moomoo Review for Beginners for 2023

moomoo is a trading platform created in 2018 and is a subsidiary of Futu Holdings Ltd. moomoo is available for citizens of the US and Singapore. moomoo is regulated by several top-tier regulators, which is a great sign for moomoo's safety. moomoo also offers investor protection.

If you want more in-depth information about moomoo, check out our detailed review

At moomoo, commission-free trading is available for US residents trading on US markets. moomoo offers access to only a limited number of asset classes, namely stocks, ETFs, funds, options and futures. If you are a beginner, we mainly recommend trading stocks, ETFs or funds. moomoo also provides a demo account, which is a great way to try out trading without risking actual money.

When using bank transfers to fund or to withdraw from your moomoo account, there are no deposit or withdrawal fees. However, the only available base currency is USD, which means that conversion costs on deposits and withdrawals can be high if you use a funding currency other than USD.

moomoo's account opening process is fast, seamless and fully digital. As another plus, both the mobile and desktop trading platforms are well-designed and user friendly.

We recommend moomoo for beginners mostly because of its commission-free trading opportunities and user-friendly trading platforms.

If you are unsure what some of these financial terms mean, don't worry, we put together a short glossary at the end of the review for better understanding!

Can you open an account?

Visit broker

If you can't open an account in your country, try our broker finder tool, where, after answering a few quick questions, we can show brokers available in your country that are the most suitable for you.

Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees. At moomoo, trading fees are low.

moomoo offers commission-free trading of US stocks, ETFs and options for US residents.

Non-US residents or US residents trading on non-US markets have to pay a low fee for each transaction. For instance, if you trade Hong Kong stocks, the commission is 0.03% of the invested amount or HKD 3, whichever is higher. moomoo has low non-trading fees: there is no account fee or inactivity fee, and deposit and withdrawal via ACH (Automated Clearing House) are also free.

Below, you can find an overview of moomoo’s fees for US residents.

If you would like to know more about moomoo’s fees, check out our detailed article.

At moomoo, there's no deposit fee or a minimum deposit, and the funding process is user-friendly. However, you can use only bank transfer or wire transfer to add or withdraw funds, and wire transfer fees are high. Credit/debit cards and electronic wallets are not accepted.

The only available base currency is USD, but there is a free in-app currency exchange function, meaning that you can exchange your USD deposit to HKD and SGD without any fees applied.

moomoo is regulated by top-tier financial authorities, offers strong investor protection, and has a NASDAQ-listed parent company. On the downside, there's no negative balance protection.

Investor protection means that up to a certain limit, you get your money back if the broker goes bankrupt or commits fraud. The investor protection amount defines the limit of protection and can vary from country to country, and also depends on the regulator that oversees the broker. moomoo is regulated by the US Securities and Exchange Commission (SEC), the US Financial Industry Regulatory Authority (FINRA), and the Monetary Authority of Singapore (MAS). These are all considered top-tier regulators, which is a great sign for moomoo’s safety. moomoo also offers investor protection for US residents up to $500,000 (including $250,000 for cash) under the Securities Investor Protection Corporation’s (SIPC) protection scheme.

Here is a quick glossary to help you with some terms in our review:

Inactivity fee: a fee that is charged when a customer has not done any buying or selling on their brokerage account for a specific amount of time determined by the brokerage.

Deposit fee: this is charged when you send money to your trading account at a broker. The fee may differ depending on the method of transfer (i.e. bank card, bank transfer, e-wallets, etc.).

Withdrawal fee: an amount you need to pay when you withdraw money from your trading account, e.g. to your bank account.

Regulators: these are established by governments or other organizations to oversee the functioning and fairness of financial markets, including markets, exchanges and firms. They also oversee that investors are not fooled by scams, and in case of wrongdoing, they try to provide some level of financial and legal backing.

Investor protection: this means that up to a certain limit, you get your money back if the broker goes into bankruptcy or commits fraud.

Non-trading fees: charges not directly related to trading, such as deposit/withdrawal fees or inactivity fees.

Trading fees: these are charged when you trade; for instance, in the form of a commission, spreads, financing rates, margin rates or a conversion fee.

If you want to learn more about moomoo, check out our detailed review.

Learn how you can open an account at moomoo.

See here if moomoo is good for beginner traders.

See moomoo’s fees in detail here.

Learn more about moomoo’s safety features.

You can find out more about investor protection in our article here.

In this article, you can learn about what brokerage fees mean and what they entail.