Moomoo Review: Is This One-Stop Shop Trading Platform Worth It?

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

Moomoo Overview

Moomoo is a digital brokerage that has been designed with the active trader in mind. Backed by a Chinese parent company, the platform offers a mix of traditional trading services and unique features. Traders can navigate various markets, including the U.S., Hong Kong, and China, all under one roof.

The Moomoo trading app goes beyond the standard offerings of more traditional brokers by not charging a commission on trades of stocks and ETFs, offering options trades at competitive prices, and providing free access to Level II market data. This level of transparency allows traders to make well-informed decisions, knowing the full spectrum of bids and offers on a particular security. 

Key Features

Take a look at some of the top features and benefits that Moomoo offers.

Ease of Use 

Moomoo’s user interface is intuitive and easy to navigate. Traders can track the most active stocks, analyze significant market movements, and quickly switch to profitable companies across various markets. This feature is particularly valuable for those who desire a fast-paced trading environment that allows for quick decision-making.

Fees

Moomoo follows in the footsteps of other trading apps by offering zero-fee trading on stocks and ETFs. The platform charges $0.65 per options contract trade, which is more than some platforms but still competitive. However, users should be aware of a less publicized fee — Moomoo charges a $75 fee per transaction for transferring stocks out of the platform. This could potentially be a significant expense for those who may wish to move their assets.

Products Offered

In addition to stocks, Moomoo offers trading in a range of securities, including ETFs and options. It also gives users access to Chinese A-shares and the Hong Kong market, a feature not commonly offered by other online brokerages. However, Moomoo falls short by not offering cryptocurrencies and fractional shares.

Mobile App

The Moomoo mobile app mirrors the functionality of the web-based platform and is available for download on iOS and Android devices. The app offers access to real-time market data, charts, and a news feed, allowing traders to stay informed.

How Moomoo Stands Out

Moomoo stands out in the online brokerage space by offering a few unique features. 

First, it provides free real-time Level II market data. This tool offers insights into the market’s depth and liquidity, which may allow traders to gauge supply and demand more accurately. 

Another notable feature of Moomoo is its ability to provide a window into international markets, including some that are not typically accessible to retail investors, such as the Hong Kong and Chinese markets. This inclusion gives traders a unique opportunity to diversify their investment portfolios.

Comparable Stock Trading App Options

If you’re not sure whether Moomoo is the right fit for your trading and investing needs, here are some similar platforms that also offer commission-free trading:

Robinhood

Robinhood was one of the first platforms to introduce commission-free transactions. The platform offers a straightforward trading experience that makes it a common first choice for beginner investors. Investors can trade stocks, options, ETFs, and cryptocurrencies on the platform.

However, Robinhood has its limitations. For access to advanced Level II market data, users must sign up for Robinhood Gold, the platform’s premium subscription service, at a cost of $5 per month. Robinhood also lacks international market access. While investors can trade American Depositary Receipts, or ADRs, representing foreign stocks, direct access to exchanges in other countries isn’t available. These limitations can impede traders looking to diversify their portfolio competitively and with international stocks.

Public

Public has carved out a unique space for itself in the trading app landscape by blending social media features with stock trading. This approach has led to a community-driven platform where users can share their investment strategies and learn from others. Like Robinhood and Moomoo, Public offers commission-free trades.

The Public app allows users to invest in fractional shares, a feature not available with Moomoo. This allows users to invest in high-value stocks without needing to purchase a whole share, lowering the barrier to entry for new investors. However, Public also falls short in the same areas as Robinhood. It does not provide advanced Level II market data or access to international markets.

How To Apply

Applying for a Moomoo account is straightforward. Prospective users can apply via the Moomoo website or mobile app by providing the necessary personal information. U.S. customers need to provide the following:

• Tax residence and valid U.S. residential address
• Social Security number
• U.S. passport or ID card
• Proof of address, such as their latest phone or internet bill

According to Moomoo, after an application is submitted, the automatic approval process is typically completed within 15 to 40 minutes. However, if a manual review is necessary, it can take up to three business days to complete the approval process.

Who Moomoo Is Best For

Moomoo is best for those looking for a low-cost way to trade U.S., Chinese and Hong Kong stocks, futures and options. The free access to Level II market data and securities makes Moomoo a great option for people who are interested in real-time monitoring and trading. 

Final Take

If you’re looking for a low-cost stock trading platform, then Moomoo, with its robust feature set and competitive offerings, could be a good option. Features such as access to Hong Kong and Chinese markets and in-depth order data make it a great choice for stock trading. However, if you’re looking for a general investing app, it still lacks many features offered by competitors.

On the other hand, if you’re more in the market to invest in cryptocurrencies or purchase fractional shares, you will need to use another platform. The lack of IRA accounts also means that it may not be a good option for those looking to invest for retirement. Remember to consult with a licensed financial professional before making any significant or risky financial decisions. 

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

This article has been updated to clarify Moomoo’s application requirements and the timeline for application approval.

Share This Article: