Welcome to the tradingapps.org review of Moomoo, a modern stock broker app. Before we jump in with the review, we’d like to personally recommend Moomoo, it is extremely easy to use and serves as a brilliant alternative to other stock trading apps.
|Trading Platforms||Mobile Apps|
|Maximum Leverage||No leverage|
What is Moomoo?
Moomoo is a modern stock brokerage app owned by Futu Holdings Ltd and based in California, US. Their mission is to provide an alternative for those looking to invest in stocks, all with one powerful and intuitive app. Unlike other stock trading apps, Moomoo gives traders the opportunity to see real-time data such as bids and trades being executed.
Moomoo bills itself as a ‘commission free’ stock trading app, but does it really live up to this claim? Let’s check it out.
Level 2 Data
This feature puts Moomoo leaps and bounds above many of its competitors. Level 2 data is things like real-time market bids and trades, something which costs upwards of $100 per month and Moomoo are giving it away, completely free of charge. So even if you don’t want to use the Moomoo app to trade, it’s worth downloading just to get this data.
Another great feature of the app is the free market analysis you can get for each tradable asset. This gives you an idea of the market sentiment and is great for beginner traders to get an idea of the correlation between the market sentiment and the price in any given market.
This lets you filter through stocks to find the one you want to trade. This is super handy for discovery new, interesting stocks and opportunities. Again, this feature is great for those who just want to keep tabs on the market. We really like how easy the screener is to use as well as how quick it is, it’s one of the best on the market.
Be on top of the market with Moomoo’s custom alerts feature. This is perfect for those who want to be aware of what’s going on with certain stocks at all times of the day. You can customise the alert by price levels and percentage changes.
As a registered broker-dealer, Futu Inc. (Moomoo’s parent company), you are covered up to $500,000 in case of any event which would jeopardise your funds out of your control or doing. This means that you can trade comfortably with the Moomoo app and know that your funds are as safe as they can be.
Moomoo has out-done their competition here by adding advanced charting tools to the app. Unlike Robinhood which offer very basic stock trading, Moomoo gives traders the opportunity to look at charts of the stocks they’re trading as well as apply some of the most popular indicators such as MACD, Bollinger Bands etc. to their charts.
Trust & Safety
Is Moomoo safe?
Yes. Moomoo is a safe trading app.
The Moomoo app is regulated by the SEC under Futu Inc. and is a member of FINRA and the SIPC.
Your funds are covered up to $500,000 on the Moomoo app.
Is Moomoo a scam?
There is no evidence to suggest that Moomoo is a scam. As we have said above, it is fully regulated.
Trading & Account
What can you trade on Moomoo?
Moomoo offers trading on 4 main categories of instruments.
There are 1000s of instruments available on Moomoo.
The Moomoo app offers 1 main account type with Futu Inc. which is the standard brokerage account. This account gives you access to all of the features on the app.
Moomoo offers margin trading with their brokerage account secured by Futu Inc.
This allows you to trade with more than the balance of your account.
How to register on Moomoo
To get started with Moomoo, use the instructions below
- Get the app
Download the Moomoo app (use our link to get a free stock up to $200)
Complete the registration process as prompted
- Open a brokerage account
Following the steps on the app, proceed to open a Futu brokerage account (you’ll need your SSN for this)
- Fund account
Fund your account
- Start trading
Now that you’re all set up, you can start trading on the Moomoo app
There is currently no demo account on the Moomoo app, however, there is no minimum deposit, so you can start trading without having to risk too much capital.
Moomoo claims to be a ‘commission free’ trading app. Let’s take a look at their detailed fee schedule.
So Moomoo does indeed offer $0 commissions on regular trades, but if you wish to use leverage (trading with more than your balance), then it’ll cost you. This makes the app ideal for beginners and those who only wish to trade spot markets.
Also, there are compulsory fees by regulatory bodies such as the SEC & FINRA that you’ll have to pay with any broker, this is out of Moomoo’s control.
Deposit & Withdrawal
There are various deposit methods on the Moomoo app. See the table below for more details.
|Domestic Wire Transfer||$25|
|International Wire Transfer||$50|
How to deposit on the Moomoo app
Use the instructions below to deposit on the Moomoo app.
- Sign into your Moomoo account (Don’t have one yet? Use this link to register)
- Go to your brokerage account
- Select ‘Deposit’
- Choose your deposit method and proceed with making the deposit
There is no minim deposit on Moomoo.
Are there any deposit fees on Moomoo?
There are some fees associated with some deposit methods on the Moomoo app, see the table we created about Moomoo deposits here.
The withdrawal methods on Moomoo are the same as the deposit methods.
How to withdraw from Moomoo?
To withdraw from your Moomoo brokerage account, follow the steps below.
- Login to your Moomoo account (Not got one yet? Sign up here)
- Go to your funds section and select ‘Withdraw’
- Select the method you wish to withdraw with and proceed to make your withdrawal
There is no minimum withdrawal on Moomoo that we are aware of.
Are there any withdrawal fees on Moomoo?
Yes, some withdrawal methods on Moomoo require a fee to process. For more information, see this detailed breakdown.
Bonuses & Promotions
Moomoo is running a brilliant promotion which gives you 2 free stocks with a value up to $1,200 – just for registering and depositing.
Moomoo has a dedicated support team who are there to help you with any problems or questions you may have with your account. See below for more information on how to get in touch with the Moomoo support team.
- Email (firstname.lastname@example.org)
You’ll need to include both a screenshot of your account and you Moomoo ID in the support request.
For more information on the Moomoo support, visit their help page.
Moomoo App Review: FAQs
Should someone begin investing by using the Moomoo app?
Yes. Moomoo is a brilliant app for beginner traders & investors. It has perfect balance of advanced features and usability to make it a great app for beginners.
Is Moomoo legit?
Yes. Moomoo is regulated by the SEC and a member of FINRA.
What is the Moomoo app?
The Moomoo app is modern, commission free trading app for Stocks, Options, ETFs and ADRs.
Is the Moomoo app good for day trading?
Yes. Moomoo is perfect for day trading. It has advanced charting tools, indicators, level 2 data and even a stock screener. It may even be the best app in the US for day trading.
Where is the Moomoo app available?
Currently, the Moomoo app is only available in the US.
Moomoo App Download
Follow the instructions below to download the Moomoo app.
Download Moomoo App for iPhone
Download Moomoo App for iPad
- Register for a free Moomoo account
- Go to the App Store and download the Moomoo app
- Sign in
- Deposit and start trading
Download Moomoo App for Android
- Sign up on Moomoo
- Go to the Google Play Store and search ‘Moomoo’
- Click ‘Install’
- Open the app
- Sign in
- Start trading!
To conclude, the Moomoo app is a great alternative to other stock trading apps like Robinhood because it allows you to trade a more advanced market, whilst retaining all the qualities of an easy-to-use brokerage app. We especially like the stock screener and free Level 2 data which can cost upwards of $100/month but you get it completely free with the Moomoo app. If you want to give the app a try, you can register for free today using this link.