Moomoo is an online stock broker with zero-commission trading for stocks, ETFs, and options. Moomoo offers a robust mobile and desktop trading platform that offers similar features to those of other top stock brokers. In this Moomoo review, we'll look at the pros and cons of the trading platform and what investors should expect.
Ratings Methodology
moomoo
Our Rating:
Rating image, 3.5 out of 5 stars.
3.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Bottom Line
Moomoo offers zero-commission trading for stock, ETFs, and options on an advanced trading platform with robust research and analytical tools.
Fees:
$0 for stocks, ETFs, and options
Account Minimum:
$0
Alternatives to Consider
We recommend comparing brokerage options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of our best trading platforms of 2024.
| Account | Fees | Account Minimum | |
|---|---|---|---|
Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | $0 for stocks, ETFs, and options | $0 | Open Account for Robinhood |
Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Commission-free; other fees apply | $0 | Open Account for E*TRADE |
Rating image, 4.0 out of 5 stars. 4.0/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | $0 per trade | $0 | Open Account for J.P. Morgan Self-Directed Investing |
Full Moomoo review
This stock broker is a good fit for: Advanced and active traders who want a wide range of trading tools, and beginner traders who want to learn more about trading. Traders who want an IRA will need another broker.
Pros
- Commission-free stocks, ETFs, and options
- Advanced and customizable trading platform
- Advanced research tools
- Free real-time Level 2 market data (NYSE)
- Free paper-trading
- Low margin rates
- Access to Hong Kong and China investments
Cons
- Limited product and account types offered
- High transfer-out rates
- Tools and trading platforms can be overwhelming
How Moomoo works
Moomoo is an online and mobile app trading platform that offers free trades, advanced tools, and a customizable platform. Traders can download the mobile app on their iOS and Android devices, as well as the desktop version of the platform on a Mac or PC. Traders can sync customized setups, alerts, and notifications across all their devices.
Moomoo is a wholly owned subsidiary of Moomoo Financial. Moomoo Financial is a broker-dealer registered with U.S. Securities and Exchange Commission and member of FINRA and the Securities Investor Protection Corporation (SIPC), which protects customers if their brokerage firm fails.
Top perks
Commission-free trading
Moomoo is commission-free for stocks, options, ETFs (exchange-traded funds), and ADRs (American Depository Receipts) for U.S. traders trading in U.S. markets. ADRs let U.S. investors invest in non-U.S. stocks without dealing directly with foreign stock markets.
Advanced and customizable trading platform
Moomoo offers a user-friendly mobile trading app. It is easy to search for stocks and place different order types. Investors can easily set up alerts and push notifications. The desktop trading platform is also user-friendly and highly customizable.
Advanced research tools
While many trading apps offer free trading, Moomoo differentiates itself through its vast research tools. Its charting and technical research tools are far ahead of some competitors'. WIth Moomoo's advanced charting tools, you can analyze trends and patterns with 60-plus technical indicators and add visuals to charts using 38-plus drawing tools. You can also see what institutional investors are buying and selling.
Free real-time Level 2 market data
Moomoo is one of the only trading platforms to offer free real-time Level 2 market data from the New York Stock Exchange (Level 2 shows the real-time bids and asks from the NYSE). Traders can leverage this tool normally reserved for professional traders to gain valuable insights.
Free paper-trading
Traders who don't feel comfortable trading with real money can use Moomoo's paper-trading platform to simulate trading. Traders can take advantage of all of Moomoo's advanced tools to test trading strategy without worrying about losing money.
Low margin rates
Moomoo currently offers margin rates at 6.8% for U.S. investments. With many other brokerages raising their rates above 10%, Moomoo is setting itself apart from the rest and could potentially attract a big pool of investors.
Access to Hong Kong and China investments
Moomoo provides the tools and resources necessary to take advantage of the growing economic opportunities in Hong Kong and China. Moomoo is a Chinese-owned company, allowing investors the ability to diversify their portfolios by giving them access to Hong Kong and China investments directly.
What could be improved
Limited products and account types offered
Moomoo does not offer forex, bonds, mutual funds, or cryptocurrency. It does offer access to Hong Kong and Chinese stocks, but charges a fee per trade. In addition, Moomoo only offers taxable accounts. Traders cannot open individual retirement accounts (IRAs).
