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Moomoo Broker Review 2024

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Moomoo Broker Review 2024
Demo Trading Welcome Bonus $0 Commission 24/7 Support 1:2 Maximum Leverage
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Your Capital is at risk.

Your Capital is at risk.

Investing and trading in financial markets such as the stock exchange, forex, digital currencies in the form of spot or with leverage face a high inherent risk. According to the statistics of all exchanges and brokers, more than 75% of people lose!

Overview
Company:Moomoo
Founded:-
Min Deposit:$1
Max Leverage:2
Headquarter:California
US Accepted:
About
Moomoo, founded in 2018 in Silicon Valley, has expanded to 5 countries and serves over 23 million users. The broker has won 100+ awards, as of 2023, their trading volume exceeded $500 billion. For a full review of Moomoo, check out the article below.
Contact
185 HUDSON ST 5 HARBORSIDE, SUITE 2603 JERSEY CITY, NJ 07311 USA
Rank and Score
Pros and Cons
Account Types
Platforms
Pros
Advanced Charting and Analysis Tools
Competitive Margin Rates
Commission-Free Trading for US Stocks and ETFs
Paper Trading for Practice
Access To Chinese A-Shares and Hong Kong Markets
High Interest Rates on Cash Balances
User-Friendly Mobile and Desktop Apps
Cons
Relatively New Platform with Less Track Record
Not Ideal for Passive, Long-Term Investors
Limited Account Types
No Cryptocurrency Trading
No Mutual Fund Trading Available
Limited Customer Support Hours

Moomoo is a young agency that was born in 2018 in the heart of Silicon Valley. Since then, they have expanded their branches in 5 other countries [Singapore, Australia, Japan, Canada, and Malaysia], and now more than 23 million people use their services.

Moomoo Broker has won over 100 awards, and its average trading volume in 2023 has exceeded 500 billion dollars. However, these items are not enough to use this broker, stay with us to check this brokerage from A to Z in the "Moomoo Reviews" article.

Moomoo Broker Introduction and Regulation

Moomoo
Moomoo is an American Broker that serves mote than 23 million people

Moomoo Technologies Inc. is a new brokerage founded by “Neil McDonald, Nate Palmer, Keith Chan, and Darren Parsons”. Over the past 6 years, Moomoo has signed several cooperation agreements with the most important organizations, including Nasdaq, leading to 23 million people using their services. But what does this agency have to say in the field of regulation? Moomoo Regulatory:

  • SEC and FINRA in US;
  • MAS and SC in Singapore;
  • ASIC in Australia;
Moomoo ASIC License
Moomoo Forex Broker ASIC Regulatory License
  • CIRO in Canada;
  • JFSA in Japan.

Summary of Specifications

To give you a clear picture of what Moomoo offers, here's a comprehensive table of specifications:

Broker

Moomoo

Account Types

Cash, Margin

Regulating Authorities

SEC, FINRA, MAS, SC, ASIC, CIRO, JFSA

Based Currencies

USD

Minimum Deposit

$0

Deposit Methods

DDA, Bank Transfer, Wise, BigPay, ACH, Wire Transfer

Withdrawal Methods

DDA, Bank Transfer, Wise, BigPay, ACH, Wire Transfer

Minimum Order

0.01 lots

Maximum Leverage

1:2 for Long Term Position, 1:1.67 for Short Term Position

Investment Options

Copy Trading

Trading Platforms & Apps

Proprietary App

Markets

Stocks, Options, Futures, ETFs, Forex

Spread

No Information Provided

Commission

$0 for Stocks, ETFs and Options Trading

Orders Execution

Market Execution, Day Order

Trading Features

$0 Commission, Demo Trading, 24/7 Support, Welcome Bonus, 1:2 Maximum Leverage

Affiliate Program

Yes

Bonus & Promotions

Welcome Bonus, Referral Program

Islamic Account

No

PAMM Account

No

Customer Support Ways

Live Chat, FAQ, Phone Call, Email

Customer Support Hours

24/7

Restricted Countries

Iran, Yemen, Syria, North Korea, Crimea, Iraq, Lebanon, Somalia

This table showcases Moomoo's competitive offerings, particularly in terms of commission-free trading, advanced market data, and comprehensive research tools. The availability of both cash and margin accounts caters to different risk appetites and trading strategies.

