Moomoo is another new low cost trading app appearing in Singapore. In this video, I’ll review Moomoo, like how much is the trading commission, is it safe to use, how does it compare with other trading apps and so on. Enjoy!
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0:00 – Intro
0:37 – Who Is Moomoo?
Moomoo is a trading platform by Futu Holdings Limited, which was founded in Hong Kong in 2011. When Moomoo came to Singapore, it was registered and managed under Futu Singapore Pte Ltd, as a capital market service license holder. Futu is backed by big names like Tencent, Matrix and Sequoia Capital. It was listed in Nasdaq in 2019.
Moomoo currently has 13 million users right now, with daily active users surpassing 1 million.
1:37 – Commissions & Fees
Moomoo is now running a 0% commission fee for 90 when you sign up before 30 April. For non promotion period, it is 0.03% transaction amount at minimum SGD 0.99. On top of this fee, they also charge a platform fee of 0.03% with minimum SGD 1.50 for every trade.
Tiger charges 0.08% transaction amount, with minimum SGD 2.88 after the promotion period.
Interactive Brokers charges 0.08% commission fee, with a minimum of SGD 2.50.
Moomoo charges USD 0.0049/share with minimum USD 0.99, has a platform fee of USD 0.005/share, with minimum USD 1 for every trade
Tiger charges USD 0.01/share with minimum USD 1.99
IBKR charges USD 0.005/share with minimum USD 1
Hong Kong stocks
Moomoo charges 0.03% with minimum HKD3, with HKD15 platform fee.
Tiger charges 0.06% with minimum HKD15
IBKR charges 0.08% with minimum HKD10-18
3:50 – Is Moomoo Safe?
Moomoo is as safe as many trading apps out there. It is regulated by SEC, Finra and MAS. US securities are insured by SIPC up to $500k. The money are kept in a separate bank account in DBS. As it is a new broker, I’m still a little wary about putting all my money in Moomoo. But I’m sure they will prove themselves if they are good.
5:17 – Sign Up Promotion
Get your free Apple stock from Moomoo!
6:14 – Moomoo UI
Moomoo has lots of features, including charting tools, news, announcement, market depth. A notable feature is the comment feature where users can discuss about stocks.
8:33 – What I Like
Their UI is really good and has lots of features.
Social features which allows you to interact and engage in discussions with other investors.
9:20 – What I Don’t Like
No London Stock Exchange, which is important for investors who want to invest in Ireland Domiciled ETFs.
Only allow us to trade stocks and options right now. But they will be rolling out new features soon.
No fractional shares.