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There are a lot of online investment brokers, and Moomoo is certainly one of them. At the moment, Moomoo has some nice promotions for US, CA, and Australian residents!
Within the US, you get an awesome 5.10% APY on money balances plus 15 free shares and an additional SoFi inventory (restricted time till November 20, 2023), exclusive for Millenial Money readers!
CA residents can earn as much as $1,520 in money rewards. The extra money you deposit, the extra you earn, and AU residents can earn as much as 15 free shares with every deposit.
On this Moomoo assessment, I cowl every part it is best to know to find out if it’s best for you.
Moomoo Fast Information
- Minimal deposit: $0
- Inventory fee: $0
- Open account: On-line
- Customer support: Common buying and selling hours by cellphone or 24/7 on-line
- Welcome bonus: 5 to fifteen free shares, relying on how a lot you deposit
- Securities traded: Shares, choices, ETFs, ADRs, and OTCs
What Is Moomoo?
Moomoo has entered the business of on-line discount brokers providing zero-commission trades and a web-based platform that permits you to commerce out of your laptop or cellphone.
Moomoo is powered by Futu Holdings Restricted to offer monetary expertise that helps empower traders.
Members can entry skilled buying and selling features paired with real-time and comprehensible knowledge, schooling, and an accessible group of like-minded people to make investing much less overwhelming.
Is Moomoo a Professional Brokerage Agency?
Sure, Moomoo is a legit brokerage agency. Moomoo is an SEC and FINRA-registered firm. They’re additionally a member of SIPC.
How Lengthy Has Moomoo Existed?
Moomoo started in 2018 when it was based in Silicon Valley. Nonetheless, its mum or dad firm, FUTU Holdings, was based in October 2012, so they’re no stranger to the funding business.
How Does Moomoo Work?
Moomoo is a buying and selling app that provides highly effective instruments for lively merchants.
It provides a customizable platform and superior instruments for all traders to benefit from their investing expertise, together with the next:
- Entry to real-time Degree 2 quotes: Members who deposit at the very least $100 get free entry to Degree 2 quotes, which incorporates 60 worth ranges
- Prolonged buying and selling hours: Members can commerce from 4 AM to eight PM ET, which is outdoors of regular buying and selling hours
- Technical evaluation instruments: Traders have entry to varied investing instruments, together with customized indicators (190 preset and 60 technical), 37 drawing instruments, and alternatives for multi-monitor setups for lively merchants
- Market Monitor: Offers real-time entry to all market happenings, together with uncommon trades
- Institutional monitoring: Get data from the market’s massive funds with easy-to-use knowledge and graphs
- Quick sale evaluation knowledge: Stand up-to-the-minute knowledge on brief gross sales alerts from the NYSE and NASDAQ
- Transcend earnings calendars: Get extra data than an organization’s earnings calendar, with entry to earnings summaries, monetary evaluation knowledge charts, and extra
Who Is Moomoo Greatest For?
Moomoo is finest for lively merchants, however you don’t want intensive expertise to make use of it or get one thing out of it. Moomoo grows with the investor, offering a group atmosphere so traders can be taught from each other and develop collectively.
The platform supplies all the data and instruments starting and skilled traders have to pursue their funding journey. This consists of instructional content material to fulfill you the place you’re and provide help to develop.
Professionals & Cons
All buying and selling platforms have execs and cons. We’re sharing the professionals and cons on this Moomoo assessment that will help you resolve if it’s best for you.
Professionals
- No commissions: Commerce shares, ETFs, and choices commission-free
- Entry to superior instruments: Traders have entry to charting and analysis tools equal to what skilled traders use
- Strong buyer assist: Have entry to stay chat 24/7 or cellphone assist 8:30 – 4:30 ET on regular buying and selling days
- Entry to many investments: Traders can commerce shares, ETFs, and choices
- Entry to real-time knowledge: With at the very least $100 deposited, traders have entry to Degree 2 knowledge
- Entry to 24/7 information: Offers entry to real-time updates from respected information sources
- Group investing: Moomoo supplies entry to different traders to commerce concepts and be taught from
- Low margin price: Traders have entry to a low 6.8% margin price at the moment to leverage their investments (charges are topic to vary)
Cons
- $75 inventory switch out price: Traders pay $75 per inventory transferred out
- $10 phone-assisted trades: If you happen to need assistance along with your trades over the cellphone, there’s a $10 price
- Restricted funding choices: Moomoo doesn’t supply mutual funds or bonds
Charges
For probably the most half, Moomoo is free. Shares, ETFs, and choices commerce free of charge, and the platform is at the moment free, though they state this may change with a 30-day discover.
Moomoo expenses regulatory charges, however that’s not completely different from some other brokerage. The place it is best to listen, nonetheless, is the miscellaneous charges resembling outgoing wires, inventory transfers, and assisted cellphone trades.
