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moomoo Review 2024

Written by
Krisztián G.
Fact checked by
Adam N.
Updated
1w ago
Key data
Fees
Safety
Deposit and withdrawal
Account opening
Mobile app
Desktop platform
Product selection
Regulated and trusted. Tested via live trading.
5,962 people chose this broker
Available in United States

Why choose moomoo

moomoo, a relative newcomer on the US stockbroker market, provides commission-free US stock, ETF and options trading with no inactivity fees. Its value proposition is backed up by high-quality research and educational tools. It pays high interest on uninvested cash.

On the downside, some popular asset classes such as bonds or mutual funds are not available at moomoo. Like many similar US brokers, moomoo doesn’t offer convenient deposit/withdrawal methods such as credit/debit cards or electronic wallets.

  • Commission-free stock and ETF trading
  • Fast and easy account opening
  • Quality analytical tools and excellent education services
  • Pays high interest on uninvested cash
Overall score
4.6/5
Minimum deposit
$0
Stock fee
Low
Options fee
Low
Inactivity fee
no
Account opening
1-3 days

Not sure if this is the right broker for you? See the best ones.

Fees

Score: 4.8/5
Moomoo offers commission-free trading of US stocks and ETFs. Pays 5.1% interest on uninvested cash. US index option trading on the other hand has a contract fee of $0.5 per trade.
  • Commission-free stock and ETF trading
  • No inactivity fee
  • Pays 5.1% on uninvested cash

We compared moomoo's fees with two similar brokers we selected, Webull and Alpaca Trading. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of moomoo alternatives.

Commission-free stock and ETFs

It’s extremely great as moomoo has commission-free US stock trading.

Broker
US stock
moomoo
$0.0
Webull
$0.0
Alpaca Trading
$0.0
moomoo stock and ETF commission

Low margin rates

moomoo has the lowest USD margin rate fees among brokers we reviewed. USD margin rate fees are calculated as follows: 6.8% annual margin rate

Broker
USD margin rate
moomoo
6.8%
Webull
9.7%
Alpaca Trading
8.5%
moomoo annual margin rates

Low options commission

moomoo US stock index options fees are less than half of the industry average. US stock index options fees are calculated as follows: $0.5 per trade

Broker
US stock index options
moomoo
$5.0
Webull
$5.5
Alpaca Trading
-
moomoo stock index options commission

No inactivity fee, no withdrawal fee

However, both depositing and withdrawing by wire transfer can incur a fee:

  • Domestic wire deposits cost $8 unless it's your first deposit or you deposit more than $25,000
  • International wire deposits cost $25 unless it's your first deposit or you deposit more than $25,000
  • Domestic wire withdrawals cost $25
  • International wire withdrawals cost $45
Broker
Inactivity fee
Withdrawal fee
moomoo
$0
Webull
$0
Alpaca Trading
$0
moomoo inactivity, withdrawal and other fees

Safety

Moomoo is regulated by top-tier authorities, offers strong investor protection, and has a NASDAQ-listed parent company. On the downside, there's no negative balance protection.
  • Majority of clients belong to a top-tier financial authority
  • High level of investor protection
  • Parent company listed on stock exchange
Read more

Deposit and withdrawal

Score: 1.2/5
At moomoo, there's no deposit fee, and the funding process is user-friendly. However, you can use only bank transfer to add or withdraw funds, while wire withdrawal fees are high.
  • No deposit fee
  • User-friendly
Read more

Account opening

Score: 4.4/5
Moomoo's account opening process is seamless and fully digital, with no minimum deposit. However, it is currently available only in few countries.
  • Fully digital
  • No minimum deposit
  • Fast
Read more

Mobile app

Score: 4.5/5
Moomoo's mobile trading app is user-friendly, with a good search function and a good variety of order types. On the other hand, login features are somewhat limited.
  • User-friendly
  • Good search function
  • Good variety of order types
Read more

Desktop platform

Score: 4.5/5
Moomoo's desktop trading platform is user-friendly, and comes with clear fee reports and good customizability for charts. On the negative side, two-step login is not possible.
  • User-friendly
  • Clear fee report
  • Good customizability (for charts, workspace)
Read more

Product selection

Score: 2.4/5
Moomoo's product portfolio is average, offering stocks, ETFs, options, futures and funds. Some other popular asset types such as bonds, forex, CFDs or cryptos are not available.
Read more
“I really liked the fact I can buy or sell stocks or ETFs without paying any commission. I think moomoo is a great choice for beginners, as no minimum deposit is required and there are many high-quality educational tools. I also really enjoyed the ease and speed of account opening.”

FAQ

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Author of this review

Krisztián Gátonyi

Method-Man | Forex • Market Analysis • Stock Market

I have 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. I'm actively involved in reviewing the 100+ brokers listed on our site. I personally open accounts with real money, execute trades, test customer services. I hold an MSc in International Business from the University of Middlesex. My purpose is to help people find the best investment provider.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

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