moomoo review for 2023: 4.7 / 5
We gave moomoo an overall score of 4.7 out of 5 as it is a regulated, beginner-friendly US broker with low fees and easy account opening. Additionally, moomoo clients have access to good quality analytical tools and education resources. However, the limited product portfolio consisting only of stocks, ETFs and options might not be satisfactory for all investors. You should also take into account that moomoo is available mainly for US residents.
Moomoo has low fees for its offered products and no inactivity fee. Thus, moomoo is perfectly suited for buy-and-hold investing, as the products it offers are the ones often sought by long-term investors.
|🗺️ Country of regulation||USA, Singapore|
|💰 moomoo US Stock fee||$0 per trade|
|💰 moomoo inactivity fee charged||No|
|💰 moomoo withdrawal fee charged||$0|
|💰 moomoo minimum deposit||$0|
|🕖 Time to activate account||1-3 days|
|💳 Deposit methods||Bank transfer|
|💱 Number of base currencies supported||1|
|🎮 Demo account provided||Yes|
|🛍️ Products offered||Stock, ETF, Fund, Options, Futures|
Is it safe to use moomoo?
moomoo is a reliable and safe service provider. We base this on the fact that it is regulated by top-tier financial authorities in the US and Singapore. The parent company of moomoo is listed on the stock exchange, which boosts its trustworthiness. On the other hand, moomoo does not offer negative balance protection.
How does moomoo protect my investments?
moomoo operates through different entities. This matters because the regulator and the amount of investor protection you're eligible for differs depending on the entity.
|Country of clients||Protection amount||Regulator||Legal entity|
|US||$500,000 ($250,000 cash limit)||Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA)||Futu Inc.|
|Singapore||No protection||Monetary Authority of Singapore (MAS)||Futu Singapore Pte. Ltd.|
Can I open an moomoo account from my country?
Is it difficult to open an account at moomoo?
No, it is not difficult at all. The activation time is roughly 1 day (it can take up to 3 days at worst), the process is fully digital, and the minimum deposit is $0, so you can have your account ready in essentially no time. Note that as of this writing, only US and Singapore residents can open an account at moomoo.
Read more details about moomoo account opening.
Is it cheap or expensive to use moomoo?
moomoo is a generally cheap broker. There are no trading fees on most assets, excluding options, where they charge a low fee ($6.5 per 10 contracts). There are no non-trading fees at all at moomoo, e.g. no inactivity or account fee. However, moomoo’s financing rates are a little higher than average.
Deposit and withdrawal is free at moomoo. Read more details about moomoo account opening.
|Assets||Fee level||Fee terms|
|US Stock||$0.0||$0 per trade|
|US Stock options||$6.5||Low|
|Inactivity fee||Low||No inactivity fee|
For a detailed breakdown of the different fees you will need to pay as an moomoo client, read this analysis.
How can I take money out of my moomoo account?
We appreciated that withdrawal is free of charge at moomoo. You should too, as this is not standard practice among brokers. However, you can only use bank transfers for withdrawals. You should have no general safety concerns about withdrawal since moomoo is a safe broker, but the process is not user-friendly. You have to pay attention to currencies and closing positions before withdrawal.
We tested withdrawal via bank transfer and it took 3 business days.
Read more about moomoo withdrawal.
How do I start using moomoo?
moomoo's account opening process consists of three steps:
1. Online application
The account opening process is fast and fully digital. Online registration takes only 10-15 minutes.
To verify your identity and residency, you have to upload the following documents:
- Proof of identity: national ID card or passport
- Proof of residency: tax or bank statement
2. Account approval
It takes about 1-3 business days for moomoo to approve new accounts.
After approval, you have to fund your account to start trading. Funding can take 1 to 5 business days depending on the deposit method.
Once you have money in your account, you can start using their mobile app, web platform or desktop platform all of which are high quality and make great sense.
If you are not ready yet to open a live account, you can start by experimenting with their demo account. Read more about moomoo account opening.
How do I deposit money at moomoo?
To deposit funds at moomoo, you can only use bank transfer. Bank cards and electronic wallets are not available options. moomoo charges no deposit fees.
Bank transfers can take several business days.
Find out more on how to deposit money into your moomoo trading account in our moomoo deposit guide.
Is moomoo good for FX trading?
No. moomoo does not offer foreign currency, or forex (FX) trading among its products and services.
Is moomoo good for equity trading?
Is moomoo good for long-term saving?
Yes, we recommend moomoo for long-term saving because it does not charge any non-trading fees. If you are looking to save for the long term, you look for a broker with low or no inactivity fees, no custody fee and low stock, bond and ETF commissions. moomoo meets all of these criteria. On the other hand, higher than average margin rates should be taken into consideration.
|Overall score||4.7 stars||4.8 stars||4.7 stars|
|Fees score||4.7 stars||4.8 stars||4.8 stars|
|Account opening score||4.2 stars||5.0 stars||4.8 stars|
|Deposit and withdrawal score||1.9 stars||1.9 stars||1.8 stars|
|Web platform score||-||5.0 stars||3.7 stars|
|Markets and products score||2.4 stars||2.9 stars||2.6 stars|
Is moomoo good for retirement savings?
Our base case is that moomoo would be a good option for saving for retirement because of its low non-trading fees.The lack of custody, account and inactivity fees in any form may offset the absence of mutual funds, as you can put savings into other asset classes.
How can I reach moomoo customer support?
You can contact moomoo via
- live chat
Overall, we found moomoo’s customer support fine. We received relevant answers on both live chat and via email, but getting a reply to emails took time.
You can also use a chatbot, which is like an intelligent FAQ section. It gives relevant answers to basic questions like "what is the inactivity fee?", but can't answer more complex queries. The ability to chat with a real person solves this problem; you can do that by typing \‘agent\’ into the chatbot.
Learn more about moomoo customer support here.