moomoo Review 2024

Is moomoo regulated?

Yes, it is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). In Singapore, it is regulated by the Monetary Authority of Singapore (MAS), in Australia the Australian Securities and Investments Commission (ASIC), in Canada the Canadian Investment Regulatory Organization (CIRO), in Malaysia the Securities Commission Malaysia (SC) and in Japan The Financial Services Agency (FSA).

Is moomoo safe?

To be certain that a brokerage is safe, we highly advise that you check two facts:

• how you are protected if something goes wrong
• the background of the broker.

How you are protected

This is important for you because the investor protection amount and the regulator differ from entity to entity. For example, US clients using moomoo are served by Futu Inc, and as such belong under the US investor protection scheme, called the Securities Investor Protection Corporation (SIPC).

Moomoo does not provide negative balance protection. If the balance on your account goes negative, you will not be protected.

Our brokerage experts put together a comprehensive guide on the safety profile of moomoo.

Background

Moomoo was established in 2018. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.
Moomoo's parent company, Futu Holdings Limited, is listed on the NASDAQ stock exchange. This is a good sign, as listed companies are more transparent and are under stricter scrutiny than private companies. Futu Holdings Limited is backed by venture capital affiliates of Tencent, Sequoia Capital and Matrix Partners.
Being regulated by the top-tier SEC and FINRA, and the fact that moomoo's parent company is listed on NASDAQ are all great signs for moomoo's safety.

Find your safe broker

Account base currencies

At moomoo, the only available base currency is USD.

Moomoo has a free in-app currency exchange function. The broker accepts USD deposits only, but can exchange it to HKD and SGD inside the app if clients want to trade on Hong Kong or Singapore markets. There is no currency exchange fee.

If you have a personal bank account in a currency other than USD, then you will be charged a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Deposit fees and options

moomoo charges no deposit fees.

Moomoo charges no deposit fees for ACH transfers. However, fees may apply for wire transfers:

• Domestic wire deposits cost $8 unless it's your first deposit or you deposit more than $25,000.
• International wire deposits cost $25 unless it's your first deposit or you deposit more than $25,000.

You can use only bank transfer. Credit/debit cards and electronic wallets are not accepted, a common practice at many US discount brokers.

Here's all you need to know about minimum deposit requirements and depositing money at moomoo.

A bank transfer can take several business days. You can only deposit money from accounts that are in your name.

moomoo withdrawal fees and options

Moomoo charges no withdrawal fees for ACH transfers. Domestic wire withdrawals, however, cost $25, while international wire withdrawals cost $45.

Read our guide containing all key info on available withdrawal methods and related fees at moomoo.

You can only withdraw money to accounts in your name.

How long does it take to withdraw money from moomoo? We tested the bank wire withdrawal and it took 3 business days.

How do you withdraw money from moomoo?

• Enter the platform.
• Open the menu on the left side of the platform at the bottom.
• Choose 'Withdraw'.
• Open 'Futubull' and scan the QR code.

Can you open an account?

Visit broker

In our experience, account opening policies vary by region and eligible countries can change from time to time, but as of this writing, moomoo accepts clients only from the US, Canada, Japan, Australia, Singapore, Hong Kong and Malaysia.

Read our separate article on how to get your account started with moomoo.

What is the minimum deposit at moomoo?

The required moomoo minimum deposit is $0.

Account types

Moomoo offers only individual accounts. Joint accounts, IRAs, custodian or corporate accounts are not available.

How to open your account

The moomoo account opening process is fully digital, easy and reasonably fast. New accounts are verified within 1-3 business days.

You can open your moomoo account on the moomoo website or on its desktop or mobile platforms. We tested the account opening process on the website:

1. Click 'Sign Up' on the left side of the welcome screen or 'Open Account' in the top right corner of the page.
2. Type your email address and password and click 'Sign Up'.
3. Drag the slider to complete the puzzle (to verify you're not a robot).
4. Click 'Account' or the cow icon in the top right corner, then "Open Account'.
5. Click 'Open Account Now'.
6. Enter your Social Security Number, valid US address and employment status (if applicable), then click 'Next'.
7. Click 'Send' to receive a verification code.
8. Copy the verification code from your email and click 'Verify'.
9. Enter your phone number and click 'Continue'.
10. Verify your email and click 'Next'.
11. Fill in your personal information and answer questions regarding your employment status and financials.
12. Submit your application.

Moomoo's mobile trading platform is available for both iOS and Android. We tested it on iOS.

The mobile trading platform is available in the following languages:

• English
• Chinese

Look and feel

The moomoo mobile trading platform is user-friendly, has a clear structure and is well designed. You can view both technical and fundamental information about traded companies.