Options
Account Opening
You possibly can open a Moomoo account utterly on-line. Listed here are the easy steps:
- Obtain the Moomoo app
- Join a brand new account
- Full your software
- Present the mandatory documentation to show your identification and deal with
Minimal Account Steadiness
Moomoo doesn’t have a minimal steadiness requirement except you need free entry to Degree 2 knowledge. Then, you will need to have at the very least a $100 steadiness.
Deposit and Withdrawal
You possibly can deposit and withdraw funds freed from cost utilizing ACH financial institution transfers (digital financial institution transfers). If you happen to select wire switch, an incoming wire is free, however an outgoing wire prices $20 per wire.
Internet, Cell & Desktop Buying and selling Platform
Moomoo is barely accessible on cell or desktop; they don’t have an internet buying and selling platform. The cell platform permits you to commerce wherever you’ve got an web connection. The desktop platform permits extra features for reporting and customizable charts.
Funding Merchandise
Moomoo provides shares, choices, ETFs, ADRs, and OTCs. They don’t supply bonds, crypto, or mutual funds.
Analysis and Schooling Choices
Moomoo provides strong analysis and schooling provides, all free of charge. The one limitation is you will need to have $100 deposited to entry the Degree 2 pricing knowledge. All analysis is from powerhouse firms like Dow Jones, Benzinga, and Bloomberg, and so they supply instructional programs on all newbie and skilled investor subjects.
Moomoo additionally provides a paper buying and selling choice to apply your buying and selling methods with $1 million utilizing real-time knowledge to see the way you’d do.
Security & Safety
Moomoo retains private data in safe databases solely accessible by approved employees. All data is encrypted at any time when doable, and any exhausting copies with private data are on access-restricted premises.
Buyer Assist
Moomoo provides cellphone assist throughout regular buying and selling hours, 8:30 AM to 4:30 PM ET, and 24/7 on-line chat.
Firm Rankings
Moomoo’s holding firm has an S&P 500 ranking of BBB- and has a secure outlook for its long-term plans.
Moomoo Success Story
Moomoo rapidly went from a startup firm to having over 20 million customers by Could 2023.
It’s now one of the well-established platforms to attach traders and supply commission-free trades. It’s widespread not solely in the USA but in addition worldwide, together with within the Singapore market, the place it ranks as one of many nation’s prime three apps.
Takeaways
Moomoo is a buying and selling platform that doesn’t cost commissions and has no minimal deposit necessities. It has a group feeling, connecting traders to assist develop new concepts or be taught from each other.
The platform provides varied free instruments and academic alternatives to assist traders attain their monetary targets.
Moomoo is a monetary data and buying and selling app provided by Moomoo Applied sciences Inc. Securities are provided by Moomoo Monetary Inc., Member FINRA/SIPC. The creator is a paid influencer and isn’t affiliated with Moomoo Monetary Inc. (MFI), Moomoo Applied sciences Inc. (MTI) or some other affiliate. The experiences of the influencer will not be consultant of the experiences of different moomoo customers. Any feedback or opinions supplied are their very own and never essentially the views of MFI, MTI or moomoo. Moomoo and its associates don’t endorse any methods that could be mentioned or promoted herein and should not liable for any companies supplied by the influencer. This commercial is for informational and academic functions solely and isn’t funding recommendation or a advice of a safety or to have interaction in any funding technique. Investing entails danger and the potential to lose principal. Funding and monetary selections ought to be made primarily based in your particular monetary wants, aims, targets, time horizon and danger tolerance. Any pictures proven are strictly for illustrative functions. Previous efficiency doesn’t assure future outcomes.
U.S. residents buying and selling in U.S. securities could commerce commission-free utilizing the moomoo app by Moomoo Monetary Inc. (MFI). Please see our pricing web page for different charges. Degree 2 knowledge is free to moomoo customers which have an permitted MFI brokerage account. Buying and selling throughout Prolonged Hours Buying and selling Periods carries distinctive dangers, resembling better worth volatility, decrease liquidity, wider bid/ask spreads, and fewer market visibility, and will not be acceptable for all traders. For any Institutional Monitoring portfolio, the composition supplied is up to date on a major delay and could also be incomplete. It’s not doable to copy the timing or precise holdings of institutional portfolios.
Margin buying and selling entails better danger, together with, however not restricted to, danger of loss and incurrence of margin curiosity debt, and isn’t appropriate for all traders. Please assess your monetary circumstances and danger tolerance earlier than buying and selling on margin. We reserve the proper to amend our margin rate of interest every now and then in response to modifications in prevailing rates of interest and different components. The Margin Fee is topic to vary with out discover. See https://www.moomoo.com/us for probably the most present margin charges.
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