High transfer-out fees
While transfer-out fees are not uncommon among investment apps, Moomoo charges $75 per outgoing stock transfer, one of the highest in the industry. This fee will deter you from transferring any stocks, including your entire portfolio if you want to close your account.
Tools and trading platforms may be overwhelming
The sophisticated tools and customizable features on Moomoo's trading platforms may overwhelm beginning investors. Even experienced investors will need time to learn all the features. Moomoo does offer educational courses to help traders understand and navigate the platforms.
Fees
Moomoo doesn't charge commissions for stock, ETF, and options trades placed through its online and mobile platforms. There are no platform fees, inactivity fees, or minimum deposit requirements. However, there are some fees traders should be aware of:
- Returned check or ACH fee:
- Deposit: $5 for first deposit and $10 for subsequent deposits
- Withdraw: $10 per order
- Domestic wire, incoming: $0
- Domestic wire, outgoing: $20
- International wire, incoming: $0
- International wire, outgoing: $25
- Stock transfer, incoming: $0
- Stock transfer, outgoing: $75
- Paper statements: $3
- Assisted phone trades: $10
Trading platform
The Moomoo desktop trading platform is available for Windows and Mac. The mobile trading platform is available for Android and iOS. Traders can sync their account settings and customized alerts across all platforms. Moomoo does not offer a web-based platform.
The trading platform is user-friendly and highly customizable. Traders can set up personalized alerts for important market events, stock movements, and other functions. Traders can sort stocks by technical factors, fundamental analysis, and market factors.
Traders can use the "strategy selection" to get real-time trading ideas based on the market, and Moomoo offers detailed fundamental data and advanced charting tools. There are 63 technical indicators, 38 drawing tools, and options profit-and-loss analyses to help traders of all styles.
Margin rates
Moomoo charges 6.8% for U.S. and Hong Kong stocks, and 8.8% for Chinese stocks. Compared to many brokerage firms we've reviewed, Moomoo's margin rates are on the low side. Traders need a minimum of $2,000 in an account to use margin. This is a regulatory requirement that applies to all brokerages, not just to Moomoo.
Research offerings
Moomoo's research and investing tools are extremely robust. Traders can access Moomoo's multiple built-in screeners to find real-time investment opportunities. It also offers 24/7 financial news, with detailed analysis of stock price fluctuations. There is a 19-million-member global investment community where investors can share and discuss trading insights. Here are some of the other tools Moomoo offers:
- Free real-time Level 2 market data
- Customizable and built-in stock screeners
- AI monitor that helps find more investment opportunities
- Visual graphs for fundamental analysis
- Custom charts and technical indicators
- Analyst ratings from third-party researchers
- Insight into capital flows
- Advanced alerts and notifications for tracking individual securities
This brokerage is right for you if:
Moomoo could be an excellent option for you if:
- You're an active trader who only wants to trade stocks, ETFs, and options. Moomoo's $0 commissions means traders can keep more of their money in their pockets.
- You're an advanced trader who values sophisticated trading tools. Moomoo's mobile and desktop trading platforms offer a wide range of resources and trading tools to monitor market trends.
- A robust trading platform is important to you: Moomoo's mobile and desktop trading platforms are easy to use and offer high-level market insight for finding investing opportunities.
- You don't have a ton of money to invest. Moomoo has no minimum deposit requirement and offers free Level 2 data.
- You want to trade Hong Kong and Chinese stocks. Investors have access to Hong Kong and some Chinese stocks with Moomoo.
FAQs
In the U.S., investment products and services on Moomoo are offered by Moomoo Financial Inc., registered with and regulated by SEC and FINRA. Moomoo Financial Inc. is a member of SIPC, which means your funds are protected up to $500,000 (including $250,000 for claims for cash).
On Moomoo, you can trade stocks, options, ETFs, American Depositary Receipts (ADRs), as well as Hong Kong and A-Shares Markets, and OTCs.
There are no commissions per trade or account minimums. However, there are other fees that you will need to be aware of, including for wire transfers and phone trades.
Moomoo offers 24/7 live chat support. You can also speak to a licensed specialist during trading days from 8:30 a.m. to 4:30 p.m. ET.
Our Brokerages Experts
By:David Chang, ChFC®, CLU®
Writer, Consultant
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
Fact CheckedAshley Maready
Writer and Editor
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
