment losses resulting from market volatility are not covered.

1629736832_723_Moomoo-Review-2021-Designed-For-High-Volume-TradingMoomoo is the source of this information.

Customer Service at Moomoo

If you have a query, the app is the most convenient method to contact customer support. You may start a conversation with FUTU US and provide a short description of the problem by clicking on customer care. To get your problem resolved, you may also submit an email to the support staff.

Besides, Moomoo offers a comprehensive help center that provides answers to accounts, funding & transfers, portfolio analysis, taxes, and product descriptions. Moreover, you can find information regarding market rules, paper trading, the stock academy, as well as technical and fundamental analysis. 

Moomoo Advantages

  • U.S. equities, ADRs, and ETFs may be traded without paying a commission.
  • Investors with an account may get free Level 2 market data.
  • Trading sessions with longer hours are available for free.
  • Account creation is simple and quick.
  • Margin trading and short selling are permitted.
  • Hong Kong equities and Chinese A-shares are available for trading.
  • To open an account, no minimum deposit is needed.
  • There are no maintenance or inactivity fees.
  • Before investing real money, understand the ins and outs of paper trading.

Moomoo Drawbacks

  • Beginner investors may find the site daunting.
  • There are no retirement accounts that are supported.
  • There is no phone help available. 

1629736833_280_Moomoo-Review-2021-Designed-For-High-Volume-TradingMoomoo is the source of this information.

Alternatives to Moomoo

Moomoo is a smart trading platform that allows you to execute profitable trades with no commissions, minimal costs, and a range of tools and features. Beginner traders, on the other hand, may be overwhelmed by the site. As a result, we’ve included two other options below that may suit your trading style. 

Public.com

Moomoo and Public provide a comparable commission-free stock and ETF trading service. However, Public only provides these two asset classes, while Moomoo additionally offers ADRs and Hong Kong and Chinese overseas equities.

Furthermore, both platforms provide investors access to a worldwide community where they can follow other investors, exchange ideas, comment on portfolios, and learn from others. They also offer a mobile app and a quick account setup procedure, however they don’t have any retirement accounts.

The variety of offered features, which is quite restricted, is one area where Public can’t keep up with Moomoo. The reason for this is because Public caters to novice investors who are just interested in getting started with investing and growing their portfolios via dividend reinvestment. To understand more, read our complete Public review.

Robinhood

With its commission-free trading of stocks, ETFs, and options, Robinhood shook up the market, and many brokers have since followed suit. Although you can trade cryptocurrencies for free on Robinhood, you won’t be able to trade ADRs, Hong Kong equities, or Chinese A-shares as you can on Moomoo.

There are no account creation, maintenance, or inactivity fees on any platform. They both offer extensive smartphone applications, but Moomoo’s is the more advanced. Robinhood, like Moomoo, does not provide retirement plans and has minimal customer service.

The amount of features, such as access to margin trading or Level 2 market data, is a major difference. While Moomoo offers these two services for free, Robinhood Gold requires a $5 monthly subscription to access them.

Beginner investors may appreciate Robinhood’s simplicity, while experienced traders may prefer Moomoo’s numerous free features. To understand more, read our entire Robinhood review.

Who is Moomoo the most suitable for?

Moomoo is ideal for a variety of investors, including newbies, budget-conscious consumers, and active and seasoned traders. The app and online interface are both simple and straightforward to use. Moomoo makes it simpler for every investor to make informed trading choices by providing a variety of tools.

Beginner investors may use the paper trading option to learn how to trade without having to pay any money up front. They may gradually improve their knowledge and abilities while relying on the Moomoo community’s swarm intelligence.

Sophisticated traders, on the other hand, may utilize the free Level 2 market data to plan trades, get free quotations, and take use of advanced charting capabilities.

Moomoo is a fantastic partner for investors searching for a good bargain since it provides commission-free trading on a variety of securities and a low cost structure.

Moomoo Frequently Asked Questions

Given the information we’ve provided, new users often have two queries regarding Moomoo. We’d like to respond to them for you below. 

Is Moomoo a genuine company?

Moomoo is a very new internet platform, so it’s reasonable to question whether it’s legitimate. Futu Holdings Limited, the parent business, is a Nasdaq-listed corporation backed by venture financing from Tencent, Sequoia Capital, and Matrix Partners. Furthermore, Futu is a member of all key regulatory organizations, all of which are strong indicators that Moomoo is legitimate.

Is Moomoo a secure platform?

Moomoo is owned by Futu Inc., a U.S. Securities and Exchange Commission-registered broker-dealer (SEC). Moomoo is also a member of the Securities Investor Protection Corporation (SIPC) and the Financial Industry Regulatory Authority (FINRA) (SIPC). All of these registrations guarantee the security of your Moomoo account.

Last Thoughts

If you wish to start trading securities or have experience doing so, the platform is a good choice. The account creation procedure is quick, and you may start using Moomoo and its features right away.

Research tools and features like zero-commission trading, free access to Experience 2 market data, sophisticated charting choices, and longer trading hours make it simpler to discover lucrative investment possibilities, regardless of your trading level. You may also share ideas, follow other investors, and profit from the collective wisdom of the Moomoo community.

Having said that, the platform may be too much for inexperienced investors. The paper trading function, on the other hand, enables novice investors to understand the platform and its ins and outs without risk. Furthermore, you may create an account for free to evaluate whether Moomoo is a good fit for your trading style.

Moomoo Review is a tool that helps you review your trading plan and see if you are making the best decisions with your money. A fantastic tool that lets you evaluate your trading by looking at your past trades and analyzing them. It’s been a great tool to use and I look forward to see what the future holds for the tool.. Read more about moomoo trading fees and let us know what you think.

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