Moomoo Broker Review 2024

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 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;

• 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:

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

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?

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:

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 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.

Trust Scores

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.