Login and security

moomoo provides a safer, two-step login for its mobile platform.

You can't log in using biometric authentication. Providing this feature would be more convenient.

Search functions

The search functions are good.

The app's search functions are great. You can search either by ticker or by the name of the asset.
When viewing a list of assets, a decline in value is highlighted in red, increases in green, while no change in the price is indicated by gray, making it easy to see each asset's performance at a glance.

Placing orders

moomoo provides many order types on the mobile trading platform.

There are also order time limits you can use:

• Good 'til canceled (GTC)
• Day

Alerts and notifications

You can set alerts and notifications on the moomoo mobile platform.

To do this, simply click the instrument and choose the 'Alerts' icon at the bottom of the screen.

Our analysts personally tested moomoo's mobile trading platform; read the moomoo mobile app review for a detailed verdict on its performance and features.

Visit broker

The desktop trading platform is available in the following languages:

• English
• Chinese

Look and feel

Moomoo's desktop trading platform is user-friendly, well-designed and has a clear structure. It's easy to navigate using the tools on the edges of the screen, while the middle of the screen works like a traditional desktop platform.
The workspace is highly customizable. For example, you can divide the screen into 3 parts:

• assets/tickers on the left
• chart in the middle
• fundamental data about the selected company on the right

With all this information at hand, it's easier to make quick decisions.

Login and security

moomoo provides only a one-step login. A two-step authentication would be more secure and adding this feature should be high on any company's list of security changes.

Search functions

The search functions are good.

There is also an auto-suggestion feature that shows relevant results as you start typing.

Placing orders

moomoo provides a wide range of order types on the desktop trading platform.

If you are not familiar with the basic order types, read this overview.

There are also order time limits you can use on the desktop platform:

• Good 'til canceled (GTC)
• Day

Alerts and notifications

You can set alerts and notifications on the desktop trading platform.

To do this, simply right-click on the chart and choose 'set alert' or click the bell icon.

Portfolio and fee reports

moomoo has clear fee reports.

Visit broker

Moomoo's focus on US stocks and ETFs is not a surprise, as most US brokers mainly or exclusively cover the US market.
Moomoo provides free access to Level 2 market data, which displays the real-time bids and asks for any stock as well as the trades being executed right in front of you. Using this information, you can determine entry or exit points that ensure the liquidity needed to complete the trade.
Moomoo offers Level 2 quotes from:

• NYSE Arcabook
• NYSE Open book
• Nasdaq Total View

This selection is average compared to competing brokers.

Stocks and ETFs

Moomoo's stock selection is far from the best on the market, but it does beat some of its close competitors. It gives access to the US, Hong Kong and Chinese markets.

Funds

This selection is great compared to competing brokers. Both Webull and Alpaca Trading offer fewer fund providers to choose from.

Options

Moomoo provides access to some US and Hong Kong options markets, although it's not clear which options exchanges specifically.

This selection is average compared to competing brokers.

Futures

Moomoo provides access to US, Hong Kong, Japan and Singapore futures markets, with more than 200 products.

This selection is average compared to competing brokers.

Interest earned on uninvested cash

As of the time of the review, moomoo provides the following interest rate on uninvested cash:

• 4.4% for USD for all new broker accounts. Existing brokerage accounts must refer a friend to deposit $100+ or deposit $500 themselves to access the higher rate.

Moomoo does not require a minimum account balance to qualify for earning interest on your uninvested cash. Your uninvested cash that the broker moves to program banks as part of the cash sweep program is eligible for FDIC insurance up to $1 million.

We recommend moomoo for investors and traders looking for zero-commission trading and focusing on us markets..

Below you can find links to all aspects of moomoo in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our moomoo fees article.

What about the minimum deposit?

Our ultimate guide to the moomoo minimum deposit is updated regularly.

How to start your moomoo account?

Look no further than our evaluation of the moomoo account opening.

How's their trading app?

Here's our expert view after checking the moomoo trading app.

Is the quality of customer service satisfactory?

All you need to know about the moomoo customer service.

Legit or scam?

Is moomoo legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether moomoo is really free.

Is this broker good for beginners?

We checked it in Is moomoo good for beginners.

Should you buy your silver bullets on moomoo?

Research for silver bugs in the Silver buy on moomoo guide

I want to trade options, are they available at moomoo?

We explored the topic in Can you trade options on moomoo?

What is the minimum account balance at moomoo?

Check out the current account balance requirements at moomoo in our What is the minimum account balance at moomoo article.

Looking for commission and fees data for moomoo?

We collected them in moomoo commission and fees.

How do you withdraw money from moomoo?

We tested it and collected the options and costs in How to withdraw money on moomoo.