MooMoo review (2022) Review
Moomoo is a stock trading platform having been launched only in March 2021. Moomoo is a commission-free mobile trading app available on Apple, Google and Windows devices. regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It offers imposing trading tools and opportunities for both new and advanced traders. No minimum deposit is required, but you’ll have to deposit money in order to enjoy the free AAPL share.
What can be traded
Their product portfolio is limited. They offer stocks, ETFs and options, mostly from the US. Other asset types such as funds, bonds or forex are not available. Moomoo offers only individual accounts. Joint accounts, IRAs, custodians and corporate accounts are not available, plus, finding information about accounts and products offered is difficult on their super easy and stylish website.
Moomoo is offered by Futu Inc. Futu Inc. is a registered broker-dealer with the U.S. Securities and Exchange Commission (SEC), and a member of the Financial Industry Regulatory Authority (FINRA).
A demo account is one of the best ways to learn. It’s a virtual account mirroring the live one. You can learn on a real platform with virtual money, that is pre-loaded. Demo accounts are usually free and unlimited, but each broker has different conditions, so don’t forget to check them out. In other reviews I found out, that Moomoo offers a demo account, however, this was not highlighted on their website. I even tried to search for it, but no chance. So, from my point of view, no demo account.
When it comes to fees, Moomoo is one of the cheapest platforms to use at the moment. Their fee for Singapore stocks is 0.06%, which is significantly lower than the competition. All charges and fees are by Futu Inc. On the Futu website, you can see, that they don’t charge for commissions, no platform fees, so you can trade US stocks, ETFs and options with zero commission.
I`ve decided to register for an account and see if there`s an option to open a free demo. In the top pane of their web pages, you have the CTA button to register. You fill in your email and password or go automatically through google, Facebook etc.
After filling in, I was taken to a page wanting extra info from my passport etc. I`ve decided not to go forward with Moomoo because I am a beginner and I would like to try and learn before I go live. Unfortunately, I didn`t find a demo account here. Plus, it’s annoying how you keep going from Moomoo website to the Futu website.
They don’t have a web trading platform, but they offer a mobile or desktop platform. I found out that the platform is perfect for an investor who gets serious about trading. Their users will grow their trading techniques and experiences quickly and simply with Moomoo. It supports 62 technical indicators and 22 drawing tools, conditional alerts that generate automatic notifications based on price movement, change in indicators, etc. AI monitor is a smart tool to monitor changes in volatile stocks and find opportunities without manual configuration.
As I have mentioned, the website is very modern, colorful it leaves you with the basic information and no marketing blabber. I couldn`t find information, I kept going to the Futu website anyway. There is no chatbot, no highlight about regulations, demo accounts and so on. In the top pane, you have Quotes, News, Pricing, Support, Download and Free stocks. In the news tab, you`ll find updated worldwide news and an economic calendar. No videos, webinars or educational stuff a beginner looks for. Customer service is poor because it’s only available via email, with no phone support or live chat. Email support is fast, though, and from what I`ve read, it provides useful answers.
They are active on Facebook and Twitter. Their activity on Facebook slowed down a bit. The last post is 3 months old. So dead end there. On Twitter, they have around 1500 followers and their last post is just a couple of hours old, so check out Twitter, not Facebook.
Advantages and disadvantages
The Moomoo fees are low. And their website was simple, functional and modern. The downside of Moomoo was, that I couldn`t find useful information and I kept going onto the Futu website which I found annoying. The product portfolio is limited, covering only stocks from the US, Hong Kong and China markets, as well as ETFs and options. They only have a desktop or mobile platform and the demo account doesn’t exist. The platform is good though, the user interface is simple and intuitive, with clearly labelled buttons that make the functions clear.
- Low fees
- No deposit
- Commission-free stocks, ETFs, and options
- No demo account
- No live chat or telephone number
- Limited product portfolio
- No web trading
Pros / Cons
- low fees
- no deposit
- no demo account
- no live chat
- no web trading