Moomoo share trading review; 24 hour US trades

Moomoo review from an experienced and long-term investor. Find out whether this new low-cost feature-heavy broker is the right choice for you.

Moomoo is a stock trading platform focusing on low cost brokerage across the US, Aussie and Hong Kong markets.  Moomoo offers $0 brokerage for the first 180 days then moves to a US$0.99 brokerage for all US trades, and starts at $3 for Aussie trades, making it one of the cheapest brokerage platforms available in Australia.

They have been operating for over a decade now (listed on NASDAQ: “FUTU”), launched in Australia in 2022 and are rapidly expanding to other countries. With over 20 million users worldwide, Moomoo is a well-established and trusted global fintech.

The Good

  • $0 brokerage on US and ASX trades for the first 180 days
  • 24 hour trading 5 days a week trading for the US market
  • Full access to market news from sources such as Bloomberg
  • 24 hour customer support 5 days a week
  • Emphasis on shares and ETFs rather than more complex trading tools like Forex
  • Paper trading game for those looking to learn without the risk
  • Educational content library

The Bad

  • While the App is very user friendly the desktop function can be hard to navigate
  • Limited to Aussie, US and Hong Kong markets (i.e. no europe)
  • No auto-invest feature
  • Using a custodian structure for Australial shares means not being CHESS sponsored – which may be a deal breaker for some (although this is not as bad as its often made out to be)
  • Small spread applied to foreign currency conversion market rates when converting AUD to USD/HKD for overseas investing.

Verdict: With $0.99 (US) and $3 (AUS) brokerage on trades, as well as free access to pro-level investing tools, Moomoo is well worth looking into when deciding between share trading platforms.

New users can score free brokerage for 180 days here with code 00Cwmf

CaptainFI is not a Financial Advisor and the information below is not financial advice. This website is reader-supported, which means we may be paid when you visit links to partner or featured sites, by advertising or sponsored content on the site. For more information please read my Privacy PolicyTerms of Use, and Financial Disclaimer.

Introduction to Moomoo

Moomoo was originally formed in Palo Alto (Part of Silicon Valley), California, and now operates across 6 countries. The Australian branch of the company, Moomoo AU, is based in Sydney.

Unlike some other trading platforms, Moomoo doesn’t offer ‘Pro’ accounts or subscription models with features and tools that are otherwise unavailable to basic account holders. All Moomoo users will have full access to their pro-level features including their AI-powered analysis tools.

While I have followed an approach of low cost index funds and ETFs on my path to Financial independence, I can see the appeal of these tools for those looking to trade stocks with a more active approach – but my 2c here for what its worth, is that you should probably just stick to the basics and keep it simple. 

Looking around, the reviews of its beginner-friendly mobile platform are mostly positive, however, it is very feature-packed which may be overwhelming for those just starting out. With time it becomes easier to navigate and orders are executed swiftly and securely.

Moomoo is available on both PC and Mobile, either via responsive internet browser or via app – making share trading accessible on whichever your preferred device is, which is handy for travel (or if like me, your using the PC less and less these days). Having said that, those who know me know I prefer not to have trading apps on my phone, as it can tempt me to constantly be checking the market which is no longer a priority at my stage in the FI journey. However, these options may come in handy for those following a more active investing style.

What can you trade on Moomoo?

Moomoo gives investors access to;

Moomoo’s Fees & brokerage

Moomoo’s trading fees are definitely at the cheaper end when compared to other Australian trading platforms.

Moomoo Australian brokerage

Currently, Brokerage for Aussie shares is:

To help keep costs low, for Australian equities they operate under a single HIN, rather than each investor having their own individual HIN – which means they are not CHESS sponsored. This is a deal breaker for some investors, however after learning more about custodian models (which our superannuation funds all use) its less of a concern for me these days.

US share trading

US share tradingis a flat fee of USD $0.99, however if you are trading you must be using USD, meaning if you are funding with AUD then there will be foreign currency conversion fees. Note there is still going to be a very small settlement fee and ADR custody fee for buys and sells, and a mandatory SEC fee and FINRA Trading activity fee for sells (on a $1000 trade these are approx 4 cents so quite neglible)

Funding and foreign currency spread fees

Brokerage for new users – special offer

For new users, Moomoo is offering $0 brokerage on stock and ETF trades for the first 180 days and no ongoing fees, its platform and research are available for free and you don’t need to worry about account minimums. After the initial 180 days, the brokerage fees revert to the standard costs;

Australian equities: 0.03% or $3 whichever is greater (the transition point is $10,000 trades).

US equities: US$0.99/trade flat platform fee (Note there is still going to be a very small settlement fee for buys and sells, and a mandatory SEC fee and Trading activity fee for sells – on a $1000 trade these are approx 4 cents so quite neglible) – PLUS foreign conversion currency fees if you are funding and using AUD to purchase US shares.