What are Moomoo broker Account Types?

Moomoo offers just two accounts to cater to different trading styles and risk tolerances; Moomoo account types:

Cash Account

  • Requires full payment for all securities purchases
  • No borrowing allowed
  • Limited to trading with available cash balance
  • Ideal for conservative investors and beginners
  • No risk of margin calls

Margin Account

  • Allows borrowing from the broker to purchase securities
  • Enables leveraged trading and short selling
  • Higher risk due to potential margin calls
  • Suitable for experienced traders comfortable with leverage

Pros and Cons

To help you make an informed decision, let's examine the advantages and disadvantages of using this broker. Moomoo advantages and disadvantages:

Pros

Cons

Commission-Free Trading for US Stocks and ETFs

Limited Account Types

Access to Chinese A-Shares and Hong Kong Markets

No Mutual Fund Trading Available

Competitive Margin Rates

Not Ideal for Passive, Long-Term Investors

High Interest Rates on Cash Balances

Relatively New Platform with Less Track Record

Advanced Charting and Analysis Tools

Limited Customer Support Hours

Paper Trading for Practice

No Cryptocurrency Trading

User-Friendly Mobile and Desktop Apps

Moomoo shines in its low-cost structure and advanced trading tools, making it an attractive option for active traders, especially those interested in Asian markets. However, its limitations in account types and investment products may not suit all investor profiles.

How to Open an Account in Moomoo Broker? Step-by-Step Guide!

Moomoo designed to get you trading quickly. Therefore, you can create your account in under 7 minutes. Moomoo Sign Up:

  1. Download the Moomoo app or visit their website.
  2. Click on "Sign up/Log in" and enter your email address.
  3. In the sign up page, provide personal information with full name, date of birth, social security number, address and employment information.
  4. Answer questions about your financial situation and trading experience.
  5. Review and accept the account agreements and disclosures.
  6. Verify your identity by uploading a government-issued ID.
  7. Fund your account and start trading.

Once verified, you can start trading immediately. Moomoo's efficient verification process and low entry barrier make it accessible for most individual investors looking to enter the market quickly.

What are Moomoo Trading Platforms?

Moomoo trading platform
Moomoo Doesn’t Support Metatrader and Other Trading Platforms and has its own Platform

They offer a robust and versatile trading platform designed to cater to both novice and experienced traders. Moomoo Trading Platforms:

Mobile App (iOS and Android)

  • User-friendly interface
  • Real-time quotes and charts
  • Advanced technical analysis tools
  • News and market insights
  • Paper trading feature

Desktop Application (Windows and Mac)

  • More comprehensive charting capabilities
  • Multi-chart layouts
  • Enhanced screening tools
  • Customizable workspace

Web Platform

  • Access from any browser
  • Similar functionality to desktop app
  • Ideal for traders who prefer not to download software

All Versions of its application has TradingView charts integration and offers API access for algorithmic trading.

Commission and Fees

In Moomoo reviews we found out that they offer a competitive fee structure, making it an attractive option for cost-conscious traders. Moomoo Fees:

Category

Pricing

Commission [Stocks, ETFs, Options]

$0

Equity Options Contracts Fees

$0

Index Options Contracts Fees

$0.50 Per Contract

Index Options Proprietary Fees

Varies by Exchanges

OTC Markets Trading

$0

Margin Rates

6.8%

Moomoo's zero-commission structure for US stocks and ETFs, combined with free advanced features like Level 2 data, makes it a cost-effective choice for many traders. However, it's important to note that while trading might be commission-free, there are still index options contracts fees and potential margin interest to consider.

