Moomoo Trading App Review, Plus 10 Free Stocks for New Users

Moomoo Trading App

Moomoo is a commission free stock trading app, owned by Futu Holdings Ltd and based in California, US. Unlike other stock trading apps, Moomoo gives traders the opportunity to see real-time data such as bids and trades being executed. While there are many free trading apps out there, Moomoo provides Level 2 data, which is rare. Futu Inc. is a member of FINRA and SIPC.

Moomoo also offers free stocks for new customers, which is a great way to get started with the app. The current offer will get you 6 FREE STOCKS. Let’s see how the sign up bonus works and then get into the Moomoo Trading App review for more information.

Offer

Get Up to 10 Free Stocks:

Open a brokerage account to get 1 free stock (valued $3-$2500)
Complete the minimum net deposit of $100 and get 6 Free Stock (each valued $5-$2500)
Complete the net deposit of $2000 and get 3 Free Stocks (each valued $10-$2500)

Offer Terms

Promotion valid through August 30, 2022.
Deposits can be in any amount. All deposits made during the promotion period will be considered eligible for this promotion.
Deposit bonus offer is available only to clients who have not made a deposit before the start of this promotion.
This offer is limited to one per new account, with no more than one account enrolled per customer.
Customers may hold or sell awarded stocks once credited to the customer’s account.

Moomoo Trading App Review

Moomoo is a one-stop trading platform that integrates AI-powered trading tools, real-time and comprehensive data and the most engaged trading community in one app. It is backed by Futu Holdings Limited (NASDAQ: FUTU), an advanced technology company transforming the investing experience by offering a fully digitized brokerage and wealth management platform. Securities products and services on Moomoo are offered through Futu Inc., an SEC registered broker/dealer who is a member of FINRA/SIPC. Over 2 million clients worldwide have opened brokerage account with FUTU.

A major drawback with most free trading apps is the lack of research tools and data. But Moomoo offers a lot of tools for research, and actually it might overwhelm a complete beginner. Paper trading is a huge plus, as it gives you the option of trying out Moomoo risk free. The interface is in fact a little overloaded, but once you get the hang of it, you appreciate all the additional information it provides.

While it doesn’t offer mutual funds, bonds, crypto or forex, the securities it has on deck are commission-free. Plus the platform and research are available without a fee. Moomoo’s charting tools and free Level 2 Nasdaq market data are best suited for experienced, active traders. Level 2 market data shows you real-time bids and asks. This means that you get real-time quotes and see the actual price of a security at that very instant.

Fees

Moomoo offers zero-commission trading with no inactivity fees for U.S. residents trading in the U.S. markets. Moomoo trading fees are zero in almost all cases. It’s also great that the fee structure is transparent and easy to understand. Moomoo doesn’t charge fees for options trading. You can also trade Hong Kong stocks – the commission is 0.03% of the invested amount or HKD 3, whichever is higher.

There are no minimums deposit or balance requirements with Moomoo, and there are no inactive fees either. Deposit and withdrawal via ACH are also free.

While Moomoo doesn’t charge trading fee, there are some fees to be aware of. The US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) charge a small fee for stock sell orders. They charge these fees for all sell orders, regardless of the brokerage.

Stocks:

SEC Fee (sells only): $0.0000207 * transaction amount, min $0.01 / transaction
Trading Activity Fee (TAF, sells only): $0.000119 / share, min $0.01 – max $5.95
ADR Custodian Fee: $0.01 ~ 0.05 / share

Options:

SEC Fee (sells only): $0.0000207 * transaction amount, min $0.01 / transaction
Trading Activity Fee (TAF, sells only): $0.000119 / share
Options Regulatory Fee (ORF): $0.0379 / contract
Options Clearing Corporation (OCC) Fees: $0.055 / contract (0-999 contracts), $55.00 / trade (>999 contracts)
Exchange Fees: Varies by exchange

Creating Account

You must be a U.S. Citizen, 18 years or older, and have a social security number to open a Moomoo account. The process is quick and easy as it’s the case with most of these apps. You need to provide some basic personal information and then continue to add a bank account so your can fund your new Moomoo account.

Once your Moomoo account is ready, you can make a deposit and the first $1,000 will be accessible instantly. Keep in mind that you need to deposit $5,000 to get the full bonus. The rest of your deposit will need time to settle before it can be invested.

Moomoo offers individual accounts only. Joint accounts, IRAs, custodian and corporate accounts are currently not available.

Moomoo Trading App Review: Guru’s Wrap-up

I have several investing apps, and Moomoo is one of them. I have been using it for almost two years now. At first the app might look confusing, but it has lots of options and research that no many free apps will give you. Level 2 market data with real-time bids and asks it’s one of its stand-out features. Plus now you can get 6 free stocks when you sign up and complete the requirements.