Hong Kong equities: HK$3 or 0.03% (whichever is greater) plus HK$15 flat fee

Just be aware when trading international shares, forex currency conversion fees will apply

US stock trading on Moomoo

Moomoo offers easy access to US stock and ETFs (exchange traded funds), with innovative tools and competitive fees.

With the first 180 days brokerage free on US stocks and $0.99 trades after this, you will be hard-pressed to find lower prices across other brokers in Australia.

There are currently over 10,000 US stocks and ETFs available to trade, including some OTC stocks

A popular feature Moomoo has brought to the market is their 24-hour fully extended trading hours 5 days a week. Moomoo is the first platform in Australia to offer round-the-clock US share trading on over 300 popular stocks & ETFs.

With round-the-clock trading hours, Aussie investors can trade before and after regular business hours, and also gain access to the overnight session which was previously only available for certain brokers, hedge funds, and other financial institutions worldwide.

This feature is especially beneficial for those who are interested in the US market but can’t fit trading into their everyday schedule. Now thanks to Moomoo, investors can access overnight sessions easily to get more opportunities.

Moomoo 24 hour US trading information
With 24 hour US trading Moomoo allows users to invest whenever suits them best

While I am a buy and hold, long term index and ETF investor I know many people are interested in trading or may be utilising a core and satellite approach with individual stocks.

For those who are more interested in trading using charting and analysis, Moomoo provides clients with live market depth and course of sales data to help investors make more informed decisions.

Market depth and sales history offer investors “up-to-the-minute” insights into a specific stock’s supply and demand, which is supposed to help you make well-informed investment choices grounded in trading momentum (again, something I am not experienced with).

Market depth provides investors with details about the quantity of buy and sell orders at various price levels, aiding them in pinpointing potential price fluctuations to secure the most favorable pricing.

Conversely, sales history delivers investors a thorough perspective on a given stock’s trading activity. This functionality allows investors to monitor individual trades, including the execution time and traded volume, facilitating an understanding of the intensity of market activity associated with a particular stock.

Moomoo also offers free conditional orders, for example, Stop Limit, Limit/Market if touched and Trailing Stop Limit, etc. which active traders may want.

Moomoo advanced order types
Moomoo has a range of advance order types to choose from

Clients’ US assets are insured by SIPC (Securities Investor Protection Corporation) for up to $500,000 in securities and $250,000 in uninvested cash.

Features and research tools on Moomoo

Moomoo prides itself on its broad range of pro features and news while maintaining its low-cost brokerage. These are features aimed at those taking a more active approach to investing or those looking to dabble with individual stocks.

All Moomoo users have 24/7 free unlimited access to global headline news, specific market updates and company announcements from major news sources such as Bloomberg, Reuters and Dow Jones.

An interesting feature they provide is AI stock analysis tools which I can imagine will begin to gain in popularity with the current AI boom. These include AI Trend Projections which uses pattern recognition to analyse stock charts for insights on price movements, Indicator Sentiment which automatically analyses a stock through 15 technical indicators to identify bullish or bearish signals, and Market Monitor which automatically tracks and alerts users on unusual activities across stocks indifferent markets in real-time.

AI powered investing tips on Moomoo
With the current hype around AI, Moomoo is leaning into their AI powered investing tips

Moomoo provides users with 13F data on the largest investment companies. This allows users to follow what their favourite investors have in their holdings, as well as the latest buy and sell moves. These include Berkshire Hathaway, Soros Capital Management and Ark Invest.

Their Industry Chain feature maps out the value chain of popular sectors and industries, allowing users to assess supply chain risks and identify upstream, midstream and downstream opportunities.

They organise company revenue, key financial indicators (EPS, Ratios ect.), estimates and financial statements in visualised tables and charts, allowing users to get a quick snapshot of a company’s financial health and performance.

Moomoo offers analyst ratings and price targets from over 4,000 financial analysts and 250 institutional research houses. Moomoo also has an analyst ranking system that measures the accuracy of these analyses to help you compare and find the right analysts to learn from.

They have a charting toolbox that features more than 100 technical indicators and 40 drawing tools.

Moomoo’s Stock Screener comes equipped with customisable presets and 100+ filters including technical indicators, analyst ratings and more.

Moomoo offers a new feature that simplifies the process of algorithmic trading, empowering investors of all levels to harness the power of complex algorithms and automate their trades.

Moomoo institutional tracker feature
With their institutional trackers, investors can stay up to date with how the major institutions are investing their funds

How to buy shares via the Moomoo platform

Buying and selling shares on Moomoo is straight forward, it takes only a few clicks

1. Find the stock you are interested in and click the trade button

2. Select your order type, either a basic order or conditional order

3. Select the number of shares you would like to buy

4. Click the Buy/Sell button and your order is placed

5. You can adjust your open orders (Price, quantity, etc) in your Orders tab

Is Moomoo safe?

Moomoo is locally licensed in Australia (AFSL 224663), and the group is listed on Nasdaq and holds over 50 financial and investment licenses globally. Australian Client funds are held with HSBC Bank Australia and the Commonwealth Bank of Australia, which are fully segregated from Moomoo’s own funds, adding an extra layer of security.