What Payment Methods Does Moomoo broker Supports?

Moomoo offers several convenient payment methods for funding your trading account:

  • Direct Deposit Authorization (DDA): Instant deposits for Singapore bank accounts
  • Bank Transfer: Supports SGD, USD, and HKD transfers
  • Wise (formerly TransferWise): International transfers at real mid-market exchange rates
  • BigPay: Digital payment platform for easy transfers
  • ACH Transfer (for US accounts): Free electronic transfer from US banks
  • Wire Transfer: Available for larger deposits

Moomoo's diverse payment methods cater to different user needs, whether you're looking for instant deposits, international transfers, or traditional bank transfers. The integration with services like Wise demonstrates Moomoo's commitment to providing cost-effective and convenient funding options for global users.

What Investment Options are Available at Moomoo?

Moomoo supports copy trading as one of the best ways to indirectly invest and earn money from the financial markets. Moomoo copy trading:

  • Follow and replicate trades of experienced investors
  • View performance metrics of top traders
  • Customize allocation and risk management
  • Learn from successful trading strategies

While copy trading can be an attractive option for new investors or those looking to diversify their strategies, it's important to remember that past performance doesn't guarantee future results

Does Moomoo Offers Bonuses and Promotions?

Moomoo offers several attractive bonus promotions to both new and existing customers:

Welcome Bonus

  • 6% APY on uninvested cash + 3.5% APY "Booster Coupon" for first 3 months (total 8.1% APY)
  • 5 free stocks for $100+ deposit, 15 free stocks for $1,000+ deposit
  • 5% cash match on transfers of $100+ from eligible brokerages (up to $20,000)

Referral Promotion

  • $100 cash reward ($50 each for referrer and referee) for new account openings with $100+ transfer/deposit
  • Additional $50 options trading cash reward for referrals approved for options trading
  • 6% APY on uninvested cash for both referrer and referee

How to reach Moomoo Broker Customer Support?

Moomoo support
Moomoo Support is Available 24/7

Moomoo provides 24/7 support and has multiple channels for customer support:

  • Phone Call: +1-888-721-0610 (English), +1-888-721-0660 (Chinese)
  • Email: cs@us.moomoo.com
  • Live Chat: Access through the app and website
  • FAQ: Comprehensive FAQ section on the website

Moomoo's multi-channel support system ensures that users can get help through their preferred method of communication, enhancing the overall user experience.

Moomoo Restricted Countries

Moomoo Restricted Countries
Moomoo Full List of Restricted Countries

Following international sanctions and various regulatory provisions, Moomoo Broker does not offer its services to some countries in the world, which include:

  • Iran;
  • Yemen;
  • Syria;
  • North Korea;
  • Crimea;
  • Iraq;
  • Lebanon;
  • Somalia.

Trust Scores

Moomoo Trustpilot
Moomoo trust score in Trustpilot

Moomoo has received an average score in various sources [Trustpilot and Reviews.io] and according to users they are unhappy with some problems.

  • Trustpilot: 3.1 out of 5 based on 95 reviews;
  • Reviews.io: 3.2/5.

Trading Finder Expert Final Words

Moomoo is an American brokerage and despite its young age [founded in 2018], has achieved significant success, including 23 million global users.

On the other hand, as we discussed in Moomoo Reviews, this broker also has significant disadvantages, including the few number of trading accounts. Finally, we recommend that you consider all aspects of Moomoo Broker before making any decisions.

FAQs

Does Moomoo broker charge fees?

This broker charge $0 fees for stocks, ETFs, options trading.

Is Moomoo available for US Traders?

Yes; They achieved SEC and FINRA licenses to provide services for US Traders.

Does Moomoo support Metatrader 4?

No; They don’t support MT4 and MT5 and has their own platform.

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