Moomoo Review 2022: Best Free Trading App?

One of Moomoo’s core goals is to bring the day trading experience active investors are used to on a desktop computer to their mobile devices. A good way to visualize this is by comparing what stock trading looks like on Public with what it looks like on Moomoo . Moomoo is a member of SIPC, which is America’s major insurance company for brokerage accounts. Because moomoo doesn’t offer any banking products, it’s not a member of the FDIC.

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Also, there are compulsory fees by regulatory bodies such as the SEC & FINRA that you’ll have to pay with any broker, this is out of Moomoo’s control. Moomoo offers trading on 4 main categories of instruments. • Your investment is safe and protected by industry-leading security protocols. • Visualized fundamental analysis of earnings, stock comparisons, company valuation, etc. • Free level 2 data with 60 levels gives you a detailed insight into price action.

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Despite giving free level II data and having robust charting capabilities, moomoo has several drawbacks you should consider. Moomoo has the longest hour for trading compared to competitors. You can jump in and out of position as soon as the news comes out from 4 AM to 8 PM EST. There are many aspects to assessing a broker’s services in general, maybe even too many to list. Below, we’ll focus on the most important criteria that should be taken into account when determining whether a broker is good for beginners. All you need to know about the moomoo customer service.

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Investment products are not insured by the Federal Deposit Insurance Corporation or guaranteed by a bank, and may decline in value. Futu SG is the 1st digital brokerage to receive SGX’s full memberships.

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This insurance covers up to $500,000 in your portfolio, of which up to $250,000 can be cash. As a newer investing platform, it’s reasonable to wonder whether Moomoo is legit, or whether it is a safe place to invest. While you shouldn’t take anyone’s opinion about investments too seriously without doing your own research, it can be a good way to get a pulse on your investments. When paired with the native stock screener, this becomes a powerful tool for traders to make quick decisions. You can trade pink sheet listings and other penny stocks. You can set up custom watchlists to analyze price movements and spot trading opportunities.

  • I’ve tested out a lot of brokers and investment apps over the years.
  • Moomoo’s mobile trading app is user-friendly, with a good search function and a good variety of order types.
  • He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide.
  • Some other popular asset types such as bonds, forex, CFDs or cryptos are not available.

So before I knew this, I tried one more time and again I got denied the transfer and charged 10x the amount I tried to deposit. It took me all of 5 minutes to delete account, uninstall app, and write reviews here and on the AppStore in hopes of saving others from these whack jobs. Oh and they never gave me the $20 for depositing, and the website where I found the offer said they haven’t had a single payout from moomoo. We analyze top online trading platforms and rate them one to five stars based on factors that are most important to you. These factors include fees, securities available for trade, customer support, customer feedback, platform resources and overall reliability. It also offers access to Hong Kong and China A-shares with reasonably priced regulatory fees that shake out to about $2 to $3 per order.

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