Clients’ investments (shares) are held under a custodial arrangement using an institutional HIN (similar to Superhero trading), meaning your shares are not CHESS-sponsored.

Moomoo is not registered as an ADI, meaning your cash funds and interest earning deposits may not be eligible for the government’s Financial Claims Scheme.

Who’s Moomoo best for?

Moomoo’s fee structure and research tools may work well for both active traders and passive investors (like myself).

For those investors looking to trade Aussie, US and Hong Kong stocks and ETFs, Moomoo is a good option. With over 15,000 global shares and ETFs to choose from users have a wide range of options to available to them.  For those looking to broaden their knowledge and upskill Moomoo has a massive in app library of over 1,200 pieces of educational material from courses to tutorials.  

With over 20 million users worldwide there is an active community on the platform to engage in and follows the suit of some social trading platforms that have begun to appear over the last few years.

For investors looking to try a more active and tech driven approach, there is a range of AI-powered tools and pro features to explore.

For those looking at investing in the US market but were restricted due to time zone differences, Moomoo offers 24 hour trading across the US market.

How to sign up with Moomoo

To open a Moomoo trading account you can follow this quick and simple sign up method.

1. Click this link to sign up with Moomoo

2. Create an account using either your email address or phone number, then choose a password to register.

3. Once registered, follow the next steps and enter your phone number, name, D.O.B, Citizenship, address, and tax information. Select Next, ID information, etc. As always with any financial product, review Moomoo’s risk disclosure statement and enter your online signature. Select Submit.

4. Download the Moomoo App and use the login details to log in to your account.

Current Offers

As part of their entry into the market, Moomoo is offering a range of offers to new users. The current Moomoo New User Introductory Offer includes;

  • $0-brokerage^ for the first 180 days on AU & US trades
  • Free live pricing with 60 levels quotes (60 available bid/ask price levels displayed)
  • Sign up to earn 1 AMC share worth approximately 10 AUD
  • Moomoo Cash Plus – Earn 6.8% p.a.* from your uninvested cash of up to 100,000 AUD for the first 180 days. Just note, moomoo is not registered as an ADI, meaning this cash may not be protected under the Australian government financial claims scheme, and this is an investment at your risk.

*Over the first 180 days, capped at Cash Balance of AU$100,000. After 180 days this drops to the base rate of 3.75%

^Other pass-through fees and FX conversion spreads still apply

Conclusion

Overall I am impressed with this new player in the Australian market with a combination of low trading fees, and a broad range of tools, education material and markets to choose from. For those looking to take a more active approach to stock and ETF trading or for those following a more Passive index approach Moomoo is a reliable, cost-effective trading platform and worth looking into when deciding between share trading platforms.

Verdict: With US $0.99, and AUS .03% (min $3) brokerage on trades, as well as free access to pro-level investing tools, Moomoo is well worth looking into when deciding between share trading platforms.

New users can score FREE brokerage for 180 days using this link – Sign up code: 00Cwmf

If you’re new to Moomoo, earn 6.8% p.a. On your AUD and USD uninvested cash balance for the first 180 days, then followed by 3.75% standard rate. The 6.8% introductory offer is only applicable for maximum cash balance up to $100,000 AUD or equivalent. Click here to see the full T&Cs and apply.

Other brokers to choose from

Big 4 banks

Fintechs and smaller banks

Microinvesting platforms

Financial Disclaimer

Financial Disclaimer: CaptainFI is NOT a financial advisor and does not hold an AFSL. This is not financial Advice!

I am not a financial adviser and I do not hold an Australian Financial Services Licence (AFSL). In this article, I am giving you factual, balanced information without judgment or bias, to the best of my ability. I am not giving you any general or personal financial advice about what you should do with your investments. Just because I do something with my money (or use a particular service or platform) doesn’t mean it is automatically appropriate for your personal circumstances. I do not recommend nor endorse any financial or investment product, and my usage or opinion of any product should not be interpreted as an endorsement, advertisement, or intent to influence.

I can only provide factual information based on my journey to Financial Independence, and that is provided for general informational and entertainment purposes only. I make no guarantee about the performance of any product, and although I strive to keep the information accurate and updated as it changes, I make no guarantee about the correctness of reviews or information posted.

Remember – you always need to do your own independent research and due diligence before making any transaction. This includes reading and analysing Product Disclosure Statements, Terms and Conditions, Service Arrangement and Fee Structures. It is always smart to compare products and discuss them, but ultimately you need to take responsibility for your use of any particular product and make sure it suits your personal circumstances. If you need help and would like to obtain personal financial advice about which investment options or platforms may be right for you, please talk to a licensed financial adviser or AFSL holder – you can take the first steps to find a financial advisor by reading this interview, or by visiting the ASIC financial adviser register and searching in your area.

For more information please read my Privacy PolicyTerms of Use, and Financial Disclaimer.

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